Reports highest ever monthly net income in
the month of June
Reports highest revenue and operating income
for a quarter
Guides record third quarter revenue and net
income per diluted share
Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”,
“our”, or “us”) today reported financial results for the three and
six months ended June 30, 2021 as presented in the tables below on
a continuing operations basis (Pool Distribution was previously
reported as a discontinued operation).
This press release features multimedia. View
the full release here:
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Forward Air Corporation reports highest
revenue and operating income for a quarter. (Photo: Business
Wire)
Tom Schmitt, Chairman, President and CEO, commenting on second
quarter results from continuing operations said, “Business momentum
continued during the quarter culminating in the highest net income
for the month of June. Our focus on our two rock star segments,
Expedited Freight and Intermodal, as well as solid revenue
management, drove our second quarter revenue, which exceeded the
high end of our guidance range. Surgical collaboration with
customers on selecting, handling, and pricing freight led to the
highest operating income for a quarter. Net income per diluted
share of $1.11 exceeded the high end of our $0.96 to $1.00 guidance
range. I am very encouraged that in our second quarter we are
better than in pre-pandemic 2019’s second quarter: better
consolidated operating margins now. And bigger - our operating
revenues are up almost 40% year-over-year. Additionally, we are
working to bring back our customer’s events business in late 2021
and 2022.”
Mr. Schmitt continued, “We expect volumes in the third quarter
2021 to significantly exceed volumes for the same period of 2020.
Through July, our volumes were strong year-over-year. We are
guiding to a record third quarter revenue and net income per
diluted share despite the impact of an investment in operational
enhancements and to a lesser extent the typical slowdown in volumes
in the third quarter as compared to the second quarter.”
In closing, Mr. Schmitt said, “In the second quarter, we
achieved the highest revenue and operating income for a quarter in
the history of the Company. I would like to thank all of our
teammates for their hard work in helping to achieve this important
milestone.”
Regarding the Company’s third quarter 2021 continuing operations
guidance, Rebecca J. Garbrick, CFO, said, “We expect our
year-over-year revenue growth will be 28% to 32%, and our net
income per diluted share to be between $1.03 to $1.07, compared to
$0.61 in the third quarter of 2020. The net income per diluted
share outlook reflects a $0.03 per share impact from professional
fees related to an operational improvement project (which will be
recorded in Expedited Freight).”
Continuing Operations
Three Months Ended
(in thousands, except per
share data)
June 30, 2021
June 30, 20201
Change
Percent Change
Operating revenue
$
420,671
$
281,678
$
138,993
49.3
%
Income from operations
$
42,124
$
13,914
$
28,210
202.7
%
Operating margin
10.0
%
4.9
%
510 bps
Net income
$
30,677
$
9,225
$
21,452
232.5
%
Net income per diluted share
$
1.11
$
0.33
$
0.78
236.4
%
Cash provided by operating activities
$
22,748
$
29,101
$
(6,353)
(21.8)
%
Non-GAAP Financial Measures: 2
EBITDA
$
51,538
$
23,327
$
28,211
120.9
%
Free cash flow
$
17,517
$
17,806
$
(289)
(1.6)
%
1 Results for the three months ended June
30, 2020 include several non-recurring items including a $2.1
million gain from changes in fair value on an earn-out due to the
timing of expected new business wins, partially offset by $1.0
million of severance and $0.7 million in reserves for customers
negatively impacted by COVID-19.
2 EBITDA and free cash flow are non-GAAP
financial measures and reconciliations of these non-GAAP financial
measures are provided in the below financial tables.
Continuing Operations
Six Months Ended
(in thousands, except per
share data)
June 30, 20211
June 30, 20202
Change
Percent Change
Operating revenue
$
782,873
$
587,235
$
195,638
33.3
%
Income from operations
$
64,848
$
29,687
$
35,161
118.4
%
Operating margin
8.3
%
5.1
%
320 bps
Net income
$
47,391
$
20,641
$
26,750
129.6
%
Net income per diluted share
$
1.71
$
0.72
$
0.99
137.5
%
Cash provided by operating activities
$
39,661
$
59,929
$
(20,268)
(33.8)
%
Non-GAAP Financial Measures: 3
EBITDA
$
83,499
$
48,434
$
35,065
72.4
%
Free cash flow
$
32,400
$
46,703
$
(14,303)
(30.6)
%
1 Results for the six months ended June
30, 2021 includes a $7.0 million charge for professional fees
related to cyber security and shareholder engagement
activities.
2 Results for the six months ended June
30, 2020 include several non-recurring items including a $2.7
million gain from changes in fair value on an earn-out due to the
timing of expected new business wins, partially offset by $1.0
million of severance and $0.7 million in reserves for customers
negatively impacted by COVID-19.
3 EBITDA and free cash flow are non-GAAP
financial measures and reconciliations of these non-GAAP financial
measures are provided in the below financial tables.
On July 27, 2021, our Board of Directors declared a quarterly
cash dividend of $0.21 per share of common stock. The dividend is
payable to shareholders of record at the close of business on
August 20, 2021 and is expected to be paid on September 9, 2021.
This quarterly dividend is made pursuant to a cash dividend policy
approved by the Board of Directors, which anticipates a total
annual dividend of $0.84 for the full year 2021, payable in
quarterly increments of $0.21 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 and position.
The Board approved a strategy to divest the Pool Distribution
business (“Pool”) on April 23, 2020, and the sale of Pool was
completed on February 12, 2021. Accordingly, the results of
operations and cash flows for Pool have been presented as a
discontinued operation and have been excluded from continuing
operations in this release for all periods presented. In addition,
Pool assets and liabilities were reflected as “held for sale” on
the Condensed Consolidated Balance Sheets in this press release for
the prior period.
Review of Financial Results
Forward Air will hold a conference call to discuss second
quarter 2021 results on Friday, July 30, 2021 at 9:00 a.m. EDT. The
Company’s conference call will be available online on the Investor
Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844)
867-6169, Access Code: 1588037.
A replay of the conference call will be available on the
Investor Relations portion of the Company’s website at www.forwardaircorp.com, which we use as a primary
mechanism to communicate with our investors. Investors are urged to
monitor the Investors Relations portion of the Company’s website to
easily find or navigate to current and pertinent information about
us.
About Forward Air Corporation
Forward Air is a leading asset-light freight and logistics
company that provides services across the United States and Canada.
We provide expedited less-than-truckload (“LTL”) services,
including local pick-up and delivery, shipment
consolidation/deconsolidation, warehousing, and customs brokerage
by utilizing a comprehensive national network of terminals; final
mile services, including delivery of heavy-bulky freight; truckload
brokerage services, including dedicated fleet services,
high-security and temperature-controlled logistics services;
intermodal first-and last-mile high-value drayage services both to
and from seaports and railheads, dedicated contract and Container
Freight Station warehouse and handling services; and pool
distribution services, including high-frequency handling and
distribution of time sensitive product to numerous destinations
within a specific geographic region. For more information, visit
our website at www.forwardaircorp.com.
Forward Air
Corporation
Condensed Consolidated
Statements of Comprehensive Income
(Unaudited, in thousands,
except per share data)
Three Months Ended
Six Months Ended
June 30, 2021
June 30, 2020
June 30, 2021
June 30, 2020
Operating revenue:
Expedited Freight
$
351,735
$
235,658
$
655,921
$
489,287
Intermodal
69,133
46,428
127,647
98,888
Eliminations and other operations
(197)
(408)
(695)
(940)
Operating revenue
420,671
281,678
782,873
587,235
Operating expenses:
Purchased transportation
215,217
142,069
399,825
292,667
Salaries, wages and employee benefits
84,641
63,772
159,538
133,331
Operating leases
20,370
17,387
39,537
35,271
Depreciation and amortization
9,414
9,413
18,651
18,747
Insurance and claims
10,891
7,722
20,632
17,766
Fuel expense
4,059
2,519
7,761
6,532
Other operating expenses
33,955
24,882
72,081
53,234
Total operating expenses
378,547
267,764
718,025
557,548
Income (loss) from continuing
operations:
Expedited Freight
34,688
11,753
59,218
26,933
Intermodal
8,386
4,413
12,895
8,126
Other Operations
(950)
(2,252)
(7,265)
(5,372)
Income from continuing operations
42,124
13,914
64,848
29,687
Other expense:
Interest expense
(1,323)
(1,198)
(2,488)
(2,051)
Total other expense
(1,323)
(1,198)
(2,488)
(2,051)
Income before income taxes
40,801
12,716
62,360
27,636
Income tax expense
10,124
3,491
14,969
6,995
Net income from continuing operations
30,677
9,225
47,391
20,641
Loss from discontinued operation, net of
tax
—
(6,071)
(5,533)
(9,112)
Net income and comprehensive income
$
30,677
$
3,154
$
41,858
$
11,529
Net income per share:
Basic net income (loss) per
share
Continuing operations
$
1.12
$
0.33
$
1.72
$
0.72
Discontinued operation
—
(0.22)
(0.20)
(0.31)
Net income per share
$
1.12
$
0.11
$
1.52
$
0.41
Diluted net income (loss) per
share
Continuing operations
$
1.11
$
0.33
$
1.71
$
0.72
Discontinued operation
—
(0.22)
(0.20)
(0.32)
Net income per share
$
1.11
$
0.11
$
1.51
$
0.40
Dividends per share
$
0.21
$
0.18
$
0.42
$
0.36
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2021
Percent of Revenue
June 30, 2020
Percent of Revenue
Change
Percent Change
Operating revenue:
Network1
$
210,088
59.7
%
$
134,172
56.9
%
$
75,916
56.6
%
Truckload
56,968
16.2
41,855
17.8
15,113
36.1
Final Mile
69,883
19.9
53,427
22.7
16,456
30.8
Other
14,796
4.2
6,204
2.6
8,592
138.5
Total operating revenue
351,735
100.0
235,658
100.0
116,077
49.3
Operating expenses:
Purchased transportation
191,648
54.5
127,478
54.1
64,170
50.3
Salaries, wages and employee benefits
67,560
19.2
50,508
21.4
17,052
33.8
Operating leases
14,868
4.2
13,338
5.7
1,530
11.5
Depreciation and amortization
6,779
1.9
6,740
2.9
39
0.6
Insurance and claims
8,385
2.4
5,715
2.4
2,670
46.7
Fuel expense
2,147
0.6
1,406
0.6
741
52.7
Other operating expenses
25,660
7.3
18,720
7.9
6,940
37.1
Total operating expenses
317,047
90.1
223,905
95.0
93,142
41.6
Income from operations
$
34,688
9.9
%
$
11,753
5.0
%
$
22,935
195.1
%
1Network revenue is comprised of all
revenue, including linehaul, pickup and/or delivery, and fuel
surcharge revenue, excluding accessorial, Truckload and Final Mile
revenue.
Expedited Freight Operating
Statistics
Three Months Ended
June 30, 2021
June 30, 2020
Percent Change
Business days
64
64
—
%
Tonnage 1,2
Total pounds
728,191
522,031
39.5
Pounds per day
11,378
8,157
39.5
Shipments 1,2
Total shipments
1,096
963
13.8
Shipments per day
17.1
15.0
14.0
Weight per shipment
664
542
22.5
Revenue per hundredweight 3
$
28.63
$
26.32
8.8
Revenue per hundredweight, ex fuel 3
$
24.68
$
23.09
6.9
Revenue per shipment 3
$
191.89
$
139.30
37.8
Revenue per shipment, ex fuel 3
$
165.62
$
121.77
36.0
Network revenue from door-to-door
shipments as a percentage of network revenue 3,4
51.3
%
49.9
%
2.8
1 In thousands
2 Excludes accessorial, Truckload and
Final Mile products
3 Includes intercompany revenue between
the Network and Truckload revenue streams
4 Door-to-door shipments include all
shipments with a pickup and/or delivery
Intermodal Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2021
Percent of Revenue
June 30, 2020
Percent of Revenue
Change
Percent Change
Operating revenue
$
69,133
100.0
%
$
46,428
100.0
%
$
22,705
48.9
%
Operating expenses:
Purchased transportation
23,767
34.4
14,904
32.1
8,863
59.5
Salaries, wages and employee benefits
16,230
23.5
11,728
25.3
4,502
38.4
Operating leases
5,500
8.0
4,045
8.7
1,455
36.0
Depreciation and amortization
2,612
3.8
2,648
5.7
(36)
(1.4)
Insurance and claims
2,355
3.4
1,789
3.9
566
31.6
Fuel expense
1,912
2.8
1,113
2.4
799
71.8
Other operating expenses
8,371
12.1
5,788
12.5
2,583
44.6
Total operating expenses
60,747
87.9
42,015
90.5
18,732
44.6
Income from operations
$
8,386
12.1
%
$
4,413
9.5
%
$
3,973
90.0
%
Intermodal Operating
Statistics
Three Months Ended
June 30, 2021
June 30, 2020
Percent Change
Drayage shipments
96,805
68,974
40.3
%
Drayage revenue per shipment
$
618
$
556
11.2
%
Number of locations
29
24
20.8
%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
June 30, 2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents
$
50,844
$
40,254
Accounts receivable, net
209,187
156,490
Other receivables
16,999
—
Other current assets
19,982
28,150
Current assets held for sale
—
21,002
Total current assets
297,012
245,896
Property and equipment
383,155
380,519
Less accumulated depreciation and
amortization
196,168
190,652
Total property and equipment, net
186,987
189,867
Operating lease right-of-use assets
148,651
123,338
Goodwill
254,993
244,982
Other acquired intangibles, net of
accumulated amortization
145,813
145,032
Other assets
48,385
45,181
Noncurrent assets held for sale
—
53,097
Total assets
$
1,081,841
$
1,047,393
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
43,655
$
38,371
Accrued expenses
70,894
51,264
Other current liabilities
6,813
10,580
Current portion of debt and finance lease
obligations
1,867
1,801
Current portion of operating lease
liabilities
46,042
43,680
Current liabilities held for sale
—
25,924
Total current liabilities
169,271
171,620
Debt and finance lease obligations, less
current portion
161,729
117,408
Operating lease liabilities, less current
portion
103,280
80,346
Other long-term liabilities
55,741
54,129
Deferred income taxes
41,471
41,986
Noncurrent liabilities held for sale
—
34,575
Shareholders’ equity:
Common stock
271
273
Additional paid-in capital
252,466
242,916
Retained earnings
297,612
304,140
Total shareholders’ equity
550,349
547,329
Total liabilities and shareholders’
equity
$
1,081,841
$
1,047,393
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2021
June 30, 2020
Operating activities:
Net income from continuing operations
$
30,677
$
9,225
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations
Depreciation and amortization
9,414
9,413
Change in fair value of earn-out
liability
(337)
(2,108)
Share-based compensation expense
2,981
2,429
Provision for revenue adjustments
1,748
745
Deferred income tax (benefit) expense
(67)
3,443
Other
97
962
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(22,995)
(61)
Other receivables
(152)
—
Other current and noncurrent assets
(339)
(2,455)
Accounts payable and accrued expenses
1,721
7,508
Net cash provided by operating activities
of continuing operations
22,748
29,101
Investing activities:
Proceeds from sale of property and
equipment
649
268
Purchases of property and equipment
(5,880)
(11,563)
Purchases of a business, net of cash
acquired
(7,543)
—
Net cash used in investing activities of
continuing operations
(12,774)
(11,295)
Financing activities:
Repayments of finance lease
obligations
(487)
(340)
Proceeds from revolving credit
facility
45,000
—
Payment of earn-out liability
—
(5,284)
Proceeds from issuance of common stock
upon stock option exercises
1,423
—
Payments of dividends to stockholders
(5,768)
(5,037)
Repurchases of common stock
(23,994)
—
Proceeds from common stock issued under
employee stock purchase plan
388
294
Payment of minimum tax withholdings on
share-based awards
(88)
(614)
Contributions from (distributions to)
subsidiary held for sale
—
(3,154)
Net cash provided by (used in) financing
activities from continuing operations
16,474
(14,135)
Net increase in cash of continuing
operations
26,448
3,671
Cash from discontinued
operation:
Net cash used in operating activities of
discontinued operation
—
(3,010)
Net cash provided by (used in) investing
activities of discontinued operation
—
(144)
Net cash (used in) provided by financing
activities of discontinued operation
—
3,154
Net increase in cash and cash
equivalents
26,448
3,671
Cash and cash equivalents at beginning of
period of continuing operations
24,396
77,245
Cash at beginning of period of
discontinued operation
—
—
Net increase in cash and cash
equivalents
26,448
3,671
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
50,844
$
80,916
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2021
June 30, 2020
Operating activities:
Net income from continuing operations
$
47,391
$
20,641
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations
Depreciation and amortization
18,651
18,747
Change in fair value of earn-out
liability
(385)
(2,702)
Share-based compensation expense
5,578
5,507
Provision for revenue adjustments
3,525
1,787
Deferred income tax (benefit) expense
(572)
4,668
Other
189
697
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(51,018)
2,979
Other receivables
(13,491)
—
Other current and noncurrent assets
6,746
(29)
Accounts payable and accrued expenses
23,047
7,634
Net cash provided by operating activities
of continuing operations
39,661
59,929
Investing activities:
Proceeds from sale of property and
equipment
1,314
988
Purchases of property and equipment
(8,575)
(14,214)
Purchase of a business, net of cash
acquired
(22,543)
(55,931)
Net cash used in investing activities of
continuing operations
(29,804)
(69,157)
Financing activities:
Repayments of finance lease
obligations
(954)
(676)
Proceeds from revolving credit
facility
45,000
65,000
Payment of earn-out liability
—
(5,284)
Proceeds from issuance of common stock
upon stock option exercises
3,570
—
Payments of dividends to stockholders
(11,565)
(10,087)
Repurchases of common stock
(33,992)
(15,259)
Proceeds from common stock issued under
employee stock purchase plan
388
294
Payment of minimum tax withholdings on
share-based awards
(2,832)
(3,286)
Contributions from (distributions to)
subsidiary held for sale
1,118
(5,307)
Net cash provided by financing activities
from continuing operations
733
25,395
Net increase in cash and cash equivalents
of continuing operations
10,590
16,167
Cash from discontinued
operation:
Net cash used in operating activities of
discontinued operation
(6,902)
(4,672)
Net cash provided by (used in) investing
activities of discontinued operation
8,020
(635)
Net cash (used in) provided by financing
activities of discontinued operation
(1,118)
5,307
Net increase in cash and cash
equivalents
10,590
16,167
Cash and cash equivalents at beginning of
period of continuing operations
40,254
64,749
Cash at beginning of period of
discontinued operation
—
—
Net increase in cash and cash
equivalents
10,590
16,167
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
50,844
$
80,916
Forward Air Corporation Reconciliation of Non-GAAP Financial
Measures
In this press release, the Company uses non-GAAP financial
measures that are derived on the basis of methodologies other than
in accordance with GAAP. The Company believes that meaningful
analysis of its financial performance requires an understanding of
the factors underlying that performance, including an understanding
of items that are non-operational. Management uses these non-GAAP
financial measures in making financial, operating, compensation and
planning decisions as well as evaluating the Company’s
performance.
For the three and six months ended June 30, 2021 and 2020, this
press release contains the following non-GAAP financial measures:
earnings before interest, taxes, depreciation and amortization
(“EBITDA”) and free cash flow. All non-GAAP financial measures are
presented on a continuing operations basis.
The Company believes that EBITDA from continuing operations
improves comparability from period to period by removing the impact
of its capital structure (interest and financing expenses), asset
base (depreciation and amortization) and tax impacts. The Company
believes that free cash flow from continuing operations is an
important measure of its ability to repay maturing debt or fund
other uses of capital that it believes will enhance stockholder
value.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the Company’s financial results prepared
in accordance with GAAP. Non-GAAP financial information does not
represent a comprehensive basis of accounting. As required by the
Securities and Exchange Act of 1933 and the rules and regulations
promulgated thereunder, the Company has included, for the periods
indicated, a reconciliation of the non-GAAP financial measure to
the most directly comparable GAAP financial measure.
The following is a reconciliation of net income from continuing
operations to EBITDA from continuing operations for the three and
six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended
Six Months Ended
Continuing Operations
June 30, 2021
June 30, 2020
June 30, 2021
June 30, 2020
Net income
$
30,677
$
9,225
$
47,391
$
20,641
Interest expense
1,323
1,198
2,488
2,051
Income tax expense
10,124
3,491
14,969
6,995
Depreciation and amortization
9,414
9,413
18,651
18,747
EBITDA
$
51,538
$
23,327
$
83,499
$
48,434
The following is a reconciliation of net cash provided by
operating activities of continuing operations to free cash flow
from continuing operations for the three and six months ended June
30, 2021 and 2020 (in thousands):
Three Months Ended
Six Months Ended
Continuing Operations
June 30, 2021
June 30, 2020
June 30, 2021
June 30, 2020
Net cash provided by operating
activities
$
22,748
$
29,101
$
39,661
$
59,929
Proceeds from sale of property and
equipment
649
268
1,314
988
Purchases of property and equipment
(5,880)
(11,563)
(8,575)
(14,214)
Free cash flow
$
17,517
$
17,806
$
32,400
$
46,703
The following information is provided to supplement this press
release.
Three Months Ended
Actual - Continuing Operations
June 30, 2021
Net income from continuing operations
$
30,677
Income allocated to participating
securities
(256)
Numerator for diluted income per share -
net income
$
30,421
Weighted-average shares outstanding -
diluted
27,415
Diluted net income per share
$
1.11
Projected
Full year 2021
Projected tax rate - continuing
operations
24.8
%
Projected purchases of property and
equipment, net of proceeds from sale of property and equipment1
$
43,000
1 Includes $23,500 for the Columbus, Ohio
hub expansion
Projected
December 31, 2021
Projected weighted-average shares
outstanding - diluted
26,800
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,”
“expect,” “strategy,” “future,” “likely,” “may,” “should,” “will”
and similar references to future periods. Forward-looking
statements included in this press release relate to expected third
quarter 2021 revenue growth, net income per diluted share and
volume, expectations regarding increased momentum in our business,
and the future declaration of dividends.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these 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, the
COVID-19 pandemic, our ability to manage our growth and ability to
grow, in part, through acquisitions, while being able to
successfully integrate such acquisitions, our ability to secure
terminal facilities in desirable locations at reasonable rates,
more limited liquidity than expected which limits our ability to
make key investments, the creditworthiness of our customers and
their ability to pay for services rendered, our inability to
maintain our historical growth rate because of a decreased volume
of freight or decreased average revenue per pound of freight moving
through our network, the availability and compensation of qualified
Leased Capacity Providers and freight handlers as well as
contracted, third-party carriers needed to serve our customers’
transportation needs, our inability to manage our information
systems and inability of our information systems to handle an
increased volume of freight moving through our network, the
occurrence of cybersecurity risks and events, market acceptance of
our service offerings, claims for property damage, personal
injuries or workers’ compensation, enforcement of and changes in
governmental regulations, environmental, tax, insurance and
accounting matters, the handling of hazardous materials, changes in
fuel prices, loss of a major customer, increasing competition and
pricing pressure, our dependence on our senior management team and
the potential effects of changes in employee status, seasonal
trends, the occurrence of certain weather events, restrictions in
our charter and bylaws and the risks described in our Annual Report
on Form 10-K for the year ended December 31, 2020.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210729006180/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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