All-time record quarterly reported revenue, income from operations and net income per diluted share

Guides record second quarter revenue and net income per diluted share

GREENEVILLE, Tenn.–(BUSINESS WIRE)–Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three months ended March 31, 2022 as presented in the tables below on a continuing operations basis.


Tom Schmitt, Chairman, President and CEO, commenting on first quarter results from continuing operations said, “Strong financial performance resulted in all-time quarterly records set for our first quarter reported revenue, net income and net income per diluted share. Our commitment to precision execution combined with a positive economy drove strong demand for our services. Higher quality freight in our network contributed to a record revenue per shipment for the first quarter for our less-than-truckload line of business. First quarter revenue growth of 29% came in above the high end of our guidance range of 18% to 22% and our reported net income per diluted share of $1.57 exceeded the high end of our $1.15 to $1.19 guidance range.”

Mr. Schmitt continued, “In the first weeks of the second quarter, we have seen continued strength, and believe we will see similar strong performance in the second quarter. Momentum is expected to continue as more and more cruise lines, conferences and trade shows come back. At this point, we are optimistic that we can achieve our previously announced 2023 net income per diluted share of $6.30 in 2022, and are now targeting $6.70 net income per diluted share in 2023 without any major acquisitions.”

In closing, Mr. Schmitt said, “In the first quarter, we achieved unparalleled reported revenue, income from operations and net income per diluted share quarterly financial results. I appreciate the outstanding efforts of our teammates and independent contractors as we could not have reached this monumental achievement without their hard work and valuable contributions.”

Regarding the Company’s second quarter 2022 continuing operations guidance, Rebecca J. Garbrick, CFO, said, “We expect our year-over-year revenue growth will be 18% to 22% and net income per diluted share to be between $1.59 to $1.63, compared to reported net income per diluted share of $1.11 and adjusted net income per diluted share of $1.10 in the second quarter of 2021.”

Continuing Operations

 

Three Months Ended

(in thousands, except per share data)

 

March 31, 2022

 

March 31, 2021

 

Change

 

Percent Change

Operating revenue

 

$

466,961

 

 

$

362,202

 

 

$

104,759

 

28.9

%

Income from operations

 

$

57,351

 

 

$

22,724

 

 

$

34,627

 

152.4

%

Operating margin

 

 

12.3

%

 

 

6.3

%

 

600 bps

Net income

 

$

42,686

 

 

$

16,714

 

 

$

25,972

 

155.4

%

Net income per diluted share

 

$

1.57

 

 

$

0.60

 

 

$

0.97

 

161.7

%

Cash provided by operating activities

 

$

62,486

 

 

 

16,913

 

 

$

45,573

 

269.5

%

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures: 1

 

 

 

 

 

 

 

 

Adjusted income from operations

 

$

57,351

 

 

$

29,679

 

 

$

27,672

 

93.2

%

Adjusted net income

 

$

42,686

 

 

$

22,104

 

 

$

20,582

 

93.1

%

Adjusted net income per diluted share

 

$

1.57

 

 

$

0.80

 

 

$

0.77

 

96.3

%

EBITDA

 

$

68,481

 

 

$

31,961

 

 

$

36,520

 

114.3

%

Free cash flow

 

$

53,089

 

 

$

14,883

 

 

$

38,206

 

256.7

%

 

 

 

 

 

 

 

 

 

1 Reconciliation of these non-GAAP financial measures are provided below the financial tables.

On April 25, 2022, our Board of Directors declared a quarterly cash dividend of $0.24 per share of common stock. The dividend is payable to shareholders of record at the close of business on May 26, 2022 and is expected to be paid on June 14, 2022. This quarterly dividend is made pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.96 for the full year 2022, payable in quarterly increments of $0.24 per share of common stock. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance and position.

The Board approved a strategy to divest the Pool Distribution business (“Pool”) on April 23, 2020, and the sale of Pool was completed on February 12, 2021. Accordingly, the results of operations and cash flows for Pool have been presented as a discontinued operation and have been excluded from continuing operations in this release for all periods presented.

Review of Financial Results

Forward Air will hold a conference call to discuss first quarter 2022 results on Thursday, April 28, 2022 at 9:00 a.m. EDT. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844) 721-7237, Access Code: 7291478.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investors Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation

Forward Air is a leading asset-light freight and logistics company that provides services across the United States and Canada. We provide expedited less-than-truckload (“LTL”) services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer final mile services, including delivery of heavy-bulky freight, truckload brokerage services, including dedicated fleet services; and intermodal, first-and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. For more information, visit our website at www.forwardaircorp.com.

Forward Air Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited, in thousands, except per share data)

 

 

 

 

 

Three Months Ended

 

March 31,

2022

 

March 31,

2021

Operating revenue:

 

 

 

Expedited Freight

$

376,591

 

 

$

304,186

 

Intermodal

 

90,440

 

 

 

58,514

 

Eliminations and other operations

 

(70

)

 

 

(498

)

Operating revenues

 

466,961

 

 

 

362,202

 

Operating expenses:

 

 

 

Purchased transportation

 

224,832

 

 

 

184,608

 

Salaries, wages and employee benefits

 

86,081

 

 

 

74,897

 

Operating leases

 

22,673

 

 

 

19,167

 

Depreciation and amortization

 

11,130

 

 

 

9,237

 

Insurance and claims

 

11,968

 

 

 

9,741

 

Fuel expense

 

5,865

 

 

 

3,702

 

Other operating expenses

 

47,061

 

 

 

38,126

 

Total operating expenses

 

409,610

 

 

 

339,478

 

Income (loss) from continuing operations:

 

 

 

Expedited Freight

 

47,680

 

 

 

24,530

 

Intermodal

 

11,146

 

 

 

4,509

 

Other Operations

 

(1,475

)

 

 

(6,315

)

Income from continuing operations

 

57,351

 

 

 

22,724

 

Other expense:

 

 

 

Interest expense

 

(784

)

 

 

(1,165

)

Total other expense

 

(784

)

 

 

(1,165

)

Income before income taxes

 

56,567

 

 

 

21,559

 

Income tax expense

 

13,881

 

 

 

4,845

 

Net income from continuing operations

 

42,686

 

 

 

16,714

 

Loss from discontinued operation, net of tax

 

 

 

 

(5,533

)

Net income and comprehensive income

$

42,686

 

 

$

11,181

 

 

 

 

 

Net income per share:

 

 

 

Basic net income (loss) per share

 

 

 

Continuing operations

$

1.57

 

 

$

0.61

 

Discontinued operation

 

 

 

 

(0.20

)

Net income per basic share1

$

1.57

 

 

$

0.40

 

 

 

 

 

Diluted net income (loss) per share

 

 

 

Continuing operations

$

1.57

 

 

$

0.60

 

Discontinued operation

 

 

 

 

(0.20

)

Net income per diluted share

$

1.57

 

 

$

0.40

 

Dividends per share

$

0.24

 

 

$

0.21

 

 

 

 

 

1 Rounding may impact summation of amounts.

 

 

 

Expedited Freight Segment Information

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

2022

 

Percent of

Revenue

 

March 31,

2021

 

Percent of

Revenue

 

Change

 

Percent

Change

Operating revenue:

 

 

 

 

 

 

 

 

 

 

 

Network 1

$

243,414

 

64.6

%

 

$

178,627

 

58.7

%

 

$

64,787

 

36.3

%

Truckload

 

55,908

 

14.8

 

 

 

52,380

 

17.2

 

 

$

3,528

 

6.7

 

Final Mile

 

65,758

 

17.5

 

 

 

62,256

 

20.5

 

 

$

3,502

 

5.6

 

Other

 

11,511

 

3.1

 

 

 

10,923

 

3.6

 

 

$

588

 

5.4

 

Total operating revenue

 

376,591

 

100.0

 

 

 

304,186

 

100.0

 

 

$

72,405

 

23.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

 

200,034

 

53.1

 

 

 

164,364

 

54.0

 

 

$

35,670

 

21.7

 

Salaries, wages and employee benefits

 

68,220

 

18.1

 

 

 

61,687

 

20.3

 

 

$

6,533

 

10.6

 

Operating leases

 

15,731

 

4.2

 

 

 

14,218

 

4.7

 

 

$

1,513

 

10.6

 

Depreciation and amortization

 

7,481

 

2.0

 

 

 

6,798

 

2.2

 

 

$

683

 

10.0

 

Insurance and claims

 

8,751

 

2.3

 

 

 

7,611

 

2.5

 

 

$

1,140

 

15.0

 

Fuel expense

 

2,650

 

0.7

 

 

 

1,993

 

0.7

 

 

$

657

 

33.0

 

Other operating expenses

 

26,044

 

6.9

 

 

 

22,985

 

7.6

 

 

$

3,059

 

13.3

 

Total operating expenses

 

328,911

 

87.3

 

 

 

279,656

 

91.9

 

 

$

49,255

 

17.6

 

Income from operations

$

47,680

 

12.7

%

 

$

24,530

 

8.1

%

 

$

23,150

 

94.4

%

 

 

 

 

 

 

 

 

 

 

 

 

1Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial, Truckload and Final Mile revenue.

Expedited Freight Operating Statistics

 

 

 

Three Months Ended

 

March 31,

2022

 

March 31,

2021

 

Percent Change

 

 

 

 

 

 

Business days

 

64

 

 

 

63

 

 

1.6

%

 

 

 

 

 

 

Tonnage 1,2

 

 

 

 

 

Total pounds

 

717,611

 

 

 

651,339

 

 

10.2

 

Pounds per day

 

11,213

 

 

 

10,339

 

 

8.5

 

 

 

 

 

 

 

Shipments 1,2

 

 

 

 

 

Total shipments

 

892

 

 

 

1,026

 

 

(13.1

)

Shipments per day

 

13.9

 

 

 

16.3

 

 

(14.7

)

 

 

 

 

 

 

Weight per shipment

 

804

 

 

 

635

 

 

26.6

 

 

 

 

 

 

 

Revenue per hundredweight 3

$

32.67

 

 

$

27.56

 

 

18.5

 

Revenue per hundredweight, ex fuel 3

$

26.74

 

 

$

23.86

 

 

12.1

 

 

 

 

 

 

 

Revenue per shipment 3

$

265.23

 

 

$

174.30

 

 

52.2

 

Revenue per shipment, ex fuel 3

$

217.53

 

 

$

150.82

 

 

44.2

 

 

 

 

 

 

 

Network revenue from door-to-door shipments as a percentage of network revenue 3,4

 

45.2

%

 

 

48.4

%

 

(6.6

)

 

 

 

 

 

 

1 In thousands

2 Excludes accessorial, Truckload and Final Mile products

3 Includes intercompany revenue between the Network and Truckload revenue streams

4 Door-to-door shipments include all shipments with a pickup and/or delivery

Intermodal Segment Information

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

2022

 

Percent of

Revenue

 

March 31,

2021

 

Percent of

Revenue

 

Change

 

Percent

Change

Operating revenue

$

90,440

 

100.0

%

 

58,514

 

100.0

%

 

31,926

 

 

54.6

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

 

24,868

 

27.5

 

 

20,603

 

35.2

 

 

4,265

 

 

20.7

 

Salaries, wages and employee benefits

 

17,935

 

19.8

 

 

14,063

 

24.0

 

 

3,872

 

 

27.5

 

Operating leases

 

6,941

 

7.7

 

 

4,837

 

8.3

 

 

2,104

 

 

43.5

 

Depreciation and amortization

 

3,610

 

4.0

 

 

2,436

 

4.2

 

 

1,174

 

 

48.2

 

Insurance and claims

 

2,060

 

2.3

 

 

2,402

 

4.1

 

 

(342

)

 

(14.2

)

Fuel expense

 

3,215

 

3.6

 

 

1,710

 

2.9

 

 

1,505

 

 

88.0

 

Other operating expenses

 

20,665

 

22.8

 

 

7,954

 

13.6

 

 

12,711

 

 

159.8

 

Total operating expenses

 

79,294

 

87.7

 

 

54,005

 

92.3

 

 

25,289

 

 

46.8

 

Income from operations

 

11,146

 

12.3

%

 

4,509

 

7.7

%

 

6,637

 

 

147.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Intermodal Operating Statistics

 

 

 

Three Months Ended

 

March 31,

2022

 

March 31,

2021

 

Percent Change

 

 

 

 

 

 

Drayage shipments

88,312

 

89,909

 

(1.8

) %

Drayage revenue per shipment

890

 

553

 

60.9

%

Number of locations

29

 

27

 

7.4

%

 

Forward Air Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

March 31,

2022

 

December 31,

2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

61,630

 

$

37,316

Accounts receivable, net

 

236,666

 

 

208,085

Other receivables

 

4,488

 

 

8,097

Other current assets

 

22,468

 

 

29,309

Total current assets

 

325,252

 

 

282,807

 

 

 

 

Property and equipment, net

 

224,060

 

 

219,095

Operating lease right-of-use assets

 

153,337

 

 

148,198

Goodwill

 

265,639

 

 

266,752

Other acquired intangibles, net

 

150,638

 

 

154,717

Other assets

 

47,880

 

 

46,254

Total assets

$

1,166,806

 

$

1,117,823

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

54,430

 

$

44,837

Accrued expenses

 

66,467

 

 

61,621

Other current liabilities

 

12,479

 

 

4,614

Current portion of debt and finance lease obligations

 

6,069

 

 

6,088

Current portion of operating lease liabilities

 

48,499

 

 

47,532

Total current liabilities

 

187,944

 

 

164,692

 

 

 

 

Finance lease obligations, less current portion

 

8,767

 

 

9,571

Long-term debt, less current portion and debt issuance costs

 

155,125

 

 

155,466

Operating lease liabilities, less current portion

 

105,773

 

 

101,409

Other long-term liabilities

 

52,376

 

 

49,624

Deferred income taxes

 

45,050

 

 

43,407

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Preferred stock

 

 

 

Common stock

 

269

 

 

270

Additional paid-in capital

 

261,444

 

 

258,474

Retained earnings

 

350,058

 

 

334,910

Total shareholders’ equity

 

611,771

 

 

593,654

Total liabilities and shareholders’ equity

$

1,166,806

 

$

1,117,823

 

Forward Air Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Three Months Ended

 

March 31,

2022

 

March 31,

2021

Operating activities:

 

 

 

Net income from continuing operations

$

42,686

 

 

$

16,714

 

Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations

 

 

 

Depreciation and amortization

 

11,130

 

 

 

9,237

 

Change in fair value of earn-out liability

 

(294

)

 

 

(48

)

Share-based compensation expense

 

2,761

 

 

 

2,597

 

Provision for revenue adjustments

 

1,304

 

 

 

1,777

 

Deferred income tax expense (benefit)

 

1,643

 

 

 

(505

)

Other

 

132

 

 

 

92

 

Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:

 

 

 

Accounts receivable

 

(30,278

)

 

 

(28,023

)

Other receivables

 

3,609

 

 

 

(13,339

)

Other current and noncurrent assets

 

13,818

 

 

 

7,085

 

Accounts payable and accrued expenses

 

15,975

 

 

 

21,326

 

Net cash provided by operating activities of continuing operations

 

62,486

 

 

 

16,913

 

 

 

 

 

Investing activities:

 

 

 

Proceeds from sale of property and equipment

 

511

 

 

 

665

 

Purchases of property and equipment

 

(9,908

)

 

 

(2,695

)

Purchases of a business, net of cash acquired

 

 

 

 

(15,000

)

Net cash used in investing activities of continuing operations

 

(9,397

)

 

 

(17,030

)

 

 

 

 

Financing activities:

 

 

 

Repayments of finance lease obligations

 

(1,070

)

 

 

(467

)

Payments on credit facility

 

(375

)

 

 

 

Proceeds from issuance of common stock upon stock option exercises

 

206

 

 

 

2,147

 

Payments of dividends to shareholders

 

(6,502

)

 

 

(5,797

)

Repurchases and retirement of common stock

 

(17,780

)

 

 

(9,998

)

Payment of minimum tax withholdings on share-based awards

 

(3,254

)

 

 

(2,744

)

Contributions from subsidiary held for sale

 

 

 

 

1,118

 

Net cash used in financing activities from continuing operations

 

(28,775

)

 

 

(15,741

)

Net increase (decrease) in cash and cash equivalents of continuing operations

 

24,314

 

 

 

(15,858

)

 

 

 

 

Cash from discontinued operation:

 

 

 

Net cash used in operating activities of discontinued operation

 

 

 

 

(6,902

)

Net cash provided by investing activities of discontinued operation

 

 

 

 

8,020

 

Net cash used in financing activities of discontinued operation

 

 

 

 

(1,118

)

Net increase (decrease) in cash and cash equivalents

 

24,314

 

 

 

(15,858

)

Cash and cash equivalents at beginning of period of continuing operations

 

37,316

 

 

 

40,254

 

Cash at beginning of period of discontinued operation

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

24,314

 

 

 

(15,858

)

Less: cash at end of period of discontinued operation

 

 

 

 

 

Cash and cash equivalents at end of period of continuing operations

$

61,630

 

 

$

24,396

 

 

 

 

 

Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company uses non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with GAAP. The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three months ended March 31, 2022 and 2021, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), free cash flow, and adjusted income from continuing operations, adjusted net income, and adjusted net income per diluted share. All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value. The Company believes providing adjusted income from operations, net income and net income per share allows investors to compare Company performance consistently over various periods without regard to the impact of unusual, nonrecurring or nonoperational items.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s financial results prepared in accordance with GAAP. Non-GAAP financial information does not represent a comprehensive basis of accounting. As required by the Securities and Exchange Act of 1933 and the rules and regulations promulgated thereunder, the Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

The following is a reconciliation of net income to EBITDA for the three months ended March 31, 2022 and 2021 (in thousands):

 

 

Three Months Ended

Continuing Operations

 

March 31, 2022

 

March 31, 2021

Net income

 

$

42,686

 

$

16,714

Interest expense

 

 

784

 

 

1,165

Income tax expense

 

 

13,881

 

 

4,845

Depreciation and amortization

 

 

11,130

 

 

9,237

EBITDA

 

$

68,481

 

$

31,961

 

 

 

 

 

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three months ended March 31, 2022 and 2021 (in thousands):

 

 

Three Months Ended

Continuing Operations

 

March 31, 2022

 

March 31, 2021

Net cash provided by operating activities

 

$

62,486

 

 

$

16,913

 

Proceeds from sale of property and equipment

 

 

511

 

 

 

665

 

Purchases of property and equipment

 

 

(9,908

)

 

 

(2,695

)

Free cash flow

 

$

53,089

 

 

$

14,883

 

 

The following is a reconciliation of reported income from operations, net income, and net income per diluted share to adjusted income from operations, net income, and net income per diluted share for the three months ended March 31, 2022 and 2021 (in thousands, except net income per diluted share):

 

 

Three Months Ended March 31, 2022

 

Three Months Ended March 31, 2021

Continuing Operations

 

Income From

Operations

 

Net

Income1

 

Net Income

Per Diluted

Share1

 

Income From

Operations

 

Net

Income1

 

Net Income

Per Diluted

Share1

As Reported

 

$

57,351

 

$

42,686

 

$

1.57

 

$

22,724

 

$

16,714

 

$

0.60

Professional fees for cybersecurity and shareholder engagement activities

 

 

 

 

 

 

 

 

6,955

 

 

5,390

 

 

0.20

As Adjusted

 

$

57,351

 

$

42,686

 

$

1.57

 

$

29,679

 

$

22,104

 

$

0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Net income and net income per diluted share amounts are after tax

The following is a reconciliation of reported net income per diluted share to adjusted net income per diluted share for the three months ended June 30, 2021:

Continuing Operations

 

Net Income Per Diluted

Share1

As reported

 

$

1.11

 

Change in the fair value of the earn-out liability

 

 

(0.01

)

As adjusted

 

$

1.10

 

1 Net income per diluted share is after tax.

 

The following information is provided to supplement this press release.

Actual – Continuing Operations

 

Three Months Ended

March 31, 2022

Net income from continuing operations

 

 

42,686

 

Income allocated to participating securities

 

 

(248

)

Numerator for diluted net income per share – net income

 

$

42,438

 

 

 

 

Weighted-average common shares and common share equivalent outstanding – diluted

 

 

27,100

 

Diluted net income per share

 

$

1.57

 

 

 

 

Projected

 

Full year 2022

Projected tax rate – continuing operations

 

 

25.9

%

 

 

 

Projected purchases of property and equipment, net of proceeds from sale of property and equipment

 

$

40,000

 

 

 

 

Projected

 

December 31, 2022

Projected weighted-average common shares and common share equivalent outstanding – diluted

 

 

26,900

 

Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to expected second quarter 2022 revenue, revenue growth, net income per diluted share, adjusted net income per diluted share and volume, expectations regarding continued momentum in our business into 2022 and 2023, expectations regarding expansion of operating margins, and the future of declaration of dividends.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, changes in fuel prices and/or fuel taxes, a decrease in demand for transportation services, pricing pressure, changes in freight volume, the COVID-19 pandemic, our ability to manage our growth and ability to grow, in part, through acquisitions, while being able to successfully integrate such acquisitions, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers transportation needs, our inability to manage our information systems and inability of our informatio

Contacts

Forward Air Corporation

Brandon Hammer, 423-636-7173

bhammer@forwardair.com

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