10-Q Filing

FORWARD AIR CORP CIK: 912728 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000912728-15-000102`
Period End Date	20150331
Filing Date	20150424
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	fwrd-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 38 Cash Flow Statement 58

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$41.04M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$41.43M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$54.49M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$127.37M	USD	Point-in-time
Accounts receivable, less allowance of $3,394 in 2015 and $2,563 in 2014	`AccountsReceivableNetCurrent`	$120.47M	USD	Point-in-time
Accounts receivable, less allowance of $3,394 in 2015 and $2,563 in 2014	`AccountsReceivableNetCurrent`	$95.33M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$21.77M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$149.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$196.74M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.56M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.39M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$310.81M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$305.19M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$42.82M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$132.70M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$138.29M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$40.31M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$172.49M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$172.53M	USD	Point-in-time
Goodwill	`Goodwill`	$202.91M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Goodwill	`Goodwill`	$144.41M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized shares (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized shares (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other acquired intangibles, net of accumulated amortization of $42,823 in 2015 and $40,307 in 2014	`IntangibleAssetsNetExcludingGoodwill`	$72.70M	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $42,823 in 2015 and $40,307 in 2014	`IntangibleAssetsNetExcludingGoodwill`	$140.19M	USD	Point-in-time
Total net goodwill and other acquired intangibles	`TotalGoodwillAndOtherAcquiredIntangibles`	$343.10M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	30.26M	shares	Point-in-time
Total net goodwill and other acquired intangibles	`TotalGoodwillAndOtherAcquiredIntangibles`	$217.12M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	30.76M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	30.26M	shares	Point-in-time
Other assets	`OtherAssets`	$2.24M	USD	Point-in-time
Other assets	`OtherAssets`	$3.03M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	30.76M	shares	Point-in-time
Total assets	`Assets`	$715.39M	USD	Point-in-time
Total assets	`Assets`	$534.57M	USD	Point-in-time
Total assets	`Assets`	$541.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$22.58M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$36.36M	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$56.08M	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$276.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$114.01M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$1.27M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$70.90M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$17.63M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$8.36M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$35.84M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$25.18M	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 30,762,282 in 2015 and 30,255,182 in 2014	`CommonStockValue`	$308.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 30,762,282 in 2015 and 30,255,182 in 2014	`CommonStockValue`	$303.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$147.44M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$130.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$333.15M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$329.26M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$477.01M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$463.56M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$541.80M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$715.39M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Operating revenue	`SalesRevenueNet`	$205.92M	USD	1 Quarter
Operating revenue	`SalesRevenueNet`	$171.57M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$89.34M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$73.55M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$41.42M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$53.90M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$8.35M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$15.76M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.68M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$4.13M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$5.13M	USD	1 Quarter
Fuel expense	`FuelCosts`	$4.02M	USD	1 Quarter
Fuel expense	`FuelCosts`	$4.81M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$20.84M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$16.03M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$197.67M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$155.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$16.27M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$8.25M	USD	1 Quarter
Interest expense	`InterestExpense`	$364.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$82.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-48.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$86.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-412.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$4.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.84M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$16.27M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$6.07M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$10.20M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$4.84M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.16	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Dividends per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter
Dividends per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.12	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.84M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.68M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.65M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.79M	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-16.00K	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$149.00K	USD	1 Quarter
Provision for (recovery) loss on receivables	`ProvisionForDoubtfulAccounts`	$-19.00K	USD	1 Quarter
Provision for (recovery) loss on receivables	`ProvisionForDoubtfulAccounts`	$42.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$907.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$641.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$3.04M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$132.00K	USD	1 Quarter
Excess tax benefit for stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$-2.33M	USD	1 Quarter
Excess tax benefit for stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$-637.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$8.49M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$2.33M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.05M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.62M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.42M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.59M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.46M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.03M	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$79.00K	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$582.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.55M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.23M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$83.00M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$62.32M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$61.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$135.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-102.53M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-67.11M	USD	1 Quarter
Proceeds from term loan	`ProceedsFromIssuanceOfLongTermDebt`	$125.00M	USD	1 Quarter
Proceeds from term loan	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$9.49M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$59.12M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$10.14M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.84M	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$3.73M	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$3.71M	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.93M	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.08M	USD	1 Quarter
Excess tax benefit for stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$637.00K	USD	1 Quarter
Excess tax benefit for stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.33M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.83M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$72.71M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.07M	USD	1 Quarter
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-86.32M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.04M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.43M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$54.49M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$127.37M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.04M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.43M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$54.49M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$127.37M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.