10-Q Filing

FORWARD AIR CORP CIK: 912728 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0000912728-18-000139`
Period End Date	20180930
Filing Date	20181025
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	fwrd-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 72 Cash Flow Statement 72

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$12.42M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$28.91M	USD	Point-in-time
Accounts receivable, less allowance of $2,176 in 2018 and $3,006 in 2017	`AccountsReceivableNetCurrent`	$147.95M	USD	Point-in-time
Accounts receivable, less allowance of $2,176 in 2018 and $3,006 in 2017	`AccountsReceivableNetCurrent`	$148.46M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$23.69M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$201.07M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$399.24M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$409.46M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$199.17M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$193.12M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$206.11M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.18M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$210.30M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.01M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$78.25M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$71.53M	USD	Point-in-time
Goodwill	`Goodwill`	$193.62M	USD	Point-in-time
Goodwill	`Goodwill`	$1.95M	USD	Point-in-time
Goodwill	`Goodwill`	$191.67M	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $78,250 in 2018 and $71,527 in 2017	`IntangibleAssetsNetExcludingGoodwill`	$106.23M	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $78,250 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`	$299.85M	USD	Point-in-time
Total goodwill and other acquired intangibles, net	`TotalGoodwillAndOtherAcquiredIntangibles`	$302.92M	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
Other assets	`OtherAssets`	$15.94M	USD	Point-in-time
Common stock, authorized shares (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other assets	`OtherAssets`	$31.92M	USD	Point-in-time
Total assets	`Assets`	$675.40M	USD	Point-in-time
Total assets	`Assets`	$743.14M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	29.87M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	29.45M	shares	Point-in-time
Total assets	`Assets`	$692.62M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	29.45M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	29.87M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.72M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$40.07M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$35.07M	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`	$336.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$75.52M	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`	$40.59M	USD	Point-in-time
Long-term debt and capital lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$40.38M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$43.07M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$24.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$35.76M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$29.08M	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 - 29,869,008 in 2018 and 29,454,062 in 2017	`CommonStockValue`	$295.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 29,869,008 in 2018 and 29,454,062 in 2017	`CommonStockValue`	$288.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$206.79M	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`	$341.33M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$548.41M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$532.70M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$743.14M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$692.62M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Operating revenue	`SalesRevenueNet`	$964.33M	USD	3 Qtrs
Operating revenue	`SalesRevenueNet`	$331.38M	USD	1 Quarter
Operating revenue	`SalesRevenueNet`	$298.29M	USD	1 Quarter
Operating revenue	`SalesRevenueNet`	$844.21M	USD	3 Qtrs
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$140.33M	USD	1 Quarter
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$389.13M	USD	3 Qtrs
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$450.83M	USD	3 Qtrs
Purchased transportation	`ShippingHandlingAndTransportationCosts`	$155.45M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$65.33M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$76.03M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$192.28M	USD	3 Qtrs
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$217.68M	USD	3 Qtrs
Operating leases	`LeaseAndRentalExpense`	$47.20M	USD	3 Qtrs
Operating leases	`LeaseAndRentalExpense`	$18.67M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$54.64M	USD	3 Qtrs
Operating leases	`LeaseAndRentalExpense`	$16.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.35M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.58M	USD	3 Qtrs
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$26.44M	USD	3 Qtrs
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$21.38M	USD	3 Qtrs
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$9.20M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$7.84M	USD	1 Quarter
Fuel expense	`FuelCosts`	$11.45M	USD	3 Qtrs
Fuel expense	`FuelCosts`	$4.10M	USD	1 Quarter
Fuel expense	`FuelCosts`	$16.79M	USD	3 Qtrs
Fuel expense	`FuelCosts`	$5.63M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$26.37M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$79.61M	USD	3 Qtrs
Other operating expenses	`OtherCostAndExpenseOperating`	$71.28M	USD	3 Qtrs
Other operating expenses	`OtherCostAndExpenseOperating`	$26.21M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$271.11M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$877.34M	USD	3 Qtrs
Total operating expenses	`CostsAndExpenses`	$763.29M	USD	3 Qtrs
Total operating expenses	`CostsAndExpenses`	$301.50M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$80.91M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$29.88M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$27.18M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$86.98M	USD	3 Qtrs
Interest expense	`InterestExpense`	$806.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$472.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.33M	USD	3 Qtrs
Interest expense	`InterestExpense`	$288.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-11.00K	USD	3 Qtrs
Other, net	`OtherNonoperatingIncomeExpense`	$-2.00K	USD	3 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-291.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-473.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-1.33M	USD	3 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-817.00K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$85.66M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$80.10M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$26.89M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$29.41M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$27.52M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$8.56M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.08M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$21.29M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$64.37M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$52.58M	USD	3 Qtrs
Net income and comprehensive income	`NetIncomeLoss`	$22.33M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$18.33M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.76	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.74	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.18	USD	3 Qtrs
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.73	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.76	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.18	USD	3 Qtrs
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$64.37M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$52.58M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$22.33M	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.35M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.58M	USD	3 Qtrs
Change in fair value of earn-out liability	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-455.00K	USD	3 Qtrs
Change in fair value of earn-out liability	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	-	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$5.96M	USD	3 Qtrs
Share-based compensation	`ShareBasedCompensation`	$7.53M	USD	3 Qtrs
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$14.00K	USD	3 Qtrs
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-701.00K	USD	3 Qtrs
Provision for (recovery) loss on receivables	`ProvisionForDoubtfulAccounts`	$-52.00K	USD	3 Qtrs
Provision for (recovery) loss on receivables	`ProvisionForDoubtfulAccounts`	$1.79M	USD	3 Qtrs
Provision for revenue adjustments	`ProvisionForOtherLosses`	$2.13M	USD	3 Qtrs
Provision for revenue adjustments	`ProvisionForOtherLosses`	$2.92M	USD	3 Qtrs
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$523.00K	USD	3 Qtrs
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$6.68M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$22.89M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInReceivables`	$3.39M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.41M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.88M	USD	3 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-424.00K	USD	3 Qtrs
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.19M	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$8.18M	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$12.99M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$77.71M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$113.84M	USD	3 Qtrs
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.99M	USD	3 Qtrs
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.50M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.95M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.61M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.74M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.34M	USD	3 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$22.50M	USD	3 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$3.74M	USD	3 Qtrs
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$356.00K	USD	3 Qtrs
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$73.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-32.45M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.69M	USD	3 Qtrs
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$28.21M	USD	3 Qtrs
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$228.00K	USD	3 Qtrs
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	-	USD	3 Qtrs
Proceeds from senior credit facility	`ProceedsFromLinesOfCredit`	$55.00M	USD	3 Qtrs
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$14.50M	USD	3 Qtrs
Payments on line of credit	`RepaymentsOfLinesOfCredit`	-	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$5.64M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.68M	USD	3 Qtrs
Payments of cash dividends	`PaymentsOfDividends`	$13.58M	USD	3 Qtrs
Payments of cash dividends	`PaymentsOfDividends`	$13.21M	USD	3 Qtrs
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$29.99M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$16.82M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$44.98M	USD	3 Qtrs
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$41.98M	USD	3 Qtrs
Proceeds from common stock issued under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$226.00K	USD	3 Qtrs
Proceeds from common stock issued under employee stock purchase plan	`ProceedsFromIssuanceOfCommonStock`	$237.00K	USD	3 Qtrs
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.87M	USD	3 Qtrs
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.70M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-56.38M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-39.11M	USD	3 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.91M	USD	3 Qtrs
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$25.02M	USD	3 Qtrs
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.42M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$28.91M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.51M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.42M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$28.91M	USD	Point-in-time

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