Forward Air Corporation | |||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||
Operating revenue | $ | 193,852 | $ | 159,804 | $ | 365,420 | $ | 301,364 | |||||||
Operating expenses: | |||||||||||||||
Purchased transportation | 82,834 | 70,253 | 156,385 | 131,252 | |||||||||||
Salaries, wages and employee benefits | 44,391 | 36,031 | 85,813 | 69,983 | |||||||||||
Operating leases | 8,165 | 6,888 | 16,516 | 13,932 | |||||||||||
Depreciation and amortization | 7,751 | 5,971 | 14,764 | 11,157 | |||||||||||
Insurance and claims | 3,104 | 3,215 | 7,231 | 5,874 | |||||||||||
Fuel expense | 5,172 | 3,656 | 9,977 | 6,664 | |||||||||||
Other operating expenses | 14,840 | 11,285 | 30,868 | 24,207 | |||||||||||
Total operating expenses | 166,257 | 137,299 | 321,554 | 263,069 | |||||||||||
Income from operations | 27,595 | 22,505 | 43,866 | 38,295 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (101 | ) | (128 | ) | (183 | ) | (256 | ) | |||||||
Other, net | 112 | 14 | 198 | 45 | |||||||||||
Total other income (expense) | 11 | (114 | ) | 15 | (211 | ) | |||||||||
Income before income taxes | 27,606 | 22,391 | 43,881 | 38,084 | |||||||||||
Income taxes | 10,428 | 8,560 | 16,502 | 13,399 | |||||||||||
Net income and comprehensive income | $ | 17,178 | $ | 13,831 | $ | 27,379 | $ | 24,685 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.56 | $ | 0.46 | $ | 0.89 | $ | 0.83 | |||||||
Diluted | $ | 0.55 | $ | 0.45 | $ | 0.87 | $ | 0.81 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 30,925 | 30,161 | 30,834 | 29,838 | |||||||||||
Diluted | 31,408 | 30,736 | 31,364 | 30,477 | |||||||||||
Dividends per share: | $ | 0.12 | $ | 0.10 | $ | 0.24 | $ | 0.20 |
Forward Air Corporation | |||||||||||||||||
Components of Consolidated Revenue and Purchased Transportation | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended | |||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Operating Revenue | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 107,983 | 70.0 | % | $ | 97,336 | 78.4 | % | $ | 10,647 | 10.9 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 19,167 | 12.4 | 18,581 | 15.0 | 586 | 3.2 | |||||||||||
Intermodal/drayage | 14,351 | 9.3 | 1,254 | 1.0 | 13,097 | 1,044.4 | |||||||||||
Total Logistics services | 33,518 | 21.7 | 19,835 | 16.0 | 13,683 | 69.0 | |||||||||||
Other Forward Air services | 12,765 | 8.3 | 6,909 | 5.6 | 5,856 | 84.8 | |||||||||||
Forward Air - Total revenue | 154,266 | 79.5 | 124,080 | 77.7 | 30,186 | 24.3 | |||||||||||
TQI - Pharmaceutical services | 13,682 | 7.1 | 12,196 | 7.6 | 1,486 | 12.2 | |||||||||||
Forward Air Solutions - Pool distribution | 26,935 | 13.9 | 24,300 | 15.2 | 2,635 | 10.8 | |||||||||||
Intersegment eliminations | (1,031 | ) | (0.5 | ) | (772 | ) | (0.5 | ) | (259 | ) | 33.5 | ||||||
Consolidated operating revenue | $ | 193,852 | 100.0 | % | $ | 159,804 | 100.0 | % | $ | 34,048 | 21.3 | % | |||||
Three months ended | |||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Purchased Transportation | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 44,776 | 41.5 | % | $ | 39,780 | 40.9 | % | $ | 4,996 | 12.6 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 14,695 | 76.7 | 13,816 | 74.4 | 879 | 6.4 | |||||||||||
Intermodal/drayage | 6,073 | 42.3 | 779 | 62.1 | 5,294 | 679.6 | |||||||||||
Total Logistics services | 20,768 | 62.0 | 14,595 | 73.6 | 6,173 | 42.3 | |||||||||||
Other Forward Air services | 3,045 | 23.9 | 2,073 | 30.0 | 972 | 46.9 | |||||||||||
Forward Air - Total purchased transportation | 68,589 | 44.5 | 56,448 | 45.5 | 12,141 | 21.5 | |||||||||||
TQI - Pharmaceutical services | 7,229 | 52.8 | 6,690 | 54.9 | 539 | 8.1 | |||||||||||
Forward Air Solutions - Pool distribution | 7,790 | 28.9 | 7,740 | 31.9 | 50 | 0.6 | |||||||||||
Intersegment eliminations | (774 | ) | 75.1 | (625 | ) | 81.0 | (149 | ) | 23.8 | ||||||||
Consolidated purchased transportation | $ | 82,834 | 42.7 | % | $ | 70,253 | 44.0 | % | $ | 12,581 | 17.9 | % |
Forward Air Corporation | |||||||||||||||||
Components of Consolidated Revenue and Purchased Transportation | |||||||||||||||||
(In thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Six months ended | |||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Operating Revenue | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 205,718 | 71.3 | % | $ | 187,925 | 78.2 | % | $ | 17,793 | 9.5 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 36,628 | 12.7 | 36,081 | 15.0 | 547 | 1.5 | |||||||||||
Intermodal/drayage | 23,346 | 8.1 | 2,711 | 1.1 | 20,635 | 761.2 | |||||||||||
Total Logistics services | 59,974 | 20.8 | 38,792 | 16.2 | 21,182 | 54.6 | |||||||||||
Other Forward Air services | 22,761 | 7.9 | 13,472 | 5.6 | 9,289 | 69.0 | |||||||||||
Forward Air - Total revenue | 288,453 | 78.9 | 240,189 | 79.7 | 48,264 | 20.1 | |||||||||||
TQI - Pharmaceutical services | 24,743 | 6.8 | 16,114 | 5.3 | 8,629 | 53.5 | |||||||||||
Forward Air Solutions - Pool distribution | 54,257 | 14.9 | 46,554 | 15.5 | 7,703 | 16.5 | |||||||||||
Intersegment eliminations | (2,033 | ) | (0.6 | ) | (1,493 | ) | (0.5 | ) | (540 | ) | 36.2 | ||||||
Consolidated operating revenue | $ | 365,420 | 100.0 | % | $ | 301,364 | 100.0 | % | $ | 64,056 | 21.3 | % | |||||
Six months ended | |||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | |||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | ||||||||||||
Purchased Transportation | |||||||||||||||||
Forward Air | |||||||||||||||||
Airport-to-airport | $ | 85,525 | 41.6 | % | $ | 76,465 | 40.7 | % | $ | 9,060 | 11.8 | % | |||||
Logistics services | |||||||||||||||||
Expedited full truckload - TLX | 28,370 | 77.5 | 27,034 | 74.9 | 1,336 | 4.9 | |||||||||||
Intermodal/drayage | 9,893 | 42.4 | 1,620 | 59.8 | 8,273 | 510.7 | |||||||||||
Total Logistics services | 38,263 | 63.8 | 28,654 | 73.9 | 9,609 | 33.5 | |||||||||||
Other Forward Air services | 5,584 | 24.5 | 3,890 | 28.9 | 1,694 | 43.5 | |||||||||||
Forward Air - Total purchased transportation | 129,372 | 44.9 | 109,009 | 45.4 | 20,363 | 18.7 | |||||||||||
TQI - Pharmaceutical services | 12,680 | 51.2 | 8,914 | 55.3 | 3,766 | 42.2 | |||||||||||
Forward Air Solutions - Pool distribution | 15,914 | 29.3 | 14,527 | 31.2 | 1,387 | 9.5 | |||||||||||
Intersegment eliminations | (1,581 | ) | 77.8 | (1,198 | ) | 80.2 | (383 | ) | 32.0 | ||||||||
Consolidated purchased transportation | $ | 156,385 | 42.8 | % | $ | 131,252 | 43.6 | % | $ | 25,133 | 19.1 | % |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
June 30, 2014 | December 31, 2013 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 24,943 | $ | 127,367 | |||
Accounts receivable, net | 97,560 | 76,500 | |||||
Other current assets | 14,655 | 16,493 | |||||
Total current assets | 137,158 | 220,360 | |||||
Property and equipment | 303,449 | 271,050 | |||||
Less accumulated depreciation and amortization | 124,068 | 116,287 | |||||
Net property and equipment | 179,381 | 154,763 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 138,839 | 88,496 | |||||
Other acquired intangibles, net of accumulated amortization | 74,560 | 40,110 | |||||
Total net goodwill and other acquired intangibles | 213,399 | 128,606 | |||||
Other assets | 2,551 | 2,540 | |||||
Total assets | $ | 532,489 | $ | 506,269 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 21,421 | $ | 16,267 | |||
Accrued expenses | 21,956 | 18,275 | |||||
Current portion of debt and capital lease obligations | 294 | 69 | |||||
Total current liabilities | 43,671 | 34,611 | |||||
Debt and capital lease obligations, less current portion | 1,415 | 3 | |||||
Other long-term liabilities | 7,729 | 8,940 | |||||
Deferred income taxes | 29,013 | 26,850 | |||||
Shareholders’ equity: | |||||||
Common stock | 306 | 305 | |||||
Additional paid-in capital | 123,688 | 107,726 | |||||
Retained earnings | 326,667 | 327,834 | |||||
Total shareholders’ equity | 450,661 | 435,865 | |||||
Total liabilities and shareholders’ equity | $ | 532,489 | $ | 506,269 | |||
(a) Taken from audited financial statements, which are not presented in their entirety. |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
June 30, 2014 | June 30, 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 17,178 | $ | 13,831 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 7,751 | 5,971 | |||||
Share-based compensation | 1,677 | 1,536 | |||||
Gain on disposal of property and equipment | (128 | ) | (368 | ) | |||
Provision for recovery on receivables | (127 | ) | (11 | ) | |||
Provision for revenue adjustments | 609 | 627 | |||||
Deferred income tax | 1,441 | 2,086 | |||||
Excess tax benefit for stock options exercised | (270 | ) | (632 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (4,234 | ) | 1,185 | ||||
Prepaid expenses and other current assets | (9,478 | ) | (1,360 | ) | |||
Accounts payable and accrued expenses | 4,764 | (6,219 | ) | ||||
Net cash provided by operating activities | 19,183 | 16,646 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 383 | 884 | |||||
Purchases of property and equipment | (13,872 | ) | (15,812 | ) | |||
Acquisition of business, net of cash acquired | — | (109 | ) | ||||
Other | (133 | ) | (4 | ) | |||
Net cash used in investing activities | (13,622 | ) | (15,041 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (87 | ) | (75 | ) | |||
Proceeds from exercise of stock options | 1,740 | 10,219 | |||||
Payments of cash dividends | (3,746 | ) | (3,047 | ) | |||
Repurchase of common stock (repurchase program) | (19,985 | ) | — | ||||
Common stock issued under employee stock purchase plan | 148 | 137 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (2 | ) | — | ||||
Excess tax benefit for stock options exercised | 270 | 632 | |||||
Net cash (used in) provided by financing activities | (21,662 | ) | 7,866 | ||||
Net (decrease) increase in cash | (16,101 | ) | 9,471 | ||||
Cash at beginning of period | 41,044 | 71,630 | |||||
Cash at end of period | $ | 24,943 | $ | 81,101 |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Six months ended | |||||||
June 30, 2014 | June 30, 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 27,379 | $ | 24,685 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 14,764 | 11,157 | |||||
Share-based compensation | 3,329 | 3,094 | |||||
Gain on disposal of property and equipment | (112 | ) | (283 | ) | |||
Provision for (recovery) loss on receivables | (85 | ) | 290 | ||||
Provision for revenue adjustments | 1,250 | 1,126 | |||||
Deferred income tax | 1,573 | 2,936 | |||||
Excess tax benefit for stock options exercised | (907 | ) | (2,870 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (12,727 | ) | 3,196 | ||||
Prepaid expenses and other current assets | (2,429 | ) | (2,090 | ) | |||
Accounts payable and accrued expenses | 7,180 | (3,991 | ) | ||||
Net cash provided by operating activities | 39,215 | 37,250 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 462 | 1,048 | |||||
Purchases of property and equipment | (33,420 | ) | (27,994 | ) | |||
Acquisition of business, net of cash acquired | (82,998 | ) | (45,328 | ) | |||
Other | (193 | ) | (60 | ) | |||
Net cash used in investing activities | (116,149 | ) | (72,334 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (9,578 | ) | (20,303 | ) | |||
Proceeds from exercise of stock options | 11,580 | 28,179 | |||||
Payments of cash dividends | (7,479 | ) | (6,014 | ) | |||
Repurchase of common stock (repurchase program) | (19,985 | ) | — | ||||
Common stock issued under employee stock purchase plan | 148 | 137 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (1,083 | ) | (866 | ) | |||
Excess tax benefit for stock options exercised | 907 | 2,870 | |||||
Net cash (used in) provided by financing activities | (25,490 | ) | 4,003 | ||||
Net decrease in cash | (102,424 | ) | (31,081 | ) | |||
Cash at beginning of period | 127,367 | 112,182 | |||||
Cash at end of period | $ | 24,943 | $ | 81,101 |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | |||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 154.3 | 79.5 | % | $ | 124.1 | 77.7 | % | $ | 30.2 | 24.3 | % | ||||||||
FASI | 26.9 | 13.9 | 24.3 | 15.2 | 2.6 | 10.7 | ||||||||||||||
TQI | 13.7 | 7.1 | 12.2 | 7.6 | 1.5 | 12.3 | ||||||||||||||
Intercompany eliminations | (1.0 | ) | (0.5 | ) | (0.8 | ) | (0.5 | ) | (0.2 | ) | 25.0 | |||||||||
Total | 193.9 | 100.0 | 159.8 | 100.0 | 34.1 | 21.3 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 68.6 | 44.5 | 56.5 | 45.5 | 12.1 | 21.4 | ||||||||||||||
FASI | 7.8 | 29.0 | 7.7 | 31.7 | 0.1 | 1.3 | ||||||||||||||
TQI | 7.2 | 52.5 | 6.7 | 54.9 | 0.5 | 7.5 | ||||||||||||||
Intercompany eliminations | (0.8 | ) | 80.0 | (0.6 | ) | 75.0 | (0.2 | ) | 33.3 | |||||||||||
Total | 82.8 | 42.7 | 70.3 | 44.0 | 12.5 | 17.8 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 32.9 | 21.3 | 25.6 | 20.6 | 7.3 | 28.5 | ||||||||||||||
FASI | 9.3 | 34.6 | 8.5 | 35.0 | 0.8 | 9.4 | ||||||||||||||
TQI | 2.2 | 16.1 | 1.9 | 15.6 | 0.3 | 15.8 | ||||||||||||||
Total | 44.4 | 22.9 | 36.0 | 22.5 | 8.4 | 23.3 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 6.2 | 4.0 | 4.9 | 4.0 | 1.3 | 26.5 | ||||||||||||||
FASI | 2.0 | 7.4 | 1.9 | 7.8 | 0.1 | 5.3 | ||||||||||||||
TQI | — | — | 0.1 | 0.8 | (0.1 | ) | (100.0 | ) | ||||||||||||
Total | 8.2 | 4.2 | 6.9 | 4.3 | 1.3 | 18.8 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 5.4 | 3.5 | 4.1 | 3.3 | 1.3 | 31.7 | ||||||||||||||
FASI | 1.4 | 5.2 | 1.2 | 4.9 | 0.2 | 16.7 | ||||||||||||||
TQI | 1.0 | 7.3 | 0.7 | 5.7 | 0.3 | 42.9 | ||||||||||||||
Total | 7.8 | 4.0 | 6.0 | 3.8 | 1.8 | 30.0 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 2.4 | 1.6 | 2.2 | 1.8 | 0.2 | 9.1 | ||||||||||||||
FASI | 0.5 | 1.9 | 0.8 | 3.3 | (0.3 | ) | (37.5 | ) | ||||||||||||
TQI | 0.2 | 1.5 | 0.2 | 1.7 | — | — | ||||||||||||||
Total | 3.1 | 1.6 | 3.2 | 2.0 | (0.1 | ) | (3.1 | ) | ||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 2.2 | 1.4 | 1.0 | 0.8 | 1.2 | 120.0 | ||||||||||||||
FASI | 1.8 | 6.7 | 1.5 | 6.2 | 0.3 | 20.0 | ||||||||||||||
TQI | 1.2 | 8.8 | 1.2 | 9.8 | — | — | ||||||||||||||
Total | 5.2 | 2.7 | 3.7 | 2.3 | 1.5 | 40.5 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 11.4 | 7.4 | 7.9 | 6.4 | 3.5 | 44.3 | ||||||||||||||
FASI | 3.1 | 11.5 | 2.9 | 11.9 | 0.2 | 6.9 | ||||||||||||||
TQI | 0.5 | 3.6 | 0.6 | 4.9 | (0.1 | ) | (16.7 | ) | ||||||||||||
Intercompany eliminations | (0.2 | ) | 20.0 | (0.2 | ) | 25.0 | — | — | ||||||||||||
Total | 14.8 | 7.7 | 11.2 | 7.0 | 3.6 | 32.1 | ||||||||||||||
Income from operations | ||||||||||||||||||||
Forward Air | 25.2 | 16.3 | 21.9 | 17.6 | 3.3 | 15.1 | ||||||||||||||
FASI | 1.0 | 3.7 | (0.2 | ) | (0.8 | ) | 1.2 | (600.0 | ) | |||||||||||
TQI | 1.4 | 10.2 | 0.8 | 6.6 | 0.6 | 75.0 | ||||||||||||||
Total | $ | 27.6 | 14.2 | % | $ | 22.5 | 14.1 | % | $ | 5.1 | 22.7 | % |
Forward Air Corporation | ||||||||||||||||||||
Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Six months ended | ||||||||||||||||||||
June 30, | Percent of | June 30, | Percent of | Percent | ||||||||||||||||
2014 | Revenue | 2013 | Revenue | Change | Change | |||||||||||||||
Operating revenue | ||||||||||||||||||||
Forward Air | $ | 288.4 | 78.9 | % | $ | 240.2 | 79.7 | % | $ | 48.2 | 20.1 | % | ||||||||
FASI | 54.3 | 14.9 | 46.6 | 15.5 | 7.7 | 16.5 | ||||||||||||||
TQI | 24.7 | 6.8 | 16.1 | 5.3 | 8.6 | 53.4 | ||||||||||||||
Intercompany eliminations | (2.0 | ) | (0.6 | ) | (1.5 | ) | (0.5 | ) | (0.5 | ) | 33.3 | |||||||||
Total | 365.4 | 100.0 | 301.4 | 100.0 | 64.0 | 21.2 | ||||||||||||||
Purchased transportation | ||||||||||||||||||||
Forward Air | 129.4 | 44.9 | 109.0 | 45.4 | 20.4 | 18.7 | ||||||||||||||
FASI | 15.9 | 29.3 | 14.5 | 31.1 | 1.4 | 9.7 | ||||||||||||||
TQI | 12.7 | 51.4 | 8.9 | 55.3 | 3.8 | 42.7 | ||||||||||||||
Intercompany eliminations | (1.6 | ) | 80.0 | (1.2 | ) | 80.0 | (0.4 | ) | 33.3 | |||||||||||
Total | 156.4 | 42.8 | 131.2 | 43.6 | 25.2 | 19.2 | ||||||||||||||
Salaries, wages and employee benefits | ||||||||||||||||||||
Forward Air | 63.0 | 21.8 | 50.7 | 21.1 | 12.3 | 24.3 | ||||||||||||||
FASI | 18.7 | 34.4 | 16.7 | 35.8 | 2.0 | 12.0 | ||||||||||||||
TQI | 4.1 | 16.6 | 2.6 | 16.1 | 1.5 | 57.7 | ||||||||||||||
Total | 85.8 | 23.5 | 70.0 | 23.2 | 15.8 | 22.6 | ||||||||||||||
Operating leases | ||||||||||||||||||||
Forward Air | 12.0 | 4.2 | 10.0 | 4.2 | 2.0 | 20.0 | ||||||||||||||
FASI | 4.5 | 8.3 | 3.9 | 8.4 | 0.6 | 15.4 | ||||||||||||||
TQI | — | — | 0.1 | 0.6 | (0.1 | ) | (100.0 | ) | ||||||||||||
Total | 16.5 | 4.5 | 14.0 | 4.7 | 2.5 | 17.9 | ||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Forward Air | 10.3 | 3.6 | 7.9 | 3.3 | 2.4 | 30.4 | ||||||||||||||
FASI | 2.7 | 5.0 | 2.4 | 5.1 | 0.3 | 12.5 | ||||||||||||||
TQI | 1.7 | 6.9 | 0.9 | 5.6 | 0.8 | 88.9 | ||||||||||||||
Total | 14.7 | 4.0 | 11.2 | 3.7 | 3.5 | 31.3 | ||||||||||||||
Insurance and claims | ||||||||||||||||||||
Forward Air | 5.5 | 1.9 | 4.1 | 1.7 | 1.4 | 34.1 | ||||||||||||||
FASI | 1.3 | 2.4 | 1.5 | 3.2 | (0.2 | ) | (13.3 | ) | ||||||||||||
TQI | 0.4 | 1.6 | 0.2 | 1.3 | 0.2 | 100.0 | ||||||||||||||
Total | 7.2 | 2.0 | 5.8 | 1.9 | 1.4 | 24.1 | ||||||||||||||
Fuel expense | ||||||||||||||||||||
Forward Air | 4.1 | 1.4 | 2.0 | 0.8 | 2.1 | 105.0 | ||||||||||||||
FASI | 3.5 | 6.5 | 3.1 | 6.7 | 0.4 | 12.9 | ||||||||||||||
TQI | 2.4 | 9.7 | 1.6 | 9.9 | 0.8 | 50.0 | ||||||||||||||
Total | 10.0 | 2.7 | 6.7 | 2.2 | 3.3 | 49.3 | ||||||||||||||
Other operating expenses | ||||||||||||||||||||
Forward Air | 23.5 | 8.1 | 18.2 | 7.6 | 5.3 | 29.1 | ||||||||||||||
FASI | 6.7 | 12.3 | 5.5 | 11.8 | 1.2 | 21.8 | ||||||||||||||
TQI | 1.1 | 4.5 | 0.8 | 5.0 | 0.3 | 37.5 | ||||||||||||||
Intercompany eliminations | (0.4 | ) | 20.0 | (0.3 | ) | 20.0 | (0.1 | ) | 33.3 | |||||||||||
Total | 30.9 | 8.5 | 24.2 | 8.0 | 6.7 | 27.7 | ||||||||||||||
Income (loss) from operations | ||||||||||||||||||||
Forward Air | 40.6 | 14.1 | 38.3 | 15.9 | 2.3 | 6.0 | ||||||||||||||
FASI | 1.0 | 1.8 | (1.0 | ) | (2.1 | ) | 2.0 | (200.0 | ) | |||||||||||
TQI | 2.3 | 9.3 | 1.0 | 6.2 | 1.3 | 130.0 | ||||||||||||||
Total | $ | 43.9 | 12.0 | % | $ | 38.3 | 12.7 | % | $ | 5.6 | 14.6 | % |
Forward Air Corporation | ||||||||||
Forward Air Inc. Operating Statistics | ||||||||||
Three months ended | ||||||||||
June 30, | June 30, | Percent | ||||||||
2014 | 2013 | Change | ||||||||
Operating ratio | 83.7 | % | 82.4 | % | 1.6 | % | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 473,146 | 452,171 | 4.6 | |||||||
Average weekly pounds ¹ | 36,965 | 35,326 | 4.6 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 731,002 | 714,677 | 2.3 | |||||||
Average weekly | 57,110 | 55,834 | 2.3 | |||||||
Forward Air Complete shipments | 139,572 | 115,001 | 21.4 | |||||||
As a percentage of linehaul shipments | 19.1 | % | 16.1 | % | 18.6 | |||||
Average linehaul shipment size | 647 | 633 | 2.2 | |||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.66 | $ | 16.98 | 3.2 | |||||
Fuel surcharge impact | 2.03 | 1.87 | 0.7 | |||||||
Forward Air Complete impact | 3.13 | 2.68 | 2.1 | |||||||
Total airport-to-airport yield | $ | 22.82 | $ | 21.53 | 6.0 | |||||
Expedited full truckload - TLX: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 6,930 | 9,147 | (24.2 | ) | ||||||
Third party ¹ | 4,570 | 3,328 | 37.3 | |||||||
Total Miles | 11,500 | 12,475 | (7.8 | ) | ||||||
Revenue per mile | $ | 1.67 | $ | 1.49 | 12.1 | |||||
Cost per mile | $ | 1.28 | $ | 1.11 | 15.3 | % | ||||
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 | ||||||||||
Six months ended | ||||||||||
June 30, | June 30, | Percent | ||||||||
2014 | 2013 | Change | ||||||||
Operating ratio | 85.9 | % | 84.1 | % | 2.1 | % | ||||
Business days | 127.0 | 127.0 | — | |||||||
Business weeks | 25.4 | 25.4 | — | |||||||
Airport-to-airport: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 914,861 | 858,085 | 6.6 | |||||||
Average weekly pounds ¹ | 36,018 | 33,783 | 6.6 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 1,393,482 | 1,350,342 | 3.2 | |||||||
Average weekly | 54,861 | 53,163 | 3.2 | |||||||
Forward Air Complete shipments | 247,146 | 229,086 | 7.9 | |||||||
As a percentage of linehaul shipments | 17.7 | % | 17.0 | % | 4.1 | |||||
Average linehaul shipment size | 657 | 635 | 3.5 | |||||||
Revenue per pound ² | ||||||||||
Linehaul yield | $ | 17.49 | $ | 17.14 | 1.6 | |||||
Fuel surcharge impact | 2.03 | 1.95 | 0.4 | |||||||
Forward Air Complete impact | 2.97 | 2.81 | 0.7 | |||||||
Total airport-to-airport yield | $ | 22.49 | $ | 21.90 | 2.7 | |||||
Expedited full truckload - TLX: | ||||||||||
Miles | ||||||||||
Owner operator ¹ | 13,898 | 17,484 | (20.5 | ) | ||||||
Third party ¹ | 8,652 | 6,848 | 26.3 | |||||||
Total Miles | 22,550 | 24,332 | (7.3 | ) | ||||||
Revenue per mile | $ | 1.62 | $ | 1.48 | 9.5 | |||||
Cost per mile | $ | 1.26 | $ | 1.11 | 13.5 | % | ||||
¹ - In thousands | ||||||||||
² - In cents per pound; percentage change is expressed as a percent of total yield. |