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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2022 RESULTS
All-time record quarterly reported revenue, income from operations and net income per diluted share
Guides record third quarter revenue and net income per diluted share

GREENEVILLE, Tenn.- (BUSINESS WIRE) - July 27, 2022 - Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and six months ended June 30, 2022 as presented in the tables below on a continuing operations basis.

Tom Schmitt, Chairman, President and CEO, commenting on second quarter results from continuing operations said, “I want to thank our teammates, independent contractors and business partners for the achievement of our most profitable quarter in the history of the Company. Second quarter revenue growth of 23% came in above the high end of our guidance range of 18% to 22% and our reported net income per diluted share of $2.04 exceeded the high end of our $1.59 to $1.61 guidance range. Our Grow Forward strategy of collaborating with our customers on selecting higher quality freight, pricing the freight appropriately and operating in a clean, safe network contributed to our strong financial performance. In the third quarter of the prior year, we completed a process to cleanse inefficient freight from our network. We have fully replaced the cleansed inefficient freight with higher quality freight, resulting in the same tonnage in the second quarter of 2022 as the prior year quarter with 14.5% higher weight per shipment and 39.8% higher revenue per shipment or 25.8% higher revenue per shipment even when excluding fuel.”

Mr. Schmitt continued, “Momentum continues in the first weeks of the third quarter with tonnage 3.0% higher than the same period of the prior year and strong revenue growth across all lines of business driven by continued growth strategies, strong demand for our services and higher fuel surcharges. With the shift to premium freight in our network, our business model today is more robust and resilient than in the past. We are therefore optimistic that we will exceed the previously announced 2022 net income per diluted share target of $6.30. Our revised 2022 net income per diluted share target is at least $7.00.”

In closing, Mr. Schmitt said, “We continue to execute on our commitment to return value to our shareholders. In the past five years, we have returned approximately $376.0 million to shareholders in the form of dividends and share repurchases. Our confidence in the growth potential of our business is reflected in the increase to our quarterly dividend and continued share repurchases in 2022.”

Regarding the Company’s third quarter 2022 continuing operations guidance, Rebecca J. Garbrick, CFO, said, “We expect our year-over-year revenue growth will be 20% to 24% and net income per diluted share to be between $1.88 to $1.92, compared to reported net income per diluted share of $1.12 and adjusted net income per diluted share of $1.14 in the third quarter of 2021.”




Continuing OperationsThree Months Ended
(in thousands, except per share data)June 30,
2022
June 30,
2021
ChangePercent Change
Operating revenue$515,219 $420,671 $94,548 22.5 %
Income from operations $75,545 $42,124 $33,421 79.3 %
Operating margin14.7 %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 OperationsSix Months Ended
(in thousands, except per share data)June 30,
2022
June 30,
2021
ChangePercent Change
Operating revenue$982,180 $782,873 $199,307 25.5 %
Income from operations $132,896 $64,848 $68,048 104.9 %
Operating margin13.5 %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.

On July 26, 2022, our Board of Directors declared a quarterly cash dividend of $0.24 per share of common stock. The dividend is payable to shareholders of record at the close of business on August 18, 2022 and is expected to be paid on September 8, 2022. This quarterly dividend is made pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.96 for the full year 2022, payable in quarterly increments of $0.24 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 and position.

The Board approved a strategy to divest the Pool Distribution business (“Pool”) on April 23, 2020, and the sale of Pool was completed on February 12, 2021. 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 release for all periods presented.

2


Review of Financial Results
Forward Air will hold a conference call to discuss second quarter 2022 results on Thursday, July 28, 2022 at 9:00 a.m. EDT. 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) 867-6163, Access Code: 4227639.

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

About Forward Air Corporation
Forward Air is a leading asset-light provider of transportation 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. In addition, we offer final mile services, including delivery of heavy-bulky freight, truckload brokerage services, including dedicated fleet services; and 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. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at www.forwardaircorp.com.
3


Forward Air Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands, except per share data)
 Three Months EndedSix 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 
Intermodal106,411 69,133 196,851 127,647 
Eliminations and other operations(49)(197)(119)(695)
Operating revenues515,219 420,671 982,180 782,873 
Operating expenses:    
Purchased transportation239,490 215,217 464,322 399,825 
Salaries, wages and employee benefits86,358 84,641 172,439 159,538 
Operating leases23,459 20,370 46,132 39,537 
Depreciation and amortization11,595 9,414 22,725 18,651 
Insurance and claims13,196 10,891 25,164 20,632 
Fuel expense8,314 4,059 14,179 7,761 
Other operating expenses57,262 33,955 104,323 72,081 
Total operating expenses439,674 378,547 849,284 718,025 
Income (loss) from continuing operations:
Expedited Freight63,107 34,688 110,787 59,218 
Intermodal15,249 8,386 26,395 12,895 
Other Operations(2,811)(950)(4,286)(7,265)
Income from continuing operations75,545 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 taxes74,352 40,801 130,919 62,360 
Income tax expense18,922 10,124 32,803 14,969 
Net income from continuing operations55,430 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 

4


Expedited Freight Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 June 30,
2022
Percent of RevenueJune 30,
2021
Percent of RevenueChangePercent Change
Operating revenue:
Network 1
$263,425 64.4 %$210,088 59.7 %$53,337 25.4 %
Truckload60,144 14.7 56,968 16.2 3,176 5.6 
Final Mile73,028 17.9 69,883 19.9 3,145 4.5 
Other12,260 3.0 14,796 4.2 (2,536)(17.1)
Total operating revenue408,857 100.0 351,735 100.0 57,122 16.2 
Operating expenses:
Purchased transportation212,575 52.0 191,648 54.5 20,927 10.9 
Salaries, wages and employee benefits69,497 17.0 67,560 19.2 1,937 2.9 
Operating leases15,933 3.9 14,868 4.2 1,065 7.2 
Depreciation and amortization7,817 1.9 6,779 1.9 1,038 15.3 
Insurance and claims8,311 2.0 8,385 2.4 (74)(0.9)
Fuel expense3,229 0.8 2,147 0.6 1,082 50.4 
Other operating expenses28,388 7.0 25,660 7.3 2,728 10.6 
Total operating expenses345,750 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.

5


Expedited Freight Operating Statistics
Three Months Ended
June 30,
2022
June 30,
2021
Percent Change
Business days64 64 — %
Tonnage 1,2
    Total pounds730,128 728,191 0.3 
    Pounds per day11,408 11,378 0.3 
Shipments 1,2
    Total shipments961 1,096 (12.3)
    Shipments per day15.0 17.1 (12.3)
Weight per shipment760 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

6


Intermodal Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 June 30,
2022
Percent of RevenueJune 30,
2021
Percent of RevenueChangePercent Change
Operating revenue$106,411 100.0 %$69,133 100.0 %$37,278 53.9 %
Operating expenses:
Purchased transportation26,963 25.3 23,767 34.4 3,196 13.4 
Salaries, wages and employee benefits18,831 17.7 16,230 23.5 2,601 16.0 
Operating leases7,526 7.1 5,500 8.0 2,026 36.8 
Depreciation and amortization3,716 3.5 2,612 3.8 1,104 42.3 
Insurance and claims2,338 2.2 2,355 3.4 (17)(0.7)
Fuel expense5,084 4.8 1,912 2.8 3,172 165.9 
Other operating expenses26,704 25.1 8,371 12.1 18,333 219.0 
Total operating expenses91,162 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 shipments92,786 96,805 (4.2)%
Drayage revenue per shipment$979 $618 58.4 %

7


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, net246,006 208,085 
Other receivables, net104 8,097 
Other current assets22,260 29,309 
Total current assets315,756 282,807 
Property and equipment, net229,220 219,095 
Operating lease right-of-use assets154,277 148,198 
Goodwill287,597 266,752 
Other acquired intangibles, net160,216 154,717 
Other assets50,077 46,254 
Total assets$1,197,143 $1,117,823 
Liabilities and Shareholders’ Equity 
Current liabilities: 
Accounts payable$42,058 $44,837 
Accrued expenses64,355 61,621 
Other current liabilities4,044 4,614 
Current portion of debt and finance lease obligations7,505 6,088 
Current portion of operating lease liabilities49,498 47,532 
Total current liabilities167,460 164,692 
Finance lease obligations, less current portion10,759 9,571 
Long-term debt, less current portion and debt issuance costs147,279 155,466 
Operating lease liabilities, less current portion106,552 101,409 
Other long-term liabilities55,374 49,624 
Deferred income taxes45,369 43,407 
Shareholders’ equity:
Preferred stock— — 
Common stock269 270 
Additional paid-in capital265,129 258,474 
Retained earnings398,952 334,910 
Total shareholders’ equity664,350 593,654 
Total liabilities and shareholders’ equity$1,197,143 $1,117,823 
8


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 amortization11,595 9,414 
Change in fair value of earn-out liability— (337)
Share-based compensation expense3,306 2,981 
Provision for revenue adjustments1,630 1,748 
Deferred income tax expense (benefit)319 (67)
Other1,251 97 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable(6,473)(22,995)
Other receivables3,484 (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 operations50,334 22,748 
Investing activities:
Proceeds from sale of property and equipment256 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 plan374 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 operations61,630 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 
9


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 amortization22,725 18,651 
Change in fair value of earn-out liability(294)(385)
Share-based compensation expense6,067 5,578 
Provision for revenue adjustments2,934 3,525 
Deferred income tax expense (benefit)1,962 (572)
Other1,383 189 
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable(36,751)(51,018)
Other receivables7,093 (13,491)
Other current and noncurrent assets3,918 6,746 
Accounts payable, accrued expenses and other long-term liabilities5,667 23,047 
Net cash provided by operating activities of continuing operations112,820 39,661 
Investing activities:
Proceeds from sale of property and equipment767 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 exercises206 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 plan374 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 operations10,070 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 equivalents10,070 10,590 
Cash and cash equivalents at beginning of period of continuing operations37,316 40,254 
Cash at beginning of period of discontinued operation— — 
Net increase in cash and cash equivalents10,070 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 
10


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 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 six months ended June 30, 2022 and 2021, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”), free cash flow, adjusted income from continuing operations, adjusted net income, and adjusted net income per diluted share. All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA 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 is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value. The Company believes providing adjusted income from operations, net income and net income per share allows investors to compare Company performance consistently over various periods without regard to the impact of unusual, nonrecurring or nonoperational items.

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 to EBITDA for the three and six months ended June 30, 2022 and 2021 (in thousands):

Three Months EndedSix Months Ended
Continuing OperationsJune 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Net income$55,430 $30,677 $98,116 $47,391 
Interest expense1,193 1,323 1,977 2,488 
Income tax expense18,922 10,124 32,803 14,969 
Depreciation and amortization11,595 9,414 22,725 18,651 
EBITDA$87,140 $51,538 $155,621 $83,499 

The following is a reconciliation of net cash provided by operating activities to free cash flow for the three and six months ended June 30, 2022 and 2021 (in thousands):

Three Months EndedSix Months Ended
Continuing OperationsJune 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 equipment256 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 

11


The following is a reconciliation of reported income from operations, net income, and net income per diluted share to adjusted income from operations, net income, and net income per diluted share for the three and six months ended June 30, 2022 and 2021 (in thousands, except net income per diluted share):

Three Months Ended June 30, 2022Three Months Ended June 30, 2021
Continuing OperationsIncome 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, 2022Six Months Ended June 30, 2021
Continuing OperationsIncome 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

The following is a reconciliation of reported net income per diluted share to adjusted net income per diluted share for the three months ended September 30, 2021:
Net Income Per Diluted Share1,2
Continuing OperationsThree Months Ended September 30, 2021
As reported$1.12 
Professional fees for an operational improvement project0.03 
As adjusted$1.14 
1 Net income per diluted share is after tax
2 Rounding may impact summation of amounts















12





The following information is provided to supplement this press release.
Actual - Continuing OperationsThree 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 - diluted26,989 
Diluted net income per share$2.04 
ProjectedFull year 2022
Projected tax rate - continuing operations25.7 %
Projected purchases of property and equipment, net of proceeds from sale of property and equipment$40,000 
ProjectedDecember 31, 2022
Projected weighted-average common shares and common share equivalent outstanding - diluted26,800 
13


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 expected third quarter 2022 revenue, revenue growth, net income per diluted share, adjusted net income per diluted share and volume, expectations regarding continued momentum in our business into 2022 and 2023, expectations regarding expansion of operating margins, and the future of declaration of dividends.

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: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, changes in fuel prices and/or fuel taxes, a decrease in demand for transportation services, pricing pressure, changes in freight volume, the COVID-19 pandemic, our ability to manage our growth and ability to grow, in part, through acquisitions, while being able to successfully integrate such acquisitions, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, 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, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, loss of a major customer, increasing competition,, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2021.

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
Brandon Hammer, 423-636-7173
bhammer@forwardair.com

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