Reports all-time quarterly record revenue,
net income and net income per diluted share
Guides strong first quarter revenue and net
income per diluted share
Announces 14% dividend increase
Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”,
“our”, or “us”) today reported financial results for the three and
twelve months ended December 31, 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:
https://www.businesswire.com/news/home/20220209006084/en/
Forward Air Corporation Reports Fourth
Quarter 2021 Results (Photo: Business Wire)
Tom Schmitt, Chairman, President and CEO, commenting on fourth
quarter results from continuing operations, said, “Our fourth
quarter reported revenue, net income and net income per diluted
share represent the best quarterly financial performance in Forward
history and each set all-time quarterly records. With higher
quality freight in our network, our less-than-truckload line of
business reported record levels in weight per shipment and revenue
per shipment for the fourth quarter. Our solid growth strategies
combined with continued strong demand for our services drove our
record fourth quarter revenue growth of 31%, which came in above
the high end of our guidance range of 23% to 27%. Our record
reported net income per diluted share of $1.40 exceeded the high
end of our $1.25 to $1.29 guidance range.”
Mr. Schmitt continued, “We anticipate solid performance in the
first quarter of 2022 with volumes expected to exceed the same
period of 2021. For the month of January, our revenue per shipment
increased 54.8%, weight per shipment increased 33.0% and tonnage
increased 10.7% year-over-year. Based on the continued precision
execution of our strategic priorities, at this moment, we are ahead
of pace toward our previously announced full year 2023
targets.”
In closing, Mr. Schmitt said, “We achieved record-breaking
annual performance in 2021. I would like to thank our employees and
independent contractors for their remarkable efforts to serve our
customers and their valuable contribution to this important
milestone for Forward.”
Regarding the Company’s first quarter 2022 continuing operations
guidance, Rebecca J. Garbrick, CFO, said, “We expect first quarter
year-over-year revenue growth of 18% to 22% and net income per
diluted share to be between $1.15 to $1.19, compared to reported
net income per diluted share of $0.60 and adjusted net income per
diluted share of $0.80 in the first quarter of 2021.”
Continuing Operations
Three Months Ended
(in thousands, except per share
data)
December 31, 2021
December 31, 2020
Change
Percent Change
Operating revenue
$
459,929
$
350,341
$
109,588
31.3
%
Income from operations
$
51,977
$
20,726
$
31,251
150.8
%
Operating margin
11.3
%
5.9
%
540 bps
Net income from continuing operations
$
38,197
$
15,133
$
23,064
152.4
%
Net income per diluted share
$
1.40
$
0.55
$
0.85
154.5
%
Cash provided by operating activities
$
42,144
$
15,612
$
26,532
169.9
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
51,866
$
25,237
$
26,629
105.5
%
Adjusted net income
$
38,114
$
18,629
$
19,485
104.6
%
Adjusted net income per diluted share
$
1.40
$
0.68
$
0.72
105.9
%
EBITDA
$
63,462
$
29,929
$
33,533
112.0
%
Free cash flow
$
26,354
$
12,781
$
13,573
106.2
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
Continuing Operations
Twelve Months Ended
(in thousands, except per share
data)
December 31, 2021
December 31, 2020
Change
Percent Change
Operating revenue
$
1,662,427
$
1,269,573
$
392,854
30.9
%
Income from operations
$
159,301
$
73,924
$
85,377
115.5
%
Operating margin
9.6
%
5.8
%
380 bps
Net income from continuing operations
$
116,091
$
52,767
$
63,324
120.0
%
Net income per diluted share
$
4.22
$
1.89
$
2.33
123.3
%
Cash provided by operating activities
$
124,896
$
96,105
$
28,791
30.0
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
166,729
$
79,523
$
87,206
109.7
%
Adjusted net income
$
121,654
$
57,027
$
64,627
113.3
%
Adjusted net income per diluted share
$
4.43
$
2.05
$
2.38
116.1
%
EBITDA
$
198,853
$
111,046
$
87,807
79.1
%
Free cash flow
$
88,430
$
78,250
$
10,180
13.0
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
On February 8, 2022, our Board of Directors approved a 14%
increase to the Company’s quarterly dividend, raising it from $0.21
to $0.24 per share of common stock. The dividend is payable to
shareholders of record at the close of business on March 3, 2022
and is expected to be paid on March 18, 2022.
This quarterly dividend is made pursuant to a cash dividend
policy approved by the Board of Directors, which anticipates a
total annual dividend of $0.96 for the full year 2022, payable in
quarterly increments of $0.24 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.
Commenting on the increased dividend payment, Ms. Garbrick said,
“This increase reflects our confidence in the growth potential of
our businesses, and the Company’s continued focus on returning a
portion of its free cash flow back to shareholders. In the past
five years, we have returned approximately $365 million to
shareholders in the form of dividends and share repurchases.”
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 fourth
quarter 2021 results on Thursday, February 10, 2022 at 9:00 a.m.
EST. 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: 3231672.
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. In
addition, we offer final mile services, including delivery of
heavy-bulky freight, truckload brokerage services, including
dedicated fleet services; and 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. We are more than a transportation
company. As a single resource for your shipping needs, Forward is
your supply chain partner. 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
Twelve Months Ended
December 31,
2021
December 31,
2020
December 31,
2021
December 31,
2020
Operating revenue:
Expedited Freight
$
376,792
$
299,500
$
1,374,270
$
1,072,301
Intermodal
83,394
51,767
289,214
199,603
Eliminations and other operations
(257
)
(926
)
(1,057
)
(2,331
)
Operating revenue
459,929
350,341
1,662,427
1,269,573
Operating expenses:
Purchased transportation
227,776
184,943
833,075
650,664
Salaries, wages and employee benefits
83,866
70,527
327,814
270,785
Operating leases
19,560
17,122
79,633
69,720
Depreciation and amortization
11,485
9,206
39,552
37,125
Insurance and claims
11,570
8,475
42,186
34,912
Fuel expense
4,809
2,919
17,027
12,166
Other operating expenses
48,886
36,423
163,839
120,277
Total operating expenses
407,952
329,615
1,503,126
1,195,649
Income (loss) from continuing
operations
Expedited Freight
45,467
20,872
139,321
71,266
Intermodal
8,510
3,428
30,117
16,391
Other operations
(2,000
)
(3,574
)
(10,137
)
(13,733
)
Income from continuing operations
51,977
20,726
159,301
73,924
Other expense:
Interest expense
(877
)
(1,206
)
(4,338
)
(4,561
)
Other, net
—
(3
)
—
(3
)
Total other expense
(877
)
(1,209
)
(4,338
)
(4,564
)
Income before income taxes
51,100
19,517
154,963
69,360
Income tax expense
12,903
4,384
38,872
16,593
Net income from continuing operations
38,197
15,133
116,091
52,767
Income (Loss) from discontinued operation,
net of tax
2,268
(19,576
)
(10,232
)
(29,034
)
Net income (loss) and comprehensive income
(loss)
$
40,465
$
(4,443
)
$
105,859
$
23,733
Net income per share:
Basic net income (loss) per
share:
Continuing operations
$
1.41
$
0.55
$
4.25
$
1.90
Discontinued operation
0.08
(0.72
)
(0.37
)
(1.05
)
Net income (loss) per share1
$
1.49
$
(0.17
)
$
3.87
$
0.84
Diluted net income (loss) per
share:
Continuing operations
$
1.40
$
0.55
$
4.22
$
1.89
Discontinued operation
0.08
(0.72
)
(0.37
)
(1.05
)
Net income (loss) per share1
$
1.48
$
(0.17
)
$
3.85
$
0.84
Dividends per share:
$
0.21
$
0.21
$
0.84
$
0.75
1 Rounding may impact summation of
amounts.
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
December 31, 2021
Percent of Revenue
December 31, 2020
Percent of Revenue
Change
Percent Change
Operating revenue:
Network 1
$
234,792
62.4
%
$
170,035
56.8
%
$
64,757
38.1
%
Truckload
60,026
15.9
54,829
18.3
5,197
9.5
Final Mile
71,706
19.0
66,252
22.1
5,454
8.2
Other
10,268
2.7
8,383
2.8
1,885
22.5
Total operating revenue
376,792
100.0
299,499
100.0
77,293
25.8
Operating expenses:
Purchased transportation
204,810
54.4
167,205
55.8
37,605
22.5
Salaries, wages and employee benefits
66,260
17.6
58,386
19.5
7,874
13.5
Operating leases
13,536
3.6
13,302
4.4
234
1.8
Depreciation and amortization
8,481
2.3
6,812
2.4
1,669
24.5
Insurance and claims
8,173
2.2
5,928
2.0
2,245
37.9
Fuel expense
2,387
0.6
1,699
0.6
688
40.5
Other operating expenses
27,678
7.3
25,295
8.4
2,383
9.4
Total operating expenses
331,325
87.9
278,627
93.0
52,698
18.9
Income from operations
$
45,467
12.1
%
$
20,872
7.0
%
$
24,595
117.8
%
1 Network 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
December 31, 2021
December 31, 2020
Percent Change
Business days
63
64
(1.6
) %
Tonnage 1,2
Total pounds
744,725
641,370
16.1
Pounds per day
11,821
10,021
18.0
Shipments 1,2
Total shipments
889
1,052
(15.5
)
Shipments per day
14.1
16.4
(14.0
)
Weight per shipment
838
610
37.4
Revenue per hundredweight 3
$
30.23
$
26.65
13.4
Revenue per hundredweight, excluding fuel
3
$
25.41
$
23.23
9.4
Revenue per shipment 3
$
258.29
$
161.79
59.6
Revenue per shipment, excluding fuel 3
$
217.91
$
140.94
54.6
Network revenue from door-to-door
shipments as a percentage of network revenue 3,4
45.0
%
46.6
%
(3.4
)
1 In thousands.
2 Excludes accessorial, full 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
December 31, 2021
Percent of Revenue
December 31, 2020
Percent of Revenue
Change
Percent Change
Operating revenue
$
83,394
100.0
%
$
51,768
100.0
%
$
31,626
61.1
%
Operating expenses:
Purchased transportation
23,221
27.9
18,365
35.5
4,856
26.4
Salaries, wages and employee benefits
17,711
21.2
12,404
24.0
5,307
42.8
Operating leases
6,024
7.2
3,921
7.6
2,103
53.6
Depreciation and amortization
2,983
3.6
2,352
4.5
631
26.8
Insurance and claims
2,385
2.9
2,052
4.0
333
16.2
Fuel expense
2,422
2.9
1,220
2.4
1,202
98.5
Other operating expenses
20,138
24.1
8,026
15.5
12,112
150.9
Total operating expenses
74,884
89.8
48,340
93.4
26,544
54.9
Income from operations
$
8,510
10.2
%
$
3,428
6.6
%
$
5,082
148.2
%
Intermodal Operating
Statistics
Three Months Ended
December 31, 2021
December 31, 2020
Percent Change
Drayage shipments
91,113
75,500
20.7
%
Drayage revenue per shipment
$
777
$
583
33.3
%
Number of locations
29
24
20.8
%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
December 31,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents
$
37,316
$
40,254
Accounts receivable, net
208,085
156,490
Other receivables
8,097
—
Other current assets
29,309
28,150
Current assets held for sale
—
21,002
Total current assets
282,807
245,896
Property and equipment
419,962
380,519
Less accumulated depreciation and
amortization
200,867
190,652
Total property and equipment, net
219,095
189,867
Operating lease right-of-use assets
148,198
123,338
Goodwill
266,752
244,982
Other acquired intangibles, net of
accumulated amortization
154,717
145,032
Other assets
46,254
45,181
Noncurrent assets held for sale
—
53,097
Total assets
$
1,117,823
$
1,047,393
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
44,837
$
38,371
Accrued expenses
61,621
51,264
Other current liabilities
4,614
10,580
Current portion of debt and finance lease
obligations
6,088
1,801
Current portion of operating lease
liabilities
47,532
43,680
Current liabilities held for sale
—
25,924
Total current liabilities
164,692
171,620
Debt and finance lease obligations, less
current portion
165,037
117,408
Operating lease liabilities, less current
portion
101,409
80,346
Other long-term liabilities
49,624
54,129
Deferred income taxes
43,407
41,986
Noncurrent liabilities held for sale
—
34,575
Shareholders’ equity:
Common stock
270
273
Additional paid-in capital
258,474
242,916
Retained earnings
334,910
304,140
Total shareholders’ equity
593,654
547,329
Total liabilities and shareholders’
equity
$
1,117,823
$
1,047,393
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
December 31,
2021
December 31,
2020
Operating activities:
Net income from continuing operations
$
38,197
$
15,133
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations:
Depreciation and amortization
11,485
9,206
Change in fair value of earn-out
liability
(111
)
2,588
Share-based compensation expense
2,734
3,181
Provision for revenue adjustments
2,439
1,779
Deferred income tax expense
2,805
(3,545
)
Other
670
(127
)
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
companies:
Accounts receivable
(3,598
)
(5,303
)
Other receivables
6,121
—
Prepaid expenses, other current assets and
other assets
(16,200
)
(10,677
)
Accounts payable, accrued expenses and
other long-term liabilities
(2,398
)
3,377
Net cash provided by operating activities
of continuing operations
42,144
15,612
Investing activities:
Proceeds from sale of property and
equipment
304
998
Purchases of property and equipment
(16,094
)
(3,829
)
Purchase of businesses, net of cash
acquired
(36,813
)
(7,720
)
Net cash used in investing activities of
continuing operations
(52,603
)
(10,551
)
Financing activities:
Proceeds from revolving credit
facility
150,000
—
Payments on revolving credit facility
(150,000
)
—
Repayments of finance lease
obligations
(978
)
(917
)
Payment of debt issuance costs
(363
)
—
Proceeds from issuance of common stock
upon stock option exercises
143
2,336
Payments of dividends to shareholders
(5,706
)
(5,779
)
Proceeds from common stock issued under
employee stock purchase plan
523
370
Payment of minimum tax withholdings on
share-based awards
(41
)
(64
)
Contributions from (distributions to)
subsidiary held for sale
2,267
(3,743
)
Net cash used in financing activities of
continuing operations
(4,155
)
(7,797
)
Net decrease in cash of continuing
operations
(14,614
)
(2,736
)
Cash from discontinued
operation:
Net cash provided by (used in) operating
activities of discontinued operation
2,267
(3,349
)
Net cash used in investing activities of
discontinued operation
—
(394
)
Net cash (used in) provided by financing
activities of discontinued operation
(2,267
)
3,743
Decrease in cash and cash
equivalents
(14,614
)
(2,736
)
Cash and cash equivalents at beginning of
period of continuing operations
51,930
42,990
Cash at beginning of period of
discontinued operation
—
—
Decrease in cash and cash
equivalents
(14,614
)
(2,736
)
Less: cash at beginning of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
37,316
$
40,254
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Year Ended
December 31,
2021
December 31,
2020
Operating activities:
Net income from continuing operations
$
116,091
$
52,767
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations:
Depreciation and amortization
39,552
37,125
Change in fair value of earn-out
liability
(496
)
379
Share-based compensation expense
10,913
11,033
Provision for revenue adjustments
7,943
4,751
Deferred income tax expense
1,421
772
Other
1,076
587
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
companies:
Accounts receivable
(52,684
)
(25,739
)
Other receivables
(8,097
)
—
Prepaid expenses, other current assets and
other assets
(8,002
)
(9,424
)
Accounts payable, accrued expenses and
other long-term liabilities
17,179
23,854
Net cash provided by operating activities
of continuing operations
124,896
96,105
Investing activities:
Proceeds from sale of property and
equipment
2,643
2,413
Purchases of property and equipment
(39,109
)
(20,268
)
Purchase of businesses, net of cash
acquired
(59,866
)
(63,651
)
Net cash used in investing activities of
continuing operations
(96,332
)
(81,506
)
Financing activities:
Proceeds from revolving credit
facility
195,000
65,000
Payments on revolving credit facility
(150,000
)
(20,000
)
Repayments of finance lease
obligations
(2,423
)
(1,446
)
Payment of debt issuance costs
(482
)
—
Proceeds from issuance of common stock
upon stock option exercises
3,706
4,237
Payment of earn-out liability
(6,519
)
(5,284
)
Payments of dividends to shareholders
(22,976
)
(20,869
)
Repurchases and retirement of common
stock
(48,989
)
(45,248
)
Proceeds from common stock issued under
employee stock purchase plan
911
664
Payment of minimum tax withholdings on
share-based awards
(3,115
)
(3,508
)
Contributions from (distributions to)
subsidiary held for sale
3,385
(12,640
)
Net cash used in financing activities of
continuing operations
(31,502
)
(39,094
)
Net decrease in cash of continuing
operations
(2,938
)
(24,495
)
Cash from discontinued
operation:
Net cash used in operating activities of
discontinued operation
(4,635
)
(11,439
)
Net cash provided by (used in) investing
activities of discontinued operation
8,020
(1,201
)
Net cash used in (provided by) financing
activities of discontinued operation
(3,385
)
12,640
Decrease in cash and cash
equivalents
(2,938
)
(24,495
)
Cash and cash equivalents at beginning of
period of continuing operations
40,254
64,749
Cash at beginning of period of
discontinued operation
—
—
Decrease in cash and cash
equivalents
(2,938
)
(24,495
)
Less: cash at beginning of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
37,316
$
40,254
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 twelve months ended December 31, 2021 and
2020, this press release contains the following non-GAAP financial
measures: earnings before interest, taxes, depreciation and
amortization (“EBITDA”), free cash flow, and reported income from
continuing operations, net income, and net income per diluted share
to adjusted income from continuing operations, net income, and net
income per diluted share. 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 shareholder
value. The Company believes providing adjusted income from
operations, net income and net income per share allows investors to
compare Company performance consistently over various periods
without regard to the impact of these unusual, nonrecurring or
nonoperational items.
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
twelve months ended December 31, 2021 and 2020 (in thousands):
Three Months Ended
Twelve Months Ended
Continuing Operations
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Net income
$
38,197
$
15,133
$
116,091
$
52,767
Interest expense
877
1,206
4,338
4,561
Income tax expense
12,903
4,384
38,872
16,593
Depreciation and amortization
11,485
9,206
39,552
37,125
EBITDA
$
63,462
$
29,929
$
198,853
$
111,046
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 twelve months ended
December 31, 2021 and 2020 (in thousands):
Three Months Ended
Twelve Months Ended
Continuing Operations
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Net cash provided by operating
activities
$
42,144
$
15,612
$
124,896
$
96,105
Proceeds from sale of property and
equipment
304
998
2,643
2,413
Purchases of property and equipment
(16,094
)
(3,829
)
(39,109
)
(20,268
)
Free cash flow
$
26,354
$
12,781
$
88,430
$
78,250
The following is a reconciliation of reported income from
continuing operations, net income, and net income per diluted share
from continuing operations to adjusted income from continuing
operations, net income, and net income per diluted share from
continuing operations for the three and twelve months ended
December 31, 2021 and 2020 (in thousands, except net income per
diluted share):
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
Continuing Operations
Income From Operations
Net Income1
Net Income Per Diluted
Share1
Income From Operations
Net Income1
Net Income Per Diluted
Share1,2
As Reported
$
51,977
$
38,197
$
1.40
$
20,726
$
15,133
$
0.55
Professional fees for cybersecurity and
shareholder engagement activities
—
—
—
1,923
1,490
0.05
Change in the fair value of the earn-out
liability
(111
)
(83
)
—
2,588
2,006
0.07
As Adjusted
$
51,866
$
38,114
$
1.40
$
25,237
$
18,629
$
0.68
1 Net income and net income per diluted
share amounts are after tax
2 Rounding may impact summation of
amounts.
Twelve Months Ended December
31, 2021
Twelve Months Ended December
31, 2020
Continuing Operations
Income From Operations
Net Income1
Net Income Per Diluted
Share1
Income From Operations
Net Income1
Net Income Per Diluted
Share1,2
As Reported
$
159,301
$
116,091
$
4.22
$
73,924
$
52,767
$
1.89
Professional fees for an operational
improvement project
969
726
0.03
—
—
—
Professional fees for cybersecurity and
shareholder engagement activities
6,955
5,209
0.19
1,923
1,463
0.05
Reserve for a litigated contract
dispute
—
—
—
2,300
1,750
0.06
Change in the fair value of the earn-out
liability
(496
)
(372
)
(0.01
)
379
288
0.01
Severance expenses
—
—
—
997
759
0.03
As Adjusted
$
166,729
$
121,654
$
4.43
$
79,523
$
57,027
$
2.05
1 Net income and net income per diluted
share amounts are after tax
2 Rounding may impact summation of
amounts.
The following is a reconciliation of reported net income per
diluted share from continuing operations to adjusted net income per
diluted share from continuing operations for the three months ended
March 31, 2021:
Continuing Operations
Net Income Per Diluted
Share1
As reported
$
0.60
Professional fees for cybersecurity and
shareholder engagement activities
0.20
As adjusted
$
0.80
1 Net income per diluted share is after
tax.
The following information is provided to supplement this press
release.
Actual - Continuing Operations
Three Months Ended December
31, 2021
Net income from continuing operations
$
38,197
Income allocated to participating
securities
(288
)
Numerator for diluted income per share -
net income
$
37,909
Weighted-average shares
outstanding-diluted
27,109
Diluted net income per share
$
1.40
Projected
Full Year 2022
Projected tax rate - continuing
operations
25.8
%
Projected purchases of property and
equipment, net of proceeds from sale of property and equipment
$
35,000
Projected - Continuing
Operations
December 31, 2022
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 the expected
organic growth and future performance of the Company, expected
first quarter 2022 revenue growth, first quarter 2022 net income
per diluted share, pace towards 2023 targets, full year 2022
projected tax rate, fully diluted share count (before consideration
of future share repurchase), projected capital expenditures, the
future declaration of dividends and, the quarterly and full year
2022 anticipated dividends per share.
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/20220209006084/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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