10-Q Filing

FORWARD AIR CORP CIK: 912728 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000912728-18-000061`
Period End Date	20180331
Filing Date	20180426
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	fwrd-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 36 Cash Flow Statement 56

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$12.73M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$14.34M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Accounts receivable, less allowance of $3,158 in 2018 and $3,006 in 2017	`AccountsReceivableNetCurrent`	$147.95M	USD	Point-in-time
Accounts receivable, less allowance of $3,158 in 2018 and $3,006 in 2017	`AccountsReceivableNetCurrent`	$146.19M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$11.15M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$170.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.65M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$402.69M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$399.24M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$199.09M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$193.12M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$203.60M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$206.11M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.16M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.01M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$71.53M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$73.84M	USD	Point-in-time
Goodwill	`Goodwill`	$191.67M	USD	Point-in-time
Goodwill	`Goodwill`	$191.67M	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $73,837 in 2018 and $71,527 in 2017	`IntangibleAssetsNetExcludingGoodwill`	$108.94M	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $73,837 in 2018 and $71,527 in 2017	`IntangibleAssetsNetExcludingGoodwill`	$111.25M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total goodwill and other acquired intangibles, net	`TotalGoodwillAndOtherAcquiredIntangibles`	$302.92M	USD	Point-in-time
Total goodwill and other acquired intangibles, net	`TotalGoodwillAndOtherAcquiredIntangibles`	$300.61M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other assets	`OtherAssets`	$15.93M	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 assets	`OtherAssets`	$15.94M	USD	Point-in-time
Total assets	`Assets`	$692.62M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	29.16M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	29.45M	shares	Point-in-time
Total assets	`Assets`	$690.21M	USD	Point-in-time
Total assets	`Assets`	$639.48M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	29.16M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	29.45M	shares	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$30.00M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$30.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$35.07M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$35.98M	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$359.00K	USD	Point-in-time
Current portion of debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$351.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$66.15M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$40.52M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$40.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$24.10M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$24.12M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$29.08M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$32.79M	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 - 29,161,999 in 2018 and 29,454,062 in 2017	`CommonStockValue`	$290.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 29,161,999 in 2018 and 29,454,062 in 2017	`CommonStockValue`	$295.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$197.61M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$195.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$337.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$328.55M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$526.44M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$532.70M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$692.62M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$690.21M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Operating revenue	`SalesRevenueNet`	$302.61M	USD	1 Quarter
Operating revenue	`SalesRevenueNet`	$262.05M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$139.67M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$117.69M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$61.93M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$69.58M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$15.60M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$17.96M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.03M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$7.15M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$5.81M	USD	1 Quarter
Fuel expense	`FuelCosts`	$3.68M	USD	1 Quarter
Fuel expense	`FuelCosts`	$5.55M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$23.56M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$27.77M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$278.37M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$238.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$24.23M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$23.74M	USD	1 Quarter
Interest expense	`InterestExpense`	$282.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$371.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-26.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-371.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-308.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$23.86M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$23.43M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$6.12M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$8.85M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$17.74M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$14.58M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.48	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.60	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.60	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.48	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$17.74M	USD	1 Quarter
Net income	`NetIncomeLoss`	$14.58M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.03M	USD	1 Quarter
Share-based compensation expense	`AllocatedShareBasedCompensationExpense`	$2.26M	USD	1 Quarter
Share-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.96M	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-488.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-82.00K	USD	1 Quarter
Provision for loss on receivables	`ProvisionForDoubtfulAccounts`	$134.00K	USD	1 Quarter
Provision for loss on receivables	`ProvisionForDoubtfulAccounts`	$22.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$718.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$817.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$131.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$3.71M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-805.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.47M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.15M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.71M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.77M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$8.43M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$87.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$37.06M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.81M	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$790.00K	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$644.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.22M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.65M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-128.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$91.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.67M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.73M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$27.86M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$74.00K	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$13.00M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	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`	$4.41M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$19.99M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$10.00M	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.82M	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`	$-26.30M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.82M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.84M	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.73M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.34M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.73M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.34M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time

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