10-Q Filing

FORWARD AIR CORP CIK: 912728 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000912728-17-000052`
Period End Date	20170331
Filing Date	20170427
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	fwrd-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 36 Cash Flow Statement 60

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$14.34M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$33.31M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$38.04M	USD	Point-in-time
Accounts receivable, less allowance of $1,610 in 2017 and $1,714 in 2016	`AccountsReceivableNetCurrent`	$116.47M	USD	Point-in-time
Accounts receivable, less allowance of $1,610 in 2017 and $1,714 in 2016	`AccountsReceivableNetCurrent`	$116.60M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$11.16M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$136.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$139.20M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.61M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$376.62M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.71M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$379.02M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$61.33M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$182.69M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$63.73M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$178.82M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$193.94M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$200.21M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Goodwill	`Goodwill`	$184.68M	USD	Point-in-time
Goodwill	`Goodwill`	$184.68M	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 $63,725 in 2017 and $61,334 in 2016	`IntangibleAssetsNetExcludingGoodwill`	$104.26M	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 $63,725 in 2017 and $61,334 in 2016	`IntangibleAssetsNetExcludingGoodwill`	$106.65M	USD	Point-in-time
Common stock, authorized shares (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Total net goodwill and other acquired intangibles	`TotalGoodwillAndOtherAcquiredIntangibles`	$291.32M	USD	Point-in-time
Total net goodwill and other acquired intangibles	`TotalGoodwillAndOtherAcquiredIntangibles`	$288.93M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	30.00M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	30.09M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	30.09M	shares	Point-in-time
Other assets	`OtherAssets`	$13.49M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	30.00M	shares	Point-in-time
Other assets	`OtherAssets`	$13.79M	USD	Point-in-time
Total assets	`Assets`	$641.29M	USD	Point-in-time
Total assets	`Assets`	$635.87M	USD	Point-in-time
Total assets	`Assets`	$689.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.01M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$34.01M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$31.83M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$70.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$8.33M	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$352.00K	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$28.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$77.93M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$58.48M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$13.53M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$725.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$21.44M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$21.70M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$41.79M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$41.87M	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 - 29,999,920 in 2017 and 30,090,335 in 2016	`CommonStockValue`	$301.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 29,999,920 in 2017 and 30,090,335 in 2016	`CommonStockValue`	$300.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$179.51M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$183.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$317.33M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$319.26M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$499.07M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$500.63M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$641.29M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$635.87M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Operating revenue	`SalesRevenueNet`	$229.55M	USD	1 Quarter
Operating revenue	`SalesRevenueNet`	$246.98M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$103.08M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$96.48M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$62.00M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$58.68M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$15.60M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$13.87M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.67M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$5.39M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$5.81M	USD	1 Quarter
Fuel expense	`FuelCosts`	$3.68M	USD	1 Quarter
Fuel expense	`FuelCosts`	$2.96M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$21.10M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$23.59M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$208.14M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$223.79M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$23.19M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$21.41M	USD	1 Quarter
Interest expense	`InterestExpense`	$282.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$553.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-26.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-29.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-308.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-582.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.82M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$22.88M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.72M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.64M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$13.10M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$14.24M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.47	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.43	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.43	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$13.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.24M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.67M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.95M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.96M	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-93.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-488.00K	USD	1 Quarter
Provision for loss (recovery) on receivables	`ProvisionForDoubtfulAccounts`	$-196.00K	USD	1 Quarter
Provision for loss (recovery) on receivables	`ProvisionForDoubtfulAccounts`	$22.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$718.00K	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`	$-85.00K	USD	1 Quarter
Excess tax benefit for stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	$38.00K	USD	1 Quarter
Excess tax benefit for stock options exercised	`DeferredTaxExpenseFromStockOptionsExercised`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$611.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-4.25M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.15M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.58M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$206.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$8.14M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$37.44M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$37.06M	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$155.00K	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$790.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.69M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.70M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-129.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-22.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.21M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.73M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$13.97M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$27.86M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$13.00M	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$881.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.52M	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$4.54M	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$3.68M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$10.00M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$9.99M	USD	1 Quarter
Excess tax benefit for stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Excess tax benefit for stock options exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$38.00K	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.78M	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.64M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.50M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-28.50M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.72M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.82M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.34M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$33.31M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$38.04M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.34M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$33.31M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$38.04M	USD	Point-in-time

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