Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - FORWARD AIR CORP | exhibit992q32016fahistoric.htm |
| EX-99.1 - EXHIBIT 99.1 - FORWARD AIR CORP | exhibit991q32016pressrelea.htm |
| 8-K - FORM 8-K Q3 2016 - FORWARD AIR CORP | form8-kq32016earningsrelea.htm |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | |||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | |||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | |||||||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ) | |||||||
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
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 | ||||||||||