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10-Q Filing

FORWARD AIR CORP CIK: 912728 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0000912728-20-000064
Period End Date 20200331
Filing Date 20200501
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance form10-qq12020_htm.xml
Filing Contents
Balance Sheet 75 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.25M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $64.75M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.16M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.66M USD Point-in-time
Accounts receivable, less allowance of $1,923 in 2020 and $2,101 in 2019 AccountsReceivableNetCurrent $150.20M USD Point-in-time
Accounts receivable, less allowance of $1,923 in 2020 and $2,101 in 2019 AccountsReceivableNetCurrent $143.23M USD Point-in-time
Other current assets OtherAssetsCurrent $21.37M USD Point-in-time
Other current assets OtherAssetsCurrent $20.71M USD Point-in-time
Total current assets AssetsCurrent $241.19M USD Point-in-time
Total current assets AssetsCurrent $236.32M USD Point-in-time
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $2.10M USD Point-in-time
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $1.92M USD Point-in-time
Property and equipment PropertyPlantAndEquipmentGross $426.38M USD Point-in-time
Property and equipment PropertyPlantAndEquipmentGross $426.74M USD Point-in-time
Less accumulated depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $213.71M USD Point-in-time
Less accumulated depreciation and amortization AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $216.62M USD Point-in-time
Other acquired intangibles, accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $95.49M USD Point-in-time
Other acquired intangibles, accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $91.88M USD Point-in-time
Total property and equipment, net PropertyPlantAndEquipmentNet $213.03M USD Point-in-time
Total property and equipment, net PropertyPlantAndEquipmentNet $209.75M USD Point-in-time
Operating lease, right-of-use asset OperatingLeaseRightOfUseAsset $171.24M USD Point-in-time
Operating lease, right-of-use asset OperatingLeaseRightOfUseAsset $151.66M 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
Goodwill Goodwill $242.64M USD Point-in-time
Goodwill Goodwill $221.10M USD Point-in-time
Common stock, authorized shares (in shares) CommonStockSharesAuthorized 50.00M shares Point-in-time
Common stock, issued shares (in shares) CommonStockSharesIssued 27.68M shares Point-in-time
Other acquired intangibles, net of accumulated amortization of $95,492 in 2020 and $91,879 in 2019 IntangibleAssetsNetExcludingGoodwill $127.80M USD Point-in-time
Other acquired intangibles, net of accumulated amortization of $95,492 in 2020 and $91,879 in 2019 IntangibleAssetsNetExcludingGoodwill $158.13M USD Point-in-time
Common stock, issued shares (in shares) CommonStockSharesIssued 27.85M shares Point-in-time
Common stock, outstanding shares (in shares) CommonStockSharesOutstanding 27.85M shares Point-in-time
Total goodwill and other acquired intangibles, net TotalGoodwillAndOtherAcquiredIntangibles $400.77M USD Point-in-time
Total goodwill and other acquired intangibles, net TotalGoodwillAndOtherAcquiredIntangibles $348.90M USD Point-in-time
Common stock, outstanding shares (in shares) CommonStockSharesOutstanding 27.68M shares Point-in-time
Other assets OtherAssets $43.28M USD Point-in-time
Other assets OtherAssets $40.97M USD Point-in-time
Total assets Assets $1.07B USD Point-in-time
Total assets Assets $990.88M USD Point-in-time
Total assets Assets $885.58M USD Point-in-time
Accounts payable AccountsPayableCurrent $26.57M USD Point-in-time
Accounts payable AccountsPayableCurrent $29.99M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $52.17M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $49.82M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $5.66M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $5.32M USD Point-in-time
Current portion of debt and finance lease obligations LongTermDebtAndCapitalLeaseObligationsCurrent $1.43M USD Point-in-time
Current portion of debt and finance lease obligations LongTermDebtAndCapitalLeaseObligationsCurrent $1.42M USD Point-in-time
Current portion of operating lease obligations OperatingLeaseLiabilityCurrent $57.50M USD Point-in-time
Current portion of operating lease obligations OperatingLeaseLiabilityCurrent $50.62M USD Point-in-time
Total current liabilities LiabilitiesCurrent $137.16M USD Point-in-time
Total current liabilities LiabilitiesCurrent $143.33M USD Point-in-time
Debt and finance lease obligations, less current portion LongTermDebtAndCapitalLeaseObligations $72.25M USD Point-in-time
Debt and finance lease obligations, less current portion LongTermDebtAndCapitalLeaseObligations $136.90M USD Point-in-time
Operating lease obligations, less current portion OperatingLeaseLiabilityNoncurrent $101.53M USD Point-in-time
Operating lease obligations, less current portion OperatingLeaseLiabilityNoncurrent $114.38M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $60.30M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $58.82M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $43.94M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $45.49M 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 - 27,678,521 in 2020 and 27,850,233 in 2019 CommonStockValue $277.00K USD Point-in-time
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 27,678,521 in 2020 and 27,850,233 in 2019 CommonStockValue $279.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $226.87M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $230.13M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $350.03M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $335.43M USD Point-in-time
Total shareholders' equity StockholdersEquity $553.44M USD Point-in-time
Total shareholders' equity StockholdersEquity $553.24M USD Point-in-time
Total shareholders' equity StockholdersEquity $577.18M USD Point-in-time
Total shareholders' equity StockholdersEquity $565.84M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $990.88M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.07B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Operating revenue Revenues $342.51M USD 1 Quarter
Operating revenue Revenues $321.47M USD 1 Quarter
Purchased transportation OperatingCostsAndExpenses $144.01M USD 1 Quarter
Purchased transportation OperatingCostsAndExpenses $160.13M USD 1 Quarter
Salaries, wages and employee benefits LaborAndRelatedExpense $76.36M USD 1 Quarter
Salaries, wages and employee benefits LaborAndRelatedExpense $86.67M USD 1 Quarter
Operating leases LeaseAndRentalExpense $19.17M USD 1 Quarter
Operating leases LeaseAndRentalExpense $23.56M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.83M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.63M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $9.37M USD 1 Quarter
Insurance and claims OperatingInsuranceAndClaimsCostsProduction $11.77M USD 1 Quarter
Fuel expense FuelCosts $5.34M USD 1 Quarter
Fuel expense FuelCosts $5.61M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $31.38M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $32.70M USD 1 Quarter
Total operating expenses CostsAndExpenses $296.74M USD 1 Quarter
Total operating expenses CostsAndExpenses $330.81M USD 1 Quarter
Income from operations OperatingIncomeLoss $24.73M USD 1 Quarter
Income from operations OperatingIncomeLoss $11.70M USD 1 Quarter
Interest expense InterestExpense $853.00K USD 1 Quarter
Interest expense InterestExpense $575.00K USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense - USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $-1.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $576.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $853.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $10.85M 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 $2.47M USD 1 Quarter
Net income and comprehensive income NetIncomeLoss $18.41M USD 1 Quarter
Net income and comprehensive income NetIncomeLoss $8.38M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.64 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.30 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.64 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.30 USD 1 Quarter
Dividends per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Dividends per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $18.41M USD 1 Quarter
Net income NetIncomeLoss $8.38M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.83M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $10.63M USD 1 Quarter
Change in fair value of earn-out liability BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-594.00K USD 1 Quarter
Change in fair value of earn-out liability BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 - USD 1 Quarter
Share-based compensation ShareBasedCompensation $3.05M USD 1 Quarter
Share-based compensation ShareBasedCompensation $3.27M USD 1 Quarter
Gain on disposal of property and equipment, net GainLossOnSaleOfPropertyPlantEquipment $61.00K USD 1 Quarter
Gain on disposal of property and equipment, net GainLossOnSaleOfPropertyPlantEquipment $38.00K USD 1 Quarter
(Recovery of) provision for loss on receivables ProvisionForDoubtfulAccounts $629.00K USD 1 Quarter
(Recovery of) provision for loss on receivables ProvisionForDoubtfulAccounts $-180.00K USD 1 Quarter
Provision for revenue adjustments ProvisionForOtherLosses $540.00K USD 1 Quarter
Provision for revenue adjustments ProvisionForOtherLosses $1.04M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $836.00K USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $1.54M USD 1 Quarter
Accounts receivable IncreaseDecreaseInReceivables $-4.57M USD 1 Quarter
Accounts receivable IncreaseDecreaseInReceivables $-6.10M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-907.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-2.70M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $4.63M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $1.52M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-3.41M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-4.60M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $41.53M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $29.17M USD 1 Quarter
Proceeds from disposal of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $750.00K USD 1 Quarter
Proceeds from disposal of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $407.00K USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.09M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.17M USD 1 Quarter
Acquisition of business, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $55.93M USD 1 Quarter
Acquisition of business, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $6.00K USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-3.69M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-58.35M USD 1 Quarter
Payments of finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $68.00K USD 1 Quarter
Payments of finance lease obligations RepaymentsOfLongTermDebtAndCapitalSecurities $336.00K USD 1 Quarter
Proceeds from senior credit facility ProceedsFromLinesOfCredit - USD 1 Quarter
Proceeds from senior credit facility ProceedsFromLinesOfCredit $65.00M 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 $5.05M USD 1 Quarter
Payments of cash dividends PaymentsOfDividends $5.19M USD 1 Quarter
Repurchase of common stock (repurchase program) PaymentsForRepurchaseOfCommonStock $14.18M USD 1 Quarter
Repurchase of common stock (repurchase program) PaymentsForRepurchaseOfCommonStock $15.26M USD 1 Quarter
Cash settlement of share-based awards for tax withholdings CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings $-2.72M USD 1 Quarter
Cash settlement of share-based awards for tax withholdings CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings $-2.67M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $41.68M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-21.33M USD 1 Quarter
Net increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $16.51M USD 1 Quarter
Net increase in cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $12.50M USD 1 Quarter
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.25M USD Point-in-time
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $64.75M USD Point-in-time
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.16M USD Point-in-time
Cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.66M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $77.25M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $64.75M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.16M USD Point-in-time
Cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.66M USD Point-in-time
Stockholders Equity 30 line items
Line Item Tag Value Unit Period
Dividends per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Dividends per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.18 USD 1 Quarter
Balance StockholdersEquity $553.44M USD Point-in-time
Balance StockholdersEquity $553.24M USD Point-in-time
Balance StockholdersEquity $577.18M USD Point-in-time
Balance StockholdersEquity $565.84M USD Point-in-time
Balance, shares (in shares) CommonStockSharesOutstanding 27.85M shares Point-in-time
Balance, shares (in shares) CommonStockSharesOutstanding 27.68M shares Point-in-time
Net income and comprehensive income ComprehensiveIncomeNetOfTax $8.38M USD 1 Quarter
Net income and comprehensive income ComprehensiveIncomeNetOfTax $18.41M USD 1 Quarter
Other StockholdersEquityOther $-2.00K USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $830.00K USD 1 Quarter
Exercise of stock options (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 18,000.00 shares 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.27M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.05M USD 1 Quarter
Dividends DividendsCommonStockCash $5.19M USD 1 Quarter
Dividends DividendsCommonStockCash $5.05M USD 1 Quarter
Cash settlement of share-based awards for tax withholdings ShareBasedAwardTaxWithholdings $2.72M USD 1 Quarter
Cash settlement of share-based awards for tax withholdings ShareBasedAwardTaxWithholdings $2.67M USD 1 Quarter
Share repurchases StockRepurchasedAndRetiredDuringPeriodValue $14.18M USD 1 Quarter
Share repurchases StockRepurchasedAndRetiredDuringPeriodValue $15.26M USD 1 Quarter
Share repurchases, shares StockRepurchasedAndRetiredDuringPeriodShares 230,000.00 shares 1 Quarter
Share repurchases, shares StockRepurchasedAndRetiredDuringPeriodShares 268,000.00 shares 1 Quarter
Vesting of previously non-vested shares StockIssuedDuringPeriodValueRestrictedStockAwardGross $-1.00K USD 1 Quarter
Balance StockholdersEquity $553.44M USD Point-in-time
Balance StockholdersEquity $553.24M USD Point-in-time
Balance StockholdersEquity $577.18M USD Point-in-time
Balance StockholdersEquity $565.84M USD Point-in-time
Balance, shares (in shares) CommonStockSharesOutstanding 27.85M shares Point-in-time
Balance, shares (in shares) CommonStockSharesOutstanding 27.68M shares Point-in-time

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

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