Third quarter all-time record reported
revenue, income from operations and net income per diluted
share
Guides record fourth 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
nine months ended September 30, 2022 as presented in the tables
below on a continuing operations basis.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221026005979/en/
Forward Air Corporation Reports Third
Quarter 2022 Results (Photo: Business Wire)
Tom Schmitt, Chairman, President and CEO, commenting on third
quarter results from continuing operations said, “Our third quarter
reported revenue, net income and net income per diluted share
represent the best third quarter financial performance in the
Company’s history and each set all-time third quarter records. Our
collaboration with customers on selecting, handling, and pricing
higher quality freight led to our strong third quarter financial
performance with our less-than-truckload line of business reporting
continued improvement in revenue per shipment and revenue per
hundredweight over the same period last year. Our reported net
income per diluted share of $1.93 exceeded the high end of our
$1.88 to $1.92 guidance range, and our third quarter revenue growth
of 22% came within the guidance range of 20% to 24%.”
Mr. Schmitt continued, “We are winning in a softer environment.
While tonnage is down through the first few weeks of October, our
performance levers work - from more live events business to near
record low levels of outside miles. We therefore expect the fourth
quarter to be more profitable than the third quarter, and 2023 net
income per diluted share to be higher than 2022 net income per
diluted share.”
In closing, Mr. Schmitt said, “I want to thank our employees and
independent contractors for their remarkable efforts. Their
commitment to Forward Air and its customers has been
incredible.”
Regarding the Company’s fourth quarter 2022 continuing
operations guidance, Rebecca J. Garbrick, CFO, said, “We expect our
year-over-year revenue growth will be 7% to 11% and net income per
diluted share to be between $1.98 to $2.02, compared to reported
and adjusted net income per diluted share of $1.40 in the fourth
quarter of 2021.”
Continuing Operations
Three Months Ended
(in thousands, except per share
data)
September 30,
2022
September 30,
2021
Change
Percent Change
Operating revenue
$
510,023
$
419,625
$
90,398
21.5
%
Income from operations
$
71,665
$
42,476
$
29,189
68.7
%
Operating margin
14.1
%
10.1
%
400 bps
Net income
$
52,133
$
30,503
$
21,630
70.9
%
Net income per diluted share
$
1.93
$
1.12
$
0.81
72.3
%
Cash provided by operating activities
$
83,994
$
43,091
$
40,903
94.9
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
71,665
$
43,445
$
28,220
65.0
%
Adjusted net income
$
52,133
$
31,215
$
20,918
67.0
%
Adjusted net income per diluted share
$
1.93
$
1.14
$
0.79
69.3
%
EBITDA
$
83,934
$
51,892
$
32,042
61.7
%
Free cash flow
$
77,922
$
29,676
$
48,246
162.6
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
Continuing Operations
Nine Months Ended
(in thousands, except per share
data)
September 30,
2022
September 30,
2021
Change
Percent Change
Operating revenue
$
1,492,203
$
1,202,498
$
289,705
24.1
%
Income from operations
$
204,561
$
107,324
$
97,237
90.6
%
Operating margin
13.7
%
8.9
%
480 bps
Net income
$
150,249
$
77,894
$
72,355
92.9
%
Net income per diluted share
$
5.53
$
2.83
$
2.70
95.4
%
Cash provided by operating activities
$
196,814
$
82,752
$
114,062
137.8
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
204,267
$
114,863
$
89,404
77.8
%
Adjusted net income
$
150,029
$
83,548
$
66,481
79.6
%
Adjusted net income per diluted share
$
5.53
$
3.03
$
2.50
82.5
%
EBITDA
$
239,555
$
135,391
$
104,164
76.9
%
Free cash flow
$
172,836
$
62,076
$
110,760
178.4
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
On October 25, 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
November 23, 2022 and is expected to be paid on December 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 third quarter
2022 results on Thursday, October 27, 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)
291-5490, Access Code: 6420664.
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
Nine Months Ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Operating revenue:
Expedited Freight
$
395,635
$
341,557
$
1,181,083
$
997,478
Intermodal
114,421
78,173
311,272
205,820
Eliminations and other operations
(33
)
(105
)
(152
)
(800
)
Operating revenues
510,023
419,625
1,492,203
1,202,498
Operating expenses:
Purchased transportation
229,326
205,474
693,648
605,299
Salaries, wages and employee benefits
90,755
84,410
263,194
243,948
Operating leases
24,965
20,536
71,097
60,073
Depreciation and amortization
12,269
9,416
34,994
28,067
Insurance and claims
12,093
9,984
37,257
30,616
Fuel expense
6,772
4,457
20,951
12,218
Other operating expenses
62,178
42,872
166,501
114,953
Total operating expenses
438,358
377,149
1,287,642
1,095,174
Income (loss) from continuing
operations:
Expedited Freight
56,304
34,636
167,091
93,854
Intermodal
16,610
8,712
43,005
21,607
Other Operations
(1,249
)
(872
)
(5,535
)
(8,137
)
Income from continuing operations
71,665
42,476
204,561
107,324
Other expense:
Interest expense
(1,544
)
(973
)
(3,521
)
(3,461
)
Total other expense
(1,544
)
(973
)
(3,521
)
(3,461
)
Income before income taxes
70,121
41,503
201,040
103,863
Income tax expense
17,988
11,000
50,791
25,969
Net income from continuing operations
52,133
30,503
150,249
77,894
Loss from discontinued operation, net of
tax
—
(6,967
)
—
(12,500
)
Net income and comprehensive income
$
52,133
$
23,536
$
150,249
$
65,394
Net income per share:
Basic net income (loss) per share
Continuing operations
$
1.94
$
1.12
$
5.56
$
2.84
Discontinued operation
—
(0.26
)
—
(0.46
)
Net income per basic share
$
1.94
$
0.86
$
5.56
$
2.39
Diluted net income (loss) per share
Continuing operations
$
1.93
$
1.12
$
5.53
$
2.83
Discontinued operation
—
(0.26
)
—
(0.46
)
Net income per diluted share
$
1.93
$
0.86
$
5.53
$
2.37
Dividends per share
$
0.24
$
0.21
$
0.72
$
0.63
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
September 30,
2022
Percent of Revenue
September 30,
2021
Percent of Revenue
Change
Percent Change
Operating revenue:
Network 1
$
240,482
60.8
%
$
199,360
58.4
%
$
41,122
20.6
%
Truckload
55,607
14.1
53,651
15.7
1,956
3.6
Final Mile
76,822
19.4
71,355
20.9
5,467
7.7
Other
22,724
5.7
17,191
5.0
5,533
32.2
Total operating revenue
395,635
100.0
341,557
100.0
54,078
15.8
Operating expenses:
Purchased transportation
200,783
50.7
182,596
53.5
18,187
10.0
Salaries, wages and employee benefits
71,543
18.1
65,898
19.3
5,645
8.6
Operating leases
15,819
4.0
14,687
4.3
1,132
7.7
Depreciation and amortization
8,140
2.1
6,784
2.0
1,356
20.0
Insurance and claims
9,196
2.3
8,074
2.4
1,122
13.9
Fuel expense
2,873
0.7
2,225
0.7
648
29.1
Other operating expenses
30,977
7.8
26,657
7.8
4,320
16.2
Total operating expenses
339,331
85.8
306,921
89.9
32,410
10.6
Income from operations
$
56,304
14.2
%
$
34,636
10.1
%
$
21,668
62.6
%
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
September 30,
2022
September 30,
2021
Percent Change
Business days
64
64
—
%
Tonnage 1,2
Total pounds
698,004
687,816
1.5
Pounds per day
10,906
10,747
1.5
Shipments 1,2
Total shipments
916
845
8.4
Shipments per day
14.3
13.2
8.3
Weight per shipment
762
814
(6.4
)
Revenue per hundredweight 3
$
34.70
$
29.32
18.3
Revenue per hundredweight, ex fuel 3
$
26.05
$
24.34
7.0
Revenue per shipment 3
$
264.30
$
238.68
10.7
Revenue per shipment, ex fuel 3
$
198.39
$
198.18
0.1
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
September 30,
2022
Percent of Revenue
September 30,
2021
Percent of Revenue
Change
Percent Change
Operating revenue
$
114,421
100.0
%
$
78,173
100.0
%
$
36,248
46.4
%
Operating expenses:
Purchased transportation
28,610
25.0
22,984
29.4
5,626
24.5
Salaries, wages and employee benefits
17,945
15.7
17,596
22.5
349
2.0
Operating leases
9,146
8.0
5,856
7.5
3,290
56.2
Depreciation and amortization
4,129
3.6
2,616
3.3
1,513
57.8
Insurance and claims
2,241
2.0
2,708
3.5
(467
)
(17.2
)
Fuel expense
3,899
3.4
2,231
2.9
1,668
74.8
Other operating expenses
31,841
27.8
15,470
19.8
16,371
105.8
Total operating expenses
97,811
85.5
69,461
88.9
28,350
40.8
Income from operations
$
16,610
14.5
%
$
8,712
11.1
%
$
7,898
90.7
%
Intermodal Operating
Statistics
Three Months Ended
September 30,
2022
September 30
2021
Percent Change
Drayage shipments
89,236
91,774
(2.8
)%
Drayage revenue per shipment
$
1,203
$
742
62.1
%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
46,846
$
37,316
Accounts receivable, net
247,730
208,085
Other receivables, net
—
8,097
Other current assets
18,391
29,309
Total current assets
312,967
282,807
Property and equipment, net
230,924
219,095
Operating lease right-of-use assets
147,283
148,198
Goodwill
288,496
266,752
Other acquired intangibles, net
155,161
154,717
Other assets
51,228
46,254
Total assets
$
1,186,059
$
1,117,823
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
50,666
$
44,837
Accrued expenses
67,980
61,621
Other current liabilities
4,411
4,614
Current portion of debt and finance lease
obligations
7,891
6,088
Current portion of operating lease
liabilities
48,611
47,532
Total current liabilities
179,559
164,692
Finance lease obligations, less current
portion
11,134
9,571
Long-term debt, less current portion and
debt issuance costs
106,934
155,466
Operating lease liabilities, less current
portion
102,889
101,409
Other long-term liabilities
57,476
49,624
Deferred income taxes
45,369
43,407
Shareholders’ equity:
Preferred stock
—
—
Common stock
266
270
Additional paid-in capital
267,809
258,474
Retained earnings
414,623
334,910
Total shareholders’ equity
682,698
593,654
Total liabilities and shareholders’
equity
$
1,186,059
$
1,117,823
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
September 30,
2022
September 30
2021
Operating activities:
Net income from continuing operations
$
52,133
$
30,503
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations
Depreciation and amortization
12,269
9,416
Change in fair value of earn-out
liability
—
—
Share-based compensation expense
2,676
2,601
Provision for revenue adjustments
4,368
1,979
Deferred income tax expense (benefit)
—
(812
)
Other
(966
)
217
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(6,421
)
1,932
Other receivables
1,004
(727
)
Other current and noncurrent assets
2,825
1,452
Accounts payable, accrued expenses and
long-term liabilities
16,106
(3,470
)
Net cash provided by operating activities
of continuing operations
83,994
43,091
Investing activities:
Proceeds from sale of property and
equipment
656
1,025
Purchases of property and equipment
(6,728
)
(14,440
)
Purchases of a business, net of cash
acquired
—
(510
)
Net cash used in investing activities of
continuing operations
(6,072
)
(13,925
)
Financing activities:
Repayments of finance lease
obligations
(1,626
)
(492
)
Payment of debt issuance costs
—
(119
)
Payments on credit facility
(40,375
)
—
Payment of earn-out liability
—
(6,519
)
Proceeds from issuance of common stock
upon stock option exercises
—
—
Payments of dividends to shareholders
(6,467
)
(5,705
)
Repurchases and retirement of common
stock
(29,994
)
(14,997
)
Payment of minimum tax withholdings on
share-based awards
—
(248
)
Contributions from subsidiary held for
sale
—
—
Net cash used in financing activities from
continuing operations
(78,462
)
(28,080
)
Net (decrease) increase in cash and cash
equivalents of continuing operations
(540
)
1,086
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
(540
)
1,086
Cash and cash equivalents at beginning of
period of continuing operations
47,386
50,844
Cash at beginning of period of
discontinued operation
—
—
Net (decrease) increase in cash and cash
equivalents
(540
)
1,086
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
46,846
$
51,930
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2022
September 30,
2021
Operating activities:
Net income from continuing operations
$
150,249
$
77,894
Adjustments to reconcile net income of
continuing operations to net cash provided by operating activities
of continuing operations
Depreciation and amortization
34,994
28,067
Change in fair value of earn-out
liability
(294
)
(385
)
Share-based compensation expense
8,743
8,179
Provision for revenue adjustments
7,302
5,504
Deferred income tax expense (benefit)
1,962
(1,384
)
Other
417
406
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(43,172
)
(49,086
)
Other receivables
8,097
(14,218
)
Other current and noncurrent assets
6,743
8,198
Accounts payable, accrued expenses and
other long-term liabilities
21,773
19,577
Net cash provided by operating activities
of continuing operations
196,814
82,752
Investing activities:
Proceeds from sale of property and
equipment
1,423
2,339
Purchases of property and equipment
(25,401
)
(23,015
)
Purchases of a business, net of cash
acquired
(40,433
)
(23,053
)
Net cash used in investing activities of
continuing operations
(64,411
)
(43,729
)
Financing activities:
Repayments of finance lease
obligations
(4,209
)
(1,445
)
Proceeds from credit facility
—
45,000
Payment of debt issuance costs
—
(119
)
Payments on credit facility
(48,625
)
—
Payment of earn-out liability
(91
)
(6,519
)
Proceeds from issuance of common stock
upon stock option exercises
206
3,563
Payments of dividends to shareholders
(19,461
)
(17,270
)
Repurchases and retirement of common
stock
(47,774
)
(48,989
)
Proceeds from common stock issued under
employee stock purchase plan
374
388
Payment of minimum tax withholdings on
share-based awards
(3,293
)
(3,074
)
Contributions from subsidiary held for
sale
—
1,118
Net cash used in financing activities from
continuing operations
(122,873
)
(27,347
)
Net increase in cash and cash equivalents
of continuing operations
9,530
11,676
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
9,530
11,676
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
9,530
11,676
Less: cash at end of period of
discontinued operation
—
—
Cash and cash equivalents at end of
period of continuing operations
$
46,846
$
51,930
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 nine months ended September 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 nine months ended September 30, 2022 and 2021 (in
thousands):
Three Months Ended
Nine Months Ended
Continuing Operations
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net income
$
52,133
$
30,503
$
150,249
$
77,894
Interest expense
1,544
973
3,521
3,461
Income tax expense
17,988
11,000
50,791
25,969
Depreciation and amortization
12,269
9,416
34,994
28,067
EBITDA
$
83,934
$
51,892
$
239,555
$
135,391
The following is a reconciliation of net cash provided by
operating activities to free cash flow for the three and nine
months ended September 30, 2022 and 2021 (in thousands):
Three Months Ended
Nine Months Ended
Continuing Operations
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net cash provided by operating
activities
$
83,994
$
43,091
$
196,814
$
82,752
Proceeds from sale of property and
equipment
656
1,025
1,423
2,339
Purchases of property and equipment
(6,728
)
(14,440
)
(25,401
)
(23,015
)
Free cash flow
$
77,922
$
29,676
$
172,836
$
62,076
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 nine months ended September 30,
2022 and 2021 (in thousands, except net income per diluted
share):
Three Months Ended September
30, 2022
Three Months Ended September
30, 2021
Continuing Operations
Income From Operations
Net Income
Net Income Per Diluted
Share
Income From Operations
Net Income1
Net Income Per Diluted
Share1,2
As Reported
$
71,665
$
52,133
$
1.93
$
42,476
$
30,503
$
1.12
Professional fees for an operational
improvement project
—
—
—
969
712
0.03
As Adjusted
$
71,665
$
52,133
$
1.93
$
43,445
$
31,215
$
1.14
1 Net income and net income per diluted
share amounts are based on the after-tax effect of each item. The
income tax effect is calculated by applying the effective tax rate
to the pre-tax amount. The total tax effect of the above item is
$257.
2 Rounding may impact summation of
amounts.
Nine Months Ended September
30, 2022
Nine Months Ended September
30, 2021
Continuing Operations
Income From Operations
Net Income1
Net Income Per Diluted
Share1,3
Income From Operations
Net Income2
Net Income Per Diluted
Share2,3
As Reported
$
204,561
$
150,249
$
5.53
$
107,324
$
77,894
$
2.83
Professional fees for an operational
improvement project
—
—
—
969
727
0.03
Professional fees for cybersecurity and
shareholder engagement activities
—
—
—
6,955
5,216
0.19
Change in the fair value of the earn-out
liability
(294
)
(220
)
(0.01
)
(385
)
(289
)
(0.01
)
As Adjusted
$
204,267
$
150,029
$
5.53
$
114,863
$
83,548
$
3.03
1 Net income and net income per diluted
share amounts are based on the after-tax effect of each item. The
income tax effect is calculated by applying the effective tax rate
to the pre-tax amount. The total tax effect of the above item is
($74).
2 Net income and net income per diluted
share amounts are based on the after-tax effect of each item. The
income tax effect is calculated by applying the effective tax rate
to the pre-tax amount. The total tax effects of the above items is
$1,885.
3 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 December 31, 2021:
Net Income Per Diluted
Share1
Continuing Operations
Three Months Ended December
31, 2021
As reported
$
1.40
Change in the fair value of the earn-out
liability
—
As adjusted
$
1.40
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 September
30, 2022
Net income from continuing operations
$
52,133
Income allocated to participating
securities
(325
)
Numerator for diluted net income per share
- net income
$
51,808
Weighted-average common shares and common
share equivalent outstanding - diluted
26,902
Diluted net income per share
$
1.93
Projected
Full Year 2022
Projected tax rate - continuing
operations
25.6
%
Projected purchases of property and
equipment, net of proceeds from sale of property and equipment
$
38,000
Projected
December 31, 2022
Projected weighted-average common shares
and common share equivalent outstanding - diluted
26,900
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 fourth
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 2023 and 2024,
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/20221026005979/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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