Continuing Operations | Three Months Ended | |||||||||||||||||||||||||
(in thousands, except per share data) | December 31, 2021 | December 31, 2020 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 459,929 | $ | 350,341 | $ | 109,588 | 31.3 | % | ||||||||||||||||||
Income from operations | $ | 51,977 | $ | 20,726 | $ | 31,251 | 150.8 | % | ||||||||||||||||||
Operating margin | 11.3 | % | 5.9 | % | 540 bps | |||||||||||||||||||||
Net income from continuing operations | $ | 38,197 | $ | 15,133 | $ | 23,064 | 152.4 | % | ||||||||||||||||||
Net income per diluted share | $ | 1.40 | $ | 0.55 | $ | 0.85 | 154.5 | % | ||||||||||||||||||
Cash provided by operating activities | $ | 42,144 | $ | 15,612 | $ | 26,532 | 169.9 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 51,866 | $ | 25,237 | $ | 26,629 | 105.5 | % | ||||||||||||||||||
Adjusted net income | $ | 38,114 | $ | 18,629 | $ | 19,485 | 104.6 | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 1.40 | $ | 0.68 | $ | 0.72 | 105.9 | % | ||||||||||||||||||
EBITDA | $ | 63,462 | $ | 29,929 | $ | 33,533 | 112.0 | % | ||||||||||||||||||
Free cash flow | $ | 26,354 | $ | 12,781 | $ | 13,573 | 106.2 | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
Continuing Operations | Twelve Months Ended | |||||||||||||||||||||||||
(in thousands, except per share data) | December 31, 2021 | December 31, 2020 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 1,662,427 | $ | 1,269,573 | $ | 392,854 | 30.9 | % | ||||||||||||||||||
Income from operations | $ | 159,301 | $ | 73,924 | $ | 85,377 | 115.5 | % | ||||||||||||||||||
Operating margin | 9.6 | % | 5.8 | % | 380 bps | |||||||||||||||||||||
Net income from continuing operations | $ | 116,091 | $ | 52,767 | $ | 63,324 | 120.0 | % | ||||||||||||||||||
Net income per diluted share | $ | 4.22 | $ | 1.89 | $ | 2.33 | 123.3 | % | ||||||||||||||||||
Cash provided by operating activities | $ | 124,896 | $ | 96,105 | $ | 28,791 | 30.0 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 166,729 | $ | 79,523 | $ | 87,206 | 109.7 | % | ||||||||||||||||||
Adjusted net income | $ | 121,654 | $ | 57,027 | $ | 64,627 | 113.3 | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 4.43 | $ | 2.05 | $ | 2.38 | 116.1 | % | ||||||||||||||||||
EBITDA | $ | 198,853 | $ | 111,046 | $ | 87,807 | 79.1 | % | ||||||||||||||||||
Free cash flow | $ | 88,430 | $ | 78,250 | $ | 10,180 | 13.0 | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
Forward Air Corporation | |||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||
(Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Expedited Freight | $ | 376,792 | $ | 299,500 | $ | 1,374,270 | $ | 1,072,301 | |||||||||||||||
Intermodal | 83,394 | 51,767 | 289,214 | 199,603 | |||||||||||||||||||
Eliminations and other operations | (257) | (926) | (1,057) | (2,331) | |||||||||||||||||||
Operating revenue | 459,929 | 350,341 | 1,662,427 | 1,269,573 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation | 227,776 | 184,943 | 833,075 | 650,664 | |||||||||||||||||||
Salaries, wages and employee benefits | 83,866 | 70,527 | 327,814 | 270,785 | |||||||||||||||||||
Operating leases | 19,560 | 17,122 | 79,633 | 69,720 | |||||||||||||||||||
Depreciation and amortization | 11,485 | 9,206 | 39,552 | 37,125 | |||||||||||||||||||
Insurance and claims | 11,570 | 8,475 | 42,186 | 34,912 | |||||||||||||||||||
Fuel expense | 4,809 | 2,919 | 17,027 | 12,166 | |||||||||||||||||||
Other operating expenses | 48,886 | 36,423 | 163,839 | 120,277 | |||||||||||||||||||
Total operating expenses | 407,952 | 329,615 | 1,503,126 | 1,195,649 | |||||||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||||
Expedited Freight | 45,467 | 20,872 | 139,321 | 71,266 | |||||||||||||||||||
Intermodal | 8,510 | 3,428 | 30,117 | 16,391 | |||||||||||||||||||
Other operations | (2,000) | (3,574) | (10,137) | (13,733) | |||||||||||||||||||
Income from continuing operations | 51,977 | 20,726 | 159,301 | 73,924 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense | (877) | (1,206) | (4,338) | (4,561) | |||||||||||||||||||
Other, net | — | (3) | — | (3) | |||||||||||||||||||
Total other expense | (877) | (1,209) | (4,338) | (4,564) | |||||||||||||||||||
Income before income taxes | 51,100 | 19,517 | 154,963 | 69,360 | |||||||||||||||||||
Income tax expense | 12,903 | 4,384 | 38,872 | 16,593 | |||||||||||||||||||
Net income from continuing operations | 38,197 | 15,133 | 116,091 | 52,767 | |||||||||||||||||||
Income (Loss) from discontinued operation, net of tax | 2,268 | (19,576) | (10,232) | (29,034) | |||||||||||||||||||
Net income (loss) and comprehensive income (loss) | $ | 40,465 | $ | (4,443) | $ | 105,859 | $ | 23,733 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic net income (loss) per share: | |||||||||||||||||||||||
Continuing operations | $ | 1.41 | $ | 0.55 | $ | 4.25 | $ | 1.90 | |||||||||||||||
Discontinued operation | 0.08 | (0.72) | (0.37) | (1.05) | |||||||||||||||||||
Net income (loss) per share1 | $ | 1.49 | $ | (0.17) | $ | 3.87 | $ | 0.84 | |||||||||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||||
Continuing operations | $ | 1.40 | $ | 0.55 | $ | 4.22 | $ | 1.89 | |||||||||||||||
Discontinued operation | 0.08 | (0.72) | (0.37) | (1.05) | |||||||||||||||||||
Net income (loss) per share1 | $ | 1.48 | $ | (0.17) | $ | 3.85 | $ | 0.84 | |||||||||||||||
Dividends per share: | $ | 0.21 | $ | 0.21 | $ | 0.84 | $ | 0.75 |
Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2021 | Percent of Revenue | December 31, 2020 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 1 | $ | 234,792 | 62.4 | % | $ | 170,035 | 56.8 | % | $ | 64,757 | 38.1 | % | |||||||||||||||||||||||
Truckload | 60,026 | 15.9 | 54,829 | 18.3 | 5,197 | 9.5 | |||||||||||||||||||||||||||||
Final Mile | 71,706 | 19.0 | 66,252 | 22.1 | 5,454 | 8.2 | |||||||||||||||||||||||||||||
Other | 10,268 | 2.7 | 8,383 | 2.8 | 1,885 | 22.5 | |||||||||||||||||||||||||||||
Total operating revenue | 376,792 | 100.0 | 299,499 | 100.0 | 77,293 | 25.8 | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 204,810 | 54.4 | 167,205 | 55.8 | 37,605 | 22.5 | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 66,260 | 17.6 | 58,386 | 19.5 | 7,874 | 13.5 | |||||||||||||||||||||||||||||
Operating leases | 13,536 | 3.6 | 13,302 | 4.4 | 234 | 1.8 | |||||||||||||||||||||||||||||
Depreciation and amortization | 8,481 | 2.3 | 6,812 | 2.4 | 1,669 | 24.5 | |||||||||||||||||||||||||||||
Insurance and claims | 8,173 | 2.2 | 5,928 | 2.0 | 2,245 | 37.9 | |||||||||||||||||||||||||||||
Fuel expense | 2,387 | 0.6 | 1,699 | 0.6 | 688 | 40.5 | |||||||||||||||||||||||||||||
Other operating expenses | 27,678 | 7.3 | 25,295 | 8.4 | 2,383 | 9.4 | |||||||||||||||||||||||||||||
Total operating expenses | 331,325 | 87.9 | 278,627 | 93.0 | 52,698 | 18.9 | |||||||||||||||||||||||||||||
Income from operations | $ | 45,467 | 12.1 | % | $ | 20,872 | 7.0 | % | $ | 24,595 | 117.8 | % | |||||||||||||||||||||||
1 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, 2021 | December 31, 2020 | Percent Change | |||||||||||||||
Business days | 63 | 64 | (1.6) | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
Total pounds | 744,725 | 641,370 | 16.1 | ||||||||||||||
Pounds per day | 11,821 | 10,021 | 18.0 | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
Total shipments | 889 | 1,052 | (15.5) | ||||||||||||||
Shipments per day | 14.1 | 16.4 | (14.0) | ||||||||||||||
Weight per shipment | 838 | 610 | 37.4 | ||||||||||||||
Revenue per hundredweight 3 | $ | 30.23 | $ | 26.65 | 13.4 | ||||||||||||
Revenue per hundredweight, excluding fuel 3 | $ | 25.41 | $ | 23.23 | 9.4 | ||||||||||||
Revenue per shipment 3 | $ | 258.29 | $ | 161.79 | 59.6 | ||||||||||||
Revenue per shipment, excluding fuel 3 | $ | 217.91 | $ | 140.94 | 54.6 | ||||||||||||
Network revenue from door-to-door shipments as a percentage of network revenue 3,4 | 45.0 | % | 46.6 | % | (3.4) | ||||||||||||
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. |
Intermodal Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2021 | Percent of Revenue | December 31, 2020 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue | $ | 83,394 | 100.0 | % | $ | 51,768 | 100.0 | % | $ | 31,626 | 61.1 | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 23,221 | 27.9 | 18,365 | 35.5 | 4,856 | 26.4 | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 17,711 | 21.2 | 12,404 | 24.0 | 5,307 | 42.8 | |||||||||||||||||||||||||||||
Operating leases | 6,024 | 7.2 | 3,921 | 7.6 | 2,103 | 53.6 | |||||||||||||||||||||||||||||
Depreciation and amortization | 2,983 | 3.6 | 2,352 | 4.5 | 631 | 26.8 | |||||||||||||||||||||||||||||
Insurance and claims | 2,385 | 2.9 | 2,052 | 4.0 | 333 | 16.2 | |||||||||||||||||||||||||||||
Fuel expense | 2,422 | 2.9 | 1,220 | 2.4 | 1,202 | 98.5 | |||||||||||||||||||||||||||||
Other operating expenses | 20,138 | 24.1 | 8,026 | 15.5 | 12,112 | 150.9 | |||||||||||||||||||||||||||||
Total operating expenses | 74,884 | 89.8 | 48,340 | 93.4 | 26,544 | 54.9 | |||||||||||||||||||||||||||||
Income from operations | $ | 8,510 | 10.2 | % | $ | 3,428 | 6.6 | % | $ | 5,082 | 148.2 | % | |||||||||||||||||||||||
Intermodal Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2021 | December 31, 2020 | Percent Change | |||||||||||||||
Drayage shipments | 91,113 | 75,500 | 20.7 | % | |||||||||||||
Drayage revenue per shipment | $ | 777 | $ | 583 | 33.3 | % | |||||||||||
Number of locations | 29 | 24 | 20.8 | % |
Forward Air Corporation | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 37,316 | $ | 40,254 | |||||||
Accounts receivable, net | 208,085 | 156,490 | |||||||||
Other receivables | 8,097 | — | |||||||||
Other current assets | 29,309 | 28,150 | |||||||||
Current assets held for sale | — | 21,002 | |||||||||
Total current assets | 282,807 | 245,896 | |||||||||
Property and equipment | 419,962 | 380,519 | |||||||||
Less accumulated depreciation and amortization | 200,867 | 190,652 | |||||||||
Total property and equipment, net | 219,095 | 189,867 | |||||||||
Operating lease right-of-use assets | 148,198 | 123,338 | |||||||||
Goodwill | 266,752 | 244,982 | |||||||||
Other acquired intangibles, net of accumulated amortization | 154,717 | 145,032 | |||||||||
Other assets | 46,254 | 45,181 | |||||||||
Noncurrent assets held for sale | — | 53,097 | |||||||||
Total assets | $ | 1,117,823 | $ | 1,047,393 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 44,837 | $ | 38,371 | |||||||
Accrued expenses | 61,621 | 51,264 | |||||||||
Other current liabilities | 4,614 | 10,580 | |||||||||
Current portion of debt and finance lease obligations | 6,088 | 1,801 | |||||||||
Current portion of operating lease liabilities | 47,532 | 43,680 | |||||||||
Current liabilities held for sale | — | 25,924 | |||||||||
Total current liabilities | 164,692 | 171,620 | |||||||||
Debt and finance lease obligations, less current portion | 165,037 | 117,408 | |||||||||
Operating lease liabilities, less current portion | 101,409 | 80,346 | |||||||||
Other long-term liabilities | 49,624 | 54,129 | |||||||||
Deferred income taxes | 43,407 | 41,986 | |||||||||
Noncurrent liabilities held for sale | — | 34,575 | |||||||||
Shareholders’ equity: | |||||||||||
Common stock | 270 | 273 | |||||||||
Additional paid-in capital | 258,474 | 242,916 | |||||||||
Retained earnings | 334,910 | 304,140 | |||||||||
Total shareholders’ equity | 593,654 | 547,329 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,117,823 | $ | 1,047,393 | |||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 38,197 | $ | 15,133 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 11,485 | 9,206 | |||||||||
Change in fair value of earn-out liability | (111) | 2,588 | |||||||||
Share-based compensation expense | 2,734 | 3,181 | |||||||||
Provision for revenue adjustments | 2,439 | 1,779 | |||||||||
Deferred income tax expense | 2,805 | (3,545) | |||||||||
Other | 670 | (127) | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies: | |||||||||||
Accounts receivable | (3,598) | (5,303) | |||||||||
Other receivables | 6,121 | — | |||||||||
Prepaid expenses, other current assets and other assets | (16,200) | (10,677) | |||||||||
Accounts payable, accrued expenses and other long-term liabilities | (2,398) | 3,377 | |||||||||
Net cash provided by operating activities of continuing operations | 42,144 | 15,612 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 304 | 998 | |||||||||
Purchases of property and equipment | (16,094) | (3,829) | |||||||||
Purchase of businesses, net of cash acquired | (36,813) | (7,720) | |||||||||
Net cash used in investing activities of continuing operations | (52,603) | (10,551) | |||||||||
Financing activities: | |||||||||||
Proceeds from revolving credit facility | 150,000 | — | |||||||||
Payments on revolving credit facility | (150,000) | — | |||||||||
Repayments of finance lease obligations | (978) | (917) | |||||||||
Payment of debt issuance costs | (363) | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | 143 | 2,336 | |||||||||
Payments of dividends to shareholders | (5,706) | (5,779) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 523 | 370 | |||||||||
Payment of minimum tax withholdings on share-based awards | (41) | (64) | |||||||||
Contributions from (distributions to) subsidiary held for sale | 2,267 | (3,743) | |||||||||
Net cash used in financing activities of continuing operations | (4,155) | (7,797) | |||||||||
Net decrease in cash of continuing operations | (14,614) | (2,736) | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash provided by (used in) operating activities of discontinued operation | 2,267 | (3,349) | |||||||||
Net cash used in investing activities of discontinued operation | — | (394) | |||||||||
Net cash (used in) provided by financing activities of discontinued operation | (2,267) | 3,743 | |||||||||
Decrease in cash and cash equivalents | (14,614) | (2,736) | |||||||||
Cash and cash equivalents at beginning of period of continuing operations | 51,930 | 42,990 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
Decrease in cash and cash equivalents | (14,614) | (2,736) | |||||||||
Less: cash at beginning of period of discontinued operation | — | — | |||||||||
Cash and cash equivalents at end of period of continuing operations | $ | 37,316 | $ | 40,254 |
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Year Ended | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 116,091 | $ | 52,767 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 39,552 | 37,125 | |||||||||
Change in fair value of earn-out liability | (496) | 379 | |||||||||
Share-based compensation expense | 10,913 | 11,033 | |||||||||
Provision for revenue adjustments | 7,943 | 4,751 | |||||||||
Deferred income tax expense | 1,421 | 772 | |||||||||
Other | 1,076 | 587 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies: | |||||||||||
Accounts receivable | (52,684) | (25,739) | |||||||||
Other receivables | (8,097) | — | |||||||||
Prepaid expenses, other current assets and other assets | (8,002) | (9,424) | |||||||||
Accounts payable, accrued expenses and other long-term liabilities | 17,179 | 23,854 | |||||||||
Net cash provided by operating activities of continuing operations | 124,896 | 96,105 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 2,643 | 2,413 | |||||||||
Purchases of property and equipment | (39,109) | (20,268) | |||||||||
Purchase of businesses, net of cash acquired | (59,866) | (63,651) | |||||||||
Net cash used in investing activities of continuing operations | (96,332) | (81,506) | |||||||||
Financing activities: | |||||||||||
Proceeds from revolving credit facility | 195,000 | 65,000 | |||||||||
Payments on revolving credit facility | (150,000) | (20,000) | |||||||||
Repayments of finance lease obligations | (2,423) | (1,446) | |||||||||
Payment of debt issuance costs | (482) | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | 3,706 | 4,237 | |||||||||
Payment of earn-out liability | (6,519) | (5,284) | |||||||||
Payments of dividends to shareholders | (22,976) | (20,869) | |||||||||
Repurchases and retirement of common stock | (48,989) | (45,248) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 911 | 664 | |||||||||
Payment of minimum tax withholdings on share-based awards | (3,115) | (3,508) | |||||||||
Contributions from (distributions to) subsidiary held for sale | 3,385 | (12,640) | |||||||||
Net cash used in financing activities of continuing operations | (31,502) | (39,094) | |||||||||
Net decrease in cash of continuing operations | (2,938) | (24,495) | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash used in operating activities of discontinued operation | (4,635) | (11,439) | |||||||||
Net cash provided by (used in) investing activities of discontinued operation | 8,020 | (1,201) | |||||||||
Net cash used in (provided by) financing activities of discontinued operation | (3,385) | 12,640 | |||||||||
Decrease in cash and cash equivalents | (2,938) | (24,495) | |||||||||
Cash and cash equivalents at beginning of period of continuing operations | 40,254 | 64,749 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
Decrease in cash and cash equivalents | (2,938) | (24,495) | |||||||||
Less: cash at beginning of period of discontinued operation | — | — | |||||||||
Cash and cash equivalents at end of period of continuing operations | $ | 37,316 | $ | 40,254 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Continuing Operations | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Net income | $ | 38,197 | $ | 15,133 | $ | 116,091 | $ | 52,767 | ||||||||||||||||||
Interest expense | 877 | 1,206 | 4,338 | 4,561 | ||||||||||||||||||||||
Income tax expense | 12,903 | 4,384 | 38,872 | 16,593 | ||||||||||||||||||||||
Depreciation and amortization | 11,485 | 9,206 | 39,552 | 37,125 | ||||||||||||||||||||||
EBITDA | $ | 63,462 | $ | 29,929 | $ | 198,853 | $ | 111,046 | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Continuing Operations | December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 42,144 | $ | 15,612 | $ | 124,896 | $ | 96,105 | ||||||||||||||||||
Proceeds from sale of property and equipment | 304 | 998 | 2,643 | 2,413 | ||||||||||||||||||||||
Purchases of property and equipment | (16,094) | (3,829) | (39,109) | (20,268) | ||||||||||||||||||||||
Free cash flow | $ | 26,354 | $ | 12,781 | $ | 88,430 | $ | 78,250 | ||||||||||||||||||
Three Months Ended December 31, 2021 | Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Continuing Operations | Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income1 | Net Income Per Diluted Share1,2 | ||||||||||||||||||||||||||||||||
As Reported | $ | 51,977 | $ | 38,197 | $ | 1.40 | $ | 20,726 | $ | 15,133 | $ | 0.55 | ||||||||||||||||||||||||||
Professional fees for cybersecurity and shareholder engagement activities | — | — | — | 1,923 | 1,490 | 0.05 | ||||||||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | (111) | (83) | — | 2,588 | 2,006 | 0.07 | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 51,866 | $ | 38,114 | $ | 1.40 | $ | 25,237 | $ | 18,629 | $ | 0.68 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are after tax | ||||||||||||||||||||||||||||||||||||||
2 Rounding may impact summation of amounts. | ||||||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Continuing Operations | Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income1 | Net Income Per Diluted Share1,2 | ||||||||||||||||||||||||||||||||
As Reported | $ | 159,301 | $ | 116,091 | $ | 4.22 | $ | 73,924 | $ | 52,767 | $ | 1.89 | ||||||||||||||||||||||||||
Professional fees for an operational improvement project | 969 | 726 | 0.03 | — | — | — | ||||||||||||||||||||||||||||||||
Professional fees for cybersecurity and shareholder engagement activities | 6,955 | 5,209 | 0.19 | 1,923 | 1,463 | 0.05 | ||||||||||||||||||||||||||||||||
Reserve for a litigated contract dispute | — | — | — | 2,300 | 1,750 | 0.06 | ||||||||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | (496) | (372) | (0.01) | 379 | 288 | 0.01 | ||||||||||||||||||||||||||||||||
Severance expenses | — | — | — | 997 | 759 | 0.03 | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 166,729 | $ | 121,654 | $ | 4.43 | $ | 79,523 | $ | 57,027 | $ | 2.05 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are after tax | ||||||||||||||||||||||||||||||||||||||
2 Rounding may impact summation of amounts. | ||||||||||||||||||||||||||||||||||||||
Continuing Operations | Net Income Per Diluted Share1 | |||||||
As reported | $ | 0.60 | ||||||
Professional fees for cybersecurity and shareholder engagement activities | 0.20 | |||||||
As adjusted | $ | 0.80 |
Actual - Continuing Operations | Three Months Ended December 31, 2021 | |||||||
Net income from continuing operations | $ | 38,197 | ||||||
Income allocated to participating securities | (288) | |||||||
Numerator for diluted income per share - net income | $ | 37,909 | ||||||
Weighted-average shares outstanding-diluted | 27,109 | |||||||
Diluted net income per share | $ | 1.40 | ||||||
Projected | Full Year 2022 | |||||||
Projected tax rate - continuing operations | 25.8 | % | ||||||
Projected purchases of property and equipment, net of proceeds from sale of property and equipment | $ | 35,000 | ||||||
Projected - Continuing Operations | December 31, 2022 | |||||||
Projected weighted-average shares outstanding-diluted | 26,800 |