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

 
Three months ended March 31, 2015
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
122,207

 
$
34,472

 
$
27,224

 
$
23,027

 
$
(1,012
)
 
$
205,918

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
52,853

 
22,614

 
7,469

 
7,063

 
(662
)
 
89,337

Salaries, wages, and employee benefits
30,322

 
4,423

 
10,100

 
5,934

 
3,124

 
53,903

Operating leases
5,918

 
92

 
2,086

 
2,528

 
5,132

 
15,756

Depreciation and amortization
4,741

 
1,410

 
1,557

 
967

 
9

 
8,684

Insurance and claims
2,820

 
539

 
875

 
586

 
310

 
5,130

Fuel expense
935

 
894

 
1,286

 
901

 
4

 
4,020

Other operating expenses
9,733

 
1,289

 
3,635

 
3,059

 
3,123

 
20,839

Total operating expenses
107,322

 
31,261

 
27,008

 
21,038

 
11,040

 
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 Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
155,858

 
$
39,395

 
$
27,684

 
$
27,494

 
$
(737
)
 
$
249,694

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
66,006

 
25,298

 
7,549

 
8,965

 
(336
)
 
107,482

Salaries, wages, and employee benefits
39,335

 
4,715

 
10,575

 
6,187

 
1,074

 
61,886

Operating leases
8,368

 
83

 
2,120

 
2,898

 
4,808

 
18,277

Depreciation and amortization
5,563

 
1,513

 
1,485

 
948

 
10

 
9,519

Insurance and claims
2,419

 
852

 
926

 
675

 
1,368

 
6,240

Fuel expense
1,134

 
895

 
1,284

 
869

 
6

 
4,188

Other operating expenses
12,237

 
1,898

 
3,758

 
3,634

 
667

 
22,194

Total operating expenses
135,062

 
35,254

 
27,697

 
24,176

 
7,597

 
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 Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
149,212

 
$
38,528

 
$
32,133

 
$
28,890

 
$
(1,670
)
 
$
247,093

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,723

 
25,541

 
8,783

 
9,414

 
(1,027
)
 
104,434

Salaries, wages, and employee benefits
35,735

 
4,701

 
12,171

 
6,189

 
229

 
59,025

Operating leases
8,374

 
205

 
2,560

 
3,308

 
2,625

 
17,072

Depreciation and amortization
5,403

 
1,590

 
1,451

 
939

 
16

 
9,399

Insurance and claims
2,601

 
791

 
879

 
684

 
206

 
5,161

Fuel expense
1,001

 
783

 
1,315

 
727

 
—

 
3,826

Other operating expenses
12,781

 
1,747

 
4,419

 
4,093

 
535

 
23,575

Total operating expenses
127,618

 
35,358

 
31,578

 
25,354

 
2,584

 
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 Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
149,748

 
$
40,937

 
$
42,954

 
$
24,881

 
$
(2,100
)
 
$
256,420

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,908

 
27,570

 
11,213

 
8,314

 
(1,489
)
 
107,516

Salaries, wages, and employee benefits
37,847

 
5,240

 
15,966

 
6,085

 
651

 
65,789

Operating leases
8,095

 
153

 
3,443

 
3,026

 
450

 
15,167

Depreciation and amortization
5,417

 
1,693

 
1,511

 
919

 
16

 
9,556

Insurance and claims
2,215

 
691

 
1,067

 
618

 
360

 
4,951

Fuel expense
881

 
774

 
1,532

 
682

 
—

 
3,869

Other operating expenses
11,467

 
2,049

 
5,160

 
2,131

 
(250
)
 
20,557

Total operating expenses
127,830

 
38,170

 
39,892

 
21,775

 
(262
)
 
227,405

Income from operations
$
21,918

 
$
2,767

 
$
3,062

 
$
3,106

 
$
(1,838
)
 
$
29,015






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

 
Three months ended March 31, 2016
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
134,379

 
$
38,620

 
$
33,192

 
$
24,624

 
$
(1,266
)
 
$
229,549

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
53,441

 
26,561

 
8,877

 
8,433

 
(836
)
 
96,476

Salaries, wages, and employee benefits
34,884

 
4,972

 
12,707

 
5,989

 
126

 
58,678

Operating leases
8,038

 
78

 
2,880

 
3,008

 
(136
)
 
13,868

Depreciation and amortization
5,531

 
1,750

 
1,497

 
890

 
—

 
9,668

Insurance and claims
2,768

 
865

 
1,165

 
868

 
(271
)
 
5,395

Fuel expense
720

 
626

 
1,022

 
593

 
—

 
2,961

Other operating expenses
11,913

 
2,203

 
4,930

 
2,471

 
(419
)
 
21,098

Total operating expenses
117,295

 
37,055

 
33,078

 
22,252

 
(1,536
)
 
208,144

Income from operations
$
17,084

 
$
1,565

 
$
114

 
$
2,372

 
$
270

 
$
21,405






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

 
Three months ended June 30, 2016
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
144,693

 
$
39,440

 
$
31,525

 
$
24,189

 
$
(1,210
)
 
$
238,637

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
55,744

 
27,364

 
8,590

 
8,401

 
(832
)
 
99,267

Salaries, wages, and employee benefits
33,942

 
4,530

 
11,935

 
6,045

 
566

 
57,018

Operating leases
8,490

 
103

 
3,059

 
2,943

 
6

 
14,601

Depreciation and amortization
5,278

 
1,724

 
1,464

 
875

 
—

 
9,341

Insurance and claims
3,367

 
994

 
975

 
528

 
784

 
6,648

Fuel expense
814

 
565

 
1,073

 
547

 
—

 
2,999

Other operating expenses
12,137

 
2,000

 
4,800

 
2,093

 
(361
)
 
20,669

Impairment of goodwill, intangibles and other assets
—

 
42,442

 
—

 
—

 
—

 
42,442

Total operating expenses
119,772

 
79,722

 
31,896

 
21,432

 
163

 
252,985

Income from operations
$
24,921

 
$
(40,282
)
 
$
(371
)
 
$
2,757

 
$
(1,373
)
 
$
(14,348
)





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

 
Three months ended September 30, 2016
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
144,337

 
$
42,210

 
$
36,437

 
$
27,579

 
$
(1,011
)
 
$
249,552

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
56,332

 
29,754

 
10,087

 
9,708

 
(842
)
 
105,039

Salaries, wages, and employee benefits
33,752

 
4,860

 
14,387

 
6,574

 
588

 
60,161

Operating leases
8,995

 
87

 
3,274

 
3,263

 
596

 
16,215

Depreciation and amortization
5,470

 
1,470

 
1,472

 
987

 
—

 
9,399

Insurance and claims
3,948

 
1,078

 
1,020

 
793

 
331

 
7,170

Fuel expense
848

 
684

 
1,216

 
668

 
—

 
3,416

Other operating expenses
13,978

 
2,239

 
4,915

 
2,545

 
(225
)
 
23,452

Total operating expenses
123,323

 
40,172

 
36,371

 
24,538

 
448

 
224,852

Income from operations
$
21,014

 
$
2,038

 
$
66

 
$
3,041

 
$
(1,459
)
 
$
24,700






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

 
Three months ended December 31, 2016
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
147,368

 
$
44,003

 
$
47,507

 
$
27,279

 
$
(1,364
)
 
$
264,793

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
59,587

 
31,733

 
12,466

 
9,706

 
(920
)
 
112,572

Salaries, wages, and employee benefits
36,353

 
4,956

 
17,809

 
6,604

 
423

 
66,145

Operating leases
8,907

 
64

 
3,495

 
2,818

 
524

 
15,808

Depreciation and amortization
5,641

 
1,497

 
1,541

 
1,123

 
(1
)
 
9,801

Insurance and claims
3,106

 
1,867

 
1,221

 
779

 
(793
)
 
6,180

Fuel expense
923

 
683

 
1,539

 
712

 
—

 
3,857

Other operating expenses
12,359

 
1,930

 
5,612

 
2,751

 
(445
)
 
22,207

Total operating expenses
126,876

 
42,730

 
43,683

 
24,493

 
(1,212
)
 
236,570

Income from operations
$
20,492

 
$
1,273

 
$
3,824

 
$
2,786

 
$
(152
)
 
$
28,223






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

 
Three months ended March 31, 2017
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
140,598

 
$
41,785

 
$
37,823

 
$
28,291

 
$
(1,515
)
 
$
246,982

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
55,374

 
29,283

 
9,901

 
9,747

 
(1,222
)
 
103,083

Salaries, wages, and employee benefits
34,898

 
5,204

 
14,430

 
6,712

 
754

 
61,998

Operating leases
9,249

 
85

 
3,186

 
3,067

 
14

 
15,601

Depreciation and amortization
5,563

 
1,558

 
1,802

 
1,110

 
—

 
10,033

Insurance and claims
2,845

 
1,059

 
1,009

 
792

 
101

 
5,806

Fuel expense
937

 
796

 
1,247

 
700

 
—

 
3,680

Other operating expenses
13,332

 
2,096

 
4,881

 
3,583

 
(300
)
 
23,592

Total operating expenses
122,198

 
40,081

 
36,456

 
25,711

 
(653
)
 
223,793

Income from operations
$
18,400

 
$
1,704

 
$
1,367

 
$
2,580

 
$
(862
)
 
$
23,189






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

 
Three months ended June 30, 2017
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
152,270

 
$
45,186

 
$
36,835

 
$
35,270

 
$
(2,043
)
 
$
267,518

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
61,036

 
32,670

 
9,617

 
14,010

 
(1,724
)
 
115,609

Salaries, wages, and employee benefits
36,922

 
4,982

 
14,024

 
8,041

 
433

 
64,402

Operating leases
9,002

 
126

 
3,113

 
3,066

 
(511
)
 
14,796

Depreciation and amortization
5,520

 
1,590

 
1,613

 
1,496

 
—

 
10,219

Insurance and claims
4,193

 
1,250

 
1,099

 
1,323

 
(135
)
 
7,730

Fuel expense
910

 
683

 
1,157

 
921

 
—

 
3,671

Other operating expenses
11,695

 
2,026

 
4,587

 
3,340

 
(366
)
 
21,282

Total operating expenses
129,278

 
43,327

 
35,210

 
32,197

 
(2,303
)
 
237,709

Income from operations
$
22,992

 
$
1,859

 
$
1,625

 
$
3,073

 
$
260

 
$
29,809






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

 
Three months ended September 30, 2017
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
155,703

 
$
45,941

 
$
39,180

 
$
42,292

 
$
(2,915
)
 
$
280,201

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
64,045

 
33,926

 
10,417

 
17,457

 
(2,519
)
 
123,326

Salaries, wages, and employee benefits
35,202

 
5,029

 
15,337

 
9,039

 
275

 
64,882

Operating leases
9,367

 
334

 
3,268

 
3,827

 
13

 
16,809

Depreciation and amortization
5,435

 
1,546

 
1,652

 
1,690

 
3

 
10,326

Insurance and claims
3,280

 
1,976

 
1,067

 
1,228

 
293

 
7,844

Fuel expense
911

 
793

 
1,325

 
1,067

 
—

 
4,096

Other operating expenses
14,259

 
2,201

 
5,433

 
4,504

 
(377
)
 
26,020

Total operating expenses
132,499

 
45,805

 
38,499

 
38,812

 
(2,312
)
 
253,303

Income from operations
$
23,204

 
$
136

 
$
681

 
$
3,480

 
$
(603
)
 
$
26,898






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

 
Three months ended December 31, 2017
 
Expedited LTL
 
Truckload Premium Services
 
Pool Distribution
 
Intermodal
 
Eliminations and other operations
 
Consolidated
Revenue
$
171,208

 
$
46,408

 
$
50,383

 
$
43,054

 
$
(4,937
)
 
$
306,116

 
 
 
 
 
 
 
 
 
 
 
 
Purchased transportation
74,416

 
35,424

 
13,295

 
17,375

 
(4,360
)
 
136,150

Salaries, wages, and employee benefits
38,933

 
5,178

 
18,935

 
9,673

 
738

 
73,457

Operating leases
9,091

 
360

 
3,759

 
3,534

 
(150
)
 
16,594

Depreciation and amortization
5,584

 
1,634

 
1,706

 
1,552

 
1

 
10,477

Insurance and claims
5,064

 
1,150

 
1,516

 
898

 
(429
)
 
8,199

Fuel expense
1,063

 
990

 
1,805

 
1,236

 
—

 
5,094

Other operating expenses
13,511

 
2,123

 
6,661

 
5,246

 
(172
)
 
27,369

Total operating expenses
147,662

 
46,859

 
47,677

 
39,514

 
(4,372
)
 
277,340

Income from operations
$
23,546

 
$
(451
)
 
$
2,706

 
$
3,540

 
$
(565
)
 
$
28,776