Challenging market conditions in intermodal
and truckload brokerage
Positive momentum for less-than-truckload
services
Precision execution of revenue growth
strategies designed to win market 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, 2023 as presented in the tables
below.
Tom Schmitt, Chairman, President and CEO, commenting on second
quarter results said, “Weaker-than-expected demand for our
intermodal and truckload brokerage services resulted in our
reported net income per diluted share of $0.76 and adjusted net
income per diluted share of $0.91 coming in below the low end of
our $1.28 to $1.32 guidance range. Demand for intermodal and
truckload brokerage capacity has been significantly impacted by the
trough in the freight cycle. Furthermore, the challenging market
conditions led to decreased customer demand for our accessorial
services within the intermodal line of business. The softer than
anticipated demand for intermodal and truckload services throughout
the second quarter and the significant decrease in the price of
diesel fuel resulted in a 22% decline in revenue on a consolidated
basis, below the low end of our guidance range of minus 7% to
17%.”
Mr. Schmitt continued, “Despite the softer economic environment,
we have seen momentum in the less-than-truckload service with a
sequential improvement in pounds per day from (12%) in the first
quarter over the same period in the prior year to (7%) in the
second quarter over the same period in the prior year. The positive
momentum continued in the month of July. In the current week, we
are enjoying year-over-year growth of +7%. Precision execution of
our revenue growth strategies led to the sequential growth trends
and improvement in our revenue quality metrics. Weight per shipment
increased from 770 pounds in the first quarter to 801 pounds in the
second quarter and weight per piece increased 2.4% from the first
quarter to the second quarter. We believe the continued execution
of our revenue growth strategies, strong collaboration with
customers on selecting, handling and pricing of higher quality
freight, and planned network expansion with a target of opening 30
new terminals over the next five years positions us well to win
market share over the long-term. We are seeing the benefits of our
strategy work with the addition of six new terminals in the first
six months of 2023 allowing us to better serve the needs of
customers in new markets.”
In closing, Mr. Schmitt said, “We are committed to exceptional
customer service which is reflected in our on-time performance of
99% and a cargo claims ratio of 0.1% during the second quarter. I
am so proud of our teammates and independent contractors who make
us the best in the LTL industry in damage-free, intact, on-time
shipments. We are the most compelling choice for customers with
shipments of consequence.”
Regarding the Company’s third quarter 2023 guidance, Rebecca J.
Garbrick, CFO, said, “We expect our year-over-year revenue to
decline 11% to 21% and adjusted net income per diluted share in the
range of $1.12 to $1.16, compared to reported net income per
diluted share of $1.93 in the third quarter of 2022.”
Three Months Ended
(in thousands, except per
share data)
June 30, 2023
June 30, 2022
Change
Percent Change
Operating revenue
$
402,182
$
515,219
$
(113,037
)
(21.9
)%
Income from operations
$
30,211
$
75,545
$
(45,334
)
(60.0
)%
Operating margin
7.5
%
14.7
%
(720) bps
Net income
$
19,951
$
55,430
$
(35,479
)
(64.0
)%
Net income per diluted share
$
0.76
$
2.04
$
(1.28
)
(62.7
)%
Cash provided by operating activities
$
63,573
$
50,334
$
13,239
26.3
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
35,711
$
75,545
$
(39,834
)
(52.7
)%
Adjusted net income
$
23,923
$
55,430
$
(31,507
)
(56.8
)%
Adjusted net income per diluted share
$
0.91
$
2.04
$
(1.13
)
(55.4
)%
EBITDA
$
44,724
$
87,140
$
(42,416
)
(48.7
)%
Free cash flow
$
54,143
$
41,825
$
12,318
29.5
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
Six Months Ended
(in thousands, except per
share data)
June 30, 2023
June 30, 2022
Change
Percent Change
Operating revenue
$
829,248
$
982,180
$
(152,932
)
(15.6
)%
Income from operations
$
80,720
$
132,896
$
(52,176
)
(39.3
)%
Operating margin
9.7
%
13.5
%
(380) bps
Net income
$
56,319
$
98,116
$
(41,797
)
(42.6
)%
Net income per diluted share
$
2.13
$
3.61
$
(1.48
)
(41.0
)%
Cash provided by operating activities
$
129,566
$
112,820
$
16,746
14.8
%
Non-GAAP Financial Measures: 1
Adjusted income from operations
$
86,220
$
132,602
$
(46,382
)
(35.0
)%
Adjusted net income
$
60,291
$
97,896
$
(37,605
)
(38.4
)%
Adjusted net income per diluted share
$
2.28
$
3.60
$
(1.32
)
(36.7
)%
EBITDA
$
108,868
$
155,621
$
(46,753
)
(30.0
)%
Free cash flow
$
115,162
$
94,914
$
20,248
21.3
%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
On July 25, 2023, 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 17, 2023 and is expected to be paid on September 7, 2023.
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 2023, 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.
Review of Financial Results
Forward Air will hold a conference call to discuss second
quarter 2023 results on Thursday, August 3, 2023 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 (877) 336-4440, Access Code:
6257043.
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
Investor 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, Canada and Mexico. 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, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Operating revenue:
Expedited Freight
$
337,996
$
408,857
$
676,930
$
785,448
Intermodal
64,251
106,411
152,420
196,851
Eliminations and other operations
(65
)
(49
)
(102
)
(119
)
Operating revenues
402,182
515,219
829,248
982,180
Operating expenses:
Purchased transportation
181,643
239,490
366,860
464,322
Salaries, wages and employee benefits
86,686
86,358
166,206
172,439
Operating leases
26,184
23,459
53,432
46,132
Depreciation and amortization
14,513
11,595
28,148
22,725
Insurance and claims
13,360
13,196
27,142
25,164
Fuel expense
5,274
8,314
11,058
14,179
Other operating expenses
44,311
57,262
95,682
104,323
Total operating expenses
371,971
439,674
748,528
849,284
Income (loss) from operations:
Expedited Freight
30,949
63,107
63,947
110,787
Intermodal
4,312
15,249
15,515
26,395
Other Operations
(5,050
)
(2,811
)
1,258
(4,286
)
Income from operations
30,211
75,545
80,720
132,896
Other expense:
Interest expense, net
(2,585
)
(1,193
)
(4,940
)
(1,977
)
Total other expense
(2,585
)
(1,193
)
(4,940
)
(1,977
)
Income before income taxes
27,626
74,352
75,780
130,919
Income tax expense
7,675
18,922
19,461
32,803
Net income and comprehensive income
$
19,951
$
55,430
$
56,319
$
98,116
Net income per share:
Basic
$
0.76
$
2.05
$
2.14
$
3.63
Diluted
$
0.76
$
2.04
$
2.13
$
3.61
Dividends per share:
$
0.24
$
0.24
$
0.48
$
0.48
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2023
Percent of Revenue
June 30, 2022
Percent of Revenue
Change
Percent Change
Operating revenue:
Network 1
$
205,762
60.9
%
$
251,872
61.6
%
$
(46,110
)
(18.3
)%
Truckload
40,432
12.0
60,144
14.7
$
(19,712
)
(32.8
)
Final Mile
68,560
20.3
73,028
17.9
$
(4,468
)
(6.1
)
Other
23,242
6.9
23,813
5.8
$
(571
)
(2.4
)
Total operating revenue
337,996
100.0
408,857
100.0
$
(70,861
)
(17.3
)
Operating expenses:
Purchased transportation
163,798
48.5
212,575
52.0
$
(48,777
)
(22.9
)
Salaries, wages and employee benefits
70,360
20.8
69,497
17.0
$
863
1.2
Operating leases
19,489
5.8
15,933
3.9
$
3,556
22.3
Depreciation and amortization
9,707
2.9
7,817
1.9
$
1,890
24.2
Insurance and claims
10,703
3.2
8,311
2.0
$
2,392
28.8
Fuel expense
2,583
0.8
3,229
0.8
$
(646
)
(20.0
)
Other operating expenses
30,407
9.0
28,388
7.0
$
2,019
7.1
Total operating expenses
307,047
90.8
345,750
84.6
$
(38,703
)
(11.2
)
Income from operations
$
30,949
9.2
%
$
63,107
15.4
%
$
(32,158
)
(51.0
)%
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, 2023
June 30, 2022
Percent Change
Business days
64
64
—
%
Tonnage 1,2
Total pounds
673,878
730,128
(7.7
)
Pounds per day
10,529
11,408
(7.7
)
Shipments 1,2
Total shipments
842
961
(12.4
)
Shipments per day
13.2
15.0
(12.0
)
Weight per shipment
801
760
5.4
Revenue per hundredweight 3
$
30.79
$
34.75
(11.4
)
Revenue per hundredweight, ex fuel 3
$
24.08
$
25.89
(7.0
)
Revenue per shipment 3
$
246.59
$
264.09
(6.6
)
Revenue per shipment, ex fuel 3
$
192.85
$
196.78
(2.0
)
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, 2023
Percent of Revenue
June 30, 2022
Percent of Revenue
Change
Percent Change
Operating revenue
$
64,251
100.0
%
106,411
100.0
%
(42,160
)
(39.6
)%
Operating expenses:
Purchased transportation
17,909
27.9
26,963
25.3
(9,054
)
(33.6
)
Salaries, wages and employee benefits
16,650
25.9
18,831
17.7
(2,181
)
(11.6
)
Operating leases
6,695
10.4
7,526
7.1
(831
)
(11.0
)
Depreciation and amortization
4,806
7.5
3,716
3.5
1,090
29.3
Insurance and claims
2,815
4.4
2,338
2.2
477
20.4
Fuel expense
2,691
4.2
5,084
4.8
(2,393
)
(47.1
)
Other operating expenses
8,373
13.0
26,704
25.1
(18,331
)
(68.6
)
Total operating expenses
59,939
93.3
91,162
85.7
(31,223
)
(34.3
)
Income from operations
4,312
6.7
%
15,249
14.3
%
(10,937
)
(71.7
)%
Intermodal Operating
Statistics
Three Months Ended
June 30, 2023
June 30, 2022
Percent Change
Drayage shipments
68,180
94,986
(28.2
)%
Drayage revenue per shipment
$
853
$
1,026
(16.9
)%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
June 30, 2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
18,281
$
45,822
Accounts receivable, net
175,968
221,028
Other current assets
21,538
37,465
Total current assets
215,787
304,315
Property and equipment, net
260,663
249,080
Operating lease right-of-use assets
144,847
141,865
Goodwill
356,763
306,184
Other acquired intangibles, net
151,218
154,801
Other assets
55,295
51,831
Total assets
$
1,184,573
$
1,208,076
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
37,085
$
54,601
Accrued expenses
53,265
54,291
Other current liabilities
12,112
3,956
Current portion of debt and finance lease
obligations
13,963
9,444
Current portion of operating lease
liabilities
52,801
47,106
Total current liabilities
169,226
169,398
Finance lease obligations, less current
portion
23,461
15,844
Long-term debt, less current portion and
debt issuance costs
119,766
106,588
Operating lease liabilities, less current
portion
96,799
98,865
Other long-term liabilities
48,437
59,044
Deferred income taxes
53,275
51,093
Shareholders’ equity:
Preferred stock
—
—
Common stock
258
265
Additional paid-in capital
277,593
270,855
Retained earnings
395,758
436,124
Total shareholders’ equity
673,609
707,244
Total liabilities and shareholders’
equity
$
1,184,573
$
1,208,076
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2023
June 30, 2022
Operating activities:
Net income from operations
$
19,951
$
55,430
Adjustments to reconcile net income of
operations to net cash provided by operating activities of
operations
Depreciation and amortization
14,513
11,595
Share-based compensation expense
3,160
3,306
Provision for revenue adjustments
3,372
1,630
Deferred income tax expense
325
319
Other
(132
)
1,251
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
21,630
(6,473
)
Other receivables
—
3,484
Other current and noncurrent assets
(299
)
(9,900
)
Accounts payable and accrued expenses
1,053
(10,308
)
Net cash provided by operating
activities
63,573
50,334
Investing activities:
Proceeds from sale of property and
equipment
1,356
256
Purchases of property and equipment
(10,786
)
(8,765
)
Purchases of a business, net of cash
acquired
(136
)
(40,433
)
Net cash used in investing activities
(9,566
)
(48,942
)
Financing activities:
Repayments of finance lease
obligations
(1,869
)
(1,513
)
Payments on credit facility
(30,750
)
(7,875
)
Payment of earn-out liability
—
(91
)
Payments of dividends to shareholders
(6,255
)
(6,492
)
Repurchases and retirement of common
stock
(29,301
)
—
Proceeds from common stock issued under
employee stock purchase plan
421
374
Payment of minimum tax withholdings on
share-based awards
—
(39
)
Net cash used in financing activities
(67,754
)
(15,636
)
Net decrease in cash and cash
equivalents
(13,747
)
(14,244
)
Cash and cash equivalents at beginning of
period
32,028
61,630
Cash and cash equivalents at end of
period
$
18,281
$
47,386
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2023
June 30, 2022
Operating activities:
Net income from operations
$
56,319
$
98,116
Adjustments to reconcile net income of
operations to net cash provided by operating activities of
operations
Depreciation and amortization
28,148
22,725
Change in fair value of earn-out
liability
—
(294
)
Share-based compensation expense
6,309
6,067
Provision for revenue adjustments
5,529
2,934
Deferred income tax expense
2,182
1,962
Other
(432
)
1,383
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
38,299
(36,751
)
Other receivables
—
7,093
Other current and noncurrent assets
11,123
3,918
Accounts payable and accrued expenses
(17,911
)
5,667
Net cash provided by operating
activities
129,566
112,820
Investing activities:
Proceeds from sale of property and
equipment
3,171
767
Purchases of property and equipment
(17,575
)
(18,673
)
Purchase of a business, net of cash
acquired
(56,703
)
(40,433
)
Net cash used in investing activities
(71,107
)
(58,339
)
Financing activities:
Repayments of finance lease
obligations
(3,987
)
(2,583
)
Proceeds from credit facility
45,000
—
Payments on credit facility
(30,750
)
(8,250
)
Payment of earn-out liability
—
(91
)
Proceeds from issuance of common stock
upon stock option exercises
—
206
Payments of dividends to shareholders
(12,600
)
(12,994
)
Repurchases and retirement of common
stock
(79,792
)
(17,780
)
Proceeds from common stock issued under
employee stock purchase plan
421
374
Payment of minimum tax withholdings on
share-based awards
(4,292
)
(3,293
)
Net cash used in financing activities
(86,000
)
(44,411
)
Net (decrease) increase in cash and cash
equivalents
(27,541
)
10,070
Cash and cash equivalents at beginning of
period
45,822
37,316
Cash and cash equivalents at end of
period
$
18,281
$
47,386
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, 2023 and 2022, this
press release contains the following non-GAAP financial measures:
earnings before interest, taxes, depreciation and amortization
(“EBITDA”), free cash flow, adjusted income from operations,
adjusted net income, and adjusted net income per diluted share.
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.
Due to the forward-looking nature of the third quarter 2023
guidance for adjusted net income per diluted share, the Company is
unable to reconcile this non-GAAP measure to the most directly
comparable GAAP measure because the comparable GAAP measure is not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be required for
such reconciliation.
The following is a reconciliation of net income to EBITDA for
the three and six months ended June 30, 2023 and 2022 (in
thousands):
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net income
$
19,951
$
55,430
$
56,319
$
98,116
Interest expense
2,585
1,193
4,940
1,977
Income tax expense
7,675
18,922
19,461
32,803
Depreciation and amortization
14,513
11,595
28,148
22,725
EBITDA
$
44,724
$
87,140
$
108,868
$
155,621
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, 2023 and 2022 (in thousands):
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net cash provided by operating
activities
$
63,573
$
50,334
$
129,566
$
112,820
Proceeds from sale of property and
equipment
1,356
256
3,171
767
Purchases of property and equipment
(10,786
)
(8,765
)
(17,575
)
(18,673
)
Free cash flow
$
54,143
$
41,825
$
115,162
$
94,914
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, 2023 and
2022 (in thousands, except net income per diluted share):
Three Months Ended June 30,
2023
Three Months Ended June 30,
2022
Income From Operations
Net Income1
Net Income Per Diluted
Share1
Income From Operations
Net Income
Net Income Per Diluted
Share
As Reported
$
30,211
$
19,951
$
0.76
$
75,545
$
55,430
$
2.04
Non-recurring strategic initiatives
5,500
3,972
0.15
—
—
—
As Adjusted
$
35,711
$
23,923
$
0.91
$
75,545
$
55,430
$
2.04
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
$1,528.
Six Months Ended June 30,
2023
Six Months Ended June 30,
2022
Income From Operations
Net Income1
Net Income Per Diluted
Share1
Income From Operations
Net Income2
Net Income Per Diluted
Share2
As Reported
$
80,720
$
56,319
$
2.13
$
132,896
$
98,116
$
3.61
Non-recurring strategic initiatives
5,500
3,972
0.15
—
—
—
Change in the fair value of the earn-out
liability
—
—
—
(294
)
(220
)
(0.01
)
As Adjusted
$
86,220
$
60,291
$
2.28
$
132,602
$
97,896
$
3.60
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
$1,528.
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 effect of the above item is
($74).
The following information is provided to supplement this press
release.
Actual
Three Months Ended June 30,
2023
Net income
$
19,951
Income allocated to participating
securities
(121
)
Numerator for diluted net income per share
- net income
$
19,830
Weighted-average common shares and common
share equivalent outstanding - diluted
26,035
Diluted net income per share
$
0.76
Projected
Full year 2023
Projected tax rate
25.7
%
Projected purchases of property and
equipment, net of proceeds from sale of property and equipment
$
37,000
Projected
December 31, 2023
Projected weighted-average common shares
and common share equivalent outstanding - diluted
26,000
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 expectations of
the Company as the freight recession abates, expectations regarding
the performance of the Company’s LTL services, expectations
regarding the impact of the Company’s revenue growth strategies,
collaboration with customers and planned network expansion,
expectations regarding the Company's third quarter 2023 guidance,
including with respect to revenue and net income per diluted share,
the future declaration of dividends and, the quarterly and full
year 2023 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, 2022.
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/20230802068503/en/
Forward Air Corporation Brandon Hammer, 423-636-7173
bhammer@forwardair.com
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