Forward Air Corporation | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Year ended | ||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | ||||||||||||
Operating revenue: | |||||||||||||||
Airport-to-airport | $ | 103,866 | $ | 100,691 | $ | 392,323 | $ | 390,697 | |||||||
Logistics | 33,347 | 20,473 | 120,822 | 83,787 | |||||||||||
Other | 6,947 | 6,639 | 26,570 | 26,137 | |||||||||||
Pool distribution | 36,925 | 27,722 | 112,766 | 83,825 | |||||||||||
Total operating revenue | 181,085 | 155,525 | 652,481 | 584,446 | |||||||||||
Operating expenses: | |||||||||||||||
Purchased transportation | |||||||||||||||
Airport-to-airport | 44,241 | 40,519 | 162,847 | 160,065 | |||||||||||
Logistics | 22,643 | 15,447 | 82,339 | 63,203 | |||||||||||
Other | 2,204 | 1,989 | 7,911 | 7,241 | |||||||||||
Pool distribution | 10,140 | 7,221 | 32,593 | 22,211 | |||||||||||
Total purchased transportation | 79,228 | 65,176 | 285,690 | 252,720 | |||||||||||
Salaries, wages and employee benefits | 41,949 | 37,597 | 151,097 | 135,006 | |||||||||||
Operating leases | 8,387 | 7,164 | 29,310 | 27,989 | |||||||||||
Depreciation and amortization | 6,202 | 5,081 | 23,579 | 21,021 | |||||||||||
Insurance and claims | 3,455 | 3,177 | 12,619 | 11,309 | |||||||||||
Fuel expense | 4,610 | 2,767 | 15,145 | 10,038 | |||||||||||
Other operating expenses | 14,051 | 10,529 | 50,686 | 42,831 | |||||||||||
Total operating expenses | 157,882 | 131,491 | 568,126 | 500,914 | |||||||||||
Income from operations | 23,203 | 24,034 | 84,355 | 83,532 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (131 | ) | (150 | ) | (532 | ) | (391 | ) | |||||||
Other, net | 27 | 20 | 99 | 14 | |||||||||||
Total other expense | (104 | ) | (130 | ) | (433 | ) | (377 | ) | |||||||
Income before income taxes | 23,099 | 23,904 | 83,922 | 83,155 | |||||||||||
Income taxes | 7,514 | 7,944 | 29,455 | 30,487 | |||||||||||
Net income | $ | 15,585 | $ | 15,960 | $ | 54,467 | $ | 52,668 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.51 | $ | 0.55 | $ | 1.81 | $ | 1.82 | |||||||
Diluted | $ | 0.50 | $ | 0.54 | $ | 1.77 | $ | 1.78 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 30,490 | 29,190 | 30,135 | 28,967 | |||||||||||
Diluted | 31,129 | 29,716 | 30,762 | 29,536 | |||||||||||
Dividends per share: | $ | 0.10 | $ | 0.10 | $ | 0.40 | $ | 0.34 |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
December 31, 2013 | December 31, 2012 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 127,367 | $ | 112,182 | |||
Accounts receivable, net | 76,500 | 75,262 | |||||
Other current assets | 16,493 | 10,952 | |||||
Total current assets | 220,360 | 198,396 | |||||
Property and equipment | 271,050 | 239,138 | |||||
Less accumulated depreciation and amortization | 116,287 | 105,581 | |||||
Net property and equipment | 154,763 | 133,557 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 88,496 | 43,332 | |||||
Other acquired intangibles, net of accumulated amortization | 40,110 | 22,102 | |||||
Total net goodwill and other acquired intangibles | 128,606 | 65,434 | |||||
Other assets | 2,540 | 1,800 | |||||
Total assets | $ | 506,269 | $ | 399,187 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 16,267 | $ | 11,168 | |||
Accrued expenses | 18,275 | 16,476 | |||||
Current portion of debt and capital lease obligations | 69 | 276 | |||||
Total current liabilities | 34,611 | 27,920 | |||||
Debt and capital lease obligations, less current portion | 3 | 58 | |||||
Other long-term liabilities | 8,940 | 7,098 | |||||
Deferred income taxes | 26,850 | 12,440 | |||||
Commitments and contingencies | |||||||
Shareholders’ equity: | |||||||
Common stock | 305 | 292 | |||||
Additional paid-in capital | 107,726 | 64,644 | |||||
Retained earnings | 327,834 | 286,735 | |||||
Total shareholders’ equity | 435,865 | 351,671 | |||||
Total liabilities and shareholders’ equity | $ | 506,269 | $ | 399,187 | |||
(a) Taken from audited financial statements, which are not presented in their entirety. |
Forward Air Corporation | |||||||
Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
December 31, 2013 | December 31, 2012 | ||||||
Operating activities: | |||||||
Net income | $ | 15,585 | $ | 15,960 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 6,202 | 5,081 | |||||
Gain on change in fair value of earn-out liability | (615 | ) | — | ||||
Share-based compensation | 1,559 | 1,500 | |||||
Loss on disposal of property and equipment | 14 | 59 | |||||
Provision for loss (recovery) on receivables | 189 | (27 | ) | ||||
Provision for revenue adjustments | 826 | 586 | |||||
Deferred income taxes | 198 | (417 | ) | ||||
Tax benefit for stock options exercised | (500 | ) | (31 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 5,709 | (943 | ) | ||||
Prepaid expenses and other current assets | 1,360 | 298 | |||||
Accounts payable and accrued expenses | (175 | ) | 841 | ||||
Net cash provided by operating activities | 30,352 | 22,907 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 308 | 44 | |||||
Purchases of property and equipment | (2,173 | ) | (854 | ) | |||
Other | (18 | ) | 4 | ||||
Net cash used in investing activities | (1,883 | ) | (806 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (24 | ) | (140 | ) | |||
Proceeds from exercise of stock options | 3,136 | — | |||||
Payments of cash dividends | (3,070 | ) | (2,938 | ) | |||
Repurchase of common stock (repurchase program) | (354 | ) | — | ||||
Common stock issued under employee stock purchase plan | 159 | 140 | |||||
Tax benefit for stock options exercised | 500 | 31 | |||||
Net cash provided by (used in) financing activities | 347 | (2,907 | ) | ||||
Net increase in cash | 28,816 | 19,194 | |||||
Cash at beginning of period | 98,551 | 92,988 | |||||
Cash at end of period | $ | 127,367 | $ | 112,182 |
Forward Air Corporation | |||||||
Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Year ended | |||||||
December 31, 2013 | December 31, 2012 | ||||||
Operating activities: | |||||||
Net income | $ | 54,467 | $ | 52,668 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 23,579 | 21,021 | |||||
Gain on change in fair value of earn-out liability | (615 | ) | — | ||||
Share-based compensation | 6,178 | 6,050 | |||||
(Gain) loss on disposal of property and equipment | (454 | ) | 318 | ||||
Provision for loss on receivables | 423 | 199 | |||||
Provision for revenue adjustments | 2,531 | 2,003 | |||||
Deferred income taxes | 4,856 | 2,043 | |||||
Tax benefit for stock options exercised | (3,707 | ) | (385 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 1,447 | (6,542 | ) | ||||
Prepaid expenses and other current assets | (215 | ) | (1,331 | ) | |||
Accounts payable and accrued expenses | 2,349 | (7,458 | ) | ||||
Net cash provided by operating activities | 90,839 | 68,586 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 1,973 | 911 | |||||
Purchases of property and equipment | (35,439 | ) | (21,353 | ) | |||
Acquisition of business, net of cash acquired | (45,328 | ) | — | ||||
Other | (129 | ) | (263 | ) | |||
Net cash used in investing activities | (78,923 | ) | (20,705 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (20,375 | ) | (551 | ) | |||
Proceeds from exercise of stock options | 33,002 | 15,740 | |||||
Payments of cash dividends | (12,141 | ) | (9,947 | ) | |||
Repurchase of common stock (repurchase program) | (354 | ) | — | ||||
Common stock issued under employee stock purchase plan | 296 | 259 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (866 | ) | (386 | ) | |||
Tax benefit for stock options exercised | 3,707 | 385 | |||||
Net cash provided by financing activities | 3,269 | 5,500 | |||||
Net increase in cash | 15,185 | 53,381 | |||||
Cash at beginning of year | 112,182 | 58,801 | |||||
Cash at end of year | $ | 127,367 | $ | 112,182 |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, 2013 | Percent of | December 31, 2012 | Percent of | Percent | ||||||||||||||||
Revenue | Revenue | Change | Change | |||||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 132.1 | 72.9 | % | $ | 128.4 | 82.6 | % | $ | 3.7 | 2.9 | % | ||||||||
FASI | 37.0 | 20.4 | 27.9 | 17.9 | 9.1 | 32.6 | ||||||||||||||
TQI | 13.3 | 7.4 | — | — | 13.3 | 100.0 | ||||||||||||||
Intercompany eliminations | (1.3 | ) | (0.7 | ) | (0.8 | ) | (0.5 | ) | (0.5 | ) | 62.5 | |||||||||
Total | 181.1 | 100.0 | 155.5 | 100.0 | 25.6 | 16.5 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 62.0 | 46.9 | 58.1 | 45.3 | 3.9 | 6.7 | ||||||||||||||
FASI | 10.9 | 29.5 | 7.8 | 27.9 | 3.1 | 39.7 | ||||||||||||||
TQI | 7.3 | 54.9 | — | — | 7.3 | 100.0 | ||||||||||||||
Intercompany eliminations | (1.0 | ) | 76.9 | (0.7 | ) | 87.5 | (0.3 | ) | 42.9 | |||||||||||
Total | 79.2 | 43.7 | 65.2 | 41.9 | 14.0 | 21.5 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 27.4 | 20.7 | 27.7 | 21.6 | (0.3 | ) | (1.1 | ) | ||||||||||||
FASI | 12.6 | 34.1 | 9.9 | 35.5 | 2.7 | 27.3 | ||||||||||||||
TQI | 1.9 | 14.3 | — | — | 1.9 | 100.0 | ||||||||||||||
Total | 41.9 | 23.2 | 37.6 | 24.2 | 4.3 | 11.4 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 5.4 | 4.1 | 5.2 | 4.1 | 0.2 | 3.8 | ||||||||||||||
FASI | 3.0 | 8.1 | 2.0 | 7.2 | 1.0 | 50.0 | ||||||||||||||
TQI | — | — | — | — | — | — | ||||||||||||||
Total | 8.4 | 4.6 | 7.2 | 4.6 | 1.2 | 16.7 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 4.1 | 3.1 | 3.9 | 3.0 | 0.2 | 5.1 | ||||||||||||||
FASI | 1.3 | 3.5 | 1.2 | 4.3 | 0.1 | 8.3 | ||||||||||||||
TQI | 0.8 | 6.0 | — | — | 0.8 | 100.0 | ||||||||||||||
Total | 6.2 | 3.4 | 5.1 | 3.3 | 1.1 | 21.6 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 2.3 | 1.7 | 2.5 | 1.9 | (0.2 | ) | (8.0 | ) | ||||||||||||
FASI | 1.0 | 2.7 | 0.7 | 2.5 | 0.3 | 42.9 | ||||||||||||||
TQI | 0.2 | 1.5 | — | — | 0.2 | 100.0 | ||||||||||||||
Total | 3.5 | 1.9 | 3.2 | 2.1 | 0.3 | 9.4 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 1.0 | 0.8 | 1.0 | 0.8 | — | — | ||||||||||||||
FASI | 2.2 | 5.9 | 1.7 | 6.1 | 0.5 | 29.4 | ||||||||||||||
TQI | 1.4 | 10.5 | — | — | 1.4 | 100.0 | ||||||||||||||
Total | 4.6 | 2.6 | 2.7 | 1.7 | 1.9 | 70.4 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 10.1 | 7.7 | 8.4 | 6.5 | 1.7 | 20.2 | ||||||||||||||
FASI | 4.3 | 11.6 | 2.2 | 7.9 | 2.1 | 95.5 | ||||||||||||||
TQI | — | — | — | — | — | — | ||||||||||||||
Intercompany eliminations | (0.3 | ) | 23.1 | (0.1 | ) | 12.5 | (0.2 | ) | 200.0 | |||||||||||
Total | 14.1 | 7.8 | 10.5 | 6.8 | 3.6 | 34.3 | ||||||||||||||
Income from operations | ||||||||||||||||||||
Forward Air | 19.8 | 15.0 | 21.6 | 16.8 | (1.8 | ) | (8.3 | ) | ||||||||||||
FASI | 1.7 | 4.6 | 2.4 | 8.6 | (0.7 | ) | (29.2 | ) | ||||||||||||
TQI | 1.7 | 12.8 | — | — | 1.7 | 100.0 | ||||||||||||||
Total | $ | 23.2 | 12.8 | % | $ | 24.0 | 15.4 | % | $ | (0.8 | ) | (3.3 | )% |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Year ended | ||||||||||||||||||||
December 31, 2013 | Percent of | December 31, 2012 | Percent of | Percent | ||||||||||||||||
Revenue | Revenue | Change | Change | |||||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 501.1 | 76.8 | % | $ | 501.7 | 85.9 | % | $ | (0.6 | ) | (0.1 | )% | |||||||
FASI | 113.4 | 17.4 | 85.0 | 14.5 | 28.4 | 33.4 | ||||||||||||||
TQI | 41.8 | 6.4 | — | — | 41.8 | 100.0 | ||||||||||||||
Intercompany eliminations | (3.8 | ) | (0.6 | ) | (2.3 | ) | (0.4 | ) | (1.5 | ) | 65.2 | |||||||||
Total | 652.5 | 100.0 | 584.4 | 100.0 | 68.1 | 11.7 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 230.9 | 46.1 | 231.4 | 46.1 | (0.5 | ) | (0.2 | ) | ||||||||||||
FASI | 34.5 | 30.4 | 23.3 | 27.4 | 11.2 | 48.1 | ||||||||||||||
TQI | 23.2 | 55.5 | — | — | 23.2 | 100.0 | ||||||||||||||
Intercompany eliminations | (2.9 | ) | 76.3 | (2.0 | ) | 87.0 | (0.9 | ) | 45.0 | |||||||||||
Total | 285.7 | 43.8 | 252.7 | 43.3 | 33.0 | 13.1 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 105.4 | 21.0 | 103.1 | 20.6 | 2.3 | 2.2 | ||||||||||||||
FASI | 39.3 | 34.7 | 31.9 | 37.5 | 7.4 | 23.2 | ||||||||||||||
TQI | 6.4 | 15.3 | — | — | 6.4 | 100.0 | ||||||||||||||
Total | 151.1 | 23.2 | 135.0 | 23.1 | 16.1 | 11.9 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 20.2 | 4.0 | 20.4 | 4.1 | (0.2 | ) | (1.0 | ) | ||||||||||||
FASI | 9.0 | 7.9 | 7.6 | 9.0 | 1.4 | 18.4 | ||||||||||||||
TQI | 0.1 | 0.2 | — | — | 0.1 | 100.0 | ||||||||||||||
Total | 29.3 | 4.5 | 28.0 | 4.8 | 1.3 | 4.6 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 16.2 | 3.2 | 16.4 | 3.3 | (0.2 | ) | (1.2 | ) | ||||||||||||
FASI | 5.0 | 4.4 | 4.7 | 5.5 | 0.3 | 6.4 | ||||||||||||||
TQI | 2.4 | 5.8 | — | — | 2.4 | 100.0 | ||||||||||||||
Total | 23.6 | 3.6 | 21.1 | 3.6 | 2.5 | 11.8 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 8.7 | 1.8 | 8.9 | 1.8 | (0.2 | ) | (2.2 | ) | ||||||||||||
FASI | 3.3 | 2.9 | 2.4 | 2.8 | 0.9 | 37.5 | ||||||||||||||
TQI | 0.5 | 1.2 | — | — | 0.5 | 100.0 | ||||||||||||||
Total | 12.5 | 1.9 | 11.3 | 1.9 | 1.2 | 10.6 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 4.0 | 0.8 | 4.2 | 0.8 | (0.2 | ) | (4.8 | ) | ||||||||||||
FASI | 7.0 | 6.2 | 5.8 | 6.8 | 1.2 | 20.7 | ||||||||||||||
TQI | 4.2 | 10.1 | — | — | 4.2 | 100.0 | ||||||||||||||
Total | 15.2 | 2.3 | 10.0 | 1.7 | 5.2 | 52.0 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 37.0 | 7.4 | 35.8 | 7.1 | 1.2 | 3.4 | ||||||||||||||
FASI | 13.2 | 11.6 | 7.3 | 8.6 | 5.9 | 80.8 | ||||||||||||||
TQI | 1.4 | 3.3 | — | — | 1.4 | 100.0 | ||||||||||||||
Intercompany eliminations | (0.9 | ) | 23.7 | (0.3 | ) | 13.0 | (0.6 | ) | 200.0 | |||||||||||
Total | 50.7 | 7.8 | 42.8 | 7.3 | 7.9 | 18.5 | ||||||||||||||
Income from operations | ||||||||||||||||||||
Forward Air | 78.7 | 15.7 | 81.5 | 16.2 | (2.8 | ) | (3.4 | ) | ||||||||||||
FASI | 2.1 | 1.9 | 2.0 | 2.4 | 0.1 | 5.0 | ||||||||||||||
TQI | 3.6 | 8.6 | — | — | 3.6 | 100.0 | ||||||||||||||
Total | $ | 84.4 | 12.9 | % | $ | 83.5 | 14.3 | % | $ | 0.9 | 1.1 | % |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Three months ended | ||||||||||
December 31, | December 31, | Percent | ||||||||
2013 | 2012 | Change | ||||||||
Operating ratio | 85.0 | % | 83.2 | % | 2.2 | % | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 482,861 | 456,007 | 5.9 | |||||||
Average weekly pounds ¹ | 37,724 | 35,626 | 5.9 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 716,672 | 727,274 | (1.5 | ) | ||||||
Average weekly | 55,990 | 56,818 | (1.5 | ) | ||||||
Forward Air Complete shipments | 122,735 | 135,680 | (9.5 | ) | ||||||
As a percentage of linehaul shipments | 17.1 | % | 18.7 | % | (8.6 | ) | ||||
Average linehaul shipment size | 674 | 627 | 7.5 | |||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.00 | $ | 17.41 | (1.9 | ) | ||||
Fuel surcharge impact | 1.75 | 1.95 | (0.9 | ) | ||||||
Forward Air Complete impact | 2.80 | 2.74 | 0.3 | |||||||
Total airport-to-airport yield | $ | 21.55 | $ | 22.10 | (2.5 | ) | ||||
Logistics: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 8,001 | 8,501 | (5.9 | ) | ||||||
Third party ¹ | 4,253 | 4,152 | 2.4 | |||||||
Total Miles | 12,254 | 12,653 | (3.2 | ) | ||||||
Revenue per mile | $ | 1.69 | $ | 1.65 | 2.4 | |||||
Cost per mile | $ | 1.27 | $ | 1.22 | 4.1 | % | ||||
¹ - In thousands | ||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield. |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Year ended | ||||||||||
December 31, | December 31, | Percent | ||||||||
2013 | 2012 | Change | ||||||||
Operating ratio | 84.3 | % | 83.8 | % | 0.6 | % | ||||
Business days | 255.0 | 255.0 | — | |||||||
Business weeks | 51.0 | 51.0 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 1,803,243 | 1,778,397 | 1.4 | |||||||
Average weekly pounds ¹ | 35,358 | 34,871 | 1.4 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 2,755,271 | 2,791,597 | (1.3 | ) | ||||||
Average weekly | 54,025 | 54,737 | (1.3 | ) | ||||||
Forward Air Complete shipments | 476,005 | 645,207 | (26.2 | ) | ||||||
As a percentage of linehaul shipments | 17.3 | % | 23.1 | % | (25.1 | ) | ||||
Average linehaul shipment size | 654 | 637 | 2.7 | |||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.06 | $ | 17.13 | (0.3 | ) | ||||
Fuel surcharge impact | 1.87 | 1.90 | (0.2 | ) | ||||||
Forward Air Complete impact | 2.88 | 2.97 | (0.4 | ) | ||||||
Total airport-to-airport yield | $ | 21.81 | $ | 22.00 | (0.9 | ) | ||||
Logistics: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 34,401 | 35,091 | (2.0 | ) | ||||||
Third party ¹ | 14,916 | 16,162 | (7.7 | ) | ||||||
Total Miles | 49,317 | 51,253 | (3.8 | ) | ||||||
Revenue per mile | $ | 1.63 | $ | 1.64 | (0.6 | ) | ||||
Cost per mile | $ | 1.21 | $ | 1.24 | (2.4 | )% | ||||
¹ - In thousands | ||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield. |