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.) |
1915 Snapps Ferry Road, Building N 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 June 30, 2017 |
No. | Exhibit | |
99.2 | Forward Air Corporation Historical Operating Statistics |
No. | Exhibit | |
99.3 | 2017 Summary Segment Statement of Operations |
FORWARD AIR CORPORATION | |||
Date: July 26, 2017 | 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 June 30, 2017 |
No. | Exhibit | |
99.2 | Forward Air Corporation Historical Operating Statistics |
No. | Exhibit | |
99.3 | 2017 Summary Segment Statement of Operations |
Forward Air Corporation | |||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||
Operating revenue: | |||||||||||||||
Expedited LTL | $ | 152,270 | $ | 144,693 | $ | 292,868 | $ | 279,072 | |||||||
Truckload Premium Services | 45,186 | 39,440 | 86,971 | 78,060 | |||||||||||
Pool Distribution | 36,835 | 31,525 | 74,658 | 64,716 | |||||||||||
Intermodal | 35,270 | 24,189 | 63,561 | 48,813 | |||||||||||
Eliminations and other operations | (2,043 | ) | (1,210 | ) | (3,559 | ) | (2,476 | ) | |||||||
Operating revenue | 267,518 | 238,637 | 514,499 | 468,185 | |||||||||||
Operating expenses: | |||||||||||||||
Purchased transportation | 115,609 | 99,267 | 218,692 | 195,743 | |||||||||||
Salaries, wages and employee benefits | 64,402 | 57,018 | 126,399 | 115,695 | |||||||||||
Operating leases | 14,796 | 14,601 | 30,397 | 28,469 | |||||||||||
Depreciation and amortization | 10,219 | 9,341 | 20,252 | 19,009 | |||||||||||
Insurance and claims | 7,730 | 6,648 | 13,536 | 12,044 | |||||||||||
Fuel expense | 3,671 | 2,999 | 7,351 | 5,960 | |||||||||||
Other operating expenses | 21,282 | 20,669 | 44,875 | 41,766 | |||||||||||
Impairment of goodwill, intangibles and other assets | — | 42,442 | — | 42,442 | |||||||||||
Total operating expenses | 237,709 | 252,985 | 461,502 | 461,128 | |||||||||||
Operating (loss) income: | |||||||||||||||
Expedited LTL | 22,992 | 24,921 | 41,392 | 42,011 | |||||||||||
Truckload Premium Services | 1,859 | (40,282 | ) | 3,563 | (38,717 | ) | |||||||||
Pool Distribution | 1,625 | (371 | ) | 2,991 | (257 | ) | |||||||||
Intermodal | 3,073 | 2,757 | 5,652 | 5,130 | |||||||||||
Other operations | 260 | (1,373 | ) | (601 | ) | (1,110 | ) | ||||||||
Income (loss) from operations | 29,809 | (14,348 | ) | 52,997 | 7,057 | ||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (236 | ) | (461 | ) | (518 | ) | (1,015 | ) | |||||||
Other, net | 18 | (117 | ) | (8 | ) | (145 | ) | ||||||||
Total other income (expense) | (218 | ) | (578 | ) | (526 | ) | (1,160 | ) | |||||||
Income (loss) before income taxes | 29,591 | (14,926 | ) | 52,471 | 5,897 | ||||||||||
Income tax expense (benefit) | 10,041 | (4,860 | ) | 18,678 | 2,864 | ||||||||||
Net income (loss) and comprehensive income (loss) | $ | 19,550 | $ | (10,066 | ) | $ | 33,793 | $ | 3,033 | ||||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | 0.65 | $ | (0.33 | ) | $ | 1.12 | $ | 0.10 | ||||||
Diluted | $ | 0.64 | $ | (0.33 | ) | $ | 1.11 | $ | 0.10 | ||||||
Dividends per share: | $ | 0.15 | $ | 0.12 | $ | 0.30 | $ | 0.24 |
Expedited LTL Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 152.3 | 100.0 | % | $ | 144.7 | 100.0 | % | $ | 7.6 | 5.3 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 61.1 | 40.1 | 55.8 | 38.6 | 5.3 | 9.5 | ||||||||||||||
Salaries, wages and employee benefits | 36.9 | 24.2 | 33.9 | 23.4 | 3.0 | 8.8 | ||||||||||||||
Operating leases | 9.0 | 5.9 | 8.5 | 5.9 | 0.5 | 5.9 | ||||||||||||||
Depreciation and amortization | 5.5 | 3.6 | 5.3 | 3.7 | 0.2 | 3.8 | ||||||||||||||
Insurance and claims | 4.2 | 2.8 | 3.4 | 2.3 | 0.8 | 23.5 | ||||||||||||||
Fuel expense | 0.9 | 0.6 | 0.8 | 0.5 | 0.1 | 12.5 | ||||||||||||||
Other operating expenses | 11.7 | 7.7 | 12.1 | 8.4 | (0.4 | ) | (3.3 | ) | ||||||||||||
Total operating expenses | 129.3 | 84.9 | 119.8 | 82.8 | 9.5 | 7.9 | ||||||||||||||
Income from operations | $ | 23.0 | 15.1 | % | $ | 24.9 | 17.2 | % | $ | (1.9 | ) | (7.6 | )% |
Expedited LTL Operating Statistics | ||||||||||
Three months ended | ||||||||||
June 30, | June 30, | Percent | ||||||||
2017 | 2016 | Change | ||||||||
Operating ratio | 84.9 | % | 82.8 | % | 2.5 | % | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Expedited LTL: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 625,765 | 606,033 | 3.3 | |||||||
Average weekly pounds ¹ | 48,888 | 47,346 | 3.3 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 1,010,114 | 964,756 | 4.7 | |||||||
Average weekly | 78,915 | 75,372 | 4.7 | |||||||
Forward Air Complete shipments | 243,969 | 206,406 | 18.2 | |||||||
As a percentage of linehaul shipments | 24.2 | % | 21.4 | % | 13.1 | |||||
Average linehaul shipment size | 620 | 628 | (1.3 | ) | ||||||
Revenue per pound 2 | ||||||||||
Linehaul yield | $ | 17.05 | $ | 17.58 | (2.4 | ) | ||||
Fuel surcharge | 1.17 | 0.94 | 1.0 | |||||||
Forward Air Complete | 3.77 | 3.31 | 2.1 | |||||||
Total Expedited LTL yield | $ | 21.99 | $ | 21.83 | 0.7 | % | ||||
¹ - In thousands | ||||||||||
2 - In dollars per hundred pound; percentage change is expressed as a percent of total yield. |
Truckload Premium Services Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 45.2 | 100.0 | % | $ | 39.4 | 100.0 | % | $ | 5.8 | 14.7 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 32.7 | 72.3 | 27.4 | 69.6 | 5.3 | 19.3 | ||||||||||||||
Salaries, wages and employee benefits | 5.0 | 11.1 | 4.5 | 11.4 | 0.5 | 11.1 | ||||||||||||||
Operating leases | 0.1 | 0.2 | 0.1 | 0.3 | — | — | ||||||||||||||
Depreciation and amortization | 1.6 | 3.5 | 1.7 | 4.3 | (0.1 | ) | (5.9 | ) | ||||||||||||
Insurance and claims | 1.3 | 2.9 | 1.0 | 2.5 | 0.3 | 30.0 | ||||||||||||||
Fuel expense | 0.7 | 1.6 | 0.6 | 1.5 | 0.1 | 16.7 | ||||||||||||||
Other operating expenses | 2.0 | 4.4 | 2.0 | 5.1 | — | — | ||||||||||||||
Impairment of goodwill, intangibles and other assets | — | — | 42.4 | 107.6 | (42.4 | ) | 100.0 | |||||||||||||
Total operating expenses | 43.4 | 96.0 | 79.7 | 202.3 | (36.3 | ) | (45.5 | ) | ||||||||||||
Income (loss) from operations | $ | 1.8 | 4.0 | % | $ | (40.3 | ) | (102.3 | )% | $ | 42.1 | NM |
Truckload Premium Services Operating Statistics | ||||||||||
Three months ended | ||||||||||
June 30, | June 30, | Percent | ||||||||
2017 | 2016 | Change | ||||||||
Company driver 1 | 1,809 | 1,544 | 17.2 | % | ||||||
Owner operator 1 | 12,521 | 12,563 | (0.3 | ) | ||||||
Third party 1 | 10,115 | 7,491 | 35.0 | |||||||
Total Miles | 24,445 | 21,598 | 13.2 | |||||||
Revenue per mile | $ | 1.79 | $ | 1.77 | 1.1 | |||||
Cost per mile | $ | 1.40 | $ | 1.34 | 4.5 | % | ||||
¹ - In thousands |
Pool Distribution Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 36.8 | 100.0 | % | $ | 31.5 | 100.0 | % | $ | 5.3 | 16.8 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 9.6 | 26.1 | 8.6 | 27.3 | 1.0 | 11.6 | ||||||||||||||
Salaries, wages and employee benefits | 14.0 | 38.0 | 11.9 | 37.8 | 2.1 | 17.6 | ||||||||||||||
Operating leases | 3.1 | 8.4 | 3.0 | 9.5 | 0.1 | 3.3 | ||||||||||||||
Depreciation and amortization | 1.6 | 4.4 | 1.5 | 4.8 | 0.1 | 6.7 | ||||||||||||||
Insurance and claims | 1.1 | 3.0 | 1.0 | 3.2 | 0.1 | 10.0 | ||||||||||||||
Fuel expense | 1.2 | 3.3 | 1.1 | 3.5 | 0.1 | 9.1 | ||||||||||||||
Other operating expenses | 4.6 | 12.5 | 4.8 | 15.2 | (0.2 | ) | (4.2 | ) | ||||||||||||
Total operating expenses | 35.2 | 95.7 | 31.9 | 101.3 | 3.3 | 10.3 | ||||||||||||||
Income from operations | $ | 1.6 | 4.3 | % | $ | (0.4 | ) | (1.3 | )% | $ | 2.0 | NM |
Intermodal Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 35.3 | 100.0 | % | $ | 24.2 | 100.0 | % | $ | 11.1 | 45.9 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 14.0 | 39.7 | 8.4 | 34.7 | 5.6 | 66.7 | ||||||||||||||
Salaries, wages and employee benefits | 8.0 | 22.7 | 6.0 | 24.8 | 2.0 | 33.3 | ||||||||||||||
Operating leases | 3.1 | 8.8 | 2.9 | 12.0 | 0.2 | 6.9 | ||||||||||||||
Depreciation and amortization | 1.5 | 4.2 | 0.9 | 3.7 | 0.6 | 66.7 | ||||||||||||||
Insurance and claims | 1.3 | 3.7 | 0.5 | 2.0 | 0.8 | 160.0 | ||||||||||||||
Fuel expense | 0.9 | 2.5 | 0.6 | 2.5 | 0.3 | 50.0 | ||||||||||||||
Other operating expenses | 3.4 | 9.6 | 2.1 | 8.7 | 1.3 | 61.9 | ||||||||||||||
Total operating expenses | 32.2 | 91.2 | 21.4 | 88.4 | 10.8 | 50.5 | ||||||||||||||
Income from operations | $ | 3.1 | 8.8 | % | $ | 2.8 | 11.6 | % | $ | 0.3 | 10.7 | % |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
June 30, 2017 | December 31, 2016 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 10,090 | $ | 8,511 | |||
Accounts receivable, net | 123,535 | 116,602 | |||||
Other current assets | 14,526 | 11,157 | |||||
Total current assets | 148,151 | 136,270 | |||||
Property and equipment | 375,069 | 379,021 | |||||
Less accumulated depreciation and amortization | 185,510 | 178,816 | |||||
Net property and equipment | 189,559 | 200,205 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 191,535 | 184,675 | |||||
Other acquired intangibles, net of accumulated amortization | 116,231 | 106,650 | |||||
Total net goodwill and other acquired intangibles | 307,766 | 291,325 | |||||
Other assets | 14,211 | 13,491 | |||||
Total assets | $ | 659,687 | $ | 641,291 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 17,642 | $ | 18,012 | |||
Accrued expenses | 34,921 | 31,833 | |||||
Income taxes payable | 1,629 | 70 | |||||
Current portion of debt and capital lease obligations | 462 | 28,012 | |||||
Total current liabilities | 54,654 | 77,927 | |||||
Debt and capital lease obligations, less current portion | 20,983 | 725 | |||||
Other long-term liabilities | 22,148 | 21,699 | |||||
Deferred income taxes | 42,665 | 41,871 | |||||
Shareholders’ equity: | |||||||
Common stock | 301 | 301 | |||||
Additional paid-in capital | 188,663 | 179,512 | |||||
Retained earnings | 330,273 | 319,256 | |||||
Total shareholders’ equity | 519,237 | 499,069 | |||||
Total liabilities and shareholders’ equity | $ | 659,687 | $ | 641,291 | |||
(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 | |||||||
June 30, 2017 | June 30, 2016 | ||||||
Operating activities: | |||||||
Net income | $ | 19,550 | $ | (10,066 | ) | ||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 10,219 | 9,341 | |||||
Impairment of goodwill, intangible and other assets | — | 42,442 | |||||
Share-based compensation | 2,064 | 2,159 | |||||
Loss (gain) on disposal of property and equipment | 19 | (3 | ) | ||||
Provision for loss on receivables | 235 | 184 | |||||
Provision for revenue adjustments | 750 | 406 | |||||
Deferred income tax expense | 879 | (4,150 | ) | ||||
Excess tax benefit for stock options exercised | — | (49 | ) | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (8,047 | ) | (5,529 | ) | |||
Prepaid expenses and other current assets | (6,131 | ) | (6,118 | ) | |||
Accounts payable and accrued expenses | (4,617 | ) | (4,851 | ) | |||
Net cash provided by operating activities | 14,921 | 23,766 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 549 | 945 | |||||
Purchases of property and equipment | (2,010 | ) | (13,352 | ) | |||
Acquisition of business, net of cash acquired | (22,500 | ) | — | ||||
Other | 383 | (623 | ) | ||||
Net cash used in investing activities | (23,578 | ) | (13,030 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (14,576 | ) | (13,914 | ) | |||
Proceeds from senior credit facility | 22,000 | — | |||||
Proceeds from exercise of stock options | 3,368 | 213 | |||||
Payments of cash dividends | (4,543 | ) | (3,656 | ) | |||
Repurchase of common stock (repurchase program) | (1,999 | ) | (9,996 | ) | |||
Common stock issued under employee stock purchase plan | 226 | 215 | |||||
Excess tax benefit for stock options exercised | — | 49 | |||||
Cash settlement of share-based awards for tax withholdings | (64 | ) | (5 | ) | |||
Net cash provided by (used in) financing activities | 4,412 | (27,094 | ) | ||||
Net decrease in cash | (4,245 | ) | (16,358 | ) | |||
Cash at beginning of period | 14,335 | 38,037 | |||||
Cash at end of period | $ | 10,090 | $ | 21,679 |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Six months ended | |||||||
June 30, 2017 | June 30, 2016 | ||||||
Operating activities: | |||||||
Net income | $ | 33,793 | $ | 3,033 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 20,252 | 19,009 | |||||
Impairment of goodwill, intangible and other assets | — | 42,442 | |||||
Share-based compensation | 4,026 | 4,111 | |||||
Loss on disposal of property and equipment | 507 | 90 | |||||
Provision for loss (recovery) on receivables | 257 | (12 | ) | ||||
Provision for revenue adjustments | 1,468 | 1,205 | |||||
Deferred income tax | 794 | 881 | |||||
Excess tax benefit for stock options exercised | — | (87 | ) | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (8,658 | ) | (1,284 | ) | |||
Other current assets | (3,978 | ) | (3,536 | ) | |||
Accounts payable and accrued expenses | 3,520 | (4,646 | ) | ||||
Net cash provided by operating activities | 51,981 | 61,206 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 1,339 | 1,100 | |||||
Purchases of property and equipment | (4,662 | ) | (16,040 | ) | |||
Acquisition of business, net of cash acquired | (22,500 | ) | (1,700 | ) | |||
Other | 512 | (601 | ) | ||||
Net cash used in investing activities | (25,311 | ) | (17,241 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (42,433 | ) | (27,883 | ) | |||
Proceeds from senior credit facility | 35,000 | — | |||||
Proceeds from exercise of stock options | 4,892 | 1,094 | |||||
Payments of cash dividends | (9,082 | ) | (7,334 | ) | |||
Repurchase of common stock (repurchase program) | (11,995 | ) | (19,991 | ) | |||
Common stock issued under employee stock purchase plan | 226 | 215 | |||||
Excess tax benefit for stock options exercised | — | 87 | |||||
Cash settlement of share-based awards for tax withholdings | (1,699 | ) | (1,786 | ) | |||
Net cash used in financing activities | (25,091 | ) | (55,598 | ) | |||
Net increase (decrease) in cash | 1,579 | (11,633 | ) | ||||
Cash at beginning of period | 8,511 | 33,312 | |||||
Cash at end of period | $ | 10,090 | $ | 21,679 |
Forward Air Corporation | ||||||||||||||||||||
Reconciliation to U.S. GAAP | ||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended June 30, 2016 | ||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | ||||||||||||||
Reported (GAAP) | $ | (14.3 | ) | $ | (0.6 | ) | $ | (14.9 | ) | $ | (4.8 | ) | 32.2 | % | $ | (10.1 | ) | $ | (0.33 | ) |
Items impacting comparability: | ||||||||||||||||||||
TQI impairment charge | 42.4 | — | 42.4 | 15.0 | 4.9 | % | 27.4 | 0.90 | ||||||||||||
After considering items (Non-GAAP) | $ | 28.1 | $ | (0.6 | ) | $ | 27.5 | $ | 10.2 | 37.1 | % | $ | 17.3 | $ | 0.57 |
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 |
Forward Air Corporation | |||
Additional Guidance Data | |||
(In thousands) | |||
(Unaudited) | |||
Three months ended | |||
Actual | June 30, 2017 | ||
Fully diluted share count | 30,114 | ||
Projected | Full year 2017 | ||
Projected tax rate | 36.4 | % | |
Projected year end fully diluted share count (before consideration of future share repurchases) | 30,300 | ||
Projected capital expenditures, net | $ | 49,500 | |
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 | 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 | 1,344 | 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 Premium Services | ||||||||||
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 | December 31 | Average | ||||||
Expedited LTL | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 44,041 | 47,346 | 46,010 | 48,579 | 46,486 | |||||
Number of terminals - Company-operated | 72 | 72 | 72 | 72 | 72 | |||||
Number of terminals - agent | 19 | 19 | 19 | 19 | 19 | |||||
Number of terminals - total | 91 | 91 | 91 | 91 | 91 | |||||
Average tractors - Company | 330 | 294 | 277 | 244 | 286 | |||||
Average leased tractors - Company | 62 | 30 | 30 | 32 | 39 | |||||
Average leased straight trucks - Company | 17 | 1 | 1 | 1 | 5 | |||||
Average tractors - owner-operator | 1,020 | 989 | 960 | 958 | 982 | |||||
Average tractors - total | 1,429 | 1,314 | 1,268 | 1,235 | 1,312 | |||||
Average trailers | 2,881 | 3,098 | 3,490 | 3,471 | 3,235 | |||||
Average leased trailers | 1,012 | 1,011 | 1,059 | 818 | 975 | |||||
Average trailers - total | 3,893 | 4,109 | 4,549 | 4,289 | 4,210 | |||||
Pool Distribution | ||||||||||
Number of terminals - Company-operated | 20 | 19 | 19 | 19 | 19 | |||||
Number of terminals - agent | 9 | 9 | 9 | 9 | 9 | |||||
Number of terminals - total | 29 | 28 | 28 | 28 | 28 | |||||
Average tractors - Company | 64 | 67 | 67 | 67 | 66 | |||||
Average leased tractors - Company | 45 | 19 | 30 | 29 | 31 | |||||
Average straight trucks & vans - Company | 151 | 146 | 142 | 140 | 145 | |||||
Average leased straight trucks - Company | 23 | 72 | 78 | 79 | 63 | |||||
Average tractors - owner-operator | 91 | 84 | 84 | 89 | 87 | |||||
Average straight trucks & vans - owner-operator | 118 | 118 | 141 | 152 | 132 | |||||
Average tractors - total | 492 | 506 | 542 | 556 | 524 | |||||
Average trailers | 73 | 73 | 73 | 73 | 73 | |||||
Truckload Premium Services | ||||||||||
Average tractors - Company | 84 | 84 | 83 | 83 | 84 | |||||
Average tractors - owner-operator | 360 | 329 | 336 | 314 | 335 | |||||
Average tractors - total | 444 | 413 | 419 | 397 | 419 | |||||
Average trailers | 1,341 | 1,247 | 1,301 | 1,328 | 1,304 | |||||
Intermodal | ||||||||||
Shipment count | 29,401 | 30,004 | 33,948 | 34,363 | 31,929 | |||||
Number of Locations - company | 13 | 13 | 13 | 13 | 13 | |||||
Number of Locations - agent | — | — | — | — | — | |||||
Number of Locations - total | 13 | 13 | 13 | 13 | 13 | |||||
Avg. tractors-company | — | — | 24 | 24 | 12 | |||||
Avg. leased tractors-company | 87 | 87 | 84 | 87 | 86 | |||||
Avg. leased straight trucks - company | 6 | 6 | 6 | 6 | 6 | |||||
Avg. tractors-o/o | 371 | 340 | 405 | 398 | 379 | |||||
Avg. tractors-total | 464 | 433 | 519 | 515 | 483 | |||||
Avg. trailers & chasises | 30 | 30 | 30 | 30 | 30 | |||||
Avg. leased trailers & chasis | 28 | 28 | 28 | 46 | 33 | |||||
Avg. trailers - total | 58 | 58 | 58 | 76 | 63 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||
Historical Operating Data - Unaudited | ||||||
2017 | ||||||
March 31 | June 30 | Average | ||||
Expedited LTL | ||||||
Average linehaul pounds per week (1) | 44,254 | 48,888 | 46,571 | |||
(in thousands) | ||||||
Number of terminals - Company-operated | 72 | 72 | 72 | |||
Number of terminals - agent | 19 | 22 | 21 | |||
Number of terminals - total | 91 | 94 | 93 | |||
Average tractors - Company | 199 | 200 | 200 | |||
Average leased tractors - Company | 98 | 98 | 98 | |||
Average leased straight trucks - Company | 40 | 40 | 40 | |||
Average tractors - owner-operator | 953 | 963 | 958 | |||
Average tractors - total | 1,290 | 1,301 | 1,296 | |||
Average trailers | 3,246 | 3,126 | 3,186 | |||
Average leased trailers | 840 | 769 | 805 | |||
Average trailers - total | 4,086 | 3,895 | 3,991 | |||
Pool Distribution | ||||||
Number of terminals - Company-operated | 19 | 19 | 19 | |||
Number of terminals - agent | 9 | 9 | 9 | |||
Number of terminals - total | 28 | 28 | 28 | |||
Average tractors - Company | 67 | 68 | 68 | |||
Average leased tractors - Company | 29 | 29 | 29 | |||
Average straight trucks & vans - Company | 134 | 134 | 134 | |||
Average leased straight trucks - Company | 79 | 79 | 79 | |||
Average tractors - owner-operator | 81 | 78 | 80 | |||
Average straight trucks & vans - owner-operator | 156 | 151 | 154 | |||
Average tractors - total | 546 | 539 | 544 | |||
Average trailers | 542 | 454 | 498 | |||
Truckload Premium Services | ||||||
Average tractors - Company | 83 | 84 | 84 | |||
Average tractors - owner-operator | 325 | 313 | 319 | |||
Average tractors - total | 408 | 397 | 403 | |||
Average trailers | 1,336 | 1,482 | 1,409 | |||
Intermodal | ||||||
Shipment count | 34,754 | 45,131 | 39,943 | |||
Number of Locations - company | 13 | 19 | 16 | |||
Number of Locations - agent | — | — | — | |||
Number of Locations - total | 13 | 19 | 16 | |||
Avg. tractors-company | 23 | 47 | 35 | |||
Avg. leased tractors-company | 88 | 87 | 88 | |||
Avg. leased straight trucks - company | 6 | 5 | 6 | |||
Avg. tractors-o/o | 377 | 706 | 542 | |||
Avg. tractors-total | 494 | 845 | 671 | |||
Avg. trailers & chasises | 30 | 264 | 147 | |||
Avg. leased trailers & chasis | 46 | 34 | 40 | |||
Avg. trailers - total | 76 | 298 | 187 | |||
(1) Includes pounds associated with linehaul shipments only. |
Three months ended March 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | 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 Premium Services | 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 Premium Services | 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 Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,748 | $ | 40,937 | $ | 42,954 | $ | 24,881 | $ | (2,100 | ) | $ | 256,420 | ||||||||||
Purchased transportation | 61,908 | 27,570 | 11,213 | 8,314 | (1,489 | ) | 107,516 | ||||||||||||||||
Salaries, wages, and employee benefits | 37,847 | 5,240 | 15,966 | 6,085 | 651 | 65,789 | |||||||||||||||||
Operating leases | 8,095 | 153 | 3,443 | 3,026 | 450 | 15,167 | |||||||||||||||||
Depreciation and amortization | 5,417 | 1,693 | 1,511 | 919 | 16 | 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 | 11,467 | 2,049 | 5,160 | 2,131 | (250 | ) | 20,557 | ||||||||||||||||
Total operating expenses | 127,830 | 38,170 | 39,892 | 21,775 | (262 | ) | 227,405 | ||||||||||||||||
Income from operations | $ | 21,918 | $ | 2,767 | $ | 3,062 | $ | 3,106 | $ | (1,838 | ) | $ | 29,015 |
Three months ended March 31, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | 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 Premium Services | 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 Premium Services | 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 |
Three months ended December 31, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 147,368 | $ | 44,003 | $ | 47,507 | $ | 27,279 | $ | (1,364 | ) | $ | 264,793 | ||||||||||
Purchased transportation | 59,587 | 31,733 | 12,466 | 9,706 | (920 | ) | 112,572 | ||||||||||||||||
Salaries, wages, and employee benefits | 36,353 | 4,956 | 17,809 | 6,604 | 423 | 66,145 | |||||||||||||||||
Operating leases | 8,907 | 64 | 3,495 | 2,818 | 524 | 15,808 | |||||||||||||||||
Depreciation and amortization | 5,641 | 1,497 | 1,541 | 1,123 | (1 | ) | 9,801 | ||||||||||||||||
Insurance and claims | 3,106 | 1,867 | 1,221 | 779 | (793 | ) | 6,180 | ||||||||||||||||
Fuel expense | 923 | 683 | 1,539 | 712 | — | 3,857 | |||||||||||||||||
Other operating expenses | 12,359 | 1,930 | 5,612 | 2,751 | (445 | ) | 22,207 | ||||||||||||||||
Total operating expenses | 126,876 | 42,730 | 43,683 | 24,493 | (1,212 | ) | 236,570 | ||||||||||||||||
Income from operations | $ | 20,492 | $ | 1,273 | $ | 3,824 | $ | 2,786 | $ | (152 | ) | $ | 28,223 |
Three months ended March 31, 2017 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 140,598 | $ | 41,785 | $ | 37,823 | $ | 28,291 | $ | (1,515 | ) | $ | 246,982 | ||||||||||
Purchased transportation | 55,374 | 29,283 | 9,901 | 9,747 | (1,222 | ) | 103,083 | ||||||||||||||||
Salaries, wages, and employee benefits | 34,898 | 5,204 | 14,430 | 6,712 | 754 | 61,998 | |||||||||||||||||
Operating leases | 9,249 | 85 | 3,186 | 3,067 | 14 | 15,601 | |||||||||||||||||
Depreciation and amortization | 5,563 | 1,558 | 1,802 | 1,110 | — | 10,033 | |||||||||||||||||
Insurance and claims | 2,845 | 1,059 | 1,009 | 792 | 101 | 5,806 | |||||||||||||||||
Fuel expense | 937 | 796 | 1,247 | 700 | — | 3,680 | |||||||||||||||||
Other operating expenses | 13,332 | 2,096 | 4,881 | 3,583 | (300 | ) | 23,592 | ||||||||||||||||
Total operating expenses | 122,198 | 40,081 | 36,456 | 25,711 | (653 | ) | 223,793 | ||||||||||||||||
Income from operations | $ | 18,400 | $ | 1,704 | $ | 1,367 | $ | 2,580 | $ | (862 | ) | $ | 23,189 |
Three months ended June 30, 2017 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 152,270 | $ | 45,186 | $ | 36,835 | $ | 35,270 | $ | (2,043 | ) | $ | 267,518 | ||||||||||
Purchased transportation | 61,036 | 32,670 | 9,617 | 14,010 | (1,724 | ) | 115,609 | ||||||||||||||||
Salaries, wages, and employee benefits | 36,922 | 4,982 | 14,024 | 8,041 | 433 | 64,402 | |||||||||||||||||
Operating leases | 9,002 | 126 | 3,113 | 3,066 | (511 | ) | 14,796 | ||||||||||||||||
Depreciation and amortization | 5,520 | 1,590 | 1,613 | 1,496 | — | 10,219 | |||||||||||||||||
Insurance and claims | 4,193 | 1,250 | 1,099 | 1,323 | (135 | ) | 7,730 | ||||||||||||||||
Fuel expense | 910 | 683 | 1,157 | 921 | — | 3,671 | |||||||||||||||||
Other operating expenses | 11,695 | 2,026 | 4,587 | 3,340 | (366 | ) | 21,282 | ||||||||||||||||
Total operating expenses | 129,278 | 43,327 | 35,210 | 32,197 | (2,303 | ) | 237,709 | ||||||||||||||||
Income from operations | $ | 22,992 | $ | 1,859 | $ | 1,625 | $ | 3,073 | $ | 260 | $ | 29,809 |
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