0000912728-16-000178.txt : 20160209 0000912728-16-000178.hdr.sgml : 20160209 20160209160817 ACCESSION NUMBER: 0000912728-16-000178 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20160209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160209 DATE AS OF CHANGE: 20160209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORWARD AIR CORP CENTRAL INDEX KEY: 0000912728 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 621120025 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22490 FILM NUMBER: 161399755 BUSINESS ADDRESS: STREET 1: 430 AIRPORT RD CITY: GREENEVILLE STATE: TN ZIP: 37745 BUSINESS PHONE: 4236367000 MAIL ADDRESS: STREET 1: P.O. BOX 1058 CITY: GREENEVILLE STATE: TN ZIP: 37744 FORMER COMPANY: FORMER CONFORMED NAME: LANDAIR SERVICES INC DATE OF NAME CHANGE: 19930928 8-K 1 form8-kye2015.htm FORM 8-K YE 2015 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549

________________________

FORM 8-K
______________
 

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 9, 2016 (February 9, 2016)

 
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)

 
Registrant's telephone number, including area code: (423) 636-7000
 
Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 




SECTION 2.  FINANCIAL INFORMATION.
 
Item 2.02.  Results of Operations and Financial Condition.
 
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release, dated February 9, 2016, announcing the financial results of Forward Air Corporation for the fourth quarter and year ended December 31, 2015.

Also, attached as Exhibit 99.2 are certain historical operating statistics for each quarter ended from March 31, 2013 through December 31, 2015.

SECTION 8.  OTHER EVENTS.
 
Item 8.01.  Other Events.
 
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of a press release, dated February 9, 2016, announcing that the Company's Board of Directors has declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable to the Company's shareholders of record at the close of business on March 10, 2016, and is expected to be paid on March 28, 2016.

SECTION 9.  FINANCIAL STATEMENTS AND EXHIBITS.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibit is being furnished as part of this Report.
 
No.
 
Exhibit
99.1
Press Release of Forward Air Corporation dated February 9, 2016.

No.
 
Exhibit
99.2
Forward Air Inc. Historical Operating Statistics.

 




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
 
 
FORWARD AIR CORPORATION
Date: February 9, 2016
 
By: 
/s/ Rodney L. Bell
 
 
 
Rodney L. Bell
 
 
 
Chief Financial Officer, Senior Vice President and Treasurer

  




EXHIBIT INDEX
 
No.
 
Exhibit
99.1
Press Release of Forward Air Corporation dated February 9, 2016.
 
No.
 
Exhibit
99.2
Forward Air Inc. Historical Operating Statistics.



 EX-99.1 2 exhibit991pressreleaseye20.htm EXHIBIT 99.1 Exhibit


NEWS RELEASE

FORWARD AIR CORPORATION REPORTS
RECORD FOURTH QUARTER AND FISCAL 2015 RESULTS AND
QUARTERLY CASH DIVIDEND

GREENEVILLE, Tenn.-(BUSINESS WIRE) - February 9, 2016-Forward Air Corporation (NASDAQ:FWRD) today reported results for the fourth quarter and year ended December 31, 2015.

Operating revenue for the quarter ended December 31, 2015 increased 19.8% to $256.4 million from $214.1 million for the same quarter in 2014. Income from operations was $29.0 million, compared with $25.6 million for the fourth quarter of 2014, an increase of 13.3%. Net income per diluted share for the fourth quarter of 2015 was $0.75 compared with $0.55 in the same quarter of 2014.

Operating revenue for the year ended December 31, 2015 increased 22.8% to $959.1 million from $781.0 million for the year ended December 31, 2014. Income from operations was $81.8 million, compared with $96.4 million in 2014. Net income per diluted share for the year ended December 31, 2015 was $1.78 compared with $1.96 in 2014.

Revenues, income from operations and income per diluted share for the fourth quarter were Company records. Also, revenue for the full year 2015 was a Company record. As presented in the supplemental schedules within this press release, on an adjusted basis, this is the highest full year income from operations, net income and income per diluted share in the Company’s history.

Bruce A. Campbell, Chairman, President and CEO, said, “Overall we were very pleased with our performance in the fourth quarter and more importantly feel confident we have advantageously positioned the Company for superior results in 2016.”
Addressing the Forward Air, Inc. business segment, Mr. Campbell said, “We expect to continue benefiting from pricing changes, cost cutting and operational efficiencies implemented in the third quarter of 2015. Additionally, we are now benefiting from our February 1st change to our dimensional weight factor. This change targets less dense, more difficult to handle freight that is therefore more costly. The impact of this change will be an increase in billed tonnage with little or no increase in cost.”
Moving to the Central States Trucking (CST) service offering, Mr. Campbell said, “CST, which is our final mile intermodal service offering, finished the year with $104.3 million in revenue, $12.3 million in operating income and an 88.2 operating ratio. We continue to see good organic intermodal growth and since acquiring CST in early 2014 we have made three additional tuck in acquisitions. With good legacy volumes and a robust deal pipeline we continue to view CST as a growth platform.”
Turning to our TQI and Solutions business segments, Mr. Campbell said, “After absorbing new business start-up costs Forward Air Solutions performed as expected in the fourth quarter. TQI continued to struggle in the fourth quarter but we are starting to see improvements driven by recently implemented initiatives.”
In closing Mr. Campbell said, “After meeting the challenges that followed completion of our largest acquisition in the Company’s history in 2015 it was extremely gratifying for our team to post record fourth quarter and full year results. A lot of time and effort went into achieving these milestones and I am very grateful to the employees and contractors who contributed to this success. Our entire team is looking forward to bringing even more value to our shareholders in 2016 and beyond.”


1


Commenting further on the fourth quarter results Rodney L. Bell, Senior Vice President and CFO said, “After adding back $0.01 of Towne related deal costs, we posted $0.76 for the quarter against a guidance midpoint of $0.64. The majority of that difference is related to amending of prior year tax returns in order to obtain technology-related permanent tax deductions. This resulted in a $0.17 per share tax benefit offset in part by $0.02 per share in related costs included in operating income. The remaining variance as compared to our guidance midpoint was a $0.02 per share negative impact from the lower than modeled impact of net fuel surcharges and $0.01 per share attributed to a lower than expected contribution from our TQI segment.”
Commenting further Mr. Bell said, “In 2016 and subsequent years the annual benefit of the technology-related tax deduction should be approximately $1.0 million or $0.03 per share. We expect our 2016 effective tax rate will be approximately 37.5%.”

In commenting on the Company's guidance for the first quarter, Mr. Bell said, “We anticipate our first quarter 2016 revenues will increase in the range of 10% to 12% over the comparable 2015 period, and we expect income per diluted share to be between $0.41 and $0.45 per share. This compares to $0.40 which, in the first quarter of 2015, includes the addback of Towne deal costs. Our guidance includes approximately $0.03 to $0.04 per share of estimated negative impact from the expected decline in our net fuel surcharges.”

On February 9, 2016, our Board of Directors declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 10, 2016, and is expected to be paid on March 28, 2016.

This quarterly dividend is pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.48 per share of common stock, payable in quarterly increments of $0.12 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.

Review of Financial Results

Forward Air will hold a conference call to discuss fourth quarter 2015 results on Wednesday, February 10, 2016 at 9:00 a.m. EST. The Company's conference call will be available online at www.forwardair.com or by dialing (800) 230-1096. A replay of the conference call will be available at www.forwardair.com beginning shortly after the completion of the live call.




















2


About Forward Air Corporation

Forward Air Corporation operates three business segments: Forward Air, Forward Air Solutions and Total Quality.

Through our Forward Air segment, we provide time-definite surface transportation and related logistics services to the North American expedited ground freight market. Our licensed property broker utilizes qualified motor carriers, including our own, and other third-party transportation companies, to offer our customers local pick-up and delivery (Forward Air Complete®) and scheduled surface transportation of cargo as a cost-effective, reliable alternative to air transportation. We transport cargo that must be delivered at a specific time but is less time-sensitive than traditional air freight. This type of cargo is frequently referred to in the transportation industry as deferred air freight. We also offer our customers an array of logistics and other services including: expedited full truckload (TLX); dedicated fleets; warehousing; customs brokerage; and shipment consolidation, deconsolidation and handling. Also included in the Forward Air segment are the services performed by Central States Trucking Co. and Central States Logistics, Inc. (“CST”), which we acquired in 2014. CST provides intermodal drayage, devanning, transloading and warehousing services.

Through our Forward Air Solutions segment, we provide pool distribution services throughout the Mid-Atlantic, Southeast, Midwest and Southwest continental United States. Pool distribution involves managing high-frequency, last mile handling and distribution of time-sensitive products to numerous destinations in specific geographic regions. Our primary customers for pool distribution are regional and nationwide distributors and specialty retailers, such as mall, strip mall and outlet-based retail chains.

Total Quality ("TQI"), provides maximum security and temperature-controlled logistics services, primarily truckload services, to the life sciences sector (pharmaceutical and biotechnology products). In addition to core pharmaceutical services and other cold chain services, TQI provides truckload and less-than-truckload brokerage transportation services.






3


Forward Air Corporation
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
 
 
 
 
Three months ended
 
Year ended
 
December 31,
2015
 
December 31,
2014
 
December 31,
2015
 
December 31,
2014
Operating revenue
$
256,420

 
$
214,062

 
$
959,125

 
$
780,959

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 

 
 

Purchased transportation
107,516

 
92,317

 
408,769

 
334,576

Salaries, wages and employee benefits
65,789

 
50,641

 
240,604

 
182,105

Operating leases
15,167

 
8,975

 
66,272

 
33,994

Depreciation and amortization
9,556

 
8,254

 
37,157

 
31,133

Insurance and claims
4,951

 
4,758

 
21,483

 
15,736

Fuel expense
3,869

 
5,158

 
15,903

 
20,148

Other operating expenses
20,557

 
18,324

 
87,165

 
66,861

Total operating expenses
227,405

 
188,427

 
877,353

 
684,553

Income from operations
29,015

 
25,635

 
81,772

 
96,406

 
 
 
 
 
 
 
 
Other income (expense):
 
 
 
 
 

 
 

Interest expense
(558
)
 
(255
)
 
(2,047
)
 
(610
)
Other, net
68

 
145

 
(58
)
 
289

Total other expense
(490
)
 
(110
)
 
(2,105
)
 
(321
)
Income before income taxes
28,525

 
25,525

 
79,667

 
96,085

Income taxes
5,297

 
8,479

 
24,092

 
34,916

Net income
$
23,228

 
$
17,046

 
$
55,575

 
$
61,169

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 

 
 

Basic
$
0.75

 
$
0.56

 
$
1.80

 
$
1.99

Diluted
$
0.75

 
$
0.55

 
$
1.78

 
$
1.96

 
 
 
 
 
 
 
 
Dividends per share:
$
0.12

 
$
0.12

 
$
0.48

 
$
0.48





4


Forward Air Corporation
Components of Consolidated Operating Revenue and Purchased Transportation
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 

Three months ended

December 31,
Percent of

December 31,
Percent of


Percent

2015
Revenue

2014
Revenue

Change
Change
Operating Revenue








Forward Air








      Airport-to-airport
$
136.0

65.9
 %

$
112.2

68.5
 %

$
23.8

21.2
 %
      Logistics services








Expedited full truckload - TLX
31.8

15.4


21.1

12.9


10.7

50.7

Intermodal/drayage
19.1

9.3


16.2

9.9


2.9

17.9

Total Logistics services
50.9

24.7


37.3

22.8


13.6

36.5

      Other Forward Air services
19.5

9.4


14.3

8.7


5.2

36.4

Forward Air - Total revenue
206.4

80.5


163.8

76.5


42.6

26.0

TQI - Pharmaceutical services
9.1

3.5


12.1

5.6


(3.0
)
(24.8
)
Forward Air Solutions - Pool distribution
43.0

16.8


40.3

18.9


2.7

6.7

Intersegment eliminations
(2.1
)
(0.8
)

(2.1
)
(1.0
)

—

—

Consolidated operating revenue
$
256.4

100.0
 %

$
214.1

100.0
 %

$
42.3

19.8
 %
 
 
 
 
 
 
 
 
 

Three months ended

December 31,
Percent of

December 31,
Percent of


Percent

2015
Revenue

2014
Revenue

Change
Change
Purchased Transportation








Forward Air








      Airport-to-airport
$
57.5

42.3
 %

$
50.0

44.6
 %

$
7.5

15.0
 %
      Logistics services








Expedited full truckload - TLX
23.9

75.2


16.4

77.7


7.5

45.7

Intermodal/drayage
7.6

39.8


5.9

36.4


1.7

28.8

Total Logistics services
31.5

61.9


22.3

59.8


9.2

41.3

      Other Forward Air services
5.3

27.2


3.7

25.9


1.6

43.2

Forward Air - Total purchased transportation
94.3

45.7


76.0

46.4


18.3

24.1

TQI - Pharmaceutical services
3.5

38.5


6.0

49.6


(2.5
)
(41.7
)
Forward Air Solutions - Pool distribution
11.2

26.0


11.9

29.5


(0.7
)
(5.9
)
Intersegment eliminations
(1.5
)
71.4


(1.6
)
76.2


0.1

(6.3
)
Consolidated purchased transportation
$
107.5

41.9
 %

$
92.3

43.1
 %

$
15.2

16.5
 %


5


Forward Air Corporation
Components of Consolidated Operating Revenue and Purchased Transportation
(In millions)
(Unaudited)
 
 
 
 
 
 
 
 
 

Year ended

December 31,
Percent of

December 31,
Percent of


Percent

2015
Revenue

2014
Revenue

Change
Change
Operating Revenue








Forward Air








      Airport-to-airport
$
523.9

66.1
 %

$
429.4

70.1
 %

$
94.5

22.0
 %
      Logistics services








Expedited full truckload - TLX
110.9

14.0


77.7

12.7


33.2

42.7

Intermodal/drayage
81.7

10.3


55.3

9.0


26.4

47.7

Total Logistics services
192.6

24.3


133.0

21.7


59.6

44.8

      Other Forward Air services
76.3

9.6


50.0

8.2


26.3

52.6

Forward Air - Total revenue
792.8

82.7


612.4

78.4


180.4

29.5

TQI - Pharmaceutical services
42.4

4.4


48.8

6.3


(6.4
)
(13.1
)
Forward Air Solutions - Pool distribution
130.0

13.5


125.2

16.0


4.8

3.8

Intersegment eliminations
(6.1
)
(0.6
)

(5.4
)
(0.7
)

(0.7
)
13.0

Consolidated operating revenue
$
959.1

100.0
 %

$
781.0

100.0
 %

$
178.1

22.8
 %
 
 
 
 
 
 
 
 
 

Year ended

December 31,
Percent of

December 31,
Percent of


Percent

2015
Revenue

2014
Revenue

Change
Change
Purchased Transportation








Forward Air








      Airport-to-airport
$
225.6

43.1
 %

$
183.3

42.7
 %

$
42.3

23.1
 %
      Logistics services








Expedited full truckload - TLX
81.0

73.0


59.8

77.0


21.2

35.5

Intermodal/drayage
30.6

37.5


21.7

39.2


8.9

41.0

Total Logistics services
111.6

57.9


81.5

61.3


30.1

36.9

      Other Forward Air services
21.7

28.4


12.5

25.0


9.2

73.6

Forward Air - Total purchased transportation
358.9

45.3


277.3

45.3


81.6

29.4

TQI - Pharmaceutical services
19.2

45.3


24.7

50.6


(5.5
)
(22.3
)
Forward Air Solutions - Pool distribution
35.0

26.9


36.6

29.3


(1.6
)
(4.4
)
Intersegment eliminations
(4.3
)
70.5


(4.0
)
74.1


(0.3
)
7.5

Consolidated purchased transportation
$
408.8

42.6
 %

$
334.6

42.8
 %

$
74.2

22.2
 %


6


Forward Air Corporation
Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
December 31,
2015
 
December 31,
 2014 (a)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
33,312

 
$
41,429

Accounts receivable, net
109,165

 
95,326

Other current assets
30,980

 
10,704

Total current assets
173,457

 
147,459

 
 
 
 
Property and equipment
343,147

 
305,188

Less accumulated depreciation and amortization
155,859

 
132,699

Net property and equipment
187,288

 
172,489

Goodwill and other acquired intangibles:
 

 
 

Goodwill
205,609

 
144,412

Other acquired intangibles, net of accumulated amortization
127,800

 
72,705

Total net goodwill and other acquired intangibles
333,409

 
217,117

Other assets
6,017

 
2,244

Total assets
$
700,171

 
$
539,309

 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
23,334

 
$
20,572

Accrued expenses
29,823

 
22,583

Current portion of debt and capital lease obligations
55,887

 
276

Total current liabilities
109,044

 
43,431

 
 
 
 
Debt and capital lease obligations, less current portion
28,856

 
1,275

Other long-term liabilities
12,340

 
8,356

Deferred income taxes
39,876

 
22,684

Commitments and contingencies
 

 
 

Shareholders’ equity:
 

 
 

Common stock
305

 
303

Additional paid-in capital
160,855

 
130,107

Retained earnings
348,895

 
333,153

Total shareholders’ equity
510,055

 
463,563

Total liabilities and shareholders’ equity
$
700,171

 
$
539,309

 
 
 
 
(a) Taken from audited financial statements, which are not presented in their entirety and have been adjusted to reflect reclasses associated with the early adoption of a new accounting standard.






7


Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
 
 
 
 
Three months ended
 
December 31,
2015
 
December 31,
2014
Operating activities:
 
 
 
Net income
$
23,228

 
$
17,046

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
9,556

 
8,254

Share-based compensation
1,924

 
1,677

(Gain) loss on disposal of property and equipment
(178
)
 
58

Provision for recovery on receivables
(430
)
 
(202
)
Provision for revenue adjustments
1,402

 
569

Deferred income taxes
8,985

 
(4,750
)
Tax benefit for stock options exercised
(3,048
)
 
(1,555
)
Changes in operating assets and liabilities
 
 
 
Accounts receivable
4,537

 
4,164

Prepaid expenses and other assets
(12,274
)
 
5,045

Accounts payable and accrued expenses
(5,295
)
 
(3,739
)
Net cash provided by operating activities
28,407

 
26,567

 
 
 
 
Investing activities:
 
 
 
Proceeds from disposal of property and equipment
520

 
365

Purchases of property and equipment
(21,954
)
 
(2,386
)
Acquisition of business
497

 
(5,824
)
Other
(164
)
 
(51
)
Net cash used in investing activities
(21,101
)
 
(7,896
)
 
 
 
 
Financing activities:
 
 
 
Payments of debt and capital lease obligations
(13,985
)
 
(74
)
Proceeds from exercise of stock options
2,962

 
152

Payments of cash dividends
(3,688
)
 
(3,654
)
Repurchase of common stock (repurchase program)
(9,996
)
 
—

Common stock issued under employee stock purchase plan
221

 
206

Tax benefit for stock options exercised
3,048

 
1,555

Net cash used in by financing activities
(21,438
)
 
(1,815
)
Net (decrease) increase in cash
(14,132
)
 
16,856

Cash at beginning of period
47,444

 
24,573

Cash at end of period
$
33,312

 
$
41,429





8


Forward Air Corporation
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Year ended
 
December 31,
2015
 
December 31,
2014
Operating activities:
 
 
 
Net income
$
55,575

 
$
61,169

Adjustments to reconcile net income to net cash provided by operating activities
 

 
 

Depreciation and amortization
37,157

 
31,133

Share-based compensation
7,486

 
6,681

Gain on disposal of property and equipment
(181
)
 
(383
)
Provision for loss on receivables
33

 
241

Provision for revenue adjustments
4,793

 
2,465

Deferred income taxes
14,531

 
(3,021
)
Tax benefit for stock options exercised
(5,413
)
 
(2,109
)
Changes in operating assets and liabilities, net of acquisition of business
 

 
 

Accounts receivable
5,403

 
(12,193
)
Prepaid expenses and other assets
(1,378
)
 
(280
)
Accounts payable and accrued expenses
(32,284
)
 
7,957

Net cash provided by operating activities
85,722

 
91,660

 
 
 
 
Investing activities:
 

 
 

Proceeds from disposal of property and equipment
1,720

 
1,947

Purchases of property and equipment
(40,495
)
 
(39,487
)
Acquisition of business, net of cash acquired
(61,878
)

(90,172
)
Other
(265
)
 
2

Net cash used in investing activities
(100,918
)
 
(127,710
)
 
 
 
 
Financing activities:
 

 
 

Proceeds from term loan
125,000

 
—

Payments of debt and capital lease obligations
(101,352
)
 
(9,736
)
Proceeds from exercise of stock options
14,313

 
13,235

Payments of cash dividends
(14,821
)
 
(14,795
)
Repurchase of common stock (repurchase program)
(19,992
)
 
(39,972
)
Common stock issued under employee stock purchase plan
449

 
354

Cash settlement of share-based awards for minimum tax withholdings
(1,931
)
 
(1,083
)
Tax benefit for stock options exercised
5,413

 
2,109

Net cash provided by (used in) financing activities
7,079

 
(49,888
)
Net decrease in cash
(8,117
)
 
(85,938
)
Cash at beginning of year
41,429

 
127,367

Cash at end of year
$
33,312

 
$
41,429





9


Forward Air Corporation
Segment Information
(In millions)
(unaudited)
 
Three months ended December 31
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
Forward Air
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
206.4

 
80.5
 %
 
$
163.8

 
76.5
 %
 
$
42.6

 
26.0
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
94.3

 
45.7

 
76.0

 
46.4

 
18.3

 
24.1

   Salaries, wages, and employee benefits
47.2

 
22.9

 
35.5

 
21.7

 
11.7

 
33.0

   Operating leases
11.7

 
5.7

 
6.5

 
4.0

 
5.2

 
80.0

   Depreciation and amortization
7.0

 
3.4

 
5.8

 
3.5

 
1.2

 
20.7

   Insurance and claims
3.6

 
1.7

 
3.1

 
1.9

 
0.5

 
16.1

   Fuel expense
1.6

 
0.8

 
2.1

 
1.3

 
(0.5
)
 
(23.8
)
   Other operating expenses
15.3

 
7.4

 
13.5

 
8.2

 
1.8

 
13.3

Income from operations
$
25.7

 
12.4
 %
 
$
21.3

 
13.0
 %
 
$
4.4

 
20.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
FASI
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
43.0

 
16.8
 %
 
$
40.3

 
18.8
 %
 
$
2.7

 
6.7
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
11.2

 
26.0

 
11.9

 
29.5

 
(0.7
)
 
(5.9
)
   Salaries, wages, and employee benefits
15.9

 
37.0

 
13.0

 
32.2

 
2.9

 
22.3

   Operating leases
3.5

 
8.1

 
2.5

 
6.2

 
1.0

 
40.0

   Depreciation and amortization
1.5

 
3.5

 
1.6

 
4.0

 
(0.1
)
 
(6.3
)
   Insurance and claims
1.1

 
2.6

 
1.4

 
3.5

 
(0.3
)
 
(21.4
)
   Fuel expense
1.5

 
3.5

 
2.0

 
5.0

 
(0.5
)
 
(25.0
)
   Other operating expenses
5.1

 
11.9

 
4.7

 
11.7

 
0.4

 
8.5

Income from operations
$
3.2

 
7.4
 %
 
$
3.2

 
7.9
 %
 
$
—

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
TQI
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
9.1

 
3.5
 %
 
$
12.1

 
5.7
 %
 
$
(3.0
)
 
(24.8
)%
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
3.5

 
38.4

 
6.0

 
49.6

 
(2.5
)
 
(41.7
)
   Salaries, wages, and employee benefits
2.7

 
29.7

 
2.1

 
17.3

 
0.6

 
28.6

   Operating leases
—

 
—

 
—

 
—

 
—

 
—

   Depreciation and amortization
1.1

 
12.1

 
0.9

 
7.4

 
0.2

 
22.2

   Insurance and claims
0.2

 
2.2

 
0.3

 
2.5

 
(0.1
)
 
(33.3
)
   Fuel expense
0.8

 
8.8

 
1.1

 
9.1

 
(0.3
)
 
(27.3
)
   Other operating expenses
0.7

 
7.7

 
0.6

 
5.0

 
0.1

 
16.7

Income from operations
$
0.1

 
1.1
 %
 
$
1.1

 
9.1
 %
 
$
(1.0
)
 
(90.9
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
Intercompany Eliminations
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
(2.1
)
 
(0.8
)%
 
$
(2.1
)
 
(1.0
)%
 
$
—

 
—
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
(1.5
)
 
71.4

 
(1.6
)
 
76.2

 
0.1

 
(6.3
)
   Other operating expenses
(0.6
)
 
28.6

 
(0.5
)
 
23.8

 
(0.1
)
 
20.0

Income from operations
$
—

 
—
 %
 
$
—

 
—
 %
 
$
—

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
Consolidated
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
256.4

 
100.0
 %
 
$
214.1

 
100.0
 %
 
$
42.3

 
19.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
107.5

 
41.9

 
92.3

 
43.1

 
15.2

 
16.5

   Salaries, wages, and employee benefits
65.8

 
25.7

 
50.6

 
23.6

 
15.2

 
30.0

   Operating leases
15.2

 
5.9

 
9.0

 
4.2

 
6.2

 
68.9

   Depreciation and amortization
9.6

 
3.8

 
8.3

 
3.9

 
1.3

 
15.7

   Insurance and claims
4.9

 
1.9

 
4.8

 
2.2

 
0.1

 
2.1

   Fuel expense
3.9

 
1.5

 
5.2

 
2.4

 
(1.3
)
 
(25.0
)
   Other operating expenses
20.5

 
8.0

 
18.3

 
8.6

 
2.2

 
12.0

Income from operations
$
29.0

 
11.3
 %
 
$
25.6

 
12.0
 %
 
$
3.4

 
13.3
 %


10


Forward Air Corporation
Segment Information
(In millions)
(unaudited)

 
Year ended December 31
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
Forward Air
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
792.8

 
82.7
 %
 
$
612.4

 
78.4
 %
 
$
180.4

 
29.5
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
358.9

 
45.3

 
277.3

 
45.3

 
81.6

 
29.4

   Salaries, wages, and employee benefits
182.0

 
22.9

 
131.7

 
21.5

 
50.3

 
38.2

   Operating leases
56.0

 
7.1

 
24.9

 
4.1

 
31.1

 
124.9

   Depreciation and amortization
27.0

 
3.4

 
21.7

 
3.5

 
5.3

 
24.4

   Insurance and claims
16.8

 
2.1

 
11.8

 
1.9

 
5.0

 
42.4

   Fuel expense
7.1

 
0.9

 
8.4

 
1.4

 
(1.3
)
 
(15.5
)
   Other operating expenses
69.7

 
8.8

 
50.5

 
8.2

 
19.2

 
38.0

Income from operations
$
75.3

 
9.5
 %
 
$
86.1

 
14.1
 %
 
$
(10.8
)
 
(12.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
FASI
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
130.0

 
13.5
 %
 
$
125.2

 
16.0
 %
 
$
4.8

 
3.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
35.0

 
26.9

 
36.6

 
29.3

 
(1.6
)
 
(4.4
)
   Salaries, wages, and employee benefits
48.7

 
37.5

 
42.0

 
33.5

 
6.7

 
16.0

   Operating leases
10.2

 
7.8

 
9.0

 
7.2

 
1.2

 
13.3

   Depreciation and amortization
6.1

 
4.7

 
5.8

 
4.6

 
0.3

 
5.2

   Insurance and claims
3.8

 
2.9

 
3.1

 
2.5

 
0.7

 
22.6

   Fuel expense
5.4

 
4.2

 
7.3

 
5.8

 
(1.9
)
 
(26.0
)
   Other operating expenses
16.7

 
12.8

 
15.4

 
12.3

 
1.3

 
8.4

Income from operations
$
4.1

 
3.2
 %
 
$
6.0

 
4.8
 %
 
$
(1.9
)
 
(31.7
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
TQI
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
42.4

 
4.4
 %
 
$
48.8

 
6.3
 %
 
$
(6.4
)
 
(13.1
)%
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
19.2

 
45.3

 
24.7

 
50.6

 
(5.5
)
 
(22.3
)
   Salaries, wages, and employee benefits
9.9

 
23.4

 
8.4

 
17.2

 
1.5

 
17.9

   Operating leases
0.1

 
0.2

 
0.1

 
0.2

 
—

 
—

   Depreciation and amortization
4.0

 
9.4

 
3.6

 
7.4

 
0.4

 
11.1

   Insurance and claims
0.9

 
2.1

 
0.8

 
1.7

 
0.1

 
12.5

   Fuel expense
3.4

 
8.0

 
4.5

 
9.2

 
(1.1
)
 
(24.4
)
   Other operating expenses
2.5

 
5.9

 
2.4

 
4.9

 
0.1

 
4.2

Income from operations
$
2.4

 
5.7
 %
 
$
4.3

 
8.8
 %
 
$
(1.9
)
 
(44.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
Intercompany Eliminations
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
(6.1
)
 
(0.6
)%
 
$
(5.4
)
 
(0.7
)%
 
$
(0.7
)
 
13.0
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
(4.3
)
 
70.5

 
(4.0
)
 
74.1

 
(0.3
)
 
7.5

   Other operating expenses
(1.8
)
 
29.5

 
(1.4
)
 
25.9

 
(0.4
)
 
28.6

Income from operations
$
—

 
—
 %
 
$
—

 
—
 %
 
$
—

 
—
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of
 
 
 
Percent of
 
 
 
Percent
Consolidated
2015
 
Revenue
 
2014
 
Revenue
 
Change
 
Change
Operating revenue
$
959.1

 
100.0
 %
 
$
781.0

 
100.0
 %
 
$
178.1

 
22.8
 %
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
   Purchased transportation
408.8

 
42.6

 
334.6

 
42.8

 
74.2

 
22.2

   Salaries, wages, and employee benefits
240.6

 
25.1

 
182.1

 
23.3

 
58.5

 
32.1

   Operating leases
66.3

 
6.9

 
34.0

 
4.4

 
32.3

 
95.0

   Depreciation and amortization
37.1

 
3.9

 
31.1

 
4.0

 
6.0

 
19.3

   Insurance and claims
21.5

 
2.2

 
15.7

 
2.0

 
5.8

 
36.9

   Fuel expense
15.9

 
1.7

 
20.2

 
2.6

 
(4.3
)
 
(21.3
)
   Other operating expenses
87.1

 
9.1

 
66.9

 
8.6

 
20.2

 
30.2

Income from operations
$
81.8

 
8.5
 %
 
$
96.4

 
12.3
 %
 
$
(14.6
)
 
(15.1
)%

11



Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Three months ended
 
December 31,
 
December 31,
 
Percent
 
2015
 
2014
 
Change
 
 
 
 
 
 
Operating ratio
87.6
%
 
87.0
%
 
0.7
 %
 
 
 
 
 
 
Business days
64.0

 
63.0

 
1.6

Business weeks
12.8

 
12.6

 
1.6

 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
621,178

 
502,531

 
23.6

    Average weekly pounds ¹
48,530

 
39,883

 
21.7

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
1,015,043

 
797,612

 
27.3

    Average weekly
79,300

 
63,303

 
25.3

 
 
 
 
 
 
Forward Air Complete shipments
221,842

 
135,252

 
64.0

As a percentage of linehaul shipments
21.9
%
 
17.0
%
 
28.8

 
 
 
 
 
 
Average linehaul shipment size
612

 
630

 
(2.9
)
 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.70

 
$
17.75

 
(0.2
)
    Fuel surcharge impact
0.98

 
1.74

 
(3.4
)
    Forward Air Complete impact
3.22

 
2.85

 
1.6

Total airport-to-airport yield
$
21.90

 
$
22.34

 
(2.0
)
 
 
 
 
 
 
 
 
 
 
 
 
Expedited full truckload - TLX:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
11,475

 
5,919

 
93.9

    Third party ¹
6,529

 
5,471

 
19.3

Total Miles
18,004

 
11,390

 
58.1

 
 
 
 
 
 
Revenue per mile
$
1.77

 
$
1.85

 
(4.3
)
 
 
 
 
 
 
Cost per mile
$
1.32

 
$
1.44

 
(8.3
)%
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In dollars per hundred pound; percentage change is expressed as a percent of total yield.



12



Forward Air Corporation
Forward Air Inc. Operating Statistics
 
 
 
 
 
 
 
Year ended
 
December 31,
 
December 31,
 
Percent
 
2015
 
2014
 
Change
 
 
 
 
 
 
Operating ratio
90.5
%
 
85.9
%
 
5.4
 %
 
 
 
 
 
 
Business days
255.0

 
254.0

 
0.4

Business weeks
51.0

 
50.8

 
0.4

 
 
 
 
 
 
 
 
 
 
 
 
Airport-to-airport:
 
 
 
 
 
Tonnage
 
 
 
 
 
    Total pounds ¹
2,408,424

 
1,902,218

 
26.6

    Average weekly pounds ¹
47,224

 
37,445

 
26.1

 
 
 
 
 
 
Linehaul shipments
 
 
 
 
 
    Total linehaul
3,815,932

 
2,925,257

 
30.4

    Average weekly
74,822

 
57,584

 
29.9

 
 
 
 
 
 
Forward Air Complete shipments
955,062

 
528,422

 
80.7

As a percentage of linehaul shipments
25.0
%
 
18.1
%
 
38.1

 
 
 
 
 
 
Average linehaul shipment size
631

 
650

 
(2.9
)
 
 
 
 
 
 
Revenue per pound ²
 
 
 
 
 
    Linehaul yield
$
17.28

 
$
17.61

 
(1.5
)
    Fuel surcharge impact
1.15

 
1.93

 
(3.4
)
    Forward Air Complete impact
3.22

 
3.03

 
0.8

Total airport-to-airport yield
$
21.65

 
$
22.57

 
(4.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Expedited full truckload - TLX:
 
 
 
 
 
Miles
 
 
 
 
 
    Owner operator ¹
35,487

 
26,208

 
35.4

    Third party ¹
24,656

 
19,018

 
29.6

Total Miles
60,143

 
45,226

 
33.0

 
 
 
 
 
 
Revenue per mile
$
1.84

 
$
1.72

 
7.0

 
 
 
 
 
 
Cost per mile
$
1.35

 
$
1.32

 
2.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
¹ - In thousands
 
 
 
 
 
² - In dollars per hundred pound; percentage change is expressed as a percent of total yield.



13


Forward Air Corporation Reconciliation to U.S. GAAP

The Company believes that meaningful analysis of our financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-recurring in nature. We believe that excluding acquisition and integration costs related to Towne Air and CST from our results for the three months and year ended December 31, 2015 and 2014 will assist investors in understanding our core operating performance and allow for more accurate comparisons of results. As required by SEC rules, the tables below present, for the periods indicated, a reconciliation of our presented adjusted non-GAAP measures to the most directly comparable GAAP measures
Forward Air Corporation
Reconciliation to U.S. GAAP
(In millions, except per share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
 
 
 
 
 
Adjusted
 
 
December 31, 2015 (1)
 
Integration and
Deal Costs
 
December 31, 2015
Income from operations
 
$
29.0

 
$
0.6

 
$
29.6

 
 
 
 
 
 
 
Net income
 
$
23.2

 
$
0.4

 
$
23.6

 
 
 
 
 
 
 
Net income per share:
 
$
0.75

 
$
0.01

 
$
0.76

 
 
 
 
 
 
 
(1) - As reported in accordance with United States generally accepted accounting principles.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
 
 
 
 
 
Adjusted
 
 
December 31, 2014 (1)
 
Integration and
Deal Costs
 
December 31, 2014
Income from operations
 
$
25.6

 
$
—

 
$
25.6

 
 
 
 
 
 
 
Net income
 
$
17.0

 
$
—

 
$
17.0

 
 
 
 
 
 
 
Net income per share:
 
$
0.55

 
$
—

 
$
0.55

 
 
 
 
 
 
 
(1) - As reported in accordance with United States generally accepted accounting principles.


14


Forward Air Corporation
Reconciliation to U.S. GAAP
(In millions, except per share data)
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended
 
 
 
 
 
 
Adjusted
 
 
December 31, 2015 (1)
 
Integration and
Deal Costs
 
December 31, 2015
Income from operations
 
$
81.8

 
$
23.5

 
$
105.3

 
 
 
 
 
 
 
Net income
 
$
55.6

 
$
14.7

 
$
70.3

 
 
 
 
 
 
 
Net income per share:
 
$
1.78

 
$
0.47

 
$
2.25

 
 
 
 
 
 
 
(1) - As reported in accordance with United States generally accepted accounting principles.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended
 
 
 
 
 
 
Adjusted
 
 
December 31, 2014 (1)
 
Integration and
Deal Costs
 
December 31, 2014
Income from operations
 
$
96.4

 
$
0.9

 
$
97.3

 
 
 
 
 
 
 
Net income
 
$
61.2

 
$
0.6

 
$
61.8

 
 
 
 
 
 
 
Net income per share:
 
$
1.96

 
$
0.02

 
$
1.98

 
 
 
 
 
 
 
(1) - As reported in accordance with United States generally accepted accounting principles.


15


Forward Air Corporation
Actual to Guidance EPS Bridge
Three months ended December 31, 2015
(All EPS is diluted earnings per share)
 
 
 
Fourth quarter EPS as reported
 
$
0.754

Towne Air acquisition and integration costs
 
0.012

Adjusted EPS
 
0.766

Variances from guidance assumptions:
 
 
Technology tax deduction and other tax benefits
(0.174
)
 
Operating expenses associated with technology tax deduction
0.022

 
TQI EPS contribution shortfall
0.009

 
Detrimental difference in net fuel surcharge
0.020

 
Total variances from guidance assumptions
 
(0.123
)
Adjusted EPS with variances added back
 
0.643

Mid-point of original third quarter guidance
 
0.640

Remaining positive EPS variance
 
$
0.003



16



Important Information

This press release contains “forward-looking statements,” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are statements other than historical information or statements of current condition and relate to future events or our future financial performance.  Some forward-looking statements may be identified by use of such terms as “believes,” “anticipates,” “intends,” “plans,” “estimates,” “projects” or “expects.”  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such 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, our inability to maintain our historical growth rate because of a decreased volume of freight moving through our network or decreased average revenue per pound of freight moving through our network, increasing competition and pricing pressure, surplus inventories, loss of a major customer, the creditworthiness of our customers and their ability to pay for services rendered, our ability to secure terminal facilities in desirable locations at reasonable rates, the inability of our information systems to handle an increased volume of freight moving through our network, changes in fuel prices, claims for property damage, personal injuries or workers' compensation, employment matters including rising health care costs, enforcement of and changes in governmental regulations, environmental and tax matters, the handling of hazardous materials, the availability and compensation of qualified independent owner-operators and freight handlers needed to serve our transportation needs and our inability to successfully integrate acquisitions.  As a result of the foregoing, no assurance can be given as to future financial condition, cash flows or results of operations. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

-END-

CONTACT:
Forward Air Corporation
Rodney L. Bell, 423-636-7000
rbell@forwardair.com



17
 EX-99.2 3 exhibit992q42015fahistoric.htm EXHIBIT 99.2 Exhibit


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
December 31
Average
 
 
 
 
 
 
Forward Air, Inc.
 
 
 
 
 
Average linehaul pounds per week (1)
 
 
 
 
 
   (in thousands)
35,057

36,965

37,877

39,883

37,445

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
230

222

217

210

220

Average leased tractors - Company
1

1

1

1

1

Average leased straight trucks - Company
1

1

1

1

1

Average tractors - owner-operator
928

942

936

920

932

Average tractors - total
1,160

1,166

1,155

1,132

1,153

Average trailers
3,114

3,481

3,479

3,479

3,388

 
 
 
 
 
 
Forward Air Solutions, Inc.
 
 
 
 
 
Number of terminals - Company-operated
19

19

19

21

20

Number of terminals - agent
5

5

5

8

6

Number of terminals - total
24

24

24

29

26

Average tractors - Company
57

57

60

61

59

Average leased tractors - Company
2

—

4

4

3

Average straight trucks & vans - Company
162

162

161

158

161

Average leased straight trucks - Company
21

18

17

16

18

Average tractors - owner-operator
88

82

84

85

85

Average straight trucks & vans - owner-operator
74

69

78

91

78

Average tractors - total
404

388

404

415

404

Average trailers
126

126

126

126

126

 
 
 
 
 
 
Total Quality, Inc.
 
 
 
 
 
Average tractors - Company
77

77

74

70

75

Average tractors - owner-operator
19

18

14

10

15

Average tractors - total
96

95

88

80

90

Average trailers
92

114

119

119

111

 
 
 
 
 
 
(1) Includes pounds associated with linehaul shipments only.
 
 
 
 





Forward Air Corporation
 
 
 
 
 
Historical Operating Data - Unaudited
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
March 31
June 30
September 30
December 31
Average
 
 
 
 
 
 
Forward Air, Inc.
 
 
 
 
 
Average linehaul pounds per week (1)
 
 
 
 
 
   (in thousands)
40,967

50,803

48,208

48,530

47,224

Number of terminals - Company-operated
74

74

73

72

74

Number of terminals - agent
17

17

17

19

17

Number of terminals - total
91

91

90

91

91

Average tractors - Company
307

271

265

332

294

Average leased tractors - Company
72

73

73

66

71

Average leased straight trucks - Company
22

22

22

19

21

Average tractors - owner-operator
1,575

1,422

1,444

1,408

1,462

Average tractors - total
1,976

1,788

1,804

1,825

1,848

Average trailers
3,731

3,669

3,660

3,924

3,746

Average leased trailers
1,057

1,012

1,015

1,089

1,043

Average trailers - total
4,788

4,681

4,675

5,013

4,789

 
 
 
 
 

Forward Air Solutions, Inc.
 
 
 
 

Number of terminals - Company-operated
19

20

20

20

20

Number of terminals - agent
10

9

9

9

9

Number of terminals - total
29

29

29

29

29

Average tractors - Company
65

62

62

64

63

Average leased tractors - Company
—

—

7

45

13

Average straight trucks & vans - Company
156

180

177

159

168

Average leased straight trucks - Company
15

16

24

23

20

Average tractors - owner-operator
91

87

82

104

91

Average straight trucks & vans - owner-operator
81

100

118

126

106

Average tractors - total
408

445

470

521

461

Average trailers
126

126

126

73

113

 
 
 
 
 

Total Quality, Inc.
 
 
 
 


Average tractors - Company
83

72

84

84

81

Average tractors - owner-operator
11

21

24

17

18

Average tractors - total
94

93

108

101

99

Average trailers
96

122

122

119

115

 
 
 
 
 
 
(1) Includes pounds associated with linehaul shipments only.
 
 
 



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