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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS FOURTH QUARTER 2020 RESULTS

Reports record fourth quarter revenue

Reaches agreement in principle for sale of Pool Distribution

Announces acquisition of Proficient Transport to bolster Intermodal Drayage offering

GREENEVILLE, Tenn.- (BUSINESS WIRE) - February 11, 2021 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and twelve months ended December 31, 2020 as presented in the tables below on a continuing operations basis (Pool Distribution is being reported as a discontinued operation).

Tom Schmitt, Chairman, President and CEO, commenting on fourth quarter results from continuing operations said, “Our growth strategies drove our record fourth quarter revenue, which came in at the high end of our guidance range. Our business momentum improved during the quarter, and through November we were ahead of our internal forecasts. However, as previously disclosed, a December cyber attack temporarily interrupted our operations and impacted our results. Also, considering our strong growth in Final Mile – which has exceeded our expectations – we recorded an increase to an earn-out liability related to a prior acquisition. Excluding the impacts of these two discrete events, we would have exceeded the high end of our net income per diluted share guidance range.”

“Our organic growth has continued into the first quarter”, said Mr. Schmitt. “Through January, our LTL tonnage is up 10.9% and our LTL shipments are up 14.4% year-over-year, which will become even more accretive following our February 1st general rate increase. Volumes in our other modes have also started the year strong.”

“As we drive organic growth, we are also improving our inorganic growth momentum”, continued Mr. Schmitt. “During the fourth quarter, we closed our previously announced acquisitions of CLW Delivery and Value Logistics, which contributed to our Final Mile and Intermodal results. And today we are pleased to announce an agreement in principle to sell the Pool Distribution business to Ten Oaks Group, which is expected to close in the next two weeks for total consideration of $20 million, consisting of an $8 million upfront cash payment and up to a $12 million earn-out. We are also thrilled to announce that we entered into an agreement to purchase substantially all the assets of Proficient Transport for approximately $15 million. Proficient will strengthen our Intermodal footprint in key Midwest and Southern markets and is expected to contribute $23 million of revenue and $3 million of EBITDA on an annualized basis.”

In closing, Mr. Schmitt said, “As we end 2020, we want to welcome CLW Delivery, Value Logistics and Proficient Transport to the Forward Air family. I would also like to thank our employees and independent contractors for their remarkable efforts to serve our customers during such a difficult year.”

Regarding the Company’s first quarter 2021 continuing operations guidance, Michael J. Morris, CFO, said, “We expect first quarter year-over-year revenue growth of 11% to 15%. We expect net income per diluted share to be between $0.55 to $0.59, which includes approximately $0.07 of professional fees related to cyber security and shareholder engagement activities (which will be recorded in Other Operations). This compares to $0.41 in the first quarter of 2020.”






Continuing OperationsThree months ended
(in thousands, except per share data)December 31, 2020December 31, 2019ChangePercent Change
Operating revenue$350,341 $319,656 $30,685 9.6%
Income from operations$20,726 $30,456 $(9,730)(31.9)%
Operating margin5.9 %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 OperationsTwelve months ended
(in thousands, except per share data)December 31, 2020December 31, 2019ChangePercent 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 margin5.8 %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.
On February 2, 2021, our Board of Directors declared a quarterly cash dividend of $0.21 per share of common stock.  The dividend is payable to shareholders of record at the close of business on March 4, 2021 and is expected to be paid on March 19, 2021.

This quarterly dividend is made pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.84 for the full year 2021, payable in quarterly increments of $0.21 per share of common stock.  The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance.

On April 23, 2020, the Board approved a strategy to divest of the Pool Distribution business (“Pool”). Accordingly, the results of operations and cash flows for Pool have been presented as a discontinued operation and have been excluded from continuing operations in this press release for all periods presented.  In addition, Pool assets and liabilities are reflected as “held for sale” on the Consolidated Balance Sheets in this press release.


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Review of Financial Results

Forward Air will hold a conference call to discuss fourth quarter 2020 results on Friday, February 12, 2021 at 9:00 a.m. EST. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844) 867-6169, Access Code: 6464581.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, which the Company will use as a primary mechanism to communicate with investors. Investors are urged to monitor the Investor Relations portion of the Company’s website to easily find or navigate to current and pertinent information about the Company.

About Forward Air Corporation
Forward Air is a leading asset-light freight and logistics company that provides services across the United States and Canada. We provide expedited less-than-truckload (“LTL”) services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals; final mile services, including delivery of heavy-bulky freight; truckload brokerage services, including dedicated fleet services, high-security and temperature-controlled logistics services; intermodal first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services; and pool distribution services, including high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region. For more information, visit our website at www.forwardaircorp.com.
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Forward Air Corporation
Consolidated Statements of Comprehensive Income
(In thousands, except per share data)
(Unaudited)
 Three months endedYear 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 $1,000,934 
Intermodal51,767 54,710 199,603 217,711 
Eliminations and other operations(926)(933)(2,331)(3,458)
Operating revenue350,341 319,656 1,269,573 1,215,187 
Operating expenses: 
Purchased transportation184,943 159,857 650,664 586,140 
Salaries, wages and employee benefits70,527 65,671 270,785 258,001 
Operating leases17,122 16,231 69,720 63,092 
Depreciation and amortization9,206 8,863 37,125 36,394 
Insurance and claims8,475 9,457 34,912 38,733 
Fuel expense2,919 4,540 12,166 17,759 
Other operating expenses36,423 24,581 120,277 102,652 
Total operating expenses329,615 289,200 1,195,649 1,102,771 
Income (loss) from continuing operations
Expedited Freight20,872 27,418 71,266 103,640 
Intermodal3,428 5,354 16,391 23,679 
Other operations(3,574)(2,316)(13,733)(14,903)
Income from continuing operations20,726 30,456 73,924 112,416 
Other expense:    
Interest expense(1,206)(795)(4,561)(2,711)
Other, net(3)(3)(1)
Total other expense(1,209)(794)(4,564)(2,712)
Income before income taxes19,517 29,662 69,360 109,704 
Income tax expense4,384 7,326 16,593 27,382 
Net income from continuing operations15,133 22,336 52,767 82,322 
(Loss) income from discontinued operation, net of tax 1
(19,576)1,832 (29,034)4,777 
Net (loss) income and comprehensive (loss) income$(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 
1 2020 loss amounts include the impact of a $21.2 million after-tax non-cash impairment charge to reflect the estimated fair value of Pool Distribution’s net assets.

2 Rounding may impact summation of amounts.

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Expedited Freight Segment Information
(In millions)
(Unaudited)
Three months ended
December 31,Percent ofDecember 31,Percent ofPercent
 
2020 1
Revenue2019RevenueChangeChange
(As Adjusted)
Operating revenue:
Network 2
$170.0 56.8 %$172.1 64.7 %$(2.1)(1.2)%
Truckload54.8 18.3 52.5 19.8 2.3 4.4 
Final Mile66.3 22.1 34.2 12.9 32.1 93.9 
Other8.4 2.8 7.0 2.6 1.4 20.0 
Total operating revenue299.5 100.0 265.8 100.0 33.7 12.7 
Operating expenses:  
Purchased transportation167.2 55.8 141.1 53.1 26.1 18.5 
Salaries, wages and employee benefits58.4 19.5 51.8 19.5 6.6 12.7 
Operating leases13.3 4.4 12.0 4.5 1.3 10.8 
Depreciation and amortization6.8 2.3 6.2 2.4 0.6 9.7 
Insurance and claims5.9 2.0 6.6 2.5 (0.7)(10.6)
Fuel expense1.7 0.6 2.5 0.9 (0.8)(32.0)
Other operating expenses25.3 8.4 18.2 6.8 7.1 39.0 
Total operating expenses278.6 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.

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Expedited Freight Operating Statistics
Three months ended
December 31,December 31,Percent
20202019Change
(As Adjusted)
Business days64 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 shipments1,052 1,069 (1.6)
    Shipments per day16.4 16.7 (1.8)
Weight per shipment610 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.


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Intermodal Segment Information
(In millions)
(Unaudited)
Three months ended
December 31,Percent ofDecember 31,Percent ofPercent
 
2020 1
Revenue2019RevenueChangeChange
Operating revenue$51.8 100.0 %$54.7 100.0 %$(2.9)(5.3)%
Operating expenses: 
Purchased transportation18.4 35.6 19.3 35.3 (0.9)(4.7)
Salaries, wages and employee benefits12.4 23.9 13.6 24.9 (1.2)(8.8)
Operating leases3.9 7.5 4.2 7.7 (0.3)(7.1)
Depreciation and amortization2.4 4.6 2.7 4.9 (0.3)(11.1)
Insurance and claims2.1 4.1 1.7 3.1 0.4 23.5 
Fuel expense1.2 2.3 2.1 3.8 (0.9)(42.9)
Other operating expenses8.0 15.4 5.8 10.6 2.2 37.9 
Total operating expenses48.4 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
20202019Change
Drayage shipments75,500 77,906 (3.1)%
Drayage revenue per shipment$583 $603 (3.3)
Number of locations24 21 14.3 %


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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, net156,490 136,214 
Other current assets31,780 20,403 
  Current assets held for sale 21,002 14,952 
Total current assets249,526 236,318 
Property and equipment380,519 373,571 
Less accumulated depreciation and amortization190,652 180,815 
Net property and equipment189,867 192,756 
Operating lease right-of-use assets123,338 105,170 
Goodwill244,982 215,699 
Other acquired intangibles, net of accumulated amortization145,032 124,857 
Other assets41,926 39,374 
Noncurrent assets held for sale53,097 76,704 
Total assets$1,047,768 $990,878 
Liabilities and Shareholders’ Equity  
Current liabilities:  
Accounts payable$38,369 $25,411 
Accrued expenses55,413 44,152 
Current portion of contingent consideration6,865 5,320 
Current portion of debt and finance lease obligations1,801 1,421 
Current portion of operating lease liabilities43,680 35,886 
Current liabilities held for sale25,924 24,974 
Total current liabilities172,052 137,164 
Debt and finance lease obligations, less current portion117,408 72,249 
Operating lease liabilities, less current portion80,346 69,678 
Other long-term liabilities54,129 56,448 
Deferred income taxes41,929 41,214 
Noncurrent liabilities held for sale34,575 36,943 
Shareholders’ equity:  
Common stock273 279 
Additional paid-in capital242,916 226,869 
Retained earnings304,140 350,034 
Total shareholders’ equity547,329 577,182 
Total liabilities and shareholders’ equity$1,047,768 $990,878 

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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 amortization9,206 8,863 
Change in fair value of earn-out liability2,588 (923)
Share-based compensation expense2,596 2,727 
Other(127)(103)
Provision for revenue adjustments1,779 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 expenses3,814 (4,665)
Net cash provided by operating activities of continuing operations14,473 39,706 
Investing activities:
Proceeds from sale of property and equipment998 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 exercises2,336 1,987 
Payments of dividends to stockholders(5,778)(5,073)
Repurchases of common stock— (8,298)
Common stock issued under employee stock purchase plan370 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 operation3,158 (1,924)
(Decrease) increase in cash and cash equivalents(2,736)29,925 
Cash and cash equivalents at beginning of period of continuing operations42,990 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 



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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 amortization37,125 36,394 
Change in fair value of earn-out liability379 (33)
Share-based compensation expense10,448 11,263 
Other587 1,497 
Provision for revenue adjustments4,751 3,339 
Deferred income tax provision1,341 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 expenses24,291 7,212 
Net cash provided by operating activities of continuing operations94,966 145,074 
Investing activities:  
Proceeds from sale of property and equipment2,413 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 facility65,000 20,000 
Repayments of senior credit facility(20,000)— 
Proceeds from issuance of common stock upon stock option exercises4,237 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 plan664 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 operation12,055 (8,376)
(Decrease) increase in cash and cash equivalents(24,495)39,092 
Cash and cash equivalents at beginning of period of continuing operations64,749 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 


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Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company uses non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with GAAP. The Company believes that meaningful analysis of its financial performance in 2020 and 2019 requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three and twelve months ended December 31, 2020 and 2019, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”) and free cash flow. All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA from continuing operations improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow from continuing operations is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance stockholder value.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s financial results prepared in accordance with GAAP. Non-GAAP financial information does not represent a comprehensive basis of accounting. As required by the Securities and Exchange Act of 1933 and the rules and regulations promulgated thereunder, the Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

The following is a reconciliation of net income from continuing operations to EBITDA from continuing operations for the three and twelve months ended December 31, 2020 and 2019 (in thousands):
Three months endedTwelve months ended
Continuing OperationsDecember 31, 2020December 31, 2019December 31, 2020December 31, 2019
Net income$15,133 $22,336 $52,767 $82,322 
Interest expense1,206 795 4,561 2,711 
Income tax expense4,384 7,326 16,593 27,382 
Depreciation and amortization9,206 8,863 37,125 36,394 
EBITDA$29,929 $39,320 $111,046 $148,809 

The following is a reconciliation of net cash provided by operating activities of continuing operations to free cash flow from continuing operations for the three and twelve months ended December 31, 2020 and 2019 (in thousands):
Three months endedTwelve months ended
Continuing OperationsDecember 31, 2020December 31, 2019December 31, 2020December 31, 2019
Net cash provided by operating activities$14,473 $39,706 $94,966 $145,074 
Proceeds from sale of property and equipment998 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 

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The following information is provided to supplement this press release.

Three months ended
Actual - Continuing OperationsDecember 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-diluted27,372 
Diluted net income per share$0.55 
ProjectedFull year 2021
Projected tax rate - continuing operations25.5 %
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 OperationsDecember 31, 2021
Projected weighted-average shares outstanding-diluted27,000 
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Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to the expected organic growth and future performance of the Company, expected 2021 guidance, including first quarterly 2021 revenue growth, first quarter 2021 net income per diluted share, full year 2021 projected tax rate, fully diluted share count (before consideration of future share repurchase), projected capital expenditures, the future declaration of dividends and the quarterly and full year 2021 anticipated dividends per share, the expected consideration received from and the timing of closing of the pending sale of the Company’s Pool Distribution business, and the growth of the Company’s Intermodal business following the acquisition of Proficient Transport.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: prolonged impact of COVID-19 and actions taken to mitigate those impacts, economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the creditworthiness of our customers and their ability to pay for services rendered, more limited liquidity than expected which limits our ability to make key investments, the availability and compensation of qualified independent owner-operators and freight handlers as well as contracted, third-party carriers needed to serve our customers’ transportation needs, the inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, changes in fuel prices, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, loss of a major customer, increasing competition and pricing pressure, our ability to secure terminal facilities in desirable locations at reasonable rates, our inability to successfully integrate acquisitions, claims for property damage, personal injuries or workers’ compensation, enforcement of and changes in governmental regulations, environmental and tax matters, insurance matters, the handling of hazardous materials and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2019.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE: Forward Air Corporation

Forward Air Corporation
Michael J. Morris, 404-362-8933
mmorris@forwardair.com
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