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 20, 2016 |
No. | Exhibit | |
99.2 | Forward Air Corporation Historical Operating Statistics |
No. | Exhibit | |
99.3 | 2016 Summary Segment Statement of Operations |
FORWARD AIR CORPORATION | |||
Date: October 20, 2016 | By: | /s/ Michael J. Morris | |
Michael J. Morris Chief Financial Officer, Senior Vice President and Treasurer |
No. | Exhibit | |
99.1 | Press Release of Forward Air Corporation dated October 20, 2016 |
No. | Exhibit | |
99.2 | Forward Air Corporation Historical Operating Statistics |
No. | Exhibit | |
99.3 | 2016 Summary Segment Statement of Operations |
Forward Air Corporation | |||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||
Operating revenue: | |||||||||||||||
Expedited LTL | $ | 144,337 | $ | 149,212 | $ | 423,410 | $ | 427,277 | |||||||
Expedited Truckload | 42,210 | 38,528 | 120,270 | 112,395 | |||||||||||
Pool Distribution | 36,437 | 32,133 | 101,153 | 87,040 | |||||||||||
Intermodal | 27,579 | 28,890 | 76,391 | 79,412 | |||||||||||
Eliminations and other operations | (1,011 | ) | (1,670 | ) | (3,487 | ) | (3,419 | ) | |||||||
Operating revenue | 249,552 | 247,093 | 717,737 | 702,705 | |||||||||||
Operating expenses: | |||||||||||||||
Purchased transportation | 105,039 | 104,434 | 300,783 | 301,253 | |||||||||||
Salaries, wages and employee benefits | 60,161 | 59,025 | 175,857 | 174,815 | |||||||||||
Operating leases | 16,215 | 17,072 | 44,684 | 51,105 | |||||||||||
Depreciation and amortization | 9,399 | 9,399 | 28,409 | 27,601 | |||||||||||
Insurance and claims | 7,170 | 5,161 | 19,213 | 16,531 | |||||||||||
Fuel expense | 3,416 | 3,826 | 9,375 | 12,034 | |||||||||||
Other operating expenses | 23,452 | 23,575 | 65,218 | 66,608 | |||||||||||
Impairment of goodwill, intangibles and other assets | — | — | 42,442 | — | |||||||||||
Total operating expenses | 224,852 | 222,492 | 685,981 | 649,947 | |||||||||||
Operating (loss) income: | |||||||||||||||
Expedited LTL | 21,014 | 21,594 | 63,026 | 57,275 | |||||||||||
Expedited Truckload | 2,038 | 3,170 | (36,679 | ) | 10,521 | ||||||||||
Pool Distribution | 66 | 555 | (191 | ) | 758 | ||||||||||
Intermodal | 3,041 | 3,536 | 8,170 | 8,843 | |||||||||||
Other operations | (1,459 | ) | (4,254 | ) | (2,570 | ) | (24,639 | ) | |||||||
Income from operations | 24,700 | 24,601 | 31,756 | 52,758 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (216 | ) | (554 | ) | (1,230 | ) | (1,489 | ) | |||||||
Other, net | (4 | ) | 10 | (149 | ) | (127 | ) | ||||||||
Total other income (expense) | (220 | ) | (544 | ) | (1,379 | ) | (1,616 | ) | |||||||
Income before income taxes | 24,480 | 24,057 | 30,377 | 51,142 | |||||||||||
Income tax expense | 12,549 | 8,370 | 15,413 | 18,795 | |||||||||||
Net income and comprehensive income | $ | 11,931 | $ | 15,687 | $ | 14,964 | $ | 32,347 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.51 | $ | 0.49 | $ | 1.04 | |||||||
Diluted | $ | 0.39 | $ | 0.50 | $ | 0.49 | $ | 1.03 | |||||||
Dividends per share: | $ | 0.12 | $ | 0.12 | $ | 0.36 | $ | 0.36 |
Expedited LTL Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 144.3 | 100.0 | % | $ | 149.2 | 100.0 | % | $ | (4.9 | ) | (3.3 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 56.3 | 39.0 | 61.7 | 41.4 | (5.4 | ) | (8.8 | ) | ||||||||||||
Salaries, wages and employee benefits | 33.8 | 23.4 | 35.7 | 23.9 | (1.9 | ) | (5.3 | ) | ||||||||||||
Operating leases | 9.0 | 6.2 | 8.4 | 5.6 | 0.6 | 7.1 | ||||||||||||||
Depreciation and amortization | 5.5 | 3.8 | 5.4 | 3.6 | 0.1 | 1.9 | ||||||||||||||
Insurance and claims | 3.9 | 2.7 | 2.6 | 1.7 | 1.3 | 50.0 | ||||||||||||||
Fuel expense | 0.8 | 0.6 | 1.0 | 0.7 | (0.2 | ) | (20.0 | ) | ||||||||||||
Other operating expenses | 14.0 | 9.7 | 12.8 | 8.6 | 1.2 | 9.4 | ||||||||||||||
Total operating expenses | 123.3 | 85.4 | 127.6 | 85.5 | (4.3 | ) | (3.4 | ) | ||||||||||||
Income from operations | $ | 21.0 | 14.6 | % | $ | 21.6 | 14.5 | % | $ | (0.6 | ) | (2.8 | )% |
Expedited LTL Operating Statistics | ||||||||||
Three months ended | ||||||||||
September 30, | September 30, | Percent | ||||||||
2016 | 2015 | Change | ||||||||
Operating ratio | 85.4 | % | 85.5 | % | (0.1 | )% | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Expedited LTL: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 588,929 | 617,066 | (4.6 | ) | ||||||
Average weekly pounds ¹ | 46,010 | 48,208 | (4.6 | ) | ||||||
Linehaul shipments | ||||||||||
Total linehaul | 909,787 | 952,720 | (4.5 | ) | ||||||
Average weekly | 71,077 | 74,431 | (4.5 | ) | ||||||
Forward Air Complete shipments | 195,594 | 223,143 | (12.3 | ) | ||||||
As a percentage of linehaul shipments | 21.5 | % | 23.4 | % | (8.1 | ) | ||||
Average linehaul shipment size | 647 | 648 | (0.2 | ) | ||||||
Revenue per pound 2 | ||||||||||
Linehaul yield | $ | 17.71 | $ | 17.07 | 3.0 | |||||
Fuel surcharge impact | 1.06 | 1.16 | (0.5 | ) | ||||||
Forward Air Complete impact | 3.49 | 3.44 | 0.2 | |||||||
Total Expedited LTL yield | $ | 22.26 | $ | 21.67 | 2.7 | % | ||||
¹ - In thousands | ||||||||||
2 - In dollars per hundred pound; percentage change is expressed as a percent of total yield. |
Expedited Truckload Services Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 42.2 | 100.0 | % | $ | 38.5 | 100.0 | % | $ | 3.7 | 9.6 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 29.7 | 70.4 | 25.5 | 66.2 | 4.2 | 16.5 | ||||||||||||||
Salaries, wages and employee benefits | 4.9 | 11.6 | 4.7 | 12.2 | 0.2 | 4.3 | ||||||||||||||
Operating leases | 0.1 | 0.2 | 0.2 | 0.5 | (0.1 | ) | (50.0 | ) | ||||||||||||
Depreciation and amortization | 1.5 | 3.6 | 1.6 | 4.2 | (0.1 | ) | (6.3 | ) | ||||||||||||
Insurance and claims | 1.1 | 2.6 | 0.8 | 2.1 | 0.3 | 37.5 | ||||||||||||||
Fuel expense | 0.7 | 1.7 | 0.8 | 2.1 | (0.1 | ) | (12.5 | ) | ||||||||||||
Other operating expenses | 2.2 | 5.2 | 1.7 | 4.4 | 0.5 | 29.4 | ||||||||||||||
Total operating expenses | 40.2 | 95.3 | 35.3 | 91.7 | 4.9 | 13.9 | ||||||||||||||
Income from operations | $ | 2.0 | 4.7 | % | $ | 3.2 | 8.3 | % | $ | (1.2 | ) | (37.5 | )% |
Expedited Truckload Services Operating Statistics | ||||||||||
Three months ended | ||||||||||
September 30, | September 30, | Percent | ||||||||
2016 | 2015 | Change | ||||||||
Company driver 1 | 1,761 | 1,795 | (1.9 | )% | ||||||
Owner operator 1 | 13,125 | 10,614 | 23.7 | |||||||
Third party 1 | 8,339 | 6,967 | 19.7 | |||||||
Total Miles | 23,225 | 19,376 | 19.9 | |||||||
Revenue per mile | $ | 1.78 | $ | 1.92 | (7.3 | ) | ||||
Cost per mile | $ | 1.37 | $ | 1.40 | (2.1 | )% | ||||
¹ - In thousands |
Pool Distribution Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 36.4 | 100.0 | % | $ | 32.1 | 100.0 | % | $ | 4.3 | 13.4 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 10.1 | 27.7 | 8.8 | 27.4 | 1.3 | 14.8 | ||||||||||||||
Salaries, wages and employee benefits | 14.4 | 39.6 | 12.2 | 38.0 | 2.2 | 18.0 | ||||||||||||||
Operating leases | 3.3 | 9.1 | 2.6 | 8.1 | 0.7 | 26.9 | ||||||||||||||
Depreciation and amortization | 1.4 | 3.8 | 1.4 | 4.4 | — | — | ||||||||||||||
Insurance and claims | 1.0 | 2.7 | 0.9 | 2.8 | 0.1 | 11.1 | ||||||||||||||
Fuel expense | 1.2 | 3.3 | 1.3 | 4.0 | (0.1 | ) | (7.7 | ) | ||||||||||||
Other operating expenses | 4.9 | 13.5 | 4.4 | 13.7 | 0.5 | 11.4 | ||||||||||||||
Total operating expenses | 36.3 | 99.7 | 31.6 | 98.4 | 4.7 | 14.9 | ||||||||||||||
Income from operations | $ | 0.1 | 0.3 | % | $ | 0.5 | 1.6 | % | $ | (0.4 | ) | (80.0 | )% |
Intermodal Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 27.6 | 100.0 | % | $ | 28.9 | 100.0 | % | $ | (1.3 | ) | (4.5 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 9.7 | 35.1 | 9.4 | 32.5 | 0.3 | 3.2 | ||||||||||||||
Salaries, wages and employee benefits | 6.6 | 23.9 | 6.2 | 21.5 | 0.4 | 6.5 | ||||||||||||||
Operating leases | 3.3 | 12.0 | 3.3 | 11.4 | — | — | ||||||||||||||
Depreciation and amortization | 1.0 | 3.6 | 1.0 | 3.5 | — | — | ||||||||||||||
Insurance and claims | 0.8 | 2.9 | 0.7 | 2.4 | 0.1 | 14.3 | ||||||||||||||
Fuel expense | 0.7 | 2.5 | 0.7 | 2.4 | — | — | ||||||||||||||
Other operating expenses | 2.5 | 9.1 | 4.1 | 14.2 | (1.6 | ) | (39.0 | ) | ||||||||||||
Total operating expenses | 24.6 | 89.1 | 25.4 | 87.9 | (0.8 | ) | (3.1 | ) | ||||||||||||
Income from operations | $ | 3.0 | 10.9 | % | $ | 3.5 | 12.1 | % | $ | (0.5 | ) | (14.3 | )% |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
September 30, 2016 | December 31, 2015 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,312 | $ | 33,312 | |||
Accounts receivable, net | 115,327 | 109,165 | |||||
Other current assets | 17,321 | 30,980 | |||||
Total current assets | 143,960 | 173,457 | |||||
Property and equipment | 369,582 | 343,147 | |||||
Less accumulated depreciation and amortization | 172,348 | 155,859 | |||||
Net property and equipment | 197,234 | 187,288 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 184,675 | 205,609 | |||||
Other acquired intangibles, net of accumulated amortization | 109,041 | 127,800 | |||||
Total net goodwill and other acquired intangibles | 293,716 | 333,409 | |||||
Other assets | 6,603 | 5,778 | |||||
Total assets | $ | 641,513 | $ | 699,932 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 18,415 | $ | 23,334 | |||
Accrued expenses | 30,843 | 29,823 | |||||
Current portion of debt and capital lease obligations | 41,866 | 55,887 | |||||
Total current liabilities | 91,124 | 109,044 | |||||
Debt and capital lease obligations, less current portion | 814 | 28,617 | |||||
Other long-term liabilities | 14,726 | 12,340 | |||||
Deferred income taxes | 39,007 | 39,876 | |||||
Shareholders’ equity: | |||||||
Common stock | 303 | 305 | |||||
Additional paid-in capital | 174,450 | 160,855 | |||||
Retained earnings | 321,089 | 348,895 | |||||
Total shareholders’ equity | 495,842 | 510,055 | |||||
Total liabilities and shareholders’ equity | $ | 641,513 | $ | 699,932 | |||
(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, 2016 | September 30, 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 11,931 | $ | 15,687 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 9,399 | 9,399 | |||||
Share-based compensation | 2,093 | 1,886 | |||||
Loss on disposal of property and equipment | 111 | 30 | |||||
Provision for recovery on receivables | 280 | 380 | |||||
Provision for revenue adjustments | 365 | 1,549 | |||||
Deferred income tax (benefit) expense | (220 | ) | 6,044 | ||||
Excess tax benefit for stock options exercised | (50 | ) | — | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (6,716 | ) | 5,753 | ||||
Prepaid expenses and other current assets | 14,878 | 1,679 | |||||
Accounts payable and accrued expenses | 1,329 | (3,654 | ) | ||||
Net cash provided by operating activities | 33,400 | 38,753 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 695 | 577 | |||||
Purchases of property and equipment | (12,684 | ) | (6,579 | ) | |||
Acquisition of business, net of cash acquired | (10,100 | ) | — | ||||
Other | (71 | ) | (33 | ) | |||
Net cash used in investing activities | (22,160 | ) | (6,035 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (13,942 | ) | (14,104 | ) | |||
Proceeds from exercise of stock options | 5,947 | — | |||||
Payments of cash dividends | (3,653 | ) | (3,700 | ) | |||
Repurchase of common stock (repurchase program) | (9,995 | ) | (9,996 | ) | |||
Excess tax benefit for stock options exercised | 50 | — | |||||
Cash settlement of share-based awards for minimum tax withholdings | (14 | ) | (5 | ) | |||
Net cash used in financing activities | (21,607 | ) | (27,805 | ) | |||
Net (decrease) increase in cash | (10,367 | ) | 4,913 | ||||
Cash at beginning of period | 21,679 | 42,531 | |||||
Cash at end of period | $ | 11,312 | $ | 47,444 |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Nine months ended | |||||||
September 30, 2016 | September 30, 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 14,964 | $ | 32,347 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 28,409 | 27,601 | |||||
Impairment of goodwill, intangible and other assets | 42,442 | — | |||||
Share-based compensation | 6,204 | 5,562 | |||||
Loss (gain) on disposal of property and equipment | 201 | (3 | ) | ||||
Provision for loss on receivables | 268 | 463 | |||||
Provision for revenue adjustments | 1,570 | 3,391 | |||||
Deferred income tax | 661 | 5,546 | |||||
Excess tax benefit for stock options exercised | (137 | ) | (2,365 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (8,000 | ) | 866 | ||||
Other current assets | 13,083 | (1,531 | ) | ||||
Accounts payable and accrued expenses | (5,057 | ) | (14,562 | ) | |||
Net cash provided by operating activities | 94,608 | 57,315 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 1,795 | 1,200 | |||||
Purchases of property and equipment | (28,725 | ) | (18,541 | ) | |||
Acquisition of business, net of cash acquired | (11,800 | ) | (61,878 | ) | |||
Other | (673 | ) | (598 | ) | |||
Net cash used in investing activities | (39,403 | ) | (79,817 | ) | |||
Financing activities: | |||||||
Proceeds from term loan | — | 125,000 | |||||
Payments of debt and capital lease obligations | (41,825 | ) | (87,367 | ) | |||
Proceeds from exercise of stock options | 7,041 | 11,351 | |||||
Payments of cash dividends | (10,987 | ) | (11,133 | ) | |||
Repurchase of common stock (repurchase program) | (29,986 | ) | (9,996 | ) | |||
Common stock issued under employee stock purchase plan | 215 | 228 | |||||
Excess tax benefit for stock options exercised | 137 | 2,365 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (1,800 | ) | (1,931 | ) | |||
Net cash (used in) provided by financing activities | (77,205 | ) | 28,517 | ||||
Net (decrease) increase in cash | (22,000 | ) | 6,015 | ||||
Cash at beginning of period | 33,312 | 41,429 | |||||
Cash at end of period | $ | 11,312 | $ | 47,444 |
Forward Air Corporation | ||||||||||||||||||||
Reconciliation to U.S. GAAP | ||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | ||||||||||||||
Reported (GAAP) | $ | 24.7 | $ | (0.2 | ) | $ | 24.5 | $ | 12.6 | 51.3 | % | $ | 11.9 | $ | 0.39 | |||||
Items impacting comparability: | ||||||||||||||||||||
Impact of TQI impairment on income taxes | — | — | — | (3.6 | ) | 14.3 | % | 3.6 | 0.12 | |||||||||||
After considering items (Non-GAAP) | $ | 24.7 | $ | (0.2 | ) | $ | 24.5 | $ | 9.0 | 37.0 | % | $ | 15.5 | $ | 0.51 | |||||
Three months ended September 30, 2015 | ||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | ||||||||||||||
Reported (GAAP) | $ | 24.6 | $ | (0.5 | ) | $ | 24.1 | $ | 8.4 | 34.8 | % | $ | 15.7 | $ | 0.50 | |||||
Items impacting comparability: | ||||||||||||||||||||
Certain tax matters 1 | — | — | — | 1.1 | 4.5 | % | (1.1 | ) | (0.04 | ) | ||||||||||
Integrations and deal costs | 3.9 | — | 3.9 | 1.5 | — | 2.4 | 0.08 | |||||||||||||
After considering items (Non-GAAP) | $ | 28.5 | $ | (0.5 | ) | $ | 28.0 | $ | 11.0 | 39.3 | % | $ | 17.0 | $ | 0.54 | |||||
1 - Certain tax matters related to technology-related permanent tax deductions in 2015 which were not identified as non-GAAP adjustments at that time, but which are adjusted here for consistency and comparison purposes. |
Forward Air Corporation | |||||||||||||||||||||
Guidance Range | |||||||||||||||||||||
Reconciliation to U.S. GAAP | |||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three months ended December 31, 2015 | |||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | |||||||||||||||
Reported (GAAP) | $ | 29.0 | $ | (0.5 | ) | $ | 28.5 | $ | 5.3 | 18.6 | % | $ | 23.2 | $ | 0.75 | ||||||
Items impacting comparability: | |||||||||||||||||||||
Certain tax matters 1 | 1.2 | — | 1.2 | 5.8 | 18.8 | % | (4.6 | ) | (0.15 | ) | |||||||||||
Integrations and deal costs | 0.6 | — | 0.6 | 0.2 | — | 0.4 | 0.01 | ||||||||||||||
After considering items (Non-GAAP) | $ | 30.8 | $ | (0.5 | ) | $ | 30.3 | $ | 11.3 | 37.4 | % | $ | 19.0 | $ | 0.61 | ||||||
1 - Certain tax matters related to technology-related permanent tax deductions in 2015 which were not identified as non-GAAP adjustments at that time, but which are adjusted here for consistency and comparison purposes. | |||||||||||||||||||||
Three months ended December 31, 2016 - Forecast | |||||||||||||||||||||
Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | |||||||||||||||||
Low range of guidance (GAAP) | $ | 25.7 | $ | 14.2 | 55.2 | % | $ | 11.5 | $ | 0.37 | |||||||||||
Items impacting comparability: | |||||||||||||||||||||
Impact of TQI impairment on income taxes | — | (4.7 | ) | 18.2 | % | 4.7 | 0.16 | ||||||||||||||
Low range of guidance (Non-GAAP) | $ | 25.7 | $ | 9.5 | 37.0 | % | $ | 16.2 | $ | 0.53 | |||||||||||
Three months ended December 31, 2016 - Forecast | |||||||||||||||||||||
Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | |||||||||||||||||
High range of guidance (GAAP) | $ | 28.0 | $ | 15.2 | 54.4 | % | $ | 12.8 | $ | 0.41 | |||||||||||
Items impacting comparability: | |||||||||||||||||||||
Impact of TQI impairment on income taxes | — | (4.8 | ) | 17.4 | % | 4.8 | 0.16 | ||||||||||||||
High range of guidance (Non-GAAP) | $ | 28.0 | $ | 10.4 | 37.0 | % | $ | 17.6 | $ | 0.57 |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2014 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Expedited LTL | ||||||||||
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 | 753 | 789 | 781 | 769 | 773 | |||||
Average tractors - total | 985 | 1,013 | 1,000 | 981 | 995 | |||||
Average trailers | 3,114 | 3,481 | 3,479 | 3,479 | 3,388 | |||||
Pool Distribution | ||||||||||
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 | |||||
Truckload Expedited | ||||||||||
Average tractors - Company | 77 | 77 | 74 | 70 | 75 | |||||
Average tractors - owner-operator | 194 | 171 | 169 | 161 | 174 | |||||
Average tractors - total | 271 | 248 | 243 | 231 | 248 | |||||
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 | ||||||
Expedited LTL | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 41,262 | 50,803 | 48,208 | 48,530 | 46,787 | |||||
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 | 1,344 | 1,145 | 1,090 | 1,030 | 1,152 | |||||
Average tractors - total | 1,745 | 1,511 | 1,450 | 1,447 | 1,538 | |||||
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 | |||||
Pool Distribution | ||||||||||
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 | |||||
Truckload Expedited | ||||||||||
Average tractors - Company | 83 | 72 | 84 | 84 | 81 | |||||
Average tractors - owner-operator | 242 | 298 | 378 | 395 | 328 | |||||
Average tractors - total | 325 | 370 | 462 | 479 | 409 | |||||
Average trailers | 96 | 122 | 122 | 119 | 115 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||||
Historical Operating Data - Unaudited | ||||||||
2016 | ||||||||
March 31 | June 30 | September 30 | Average | |||||
Expedited LTL | ||||||||
Average linehaul pounds per week (1) | ||||||||
(in thousands) | 44,041 | 47,346 | 46,010 | 45,799 | ||||
Number of terminals - Company-operated | 72 | 72 | 72 | 72 | ||||
Number of terminals - agent | 19 | 19 | 19 | 19 | ||||
Number of terminals - total | 91 | 91 | 91 | 91 | ||||
Average tractors - Company | 330 | 294 | 277 | 300 | ||||
Average leased tractors - Company | 62 | 30 | 30 | 41 | ||||
Average leased straight trucks - Company | 17 | 1 | 1 | 6 | ||||
Average tractors - owner-operator | 1,020 | 989 | 960 | 990 | ||||
Average tractors - total | 1,429 | 1,314 | 1,268 | 1,337 | ||||
Average trailers | 4,103 | 4,248 | 4,670 | 4,340 | ||||
Average leased trailers | 1,012 | 1,011 | 1,059 | 1,027 | ||||
Average trailers - total | 5,115 | 5,259 | 5,729 | 5,367 | ||||
Pool Distribution | ||||||||
Number of terminals - Company-operated | 20 | 19 | 19 | 19 | ||||
Number of terminals - agent | 9 | 9 | 9 | 9 | ||||
Number of terminals - total | 29 | 28 | 28 | 28 | ||||
Average tractors - Company | 64 | 67 | 67 | 66 | ||||
Average leased tractors - Company | 45 | 19 | 30 | 31 | ||||
Average straight trucks & vans - Company | 151 | 146 | 142 | 146 | ||||
Average leased straight trucks - Company | 23 | 72 | 78 | 58 | ||||
Average tractors - owner-operator | 91 | 84 | 84 | 86 | ||||
Average straight trucks & vans - owner-operator | 118 | 118 | 141 | 126 | ||||
Average tractors - total | 492 | 506 | 542 | 513 | ||||
Average trailers | 73 | 73 | 73 | 73 | ||||
Truckload Expedited | ||||||||
Average tractors - Company | 84 | 84 | 83 | 84 | ||||
Average tractors - owner-operator | 360 | 329 | 336 | 342 | ||||
Average tractors - total | 444 | 413 | 419 | 426 | ||||
Average trailers | 119 | 97 | 121 | 112 | ||||
(1) Includes pounds associated with linehaul shipments only. |
Three months ended March 31, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 104,324 | $ | 29,914 | $ | 25,926 | $ | 12,406 | $ | (1,001 | ) | $ | 171,569 | ||||||||||
Purchased transportation | 42,676 | 20,243 | 7,122 | 4,317 | (807 | ) | 73,551 | ||||||||||||||||
Salaries, wages, and employee benefits | 25,281 | 3,834 | 9,340 | 2,923 | 44 | 41,422 | |||||||||||||||||
Operating leases | 4,986 | 130 | 2,477 | 758 | — | 8,351 | |||||||||||||||||
Depreciation and amortization | 3,851 | 1,194 | 1,284 | 681 | 3 | 7,013 | |||||||||||||||||
Insurance and claims | 2,469 | 605 | 785 | 268 | — | 4,127 | |||||||||||||||||
Fuel expense | 1,108 | 1,155 | 1,755 | 788 | — | 4,806 | |||||||||||||||||
Other operating expenses | 8,734 | 1,351 | 3,565 | 2,558 | (180 | ) | 16,028 | ||||||||||||||||
Total operating expenses | 89,105 | 28,512 | 26,328 | 12,293 | (940 | ) | 155,298 | ||||||||||||||||
Income from operations | $ | 15,219 | $ | 1,402 | $ | (402 | ) | $ | 113 | $ | (61 | ) | $ | 16,271 |
Three months ended June 30, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 115,213 | $ | 34,266 | $ | 25,390 | $ | 20,014 | $ | (1,031 | ) | $ | 193,852 | ||||||||||
Purchased transportation | 46,853 | 23,240 | 6,594 | 6,921 | (774 | ) | 82,834 | ||||||||||||||||
Salaries, wages, and employee benefits | 26,317 | 4,111 | 9,261 | 4,664 | 38 | 44,391 | |||||||||||||||||
Operating leases | 4,822 | 81 | 2,000 | 1,262 | — | 8,165 | |||||||||||||||||
Depreciation and amortization | 4,129 | 1,380 | 1,422 | 817 | 3 | 7,751 | |||||||||||||||||
Insurance and claims | 1,714 | 467 | 518 | 405 | — | 3,104 | |||||||||||||||||
Fuel expense | 1,059 | 1,195 | 1,754 | 1,164 | — | 5,172 | |||||||||||||||||
Other operating expenses | 8,182 | 1,356 | 3,160 | 2,387 | (245 | ) | 14,840 | ||||||||||||||||
Total operating expenses | 93,076 | 31,830 | 24,709 | 17,620 | (978 | ) | 166,257 | ||||||||||||||||
Income from operations | $ | 22,137 | $ | 2,436 | $ | 681 | $ | 2,394 | $ | (53 | ) | $ | 27,595 |
Three months ended September 30, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 119,000 | $ | 33,728 | $ | 28,812 | $ | 21,189 | $ | (1,252 | ) | $ | 201,477 | ||||||||||
Purchased transportation | 49,873 | 22,475 | 7,482 | 6,880 | (836 | ) | 85,874 | ||||||||||||||||
Salaries, wages, and employee benefits | 26,208 | 4,105 | 10,295 | 5,008 | 35 | 45,651 | |||||||||||||||||
Operating leases | 4,976 | 70 | 2,007 | 1,450 | — | 8,503 | |||||||||||||||||
Depreciation and amortization | 4,358 | 1,400 | 1,470 | 884 | 3 | 8,115 | |||||||||||||||||
Insurance and claims | 2,278 | 472 | 451 | 546 | — | 3,747 | |||||||||||||||||
Fuel expense | 944 | 1,101 | 1,765 | 1,202 | — | 5,012 | |||||||||||||||||
Other operating expenses | 9,690 | 1,476 | 4,004 | 2,899 | (400 | ) | 17,669 | ||||||||||||||||
Total operating expenses | 98,327 | 31,099 | 27,474 | 18,869 | (1,198 | ) | 174,571 | ||||||||||||||||
Income from operations | $ | 20,673 | $ | 2,629 | $ | 1,338 | $ | 2,320 | $ | (54 | ) | $ | 26,906 |
Three months ended December 31, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 120,364 | $ | 35,360 | $ | 38,130 | $ | 22,338 | $ | (2,130 | ) | $ | 214,062 | ||||||||||
Purchased transportation | 52,601 | 24,255 | 10,154 | 6,898 | (1,591 | ) | 92,317 | ||||||||||||||||
Salaries, wages, and employee benefits | 28,150 | 4,049 | 12,924 | 5,427 | 91 | 50,641 | |||||||||||||||||
Operating leases | 5,022 | 93 | 2,473 | 1,386 | 1 | 8,975 | |||||||||||||||||
Depreciation and amortization | 4,316 | 1,393 | 1,539 | 1,000 | 6 | 8,254 | |||||||||||||||||
Insurance and claims | 2,325 | 589 | 1,353 | 489 | 2 | 4,758 | |||||||||||||||||
Fuel expense | 944 | 1,023 | 2,021 | 1,170 | — | 5,158 | |||||||||||||||||
Other operating expenses | 9,280 | 1,437 | 4,742 | 3,368 | (503 | ) | 18,324 | ||||||||||||||||
Total operating expenses | 102,638 | 32,839 | 35,206 | 19,738 | (1,994 | ) | 188,427 | ||||||||||||||||
Income from operations | $ | 17,726 | $ | 2,521 | $ | 2,924 | $ | 2,600 | $ | (136 | ) | $ | 25,635 |
Three months ended March 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 122,207 | $ | 34,472 | $ | 27,224 | $ | 23,027 | $ | (1,012 | ) | $ | 205,918 | ||||||||||
Purchased transportation | 52,853 | 22,614 | 7,469 | 7,063 | (662 | ) | 89,337 | ||||||||||||||||
Salaries, wages, and employee benefits | 30,322 | 4,423 | 10,100 | 5,934 | 3,124 | 53,903 | |||||||||||||||||
Operating leases | 5,918 | 92 | 2,086 | 2,528 | 5,132 | 15,756 | |||||||||||||||||
Depreciation and amortization | 4,741 | 1,410 | 1,557 | 967 | 9 | 8,684 | |||||||||||||||||
Insurance and claims | 2,820 | 539 | 875 | 586 | 310 | 5,130 | |||||||||||||||||
Fuel expense | 935 | 894 | 1,286 | 901 | 4 | 4,020 | |||||||||||||||||
Other operating expenses | 9,733 | 1,289 | 3,635 | 3,059 | 3,123 | 20,839 | |||||||||||||||||
Total operating expenses | 107,322 | 31,261 | 27,008 | 21,038 | 11,040 | 197,669 | |||||||||||||||||
Income from operations | $ | 14,885 | $ | 3,211 | $ | 216 | $ | 1,989 | $ | (12,052 | ) | $ | 8,249 |
Three months ended June 30, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 155,858 | $ | 39,395 | $ | 27,684 | $ | 27,494 | $ | (737 | ) | $ | 249,694 | ||||||||||
Purchased transportation | 66,006 | 25,298 | 7,549 | 8,965 | (336 | ) | 107,482 | ||||||||||||||||
Salaries, wages, and employee benefits | 39,335 | 4,715 | 10,575 | 6,187 | 1,074 | 61,886 | |||||||||||||||||
Operating leases | 8,368 | 83 | 2,120 | 2,898 | 4,808 | 18,277 | |||||||||||||||||
Depreciation and amortization | 5,563 | 1,513 | 1,485 | 948 | 10 | 9,519 | |||||||||||||||||
Insurance and claims | 2,419 | 852 | 926 | 675 | 1,368 | 6,240 | |||||||||||||||||
Fuel expense | 1,134 | 895 | 1,284 | 869 | 6 | 4,188 | |||||||||||||||||
Other operating expenses | 12,237 | 1,898 | 3,758 | 3,634 | 667 | 22,194 | |||||||||||||||||
Total operating expenses | 135,062 | 35,254 | 27,697 | 24,176 | 7,597 | 229,786 | |||||||||||||||||
Income from operations | $ | 20,796 | $ | 4,141 | $ | (13 | ) | $ | 3,318 | $ | (8,334 | ) | $ | 19,908 |
Three months ended September 30, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,212 | $ | 38,528 | $ | 32,133 | $ | 28,890 | $ | (1,670 | ) | $ | 247,093 | ||||||||||
Purchased transportation | 61,723 | 25,541 | 8,783 | 9,414 | (1,027 | ) | 104,434 | ||||||||||||||||
Salaries, wages, and employee benefits | 35,735 | 4,701 | 12,171 | 6,189 | 229 | 59,025 | |||||||||||||||||
Operating leases | 8,374 | 205 | 2,560 | 3,308 | 2,625 | 17,072 | |||||||||||||||||
Depreciation and amortization | 5,403 | 1,590 | 1,451 | 939 | 16 | 9,399 | |||||||||||||||||
Insurance and claims | 2,601 | 791 | 879 | 684 | 206 | 5,161 | |||||||||||||||||
Fuel expense | 1,001 | 783 | 1,315 | 727 | — | 3,826 | |||||||||||||||||
Other operating expenses | 12,781 | 1,747 | 4,419 | 4,093 | 535 | 23,575 | |||||||||||||||||
Total operating expenses | 127,618 | 35,358 | 31,578 | 25,354 | 2,584 | 222,492 | |||||||||||||||||
Income from operations | $ | 21,594 | $ | 3,170 | $ | 555 | $ | 3,536 | $ | (4,254 | ) | $ | 24,601 |
Three months ended December 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,748 | $ | 40,936 | $ | 42,954 | $ | 24,881 | $ | (2,099 | ) | $ | 256,420 | ||||||||||
Purchased transportation | 61,908 | 27,570 | 11,213 | 8,314 | (1,489 | ) | 107,516 | ||||||||||||||||
Salaries, wages, and employee benefits | 38,037 | 5,240 | 15,775 | 6,085 | 652 | 65,789 | |||||||||||||||||
Operating leases | 8,095 | 153 | 3,443 | 3,026 | 450 | 15,167 | |||||||||||||||||
Depreciation and amortization | 5,450 | 1,692 | 1,478 | 919 | 17 | 9,556 | |||||||||||||||||
Insurance and claims | 2,215 | 691 | 1,067 | 618 | 360 | 4,951 | |||||||||||||||||
Fuel expense | 881 | 774 | 1,532 | 682 | — | 3,869 | |||||||||||||||||
Other operating expenses | 11,582 | 2,049 | 5,045 | 2,131 | (250 | ) | 20,557 | ||||||||||||||||
Total operating expenses | 128,168 | 38,169 | 39,553 | 21,775 | (260 | ) | 227,405 | ||||||||||||||||
Income from operations | $ | 21,580 | $ | 2,767 | $ | 3,401 | $ | 3,106 | $ | (1,839 | ) | $ | 29,015 |
Three months ended March 31, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 134,379 | $ | 38,620 | $ | 33,192 | $ | 24,624 | $ | (1,266 | ) | $ | 229,549 | ||||||||||
Purchased transportation | 53,441 | 26,561 | 8,877 | 8,433 | (836 | ) | 96,476 | ||||||||||||||||
Salaries, wages, and employee benefits | 34,884 | 4,972 | 12,707 | 5,989 | 126 | 58,678 | |||||||||||||||||
Operating leases | 8,038 | 78 | 2,880 | 3,008 | (136 | ) | 13,868 | ||||||||||||||||
Depreciation and amortization | 5,531 | 1,750 | 1,497 | 890 | — | 9,668 | |||||||||||||||||
Insurance and claims | 2,768 | 865 | 1,165 | 868 | (271 | ) | 5,395 | ||||||||||||||||
Fuel expense | 720 | 626 | 1,022 | 593 | — | 2,961 | |||||||||||||||||
Other operating expenses | 11,913 | 2,203 | 4,930 | 2,471 | (419 | ) | 21,098 | ||||||||||||||||
Total operating expenses | 117,295 | 37,055 | 33,078 | 22,252 | (1,536 | ) | 208,144 | ||||||||||||||||
Income from operations | $ | 17,084 | $ | 1,565 | $ | 114 | $ | 2,372 | $ | 270 | $ | 21,405 |
Three months ended June 30, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 144,693 | $ | 39,440 | $ | 31,525 | $ | 24,189 | $ | (1,210 | ) | $ | 238,637 | ||||||||||
Purchased transportation | 55,744 | 27,364 | 8,590 | 8,401 | (832 | ) | 99,267 | ||||||||||||||||
Salaries, wages, and employee benefits | 33,942 | 4,530 | 11,935 | 6,045 | 566 | 57,018 | |||||||||||||||||
Operating leases | 8,490 | 103 | 3,059 | 2,943 | 6 | 14,601 | |||||||||||||||||
Depreciation and amortization | 5,278 | 1,724 | 1,464 | 875 | — | 9,341 | |||||||||||||||||
Insurance and claims | 3,367 | 994 | 975 | 528 | 784 | 6,648 | |||||||||||||||||
Fuel expense | 814 | 565 | 1,073 | 547 | — | 2,999 | |||||||||||||||||
Other operating expenses | 12,137 | 2,000 | 4,800 | 2,093 | (361 | ) | 20,669 | ||||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 42,442 | — | — | — | 42,442 | |||||||||||||||||
Total operating expenses | 119,772 | 79,722 | 31,896 | 21,432 | 163 | 252,985 | |||||||||||||||||
Income from operations | $ | 24,921 | $ | (40,282 | ) | $ | (371 | ) | $ | 2,757 | $ | (1,373 | ) | $ | (14,348 | ) |
Three months ended September 30, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 144,337 | $ | 42,210 | $ | 36,437 | $ | 27,579 | $ | (1,011 | ) | $ | 249,552 | ||||||||||
Purchased transportation | 56,332 | 29,754 | 10,087 | 9,708 | (842 | ) | 105,039 | ||||||||||||||||
Salaries, wages, and employee benefits | 33,752 | 4,860 | 14,387 | 6,574 | 588 | 60,161 | |||||||||||||||||
Operating leases | 8,995 | 87 | 3,274 | 3,263 | 596 | 16,215 | |||||||||||||||||
Depreciation and amortization | 5,470 | 1,470 | 1,472 | 987 | — | 9,399 | |||||||||||||||||
Insurance and claims | 3,948 | 1,078 | 1,020 | 793 | 331 | 7,170 | |||||||||||||||||
Fuel expense | 848 | 684 | 1,216 | 668 | — | 3,416 | |||||||||||||||||
Other operating expenses | 13,978 | 2,239 | 4,915 | 2,545 | (225 | ) | 23,452 | ||||||||||||||||
Total operating expenses | 123,323 | 40,172 | 36,371 | 24,538 | 448 | 224,852 | |||||||||||||||||
Income from operations | $ | 21,014 | $ | 2,038 | $ | 66 | $ | 3,041 | $ | (1,459 | ) | $ | 24,700 |
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