All-time record quarterly reported revenue,
income from operations and net income per diluted share
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, 2022 as presented in the tables below on
a continuing operations basis.
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the full release here:
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Forward Air Corporation Reports Second
Quarter 2022 Results (Photo: Business Wire)
Tom Schmitt, Chairman, President and CEO, commenting on second
quarter results from continuing operations said, “I want to thank
our teammates, independent contractors and business partners for
the achievement of our most profitable quarter in the history of
the Company. Second quarter revenue growth of 23% came in above the
high end of our guidance range of 18% to 22% and our reported net
income per diluted share of $2.04 exceeded the high end of our
$1.59 to $1.61 guidance range. Our Grow Forward strategy of
collaborating with our customers on selecting higher quality
freight, pricing the freight appropriately and operating in a
clean, safe network contributed to our strong financial
performance. In the third quarter of the prior year, we completed a
process to cleanse inefficient freight from our network. We have
fully replaced the cleansed inefficient freight with higher quality
freight, resulting in the same tonnage in the second quarter of
2022 as the prior year quarter with 14.5% higher weight per
shipment and 39.8% higher revenue per shipment or 25.8% higher
revenue per shipment even when excluding fuel.”
Mr. Schmitt continued, “Momentum continues in the first weeks of
the third quarter with tonnage 3.0% higher than the same period of
the prior year and strong revenue growth across all lines of
business driven by continued growth strategies, strong demand for
our services and higher fuel surcharges. With the shift to premium
freight in our network, our business model today is more robust and
resilient than in the past. We are therefore optimistic that we
will exceed the previously announced 2022 net income per diluted
share target of $6.30. Our revised 2022 net income per diluted
share target is at least $7.00.”
In closing, Mr. Schmitt said, “We continue to execute on our
commitment to return value to our shareholders. In the past five
years, we have returned approximately $376.0 million to
shareholders in the form of dividends and share repurchases. Our
confidence in the growth potential of our business is reflected in
the increase to our quarterly dividend and continued share
repurchases in 2022.”
Regarding the Company’s third quarter 2022 continuing operations
guidance, Rebecca J. Garbrick, CFO, said, “We expect our
year-over-year revenue growth will be 20% to 24% and net income per
diluted share to be between $1.88 to $1.92, compared to reported
net income per diluted share of $1.12 and adjusted net income per
diluted share of $1.14 in the third quarter of 2021.”
Continuing Operations
Three Months Ended
(in thousands, except per share
data)
June 30, 2022
June 30, 2021
Change
Percent Change
Operating revenue
$
515,219
$
420,671
$
94,548
22.5
%
Income from operations
$
75,545
$
42,124
$
33,421
79.3
%
Operating margin
14.7
%
10.0
%
470 bps
Net income
$
55,430
$
30,677
$
24,753
80.7
%
Net income per diluted share
$
2.04
$
1.11
$
0.93
83.8
%
Cash provided by operating activities
$
50,334
$
22,748
$
27,586
121.3
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
75,545
$
41,787
$
33,758
80.8
%
Adjusted net income
$
55,430
$
30,424
$
25,006
82.2
%
Adjusted net income per diluted share
$
2.04
$
1.10
$
0.94
85.5
%
EBITDA
$
87,140
$
51,538
$
35,602
69.1
%
Free cash flow
$
41,825
$
17,517
$
24,308
138.8
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
Continuing Operations
Six Months Ended
(in thousands, except per share
data)
June 30, 2022
June 30, 2021
Change
Percent Change
Operating revenue
$
982,180
$
782,873
$
199,307
25.5
%
Income from operations
$
132,896
$
64,848
$
68,048
104.9
%
Operating margin
13.5
%
8.3
%
520 bps
Net income
$
98,116
$
47,391
$
50,725
107.0
%
Net income per diluted share
$
3.61
$
1.71
$
1.90
111.1
%
Cash provided by operating activities
$
112,820
$
39,661
$
73,159
184.5
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
132,602
$
71,418
$
61,184
85.7
%
Adjusted net income
$
97,896
$
52,384
$
45,512
86.9
%
Adjusted net income per diluted share
$
3.60
$
1.89
$
1.71
90.5
%
EBITDA
$
155,621
$
83,499
$
72,122
86.4
%
Free cash flow
$
94,914
$
32,400
$
62,514
192.9
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
On July 26, 2022, our Board of Directors declared a quarterly
cash dividend of $0.24 per share of common stock. The dividend is
payable to shareholders of record at the close of business on
August 18, 2022 and is expected to be paid on September 8, 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 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.
Review of Financial Results
Forward Air will hold a conference call to discuss second
quarter 2022 results on Thursday, July 28, 2022 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)
867-6163, Access Code: 4227639.
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 provider of transportation
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. Forward is a single resource for your shipping needs. 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, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Operating revenue:
Expedited Freight
$
408,857
$
351,735
$
785,448
$
655,921
Intermodal
106,411
69,133
196,851
127,647
Eliminations and other operations
(49
)
(197
)
(119
)
(695
)
Operating revenues
515,219
420,671
982,180
782,873
Operating expenses:
Purchased transportation
239,490
215,217
464,322
399,825
Salaries, wages and employee benefits
86,358
84,641
172,439
159,538
Operating leases
23,459
20,370
46,132
39,537
Depreciation and amortization
11,595
9,414
22,725
18,651
Insurance and claims
13,196
10,891
25,164
20,632
Fuel expense
8,314
4,059
14,179
7,761
Other operating expenses
57,262
33,955
104,323
72,081
Total operating expenses
439,674
378,547
849,284
718,025
Income (loss) from continuing
operations:
Expedited Freight
63,107
34,688
110,787
59,218
Intermodal
15,249
8,386
26,395
12,895
Other Operations
(2,811
)
(950
)
(4,286
)
(7,265
)
Income from continuing operations
75,545
42,124
132,896
64,848
Other expense:
Interest expense
(1,193
)
(1,323
)
(1,977
)
(2,488
)
Total other expense
(1,193
)
(1,323
)
(1,977
)
(2,488
)
Income before income taxes
74,352
40,801
130,919
62,360
Income tax expense
18,922
10,124
32,803
14,969
Net income from continuing operations
55,430
30,677
98,116
47,391
Loss from discontinued operation, net of
tax
—
—
—
(5,533
)
Net income and comprehensive income
$
55,430
$
30,677
$
98,116
$
41,858
Net income per share:
Basic net income (loss) per share
Continuing operations
$
2.05
$
1.12
$
3.63
$
1.72
Discontinued operation
—
—
—
(0.20
)
Net income per basic share
$
2.05
$
1.12
$
3.63
$
1.52
Diluted net income (loss) per share
Continuing operations
$
2.04
$
1.11
$
3.61
$
1.71
Discontinued operation
—
—
—
(0.20
)
Net income per diluted share
$
2.04
$
1.11
$
3.61
$
1.51
Dividends per share
$
0.24
$
0.21
$
0.48
$
0.42
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022
Percent of Revenue
June 30, 2021
Percent of Revenue
Change
Percent Change
Operating revenue:
Network 1
$
263,425
64.4
%
$
210,088
59.7
%
$
53,337
25.4
%
Truckload
60,144
14.7
56,968
16.2
3,176
5.6
Final Mile
73,028
17.9
69,883
19.9
3,145
4.5
Other
12,260
3.0
14,796
4.2
(2,536
)
(17.1
)
Total operating revenue
408,857
100.0
351,735
100.0
57,122
16.2
Operating expenses:
Purchased transportation
212,575
52.0
191,648
54.5
20,927
10.9
Salaries, wages and employee benefits
69,497
17.0
67,560
19.2
1,937
2.9
Operating leases
15,933
3.9
14,868
4.2
1,065
7.2
Depreciation and amortization
7,817
1.9
6,779
1.9
1,038
15.3
Insurance and claims
8,311
2.0
8,385
2.4
(74
)
(0.9
)
Fuel expense
3,229
0.8
2,147
0.6
1,082
50.4
Other operating expenses
28,388
7.0
25,660
7.3
2,728
10.6
Total operating expenses
345,750
84.6
317,047
90.1
28,703
9.1
Income from operations
$
63,107
15.4
%
$
34,688
9.9
%
$
28,419
81.9
%
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
June 30, 2022
June 30, 2021
Percent Change
Business days
64
64
—
%
Tonnage 1,2
Total pounds
730,128
728,191
0.3
Pounds per day
11,408
11,378
0.3
Shipments 1,2
Total shipments
961
1,096
(12.3
)
Shipments per day
15.0
17.1
(12.3
)
Weight per shipment
760
664
14.5
Revenue per hundredweight 3
$
35.99
$
29.45
22.2
Revenue per hundredweight, ex fuel 3
$
27.13
$
24.68
9.9
Revenue per shipment 3
$
273.52
$
195.64
39.8
Revenue per shipment, ex fuel 3
$
206.21
$
163.97
25.8
1 In thousands
2 Excludes accessorial, Truckload and
Final Mile products
3 Includes intercompany revenue between
the Network and Truckload revenue streams
Intermodal Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022
Percent of Revenue
June 30, 2021
Percent of Revenue
Change
Percent Change
Operating revenue
$
106,411
100.0
%
$
69,133
100.0
%
$
37,278
53.9
%
Operating expenses:
Purchased transportation
26,963
25.3
23,767
34.4
3,196
13.4
Salaries, wages and employee benefits
18,831
17.7
16,230
23.5
2,601
16.0
Operating leases
7,526
7.1
5,500
8.0
2,026
36.8
Depreciation and amortization
3,716
3.5
2,612
3.8
1,104
42.3
Insurance and claims
2,338
2.2
2,355
3.4
(17
)
(0.7
)
Fuel expense
5,084
4.8
1,912
2.8
3,172
165.9
Other operating expenses
26,704
25.1
8,371
12.1
18,333
219.0
Total operating expenses
91,162
85.7
60,747
87.9
30,415
50.1
Income from operations
$
15,249
14.3
%
$
8,386
12.1
%
$
6,863
81.8
%
Intermodal Operating
Statistics
Three Months Ended
June 30, 2022
June 30, 2021
Percent Change
Drayage shipments
92,786
96,805
(4.2
)%
Drayage revenue per shipment
$
979
$
618
58.4
%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
June 30, 2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
47,386
$
37,316
Accounts receivable, net
246,006
208,085
Other receivables, net
104
8,097
Other current assets
22,260
29,309
Total current assets
315,756
282,807
Property and equipment, net
229,220
219,095
Operating lease right-of-use assets
154,277
148,198
Goodwill
287,597
266,752
Other acquired intangibles, net
160,216
154,717
Other assets
50,077
46,254
Total assets
$
1,197,143
$
1,117,823
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
42,058
$
44,837
Accrued expenses
64,355
61,621
Other current liabilities
4,044
4,614
Current portion of debt and finance lease
obligations
7,505
6,088
Current portion of operating lease
liabilities
49,498
47,532
Total current liabilities
167,460
164,692
Finance lease obligations, less current
portion
10,759
9,571
Long-term debt, less current portion and
debt issuance costs
147,279
155,466
Operating lease liabilities, less current
portion
106,552
101,409
Other long-term liabilities
55,374
49,624
Deferred income taxes
45,369
43,407
Shareholders’ equity:
Preferred stock
—
—
Common stock
269
270
Additional paid-in capital
265,129
258,474
Retained earnings
398,952
334,910
Total shareholders’ equity
664,350
593,654
Total liabilities and shareholders’
equity
$
1,197,143
$
1,117,823
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022
June 30, 2021
Operating activities:
Net income from continuing operations
$
55,430
$
30,677
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations
Depreciation and amortization
11,595
9,414
Change in fair value of earn-out
liability
—
(337
)
Share-based compensation expense
3,306
2,981
Provision for revenue adjustments
1,630
1,748
Deferred income tax expense (benefit)
319
(67
)
Other
1,251
97
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(6,473
)
(22,995
)
Other receivables
3,484
(152
)
Other current and noncurrent assets
(9,900
)
(339
)
Accounts payable, accrued expenses and
long-term liabilities
(10,308
)
1,721
Net cash provided by operating activities
of continuing operations
50,334
22,748
Investing activities:
Proceeds from sale of property and
equipment
256
649
Purchases of property and equipment
(8,765
)
(5,880
)
Purchases of a business, net of cash
acquired
(40,433
)
(7,543
)
Net cash used in investing activities of
continuing operations
(48,942
)
(12,774
)
Financing activities:
Repayments of finance lease
obligations
(1,513
)
(487
)
Proceeds from credit facility
—
45,000
Payments on credit facility
(7,875
)
—
Payment of earn-out liability
(91
)
—
Proceeds from issuance of common stock
upon stock option exercises
—
1,423
Payments of dividends to shareholders
(6,492
)
(5,768
)
Repurchases and retirement of common
stock
—
(23,994
)
Proceeds from common stock issued under
employee stock purchase plan
374
388
Payment of minimum tax withholdings on
share-based awards
(39
)
(88
)
Contributions from subsidiary held for
sale
—
—
Net cash (used in) provided by financing
activities from continuing operations
(15,636
)
16,474
Net (decrease) increase in cash and cash
equivalents of continuing operations
(14,244
)
26,448
Cash from discontinued operation:
Net cash used in operating activities of
discontinued operation
—
—
Net cash provided by investing activities
of discontinued operation
—
—
Net cash used in financing activities of
discontinued operation
—
—
Net (decrease) increase in cash and cash
equivalents
(14,244
)
26,448
Cash and cash equivalents at beginning of
period of continuing operations
61,630
24,396
Cash at beginning of period of
discontinued operation
—
—
Net (decrease) increase in cash and cash
equivalents
(14,244
)
26,448
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
47,386
$
50,844
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2022
June 30, 2021
Operating activities:
Net income from continuing operations
$
98,116
$
47,391
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations
Depreciation and amortization
22,725
18,651
Change in fair value of earn-out
liability
(294
)
(385
)
Share-based compensation expense
6,067
5,578
Provision for revenue adjustments
2,934
3,525
Deferred income tax expense (benefit)
1,962
(572
)
Other
1,383
189
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(36,751
)
(51,018
)
Other receivables
7,093
(13,491
)
Other current and noncurrent assets
3,918
6,746
Accounts payable, accrued expenses and
other long-term liabilities
5,667
23,047
Net cash provided by operating activities
of continuing operations
112,820
39,661
Investing activities:
Proceeds from sale of property and
equipment
767
1,314
Purchases of property and equipment
(18,673
)
(8,575
)
Purchases of a business, net of cash
acquired
(40,433
)
(22,543
)
Net cash used in investing activities of
continuing operations
(58,339
)
(29,804
)
Financing activities:
Repayments of finance lease
obligations
(2,583
)
(954
)
Proceeds from credit facility
—
45,000
Payments on credit facility
(8,250
)
—
Payment of earn-out liability
(91
)
—
Proceeds from issuance of common stock
upon stock option exercises
206
3,570
Payments of dividends to shareholders
(12,994
)
(11,565
)
Repurchases and retirement of common
stock
(17,780
)
(33,992
)
Proceeds from common stock issued under
employee stock purchase plan
374
388
Payment of minimum tax withholdings on
share-based awards
(3,293
)
(2,832
)
Contributions from subsidiary held for
sale
—
1,118
Net cash (used in) provided by financing
activities from continuing operations
(44,411
)
733
Net increase in cash and cash equivalents
of continuing operations
10,070
10,590
Cash from discontinued operation:
Net cash used in operating activities of
discontinued operation
—
(6,902
)
Net cash provided by investing activities
of discontinued operation
—
8,020
Net cash used in financing activities of
discontinued operation
—
(1,118
)
Net increase in cash and cash
equivalents
10,070
10,590
Cash and cash equivalents at beginning of
period of continuing operations
37,316
40,254
Cash at beginning of period of
discontinued operation
—
—
Net increase in cash and cash
equivalents
10,070
10,590
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
47,386
$
50,844
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, 2022 and 2021, this
press release contains the following non-GAAP financial measures:
earnings before interest, taxes, depreciation and amortization
(“EBITDA”), free cash flow, adjusted income from continuing
operations, adjusted net income, and adjusted net income per
diluted share. All non-GAAP financial measures are presented on a
continuing operations basis.
The Company believes that EBITDA 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 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 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 to EBITDA for
the three and six months ended June 30, 2022 and 2021 (in
thousands):
Three Months Ended
Six Months Ended
Continuing Operations
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Net income
$
55,430
$
30,677
$
98,116
$
47,391
Interest expense
1,193
1,323
1,977
2,488
Income tax expense
18,922
10,124
32,803
14,969
Depreciation and amortization
11,595
9,414
22,725
18,651
EBITDA
$
87,140
$
51,538
$
155,621
$
83,499
The following is a reconciliation of net cash provided by
operating activities to free cash flow for the three and six months
ended June 30, 2022 and 2021 (in thousands):
Three Months Ended
Six Months Ended
Continuing Operations
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Net cash provided by operating
activities
$
50,334
$
22,748
$
112,820
$
39,661
Proceeds from sale of property and
equipment
256
649
767
1,314
Purchases of property and equipment
(8,765
)
(5,880
)
(18,673
)
(8,575
)
Free cash flow
$
41,825
$
17,517
$
94,914
$
32,400
The following is a reconciliation of reported income from
operations, net income, and net income per diluted share to
adjusted income from operations, net income, and net income per
diluted share for the three and six months ended June 30, 2022 and
2021 (in thousands, except net income per diluted share):
Three Months Ended June 30,
2022
Three Months Ended June 30,
2021
Continuing Operations
Income From Operations
Net Income1
Net Income Per Diluted
Share1
Income From Operations
Net Income1
Net Income Per Diluted
Share1
As Reported
$
75,545
$
55,430
$
2.04
$
42,124
$
30,677
$
1.11
Change in the fair value of the earn-out
liability
—
—
—
(337
)
(253
)
(0.01
)
As Adjusted
$
75,545
$
55,430
$
2.04
$
41,787
$
30,424
$
1.10
1 Net income and net income per diluted
share amounts are after tax
Six Months Ended June 30,
2022
Six Months Ended June 30,
2021
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
$
132,896
$
98,116
$
3.61
$
64,848
$
47,391
$
1.71
Professional fees for cybersecurity and
shareholder engagement activities
—
—
—
6,955
5,286
0.19
Change in the fair value of the earn-out
liability
(294
)
(220
)
(0.01
)
(385
)
(293
)
(0.01
)
As Adjusted
$
132,602
$
97,896
$
3.60
$
71,418
$
52,384
$
1.89
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 to adjusted net income per diluted share for the
three months ended September 30, 2021:
Net Income Per Diluted
Share1,2
Continuing Operations
Three Months Ended September
30, 2021
As reported
$
1.12
Professional fees for an operational
improvement project
0.03
As adjusted
$
1.14
1 Net income per diluted share is after
tax
2 Rounding may impact summation of
amounts
The following information is provided to supplement this press
release.
Actual - Continuing Operations
Three Months Ended June 30,
2022
Net income from continuing operations
$
55,430
Income allocated to participating
securities
(346
)
Numerator for diluted net income per share
- net income
$
55,084
Weighted-average common shares and common
share equivalent outstanding - diluted
26,989
Diluted net income per share
$
2.04
Projected
Full year 2022
Projected tax rate - continuing
operations
25.7
%
Projected purchases of property and
equipment, net of proceeds from sale of property and equipment
$
40,000
Projected
December 31, 2022
Projected weighted-average common shares
and common share equivalent 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 2022 revenue, revenue growth, net income per diluted share,
adjusted net income per diluted share and volume, expectations
regarding continued momentum in our business into 2022 and 2023,
expectations regarding expansion of operating margins, and the
future of 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, changes
in fuel prices and/or fuel taxes, a decrease in demand for
transportation services, pricing pressure, changes in freight
volume, 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, loss of a
major customer, increasing competition,, 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, 2021.
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/20220727005998/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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