Continuing Operations | Three months ended | |||||||||||||||||||||||||
(in thousands, except per share data) | December 31, 2020 | December 31, 2019 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 350,341 | $ | 319,656 | $ | 30,685 | 9.6% | |||||||||||||||||||
Income from operations | $ | 20,726 | $ | 30,456 | $ | (9,730) | (31.9)% | |||||||||||||||||||
Operating margin | 5.9 | % | 9.5 | % | (360) | bps | ||||||||||||||||||||
Net income from continuing operations | $ | 15,133 | $ | 22,336 | $ | (7,203) | (32.2)% | |||||||||||||||||||
Net income per diluted share | $ | 0.55 | $ | 0.79 | $ | (0.24) | (30.4)% | |||||||||||||||||||
Cash provided by operating activities | $ | 14,473 | $ | 39,706 | $ | (25,233) | (63.5)% | |||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
EBITDA | $ | 29,929 | $ | 39,320 | $ | (9,391) | (23.9)% | |||||||||||||||||||
Free cash flow | $ | 11,642 | $ | 39,450 | $ | (27,808) | (70.5)% | |||||||||||||||||||
Continuing Operations | Twelve months ended | |||||||||||||||||||||||||
(in thousands, except per share data) | December 31, 2020 | December 31, 2019 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 1,269,573 | $ | 1,215,187 | $ | 54,386 | 4.5 | % | ||||||||||||||||||
Income from operations | $ | 73,924 | $ | 112,416 | $ | (38,492) | (34.2) | % | ||||||||||||||||||
Operating margin | 5.8 | % | 9.3 | % | (350) | bps | ||||||||||||||||||||
Net income from continuing operations | $ | 52,767 | $ | 82,322 | $ | (29,555) | (35.9) | % | ||||||||||||||||||
Net income per diluted share | $ | 1.89 | $ | 2.87 | $ | (0.98) | (34.1) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 94,966 | $ | 145,074 | $ | (50,108) | (34.5) | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
EBITDA | $ | 111,046 | $ | 148,809 | $ | (37,763) | (25.4) | % | ||||||||||||||||||
Free cash flow | $ | 77,111 | $ | 125,728 | $ | (48,617) | (38.7) | % | ||||||||||||||||||
1 EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the below financial tables. | ||||||||||||||||||||||||||
Forward Air Corporation | |||||||||||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||
(As Adjusted) | (As Adjusted) | ||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Expedited Freight | $ | 299,500 | $ | 265,879 | $ | 1,072,301 | $ | 1,000,934 | |||||||||||||||
Intermodal | 51,767 | 54,710 | 199,603 | 217,711 | |||||||||||||||||||
Eliminations and other operations | (926) | (933) | (2,331) | (3,458) | |||||||||||||||||||
Operating revenue | 350,341 | 319,656 | 1,269,573 | 1,215,187 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation | 184,943 | 159,857 | 650,664 | 586,140 | |||||||||||||||||||
Salaries, wages and employee benefits | 70,527 | 65,671 | 270,785 | 258,001 | |||||||||||||||||||
Operating leases | 17,122 | 16,231 | 69,720 | 63,092 | |||||||||||||||||||
Depreciation and amortization | 9,206 | 8,863 | 37,125 | 36,394 | |||||||||||||||||||
Insurance and claims | 8,475 | 9,457 | 34,912 | 38,733 | |||||||||||||||||||
Fuel expense | 2,919 | 4,540 | 12,166 | 17,759 | |||||||||||||||||||
Other operating expenses | 36,423 | 24,581 | 120,277 | 102,652 | |||||||||||||||||||
Total operating expenses | 329,615 | 289,200 | 1,195,649 | 1,102,771 | |||||||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||||
Expedited Freight | 20,872 | 27,418 | 71,266 | 103,640 | |||||||||||||||||||
Intermodal | 3,428 | 5,354 | 16,391 | 23,679 | |||||||||||||||||||
Other operations | (3,574) | (2,316) | (13,733) | (14,903) | |||||||||||||||||||
Income from continuing operations | 20,726 | 30,456 | 73,924 | 112,416 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense | (1,206) | (795) | (4,561) | (2,711) | |||||||||||||||||||
Other, net | (3) | 1 | (3) | (1) | |||||||||||||||||||
Total other expense | (1,209) | (794) | (4,564) | (2,712) | |||||||||||||||||||
Income before income taxes | 19,517 | 29,662 | 69,360 | 109,704 | |||||||||||||||||||
Income tax expense | 4,384 | 7,326 | 16,593 | 27,382 | |||||||||||||||||||
Net income from continuing operations | 15,133 | 22,336 | 52,767 | 82,322 | |||||||||||||||||||
(Loss) income from discontinued operation, net of tax 1 | (19,576) | 1,832 | (29,034) | 4,777 | |||||||||||||||||||
Net (loss) income and comprehensive (loss) income | $ | (4,443) | $ | 24,168 | $ | 23,733 | $ | 87,099 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic net income (loss) per share: | |||||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.79 | $ | 1.90 | $ | 2.89 | |||||||||||||||
Discontinued operation 1 | (0.72) | 0.07 | (1.05) | 0.17 | |||||||||||||||||||
Net (loss) income per share 2 | $ | (0.17) | $ | 0.86 | $ | 0.84 | $ | 3.06 | |||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||||
Continuing operations | $ | 0.55 | $ | 0.79 | $ | 1.89 | $ | 2.87 | |||||||||||||||
Discontinued operation 1 | (0.72) | 0.07 | (1.05) | 0.17 | |||||||||||||||||||
Net (loss) income per share 2 | $ | (0.17) | $ | 0.85 | $ | 0.84 | $ | 3.04 | |||||||||||||||
Dividends per share: | $ | 0.21 | $ | 0.18 | $ | 0.75 | $ | 0.72 |
Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
December 31, | Percent of | December 31, | Percent of | Percent | |||||||||||||||||||||||||||||||
2020 1 | Revenue | 2019 | Revenue | Change | Change | ||||||||||||||||||||||||||||||
(As Adjusted) | |||||||||||||||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 2 | $ | 170.0 | 56.8 | % | $ | 172.1 | 64.7 | % | $ | (2.1) | (1.2) | % | |||||||||||||||||||||||
Truckload | 54.8 | 18.3 | 52.5 | 19.8 | 2.3 | 4.4 | |||||||||||||||||||||||||||||
Final Mile | 66.3 | 22.1 | 34.2 | 12.9 | 32.1 | 93.9 | |||||||||||||||||||||||||||||
Other | 8.4 | 2.8 | 7.0 | 2.6 | 1.4 | 20.0 | |||||||||||||||||||||||||||||
Total operating revenue | 299.5 | 100.0 | 265.8 | 100.0 | 33.7 | 12.7 | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 167.2 | 55.8 | 141.1 | 53.1 | 26.1 | 18.5 | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 58.4 | 19.5 | 51.8 | 19.5 | 6.6 | 12.7 | |||||||||||||||||||||||||||||
Operating leases | 13.3 | 4.4 | 12.0 | 4.5 | 1.3 | 10.8 | |||||||||||||||||||||||||||||
Depreciation and amortization | 6.8 | 2.3 | 6.2 | 2.4 | 0.6 | 9.7 | |||||||||||||||||||||||||||||
Insurance and claims | 5.9 | 2.0 | 6.6 | 2.5 | (0.7) | (10.6) | |||||||||||||||||||||||||||||
Fuel expense | 1.7 | 0.6 | 2.5 | 0.9 | (0.8) | (32.0) | |||||||||||||||||||||||||||||
Other operating expenses | 25.3 | 8.4 | 18.2 | 6.8 | 7.1 | 39.0 | |||||||||||||||||||||||||||||
Total operating expenses | 278.6 | 93.0 | 238.4 | 89.7 | 40.2 | 16.9 | |||||||||||||||||||||||||||||
Income from operations | $ | 20.9 | 7.0 | % | $ | 27.4 | 10.3 | % | $ | (6.5) | (23.7) | % | |||||||||||||||||||||||
1 Includes revenues and operating expenses from the acquisition of Linn Star which was acquired in January 2020. Linn Star results are not included in the prior period. | |||||||||||||||||||||||||||||||||||
2 Network 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 | |||||||||||||||||
December 31, | December 31, | Percent | |||||||||||||||
2020 | 2019 | Change | |||||||||||||||
(As Adjusted) | |||||||||||||||||
Business days | 64 | 64 | — | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
Total pounds | 641,370 | 642,092 | (0.1) | ||||||||||||||
Pounds per day | 10,021 | 10,033 | (0.1) | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
Total shipments | 1,052 | 1,069 | (1.6) | ||||||||||||||
Shipments per day | 16.4 | 16.7 | (1.8) | ||||||||||||||
Weight per shipment | 610 | 601 | 1.5 | ||||||||||||||
Revenue per hundredweight 3 | $ | 26.65 | $ | 27.02 | (1.4) | ||||||||||||
Revenue per hundredweight, excluding fuel 3 | $ | 23.23 | $ | 22.72 | 2.2 | ||||||||||||
Revenue per shipment 3 | $ | 162 | $ | 164 | (1.2) | ||||||||||||
Revenue per shipment, excluding fuel 3 | $ | 141 | $ | 139 | 1.4 | ||||||||||||
Network revenue from door-to-door shipments as a percentage of network revenue 3,4 | 46.6 | % | 41.1 | % | 13.4 | ||||||||||||
Network gross margin 5 | 49.6 | % | 53.8 | % | (7.8) | % | |||||||||||
1 In thousands. | |||||||||||||||||
2 Excludes accessorial, full 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. | |||||||||||||||||
5 Network revenue less Network purchased transportation as a percentage of Network revenue. |
Intermodal Segment Information | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
December 31, | Percent of | December 31, | Percent of | Percent | |||||||||||||||||||||||||||||||
2020 1 | Revenue | 2019 | Revenue | Change | Change | ||||||||||||||||||||||||||||||
Operating revenue | $ | 51.8 | 100.0 | % | $ | 54.7 | 100.0 | % | $ | (2.9) | (5.3) | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 18.4 | 35.6 | 19.3 | 35.3 | (0.9) | (4.7) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 12.4 | 23.9 | 13.6 | 24.9 | (1.2) | (8.8) | |||||||||||||||||||||||||||||
Operating leases | 3.9 | 7.5 | 4.2 | 7.7 | (0.3) | (7.1) | |||||||||||||||||||||||||||||
Depreciation and amortization | 2.4 | 4.6 | 2.7 | 4.9 | (0.3) | (11.1) | |||||||||||||||||||||||||||||
Insurance and claims | 2.1 | 4.1 | 1.7 | 3.1 | 0.4 | 23.5 | |||||||||||||||||||||||||||||
Fuel expense | 1.2 | 2.3 | 2.1 | 3.8 | (0.9) | (42.9) | |||||||||||||||||||||||||||||
Other operating expenses | 8.0 | 15.4 | 5.8 | 10.6 | 2.2 | 37.9 | |||||||||||||||||||||||||||||
Total operating expenses | 48.4 | 93.4 | 49.4 | 90.3 | (1.0) | (2.0) | |||||||||||||||||||||||||||||
Income from operations | $ | 3.4 | 6.6 | % | $ | 5.3 | 9.7 | % | $ | (1.9) | (35.8) | % | |||||||||||||||||||||||
1 Includes revenues and operating expenses from the acquisition of OST, which was acquired in July 2019 and partially included in the prior period. |
Intermodal Operating Statistics | |||||||||||||||||
Three months ended | |||||||||||||||||
December 31, | December 31, | Percent | |||||||||||||||
2020 | 2019 | Change | |||||||||||||||
Drayage shipments | 75,500 | 77,906 | (3.1) | % | |||||||||||||
Drayage revenue per shipment | $ | 583 | $ | 603 | (3.3) | ||||||||||||
Number of locations | 24 | 21 | 14.3 | % |
Forward Air Corporation | |||||||||||
Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 40,254 | $ | 64,749 | |||||||
Accounts receivable, net | 156,490 | 136,214 | |||||||||
Other current assets | 31,780 | 20,403 | |||||||||
Current assets held for sale | 21,002 | 14,952 | |||||||||
Total current assets | 249,526 | 236,318 | |||||||||
Property and equipment | 380,519 | 373,571 | |||||||||
Less accumulated depreciation and amortization | 190,652 | 180,815 | |||||||||
Net property and equipment | 189,867 | 192,756 | |||||||||
Operating lease right-of-use assets | 123,338 | 105,170 | |||||||||
Goodwill | 244,982 | 215,699 | |||||||||
Other acquired intangibles, net of accumulated amortization | 145,032 | 124,857 | |||||||||
Other assets | 41,926 | 39,374 | |||||||||
Noncurrent assets held for sale | 53,097 | 76,704 | |||||||||
Total assets | $ | 1,047,768 | $ | 990,878 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 38,369 | $ | 25,411 | |||||||
Accrued expenses | 55,413 | 44,152 | |||||||||
Current portion of contingent consideration | 6,865 | 5,320 | |||||||||
Current portion of debt and finance lease obligations | 1,801 | 1,421 | |||||||||
Current portion of operating lease liabilities | 43,680 | 35,886 | |||||||||
Current liabilities held for sale | 25,924 | 24,974 | |||||||||
Total current liabilities | 172,052 | 137,164 | |||||||||
Debt and finance lease obligations, less current portion | 117,408 | 72,249 | |||||||||
Operating lease liabilities, less current portion | 80,346 | 69,678 | |||||||||
Other long-term liabilities | 54,129 | 56,448 | |||||||||
Deferred income taxes | 41,929 | 41,214 | |||||||||
Noncurrent liabilities held for sale | 34,575 | 36,943 | |||||||||
Shareholders’ equity: | |||||||||||
Common stock | 273 | 279 | |||||||||
Additional paid-in capital | 242,916 | 226,869 | |||||||||
Retained earnings | 304,140 | 350,034 | |||||||||
Total shareholders’ equity | 547,329 | 577,182 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,047,768 | $ | 990,878 | |||||||
Forward Air Corporation | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Three months ended | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 15,133 | $ | 22,336 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 9,206 | 8,863 | |||||||||
Change in fair value of earn-out liability | 2,588 | (923) | |||||||||
Share-based compensation expense | 2,596 | 2,727 | |||||||||
Other | (127) | (103) | |||||||||
Provision for revenue adjustments | 1,779 | 1,100 | |||||||||
Deferred income tax provision | (2,976) | 1,208 | |||||||||
Changes in operating assets and liabilities, net of effects from purchase of acquired companies: | |||||||||||
Accounts receivable | (5,304) | 4,431 | |||||||||
Other current and noncurrent assets | (12,236) | 4,732 | |||||||||
Accounts payable and accrued expenses | 3,814 | (4,665) | |||||||||
Net cash provided by operating activities of continuing operations | 14,473 | 39,706 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 998 | 968 | |||||||||
Purchases of property and equipment | (3,829) | (1,224) | |||||||||
Purchase of businesses, net of cash acquired | (7,720) | — | |||||||||
Net cash used in investing activities of continuing operations | (10,551) | (256) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (364) | (418) | |||||||||
Proceeds from issuance of common stock upon stock option exercises | 2,336 | 1,987 | |||||||||
Payments of dividends to stockholders | (5,778) | (5,073) | |||||||||
Repurchases of common stock | — | (8,298) | |||||||||
Common stock issued under employee stock purchase plan | 370 | 353 | |||||||||
Payment of minimum tax withholdings on share-based awards | (64) | — | |||||||||
(Distributions to) contributions from subsidiary held for sale | (3,158) | 1,924 | |||||||||
Net cash used in financing activities of continuing operations | (6,658) | (9,525) | |||||||||
(Decrease) increase in cash and cash equivalents of continuing operations | (2,736) | 29,925 | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash (used in) provided by operating activities of discontinued operation | (2,764) | 4,039 | |||||||||
Net cash used in investing activities of discontinued operation | (394) | (2,115) | |||||||||
Net cash provided by (used in) financing activities of discontinued operation | 3,158 | (1,924) | |||||||||
(Decrease) increase in cash and cash equivalents | (2,736) | 29,925 | |||||||||
Cash and cash equivalents at beginning of period of continuing operations | 42,990 | 34,824 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
(Decrease) increase in cash and cash equivalents | (2,736) | 29,925 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
Cash and cash equivalents at end of period of continuing operations | $ | 40,254 | $ | 64,749 |
Forward Air Corporation | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Year ended | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 52,767 | $ | 82,322 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 37,125 | 36,394 | |||||||||
Change in fair value of earn-out liability | 379 | (33) | |||||||||
Share-based compensation expense | 10,448 | 11,263 | |||||||||
Other | 587 | 1,497 | |||||||||
Provision for revenue adjustments | 4,751 | 3,339 | |||||||||
Deferred income tax provision | 1,341 | 7,089 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies: | |||||||||||
Accounts receivable | (25,740) | 653 | |||||||||
Other current and noncurrent assets | (10,983) | (4,662) | |||||||||
Accounts payable and accrued expenses | 24,291 | 7,212 | |||||||||
Net cash provided by operating activities of continuing operations | 94,966 | 145,074 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 2,413 | 2,661 | |||||||||
Purchases of property and equipment | (20,268) | (22,007) | |||||||||
Purchase of businesses, net of cash acquired | (63,651) | (39,000) | |||||||||
Net cash used in investing activities of continuing operations | (81,506) | (58,346) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (893) | (946) | |||||||||
Proceeds from senior credit facility | 65,000 | 20,000 | |||||||||
Repayments of senior credit facility | (20,000) | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | 4,237 | 4,050 | |||||||||
Payment of earn-out liability | (5,284) | — | |||||||||
Payments of dividends to stockholders | (20,868) | (20,494) | |||||||||
Repurchases of common stock | (45,248) | (56,204) | |||||||||
Common stock issued under employee stock purchase plan | 664 | 614 | |||||||||
Payment of minimum tax withholdings on share-based awards | (3,508) | (3,032) | |||||||||
(Distributions to) contributions from subsidiary held for sale | (12,055) | 8,376 | |||||||||
Net cash used in financing activities of continuing operations | (37,955) | (47,636) | |||||||||
Net (decrease) increase in cash of continuing operations | (24,495) | 39,092 | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash (used in) provided by operating activities of discontinued operation | (10,854) | 13,945 | |||||||||
Net cash used in investing activities of discontinued operation | (1,201) | (5,569) | |||||||||
Net cash provided by (used in) financing activities of discontinued operation | 12,055 | (8,376) | |||||||||
(Decrease) increase in cash and cash equivalents | (24,495) | 39,092 | |||||||||
Cash and cash equivalents at beginning of period of continuing operations | 64,749 | 25,657 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
(Decrease) increase in cash and cash equivalents | (24,495) | 39,092 | |||||||||
Less: cash at beginning of period of discontinued operation | — | — | |||||||||
Cash and cash equivalents at end of period of continuing operations | $ | 40,254 | $ | 64,749 |
Three months ended | Twelve months ended | ||||||||||||||||||||||
Continuing Operations | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||
Net income | $ | 15,133 | $ | 22,336 | $ | 52,767 | $ | 82,322 | |||||||||||||||
Interest expense | 1,206 | 795 | 4,561 | 2,711 | |||||||||||||||||||
Income tax expense | 4,384 | 7,326 | 16,593 | 27,382 | |||||||||||||||||||
Depreciation and amortization | 9,206 | 8,863 | 37,125 | 36,394 | |||||||||||||||||||
EBITDA | $ | 29,929 | $ | 39,320 | $ | 111,046 | $ | 148,809 | |||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
Continuing Operations | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||
Net cash provided by operating activities | $ | 14,473 | $ | 39,706 | $ | 94,966 | $ | 145,074 | |||||||||||||||
Proceeds from sale of property and equipment | 998 | 968 | 2,413 | 2,661 | |||||||||||||||||||
Purchases of property and equipment | (3,829) | (1,224) | (20,268) | (22,007) | |||||||||||||||||||
Free cash flow | $ | 11,642 | $ | 39,450 | $ | 77,111 | $ | 125,728 | |||||||||||||||
Three months ended | ||||||||
Actual - Continuing Operations | December 31, 2020 | |||||||
Net income from continuing operations | $ | 15,133 | ||||||
Income allocated to participating securities | (106) | |||||||
Numerator for diluted net income per share | $ | 15,027 | ||||||
Weighted-average shares outstanding-diluted | 27,372 | |||||||
Diluted net income per share | $ | 0.55 | ||||||
Projected | Full year 2021 | |||||||
Projected tax rate - continuing operations | 25.5 | % | ||||||
Projected purchases of property and equipment, net of proceeds from sale of property and equipment1 | $ | 44,000 | ||||||
1 Includes $23,500 for the Columbus, Ohio hub expansion | ||||||||
Projected - Continuing Operations | December 31, 2021 | |||||||
Projected weighted-average shares outstanding-diluted | 27,000 |