10-Q Filing

FORWARD AIR CORP CIK: 912728 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000912728-16-000220`
Period End Date	20160331
Filing Date	20160427
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	fwrd-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 38 Cash Flow Statement 60

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$41.43M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$33.31M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$38.04M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$54.49M	USD	Point-in-time
Accounts receivable, less allowance of $1,986 in 2016 and $2,405 in 2015	`AccountsReceivableNetCurrent`	$104.32M	USD	Point-in-time
Accounts receivable, less allowance of $1,986 in 2016 and $2,405 in 2015	`AccountsReceivableNetCurrent`	$109.17M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$30.98M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$25.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$173.46M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$344.93M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.99M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.40M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$343.15M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$155.86M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$51.21M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$162.17M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$53.91M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$187.29M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$182.76M	USD	Point-in-time
Goodwill	`Goodwill`	$206.52M	USD	Point-in-time
Goodwill	`Goodwill`	$205.61M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $53,911 in 2016 and $51,212 in 2015	`IntangibleAssetsNetExcludingGoodwill`	$125.89M	USD	Point-in-time
Common stock, authorized shares (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other acquired intangibles, net of accumulated amortization of $53,911 in 2016 and $51,212 in 2015	`IntangibleAssetsNetExcludingGoodwill`	$127.80M	USD	Point-in-time
Common stock, authorized shares (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	30.43M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	30.54M	shares	Point-in-time
Total net goodwill and other acquired intangibles	`TotalGoodwillAndOtherAcquiredIntangibles`	$332.41M	USD	Point-in-time
Total net goodwill and other acquired intangibles	`TotalGoodwillAndOtherAcquiredIntangibles`	$333.41M	USD	Point-in-time
Other assets	`OtherAssets`	$5.95M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	30.54M	shares	Point-in-time
Other assets	`OtherAssets`	$5.78M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	30.43M	shares	Point-in-time
Total assets	`Assets`	$715.13M	USD	Point-in-time
Total assets	`Assets`	$699.93M	USD	Point-in-time
Total assets	`Assets`	$689.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.33M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$31.15M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$29.82M	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$55.89M	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$69.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$118.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$109.04M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$28.62M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$779.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$12.34M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$14.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$44.91M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$39.88M	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 - 30,434,162 in 2016 and 30,543,864 in 2015	`CommonStockValue`	$304.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 30,434,162 in 2016 and 30,543,864 in 2015	`CommonStockValue`	$305.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$160.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$163.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$346.54M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$348.89M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$510.57M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$510.06M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$689.05M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$699.93M	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`	$229.55M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$96.48M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$89.34M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$58.68M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$53.90M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$13.87M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$15.76M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.68M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$5.39M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$5.13M	USD	1 Quarter
Fuel expense	`FuelCosts`	$2.96M	USD	1 Quarter
Fuel expense	`FuelCosts`	$4.02M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$21.10M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$20.84M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$208.14M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$197.67M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$8.25M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$21.41M	USD	1 Quarter
Interest expense	`InterestExpense`	$553.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$364.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-48.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-29.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-582.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-412.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.84M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.82M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$7.72M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$4.84M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$13.10M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.43	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`	$0.43	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 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$4.84M	USD	1 Quarter
Net income	`NetIncomeLoss`	$13.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.68M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.95M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.79M	USD	1 Quarter
Loss (gain) on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-93.00K	USD	1 Quarter
Loss (gain) on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$149.00K	USD	1 Quarter
Provision for recovery on receivables	`ProvisionForDoubtfulAccounts`	$-196.00K	USD	1 Quarter
Provision for recovery on receivables	`ProvisionForDoubtfulAccounts`	$-19.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$907.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$799.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$5.03M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$3.04M	USD	1 Quarter
Excess tax benefit for stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$2.33M	USD	1 Quarter
Excess tax benefit for stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$38.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$2.33M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-4.25M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.62M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-5.26M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.59M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.47M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.46M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$37.44M	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$155.00K	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$582.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.23M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.69M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.70M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$62.32M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$135.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-22.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-67.11M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.21M	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`	$59.12M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$13.97M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$10.14M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$881.00K	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$3.71M	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$3.68M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$9.99M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock (restricted stock)	`PaymentsForRepurchaseOfOtherEquity`	$-1.93M	USD	1 Quarter
Repurchase of common stock (restricted stock)	`PaymentsForRepurchaseOfOtherEquity`	$-1.78M	USD	1 Quarter
Excess tax benefit for stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$38.00K	USD	1 Quarter
Excess tax benefit for stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.33M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-28.50M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$72.71M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.72M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.07M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.43M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$33.31M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$38.04M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$54.49M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.43M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$33.31M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$38.04M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$54.49M	USD	Point-in-time

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