Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended March 31, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
104,324

 
$
29,914

 
$
25,926

 
$
12,406

 
$
(1,001
)
 
$
171,569

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
42,676

 
20,243

 
7,122

 
4,317

 
(807
)
 
73,551

Salaries, wages, and employee benefits
25,281

 
3,834

 
9,340

 
2,923

 
44

 
41,422

Operating leases
4,986

 
130

 
2,477

 
758

 
—

 
8,351

Depreciation and amortization
3,851

 
1,194

 
1,284

 
681

 
3

 
7,013

Insurance and claims
2,469

 
605

 
785

 
268

 
—

 
4,127

Fuel expense
1,108

 
1,155

 
1,755

 
788

 
—

 
4,806

Other operating expenses
8,734

 
1,351

 
3,565

 
2,558

 
(180
)
 
16,028

Total operating expenses
89,105

 
28,512

 
26,328

 
12,293

 
(940
)
 
155,298

Income from operations
$
15,219

 
$
1,402

 
$
(402
)
 
$
113

 
$
(61
)
 
$
16,271






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended June 30, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
115,213

 
$
34,266

 
$
25,390

 
$
20,014

 
$
(1,031
)
 
$
193,852

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
46,853

 
23,240

 
6,594

 
6,921

 
(774
)
 
82,834

Salaries, wages, and employee benefits
26,317

 
4,111

 
9,261

 
4,664

 
38

 
44,391

Operating leases
4,822

 
81

 
2,000

 
1,262

 
—

 
8,165

Depreciation and amortization
4,129

 
1,380

 
1,422

 
817

 
3

 
7,751

Insurance and claims
1,714

 
467

 
518

 
405

 
—

 
3,104

Fuel expense
1,059

 
1,195

 
1,754

 
1,164

 
—

 
5,172

Other operating expenses
8,182

 
1,356

 
3,160

 
2,387

 
(245
)
 
14,840

Total operating expenses
93,076

 
31,830

 
24,709

 
17,620

 
(978
)
 
166,257

Income from operations
$
22,137

 
$
2,436

 
$
681

 
$
2,394

 
$
(53
)
 
$
27,595






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended September 30, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
119,000

 
$
33,728

 
$
28,812

 
$
21,189

 
$
(1,252
)
 
$
201,477

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
49,873

 
22,475

 
7,482

 
6,880

 
(836
)
 
85,874

Salaries, wages, and employee benefits
26,208

 
4,105

 
10,295

 
5,008

 
35

 
45,651

Operating leases
4,976

 
70

 
2,007

 
1,450

 
—

 
8,503

Depreciation and amortization
4,358

 
1,400

 
1,470

 
884

 
3

 
8,115

Insurance and claims
2,278

 
472

 
451

 
546

 
—

 
3,747

Fuel expense
944

 
1,101

 
1,765

 
1,202

 
—

 
5,012

Other operating expenses
9,690

 
1,476

 
4,004

 
2,899

 
(400
)
 
17,669

Total operating expenses
98,327

 
31,099

 
27,474

 
18,869

 
(1,198
)
 
174,571

Income from operations
$
20,673

 
$
2,629

 
$
1,338

 
$
2,320

 
$
(54
)
 
$
26,906






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended December 31, 2014
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
120,364

 
$
35,360

 
$
38,130

 
$
22,338

 
$
(2,130
)
 
$
214,062

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
52,601

 
24,255

 
10,154

 
6,898

 
(1,591
)
 
92,317

Salaries, wages, and employee benefits
28,150

 
4,049

 
12,924

 
5,427

 
91

 
50,641

Operating leases
5,022

 
93

 
2,473

 
1,386

 
1

 
8,975

Depreciation and amortization
4,316

 
1,393

 
1,539

 
1,000

 
6

 
8,254

Insurance and claims
2,325

 
589

 
1,353

 
489

 
2

 
4,758

Fuel expense
944

 
1,023

 
2,021

 
1,170

 
—

 
5,158

Other operating expenses
9,280

 
1,437

 
4,742

 
3,368

 
(503
)
 
18,324

Total operating expenses
102,638

 
32,839

 
35,206

 
19,738

 
(1,994
)
 
188,427

Income from operations
$
17,726

 
$
2,521

 
$
2,924

 
$
2,600

 
$
(136
)
 
$
25,635






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended March 31, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
122,284

 
$
34,483

 
$
27,228

 
$
23,029

 
$
(1,106
)
 
$
205,918

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
52,937

 
22,625

 
7,473

 
7,064

 
(762
)
 
89,337

Salaries, wages, and employee benefits
28,332

 
4,229

 
9,983

 
5,885

 
5,474

 
53,903

Operating leases
7,640

 
326

 
2,187

 
2,553

 
3,050

 
15,756

Depreciation and amortization
4,576

 
1,372

 
1,539

 
969

 
228

 
8,684

Insurance and claims
2,924

 
553

 
881

 
588

 
184

 
5,130

Fuel expense
935

 
895

 
1,286

 
901

 
3

 
4,020

Other operating expenses
10,055

 
1,272

 
3,663

 
3,080

 
2,769

 
20,839

Total operating expenses
107,399

 
31,272

 
27,012

 
21,040

 
10,946

 
197,669

Income from operations
$
14,885

 
$
3,211

 
$
216

 
$
1,989

 
$
(12,052
)
 
$
8,249






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended June 30, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
156,062

 
$
39,427

 
$
27,697

 
$
27,497

 
$
(989
)
 
$
249,694

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
66,238

 
25,333

 
7,564

 
8,968

 
(621
)
 
107,482

Salaries, wages, and employee benefits
37,366

 
4,527

 
10,490

 
6,138

 
3,365

 
61,886

Operating leases
10,397

 
383

 
2,249

 
2,925

 
2,323

 
18,277

Depreciation and amortization
5,412

 
1,480

 
1,475

 
950

 
202

 
9,519

Insurance and claims
2,996

 
938

 
963

 
683

 
660

 
6,240

Fuel expense
1,135

 
895

 
1,284

 
869

 
5

 
4,188

Other operating expenses
11,722

 
1,730

 
3,685

 
3,646

 
1,411

 
22,194

Total operating expenses
135,266

 
35,286

 
27,710

 
24,179

 
7,345

 
229,786

Income from operations
$
20,796

 
$
4,141

 
$
(13
)
 
$
3,318

 
$
(8,334
)
 
$
19,908






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended September 30, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
149,114

 
$
38,515

 
$
32,126

 
$
28,889

 
$
(1,551
)
 
$
247,093

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,727

 
25,542

 
8,784

 
9,414

 
(1,033
)
 
104,434

Salaries, wages, and employee benefits
34,260

 
4,501

 
12,077

 
6,151

 
2,036

 
59,025

Operating leases
9,828

 
419

 
2,658

 
3,328

 
839

 
17,072

Depreciation and amortization
5,283

 
1,561

 
1,445

 
943

 
167

 
9,399

Insurance and claims
2,715

 
807

 
887

 
686

 
66

 
5,161

Fuel expense
1,001

 
783

 
1,314

 
727

 
1

 
3,826

Other operating expenses
12,706

 
1,732

 
4,406

 
4,104

 
627

 
23,575

Total operating expenses
127,520

 
35,345

 
31,571

 
25,353

 
2,703

 
222,492

Income from operations
$
21,594

 
$
3,170

 
$
555

 
$
3,536

 
$
(4,254
)
 
$
24,601






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended December 31, 2015
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
149,731

 
$
40,936

 
$
42,953

 
$
24,881

 
$
(2,081
)
 
$
256,420

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,908

 
27,570

 
11,213

 
8,314

 
(1,489
)
 
107,516

Salaries, wages, and employee benefits
37,568

 
5,222

 
15,778

 
6,059

 
1,162

 
65,789

Operating leases
8,410

 
197

 
3,463

 
3,030

 
67

 
15,167

Depreciation and amortization
5,407

 
1,671

 
1,476

 
923

 
79

 
9,556

Insurance and claims
2,467

 
726

 
1,083

 
621

 
54

 
4,951

Fuel expense
880

 
774

 
1,532

 
682

 
1

 
3,869

Other operating expenses
11,511

 
2,009

 
5,007

 
2,146

 
(116
)
 
20,557

Total operating expenses
128,151

 
38,169

 
39,552

 
21,775

 
(242
)
 
227,405

Income from operations
$
21,580

 
$
2,767

 
$
3,401

 
$
3,106

 
$
(1,839
)
 
$
29,015






Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)

 
Three months ended March 31, 2016
 
Expedited LTL
 
Truckload Expedited
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
134,377

 
$
38,622

 
$
33,192

 
$
24,624

 
$
(1,266
)
 
$
229,549

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
53,442

 
26,561

 
8,877

 
8,433

 
(837
)
 
96,476

Salaries, wages, and employee benefits
34,922

 
5,167

 
12,798

 
5,966

 
(175
)
 
58,678

Operating leases
7,918

 
69

 
2,877

 
3,004

 
—

 
13,868

Depreciation and amortization
5,548

 
1,740

 
1,485

 
895

 
—

 
9,668

Insurance and claims
2,532

 
842

 
1,156

 
862

 
3

 
5,395

Fuel expense
720

 
626

 
1,022

 
593

 
—

 
2,961

Other operating expenses
12,211

 
2,052

 
4,863

 
2,499

 
(527
)
 
21,098

Total operating expenses
117,293

 
37,057

 
33,078

 
22,252

 
(1,536
)
 
208,144

Income from operations
$
17,084

 
$
1,565

 
$
114

 
$
2,372

 
$
270

 
$
21,405