10-Q Filing

FORWARD AIR CORP CIK: 912728 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000912728-19-000071`
Period End Date	20190331
Filing Date	20190425
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	fwrd-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 36 Cash Flow Statement 54

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.16M	USD	Point-in-time
Accounts receivable, less allowance of $2,721 in 2019 and $2,081 in 2018	`AccountsReceivableNetCurrent`	$156.36M	USD	Point-in-time
Accounts receivable, less allowance of $2,721 in 2019 and $2,081 in 2018	`AccountsReceivableNetCurrent`	$150.62M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$9.28M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$202.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$201.08M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$413.90M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.72M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.08M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$417.61M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$204.00M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$210.75M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$83.18M	USD	Point-in-time
Other acquired intangibles, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$80.67M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$206.86M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$209.90M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$133.36M	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
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
Goodwill	`Goodwill`	$199.09M	USD	Point-in-time
Goodwill	`Goodwill`	$199.09M	USD	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	28.42M	shares	Point-in-time
Common stock, issued shares (in shares)	`CommonStockSharesIssued`	28.53M	shares	Point-in-time
Other acquired intangibles, net of accumulated amortization of $83,177 in 2019 and $80,666 in 2018	`IntangibleAssetsNetExcludingGoodwill`	$111.15M	USD	Point-in-time
Other acquired intangibles, net of accumulated amortization of $83,177 in 2019 and $80,666 in 2018	`IntangibleAssetsNetExcludingGoodwill`	$113.66M	USD	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	28.42M	shares	Point-in-time
Common stock, outstanding shares (in shares)	`CommonStockSharesOutstanding`	28.53M	shares	Point-in-time
Total goodwill and other acquired intangibles, net	`TotalGoodwillAndOtherAcquiredIntangibles`	$312.75M	USD	Point-in-time
Total goodwill and other acquired intangibles, net	`TotalGoodwillAndOtherAcquiredIntangibles`	$310.24M	USD	Point-in-time
Other assets	`OtherAssets`	$36.48M	USD	Point-in-time
Other assets	`OtherAssets`	$33.05M	USD	Point-in-time
Total assets	`Assets`	$885.58M	USD	Point-in-time
Total assets	`Assets`	$690.21M	USD	Point-in-time
Total assets	`Assets`	$760.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$31.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$41.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$39.78M	USD	Point-in-time
Current portion of debt and finance lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$309.00K	USD	Point-in-time
Current portion of debt and finance lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$264.00K	USD	Point-in-time
Current portion of operating lease obligations	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Current portion of operating lease obligations	`OperatingLeaseLiabilityCurrent`	$43.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$74.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$116.65M	USD	Point-in-time
Debt and finance lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$47.34M	USD	Point-in-time
Debt and finance lease obligations, less current portion	`LongTermDebtAndCapitalLeaseObligations`	$47.31M	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease obligations, less current portion	`OperatingLeaseLiabilityNoncurrent`	$89.92M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$47.74M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$40.26M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$38.01M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$37.17M	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 - 28,415,052 in 2019 and 28,534,935 in 2018	`CommonStockValue`	$284.00K	USD	Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 28,415,052 in 2019 and 28,534,935 in 2018	`CommonStockValue`	$285.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$210.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$214.17M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$338.98M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$342.66M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$553.24M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$553.44M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$760.22M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$885.58M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Operating revenue	`Revenues`	$302.61M	USD	1 Quarter
Operating revenue	`Revenues`	$321.47M	USD	1 Quarter
Purchased transportation	`CostOfGoodsAndServicesSold`	$144.01M	USD	1 Quarter
Purchased transportation	`CostOfGoodsAndServicesSold`	$139.67M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$69.58M	USD	1 Quarter
Salaries, wages and employee benefits	`LaborAndRelatedExpense`	$76.36M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$19.17M	USD	1 Quarter
Operating leases	`LeaseAndRentalExpense`	$17.96M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.69M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$9.37M	USD	1 Quarter
Insurance and claims	`OperatingInsuranceAndClaimsCostsProduction`	$7.15M	USD	1 Quarter
Fuel expense	`FuelCosts`	$5.61M	USD	1 Quarter
Fuel expense	`FuelCosts`	$5.55M	USD	1 Quarter
Other operating expenses	`OtherCostAndExpenseOperating`	$31.38M	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`	$296.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$24.23M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$24.73M	USD	1 Quarter
Interest expense	`InterestExpense`	$575.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$371.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-371.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-576.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$23.86M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.16M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.75M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.12M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$18.41M	USD	1 Quarter
Net income and comprehensive income	`NetIncomeLoss`	$17.74M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.60	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.64	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.60	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$18.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.74M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.83M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.69M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$3.05M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.26M	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-82.00K	USD	1 Quarter
(Gain) loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$61.00K	USD	1 Quarter
Provision for loss on receivables	`ProvisionForDoubtfulAccounts`	$134.00K	USD	1 Quarter
Provision for loss on receivables	`ProvisionForDoubtfulAccounts`	$629.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$540.00K	USD	1 Quarter
Provision for revenue adjustments	`ProvisionForOtherLosses`	$817.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$836.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$3.71M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-805.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-4.57M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.71M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.70M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.77M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.63M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.60M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$87.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.81M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.53M	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$407.00K	USD	1 Quarter
Proceeds from disposal of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$644.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.09M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.22M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$6.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$91.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.69M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.67M	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$74.00K	USD	1 Quarter
Payments of debt and capital lease obligations	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$68.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$830.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$4.41M	USD	1 Quarter
Payments of cash dividends	`PaymentsOfDividends`	$5.19M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$19.99M	USD	1 Quarter
Repurchase of common stock (repurchase program)	`PaymentsForRepurchaseOfCommonStock`	$14.18M	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-2.72M	USD	1 Quarter
Cash settlement of share-based awards for minimum tax withholdings	`CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings`	$-1.82M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.33M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.30M	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.51M	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`	$3.89M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.66M	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.16M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.73M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.89M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.66M	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.16M	USD	Point-in-time

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