Continuing Operations | Three Months Ended | |||||||||||||||||||||||||
(in thousands, except per share data) | June 30, 2022 | June 30, 2021 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 515,219 | $ | 420,671 | $ | 94,548 | 22.5 | % | ||||||||||||||||||
Income from operations | $ | 75,545 | $ | 42,124 | $ | 33,421 | 79.3 | % | ||||||||||||||||||
Operating margin | 14.7 | % | 10.0 | % | 470 bps | |||||||||||||||||||||
Net income | $ | 55,430 | $ | 30,677 | $ | 24,753 | 80.7 | % | ||||||||||||||||||
Net income per diluted share | $ | 2.04 | $ | 1.11 | $ | 0.93 | 83.8 | % | ||||||||||||||||||
Cash provided by operating activities | $ | 50,334 | $ | 22,748 | $ | 27,586 | 121.3 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 75,545 | $ | 41,787 | $ | 33,758 | 80.8 | % | ||||||||||||||||||
Adjusted net income | $ | 55,430 | $ | 30,424 | $ | 25,006 | 82.2 | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 2.04 | $ | 1.10 | $ | 0.94 | 85.5 | % | ||||||||||||||||||
EBITDA | $ | 87,140 | $ | 51,538 | $ | 35,602 | 69.1 | % | ||||||||||||||||||
Free cash flow | $ | 41,825 | $ | 17,517 | $ | 24,308 | 138.8 | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. |
Continuing Operations | Six Months Ended | |||||||||||||||||||||||||
(in thousands, except per share data) | June 30, 2022 | June 30, 2021 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 982,180 | $ | 782,873 | $ | 199,307 | 25.5 | % | ||||||||||||||||||
Income from operations | $ | 132,896 | $ | 64,848 | $ | 68,048 | 104.9 | % | ||||||||||||||||||
Operating margin | 13.5 | % | 8.3 | % | 520 bps | |||||||||||||||||||||
Net income | $ | 98,116 | $ | 47,391 | $ | 50,725 | 107.0 | % | ||||||||||||||||||
Net income per diluted share | $ | 3.61 | $ | 1.71 | $ | 1.90 | 111.1 | % | ||||||||||||||||||
Cash provided by operating activities | $ | 112,820 | $ | 39,661 | $ | 73,159 | 184.5 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 132,602 | $ | 71,418 | $ | 61,184 | 85.7 | % | ||||||||||||||||||
Adjusted net income | $ | 97,896 | $ | 52,384 | $ | 45,512 | 86.9 | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 3.60 | $ | 1.89 | $ | 1.71 | 90.5 | % | ||||||||||||||||||
EBITDA | $ | 155,621 | $ | 83,499 | $ | 72,122 | 86.4 | % | ||||||||||||||||||
Free cash flow | $ | 94,914 | $ | 32,400 | $ | 62,514 | 192.9 | % | ||||||||||||||||||
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 | Six Months Ended | ||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Expedited Freight | $ | 408,857 | $ | 351,735 | $ | 785,448 | $ | 655,921 | |||||||||||||||
Intermodal | 106,411 | 69,133 | 196,851 | 127,647 | |||||||||||||||||||
Eliminations and other operations | (49) | (197) | (119) | (695) | |||||||||||||||||||
Operating revenues | 515,219 | 420,671 | 982,180 | 782,873 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation | 239,490 | 215,217 | 464,322 | 399,825 | |||||||||||||||||||
Salaries, wages and employee benefits | 86,358 | 84,641 | 172,439 | 159,538 | |||||||||||||||||||
Operating leases | 23,459 | 20,370 | 46,132 | 39,537 | |||||||||||||||||||
Depreciation and amortization | 11,595 | 9,414 | 22,725 | 18,651 | |||||||||||||||||||
Insurance and claims | 13,196 | 10,891 | 25,164 | 20,632 | |||||||||||||||||||
Fuel expense | 8,314 | 4,059 | 14,179 | 7,761 | |||||||||||||||||||
Other operating expenses | 57,262 | 33,955 | 104,323 | 72,081 | |||||||||||||||||||
Total operating expenses | 439,674 | 378,547 | 849,284 | 718,025 | |||||||||||||||||||
Income (loss) from continuing operations: | |||||||||||||||||||||||
Expedited Freight | 63,107 | 34,688 | 110,787 | 59,218 | |||||||||||||||||||
Intermodal | 15,249 | 8,386 | 26,395 | 12,895 | |||||||||||||||||||
Other Operations | (2,811) | (950) | (4,286) | (7,265) | |||||||||||||||||||
Income from continuing operations | 75,545 | 42,124 | 132,896 | 64,848 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense | (1,193) | (1,323) | (1,977) | (2,488) | |||||||||||||||||||
Total other expense | (1,193) | (1,323) | (1,977) | (2,488) | |||||||||||||||||||
Income before income taxes | 74,352 | 40,801 | 130,919 | 62,360 | |||||||||||||||||||
Income tax expense | 18,922 | 10,124 | 32,803 | 14,969 | |||||||||||||||||||
Net income from continuing operations | 55,430 | 30,677 | 98,116 | 47,391 | |||||||||||||||||||
Loss from discontinued operation, net of tax | — | — | — | (5,533) | |||||||||||||||||||
Net income and comprehensive income | $ | 55,430 | $ | 30,677 | $ | 98,116 | $ | 41,858 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic net income (loss) per share | |||||||||||||||||||||||
Continuing operations | $ | 2.05 | $ | 1.12 | $ | 3.63 | $ | 1.72 | |||||||||||||||
Discontinued operation | — | — | — | (0.20) | |||||||||||||||||||
Net income per basic share | $ | 2.05 | $ | 1.12 | $ | 3.63 | $ | 1.52 | |||||||||||||||
Diluted net income (loss) per share | |||||||||||||||||||||||
Continuing operations | $ | 2.04 | $ | 1.11 | $ | 3.61 | $ | 1.71 | |||||||||||||||
Discontinued operation | — | — | — | (0.20) | |||||||||||||||||||
Net income per diluted share | $ | 2.04 | $ | 1.11 | $ | 3.61 | $ | 1.51 | |||||||||||||||
Dividends per share | $ | 0.24 | $ | 0.21 | $ | 0.48 | $ | 0.42 | |||||||||||||||
Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | Percent of Revenue | June 30, 2021 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 1 | $ | 263,425 | 64.4 | % | $ | 210,088 | 59.7 | % | $ | 53,337 | 25.4 | % | |||||||||||||||||||||||
Truckload | 60,144 | 14.7 | 56,968 | 16.2 | 3,176 | 5.6 | |||||||||||||||||||||||||||||
Final Mile | 73,028 | 17.9 | 69,883 | 19.9 | 3,145 | 4.5 | |||||||||||||||||||||||||||||
Other | 12,260 | 3.0 | 14,796 | 4.2 | (2,536) | (17.1) | |||||||||||||||||||||||||||||
Total operating revenue | 408,857 | 100.0 | 351,735 | 100.0 | 57,122 | 16.2 | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 212,575 | 52.0 | 191,648 | 54.5 | 20,927 | 10.9 | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 69,497 | 17.0 | 67,560 | 19.2 | 1,937 | 2.9 | |||||||||||||||||||||||||||||
Operating leases | 15,933 | 3.9 | 14,868 | 4.2 | 1,065 | 7.2 | |||||||||||||||||||||||||||||
Depreciation and amortization | 7,817 | 1.9 | 6,779 | 1.9 | 1,038 | 15.3 | |||||||||||||||||||||||||||||
Insurance and claims | 8,311 | 2.0 | 8,385 | 2.4 | (74) | (0.9) | |||||||||||||||||||||||||||||
Fuel expense | 3,229 | 0.8 | 2,147 | 0.6 | 1,082 | 50.4 | |||||||||||||||||||||||||||||
Other operating expenses | 28,388 | 7.0 | 25,660 | 7.3 | 2,728 | 10.6 | |||||||||||||||||||||||||||||
Total operating expenses | 345,750 | 84.6 | 317,047 | 90.1 | 28,703 | 9.1 | |||||||||||||||||||||||||||||
Income from operations | $ | 63,107 | 15.4 | % | $ | 34,688 | 9.9 | % | $ | 28,419 | 81.9 | % | |||||||||||||||||||||||
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 | |||||||||||||||||
June 30, 2022 | June 30, 2021 | Percent Change | |||||||||||||||
Business days | 64 | 64 | — | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
Total pounds | 730,128 | 728,191 | 0.3 | ||||||||||||||
Pounds per day | 11,408 | 11,378 | 0.3 | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
Total shipments | 961 | 1,096 | (12.3) | ||||||||||||||
Shipments per day | 15.0 | 17.1 | (12.3) | ||||||||||||||
Weight per shipment | 760 | 664 | 14.5 | ||||||||||||||
Revenue per hundredweight 3 | $ | 35.99 | $ | 29.45 | 22.2 | ||||||||||||
Revenue per hundredweight, ex fuel 3 | $ | 27.13 | $ | 24.68 | 9.9 | ||||||||||||
Revenue per shipment 3 | $ | 273.52 | $ | 195.64 | 39.8 | ||||||||||||
Revenue per shipment, ex fuel 3 | $ | 206.21 | $ | 163.97 | 25.8 | ||||||||||||
1 In thousands | |||||||||||||||||
2 Excludes accessorial, Truckload and Final Mile products | |||||||||||||||||
3 Includes intercompany revenue between the Network and Truckload revenue streams | |||||||||||||||||
Intermodal Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | Percent of Revenue | June 30, 2021 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue | $ | 106,411 | 100.0 | % | $ | 69,133 | 100.0 | % | $ | 37,278 | 53.9 | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 26,963 | 25.3 | 23,767 | 34.4 | 3,196 | 13.4 | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 18,831 | 17.7 | 16,230 | 23.5 | 2,601 | 16.0 | |||||||||||||||||||||||||||||
Operating leases | 7,526 | 7.1 | 5,500 | 8.0 | 2,026 | 36.8 | |||||||||||||||||||||||||||||
Depreciation and amortization | 3,716 | 3.5 | 2,612 | 3.8 | 1,104 | 42.3 | |||||||||||||||||||||||||||||
Insurance and claims | 2,338 | 2.2 | 2,355 | 3.4 | (17) | (0.7) | |||||||||||||||||||||||||||||
Fuel expense | 5,084 | 4.8 | 1,912 | 2.8 | 3,172 | 165.9 | |||||||||||||||||||||||||||||
Other operating expenses | 26,704 | 25.1 | 8,371 | 12.1 | 18,333 | 219.0 | |||||||||||||||||||||||||||||
Total operating expenses | 91,162 | 85.7 | 60,747 | 87.9 | 30,415 | 50.1 | |||||||||||||||||||||||||||||
Income from operations | $ | 15,249 | 14.3 | % | $ | 8,386 | 12.1 | % | $ | 6,863 | 81.8 | % | |||||||||||||||||||||||
Intermodal Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, 2022 | June 30, 2021 | Percent Change | |||||||||||||||
Drayage shipments | 92,786 | 96,805 | (4.2) | % | |||||||||||||
Drayage revenue per shipment | $ | 979 | $ | 618 | 58.4 | % | |||||||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 47,386 | $ | 37,316 | |||||||
Accounts receivable, net | 246,006 | 208,085 | |||||||||
Other receivables, net | 104 | 8,097 | |||||||||
Other current assets | 22,260 | 29,309 | |||||||||
Total current assets | 315,756 | 282,807 | |||||||||
Property and equipment, net | 229,220 | 219,095 | |||||||||
Operating lease right-of-use assets | 154,277 | 148,198 | |||||||||
Goodwill | 287,597 | 266,752 | |||||||||
Other acquired intangibles, net | 160,216 | 154,717 | |||||||||
Other assets | 50,077 | 46,254 | |||||||||
Total assets | $ | 1,197,143 | $ | 1,117,823 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 42,058 | $ | 44,837 | |||||||
Accrued expenses | 64,355 | 61,621 | |||||||||
Other current liabilities | 4,044 | 4,614 | |||||||||
Current portion of debt and finance lease obligations | 7,505 | 6,088 | |||||||||
Current portion of operating lease liabilities | 49,498 | 47,532 | |||||||||
Total current liabilities | 167,460 | 164,692 | |||||||||
Finance lease obligations, less current portion | 10,759 | 9,571 | |||||||||
Long-term debt, less current portion and debt issuance costs | 147,279 | 155,466 | |||||||||
Operating lease liabilities, less current portion | 106,552 | 101,409 | |||||||||
Other long-term liabilities | 55,374 | 49,624 | |||||||||
Deferred income taxes | 45,369 | 43,407 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 269 | 270 | |||||||||
Additional paid-in capital | 265,129 | 258,474 | |||||||||
Retained earnings | 398,952 | 334,910 | |||||||||
Total shareholders’ equity | 664,350 | 593,654 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,197,143 | $ | 1,117,823 |
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 55,430 | $ | 30,677 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations | |||||||||||
Depreciation and amortization | 11,595 | 9,414 | |||||||||
Change in fair value of earn-out liability | — | (337) | |||||||||
Share-based compensation expense | 3,306 | 2,981 | |||||||||
Provision for revenue adjustments | 1,630 | 1,748 | |||||||||
Deferred income tax expense (benefit) | 319 | (67) | |||||||||
Other | 1,251 | 97 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
Accounts receivable | (6,473) | (22,995) | |||||||||
Other receivables | 3,484 | (152) | |||||||||
Other current and noncurrent assets | (9,900) | (339) | |||||||||
Accounts payable, accrued expenses and long-term liabilities | (10,308) | 1,721 | |||||||||
Net cash provided by operating activities of continuing operations | 50,334 | 22,748 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 256 | 649 | |||||||||
Purchases of property and equipment | (8,765) | (5,880) | |||||||||
Purchases of a business, net of cash acquired | (40,433) | (7,543) | |||||||||
Net cash used in investing activities of continuing operations | (48,942) | (12,774) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (1,513) | (487) | |||||||||
Proceeds from credit facility | — | 45,000 | |||||||||
Payments on credit facility | (7,875) | — | |||||||||
Payment of earn-out liability | (91) | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | — | 1,423 | |||||||||
Payments of dividends to shareholders | (6,492) | (5,768) | |||||||||
Repurchases and retirement of common stock | — | (23,994) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 374 | 388 | |||||||||
Payment of minimum tax withholdings on share-based awards | (39) | (88) | |||||||||
Contributions from subsidiary held for sale | — | — | |||||||||
Net cash (used in) provided by financing activities from continuing operations | (15,636) | 16,474 | |||||||||
Net (decrease) increase in cash and cash equivalents of continuing operations | (14,244) | 26,448 | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash used in operating activities of discontinued operation | — | — | |||||||||
Net cash provided by investing activities of discontinued operation | — | — | |||||||||
Net cash used in financing activities of discontinued operation | — | — | |||||||||
Net (decrease) increase in cash and cash equivalents | (14,244) | 26,448 | |||||||||
Cash and cash equivalents at beginning of period of continuing operations | 61,630 | 24,396 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
Net (decrease) increase in cash and cash equivalents | (14,244) | 26,448 | |||||||||
Less: cash at end of period of discontinued operation | — | — | |||||||||
Cash and cash equivalents at end of period of continuing operations | $ | 47,386 | $ | 50,844 |
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended | |||||||||||
June 30, 2022 | June 30, 2021 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 98,116 | $ | 47,391 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations | |||||||||||
Depreciation and amortization | 22,725 | 18,651 | |||||||||
Change in fair value of earn-out liability | (294) | (385) | |||||||||
Share-based compensation expense | 6,067 | 5,578 | |||||||||
Provision for revenue adjustments | 2,934 | 3,525 | |||||||||
Deferred income tax expense (benefit) | 1,962 | (572) | |||||||||
Other | 1,383 | 189 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
Accounts receivable | (36,751) | (51,018) | |||||||||
Other receivables | 7,093 | (13,491) | |||||||||
Other current and noncurrent assets | 3,918 | 6,746 | |||||||||
Accounts payable, accrued expenses and other long-term liabilities | 5,667 | 23,047 | |||||||||
Net cash provided by operating activities of continuing operations | 112,820 | 39,661 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 767 | 1,314 | |||||||||
Purchases of property and equipment | (18,673) | (8,575) | |||||||||
Purchases of a business, net of cash acquired | (40,433) | (22,543) | |||||||||
Net cash used in investing activities of continuing operations | (58,339) | (29,804) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (2,583) | (954) | |||||||||
Proceeds from credit facility | — | 45,000 | |||||||||
Payments on credit facility | (8,250) | — | |||||||||
Payment of earn-out liability | (91) | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | 206 | 3,570 | |||||||||
Payments of dividends to shareholders | (12,994) | (11,565) | |||||||||
Repurchases and retirement of common stock | (17,780) | (33,992) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 374 | 388 | |||||||||
Payment of minimum tax withholdings on share-based awards | (3,293) | (2,832) | |||||||||
Contributions from subsidiary held for sale | — | 1,118 | |||||||||
Net cash (used in) provided by financing activities from continuing operations | (44,411) | 733 | |||||||||
Net increase in cash and cash equivalents of continuing operations | 10,070 | 10,590 | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash used in operating activities of discontinued operation | — | (6,902) | |||||||||
Net cash provided by investing activities of discontinued operation | — | 8,020 | |||||||||
Net cash used in financing activities of discontinued operation | — | (1,118) | |||||||||
Net increase in cash and cash equivalents | 10,070 | 10,590 | |||||||||
Cash and cash equivalents at beginning of period of continuing operations | 37,316 | 40,254 | |||||||||
Cash at beginning of period of discontinued operation | — | — | |||||||||
Net increase in cash and cash equivalents | 10,070 | 10,590 | |||||||||
Less: cash at end of period of discontinued operation | — | — | |||||||||
Cash and cash equivalents at end of period of continuing operations | $ | 47,386 | $ | 50,844 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Continuing Operations | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||
Net income | $ | 55,430 | $ | 30,677 | $ | 98,116 | $ | 47,391 | |||||||||||||||||||||
Interest expense | 1,193 | 1,323 | 1,977 | 2,488 | |||||||||||||||||||||||||
Income tax expense | 18,922 | 10,124 | 32,803 | 14,969 | |||||||||||||||||||||||||
Depreciation and amortization | 11,595 | 9,414 | 22,725 | 18,651 | |||||||||||||||||||||||||
EBITDA | $ | 87,140 | $ | 51,538 | $ | 155,621 | $ | 83,499 | |||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
Continuing Operations | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 50,334 | $ | 22,748 | $ | 112,820 | $ | 39,661 | ||||||||||||||||||
Proceeds from sale of property and equipment | 256 | 649 | 767 | 1,314 | ||||||||||||||||||||||
Purchases of property and equipment | (8,765) | (5,880) | (18,673) | (8,575) | ||||||||||||||||||||||
Free cash flow | $ | 41,825 | $ | 17,517 | $ | 94,914 | $ | 32,400 | ||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||
Continuing Operations | Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income1 | Net Income Per Diluted Share1 | ||||||||||||||||||||||||||||||||
As Reported | $ | 75,545 | $ | 55,430 | $ | 2.04 | $ | 42,124 | $ | 30,677 | $ | 1.11 | ||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | — | — | — | (337) | (253) | (0.01) | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 75,545 | $ | 55,430 | $ | 2.04 | $ | 41,787 | $ | 30,424 | $ | 1.10 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are after tax | ||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||
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 | $ | 132,896 | $ | 98,116 | $ | 3.61 | $ | 64,848 | $ | 47,391 | $ | 1.71 | ||||||||||||||||||||||||||
Professional fees for cybersecurity and shareholder engagement activities | — | — | — | 6,955 | 5,286 | 0.19 | ||||||||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | (294) | (220) | (0.01) | (385) | (293) | (0.01) | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 132,602 | $ | 97,896 | $ | 3.60 | $ | 71,418 | $ | 52,384 | $ | 1.89 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are after tax | ||||||||||||||||||||||||||||||||||||||
2 Rounding may impact summation of amounts | ||||||||||||||||||||||||||||||||||||||
Net Income Per Diluted Share1,2 | ||||||||
Continuing Operations | Three Months Ended September 30, 2021 | |||||||
As reported | $ | 1.12 | ||||||
Professional fees for an operational improvement project | 0.03 | |||||||
As adjusted | $ | 1.14 |
Actual - Continuing Operations | Three Months Ended June 30, 2022 | |||||||
Net income from continuing operations | $ | 55,430 | ||||||
Income allocated to participating securities | (346) | |||||||
Numerator for diluted net income per share - net income | $ | 55,084 | ||||||
Weighted-average common shares and common share equivalent outstanding - diluted | 26,989 | |||||||
Diluted net income per share | $ | 2.04 | ||||||
Projected | Full year 2022 | |||||||
Projected tax rate - continuing operations | 25.7 | % | ||||||
Projected purchases of property and equipment, net of proceeds from sale of property and equipment | $ | 40,000 | ||||||
Projected | December 31, 2022 | |||||||
Projected weighted-average common shares and common share equivalent outstanding - diluted | 26,800 | |||||||