Three Months Ended | ||||||||||||||||||||||||||
(in thousands, except per share data) | June 30, 2023 | June 30, 2022 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 402,182 | $ | 515,219 | $ | (113,037) | (21.9) | % | ||||||||||||||||||
Income from operations | $ | 30,211 | $ | 75,545 | $ | (45,334) | (60.0) | % | ||||||||||||||||||
Operating margin | 7.5 | % | 14.7 | % | (720) bps | |||||||||||||||||||||
Net income | $ | 19,951 | $ | 55,430 | $ | (35,479) | (64.0) | % | ||||||||||||||||||
Net income per diluted share | $ | 0.76 | $ | 2.04 | $ | (1.28) | (62.7) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 63,573 | $ | 50,334 | $ | 13,239 | 26.3 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 35,711 | $ | 75,545 | $ | (39,834) | (52.7) | % | ||||||||||||||||||
Adjusted net income | $ | 23,923 | $ | 55,430 | $ | (31,507) | (56.8) | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 0.91 | $ | 2.04 | $ | (1.13) | (55.4) | % | ||||||||||||||||||
EBITDA | $ | 44,724 | $ | 87,140 | $ | (42,416) | (48.7) | % | ||||||||||||||||||
Free cash flow | $ | 54,143 | $ | 41,825 | $ | 12,318 | 29.5 | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||
(in thousands, except per share data) | June 30, 2023 | June 30, 2022 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 829,248 | $ | 982,180 | $ | (152,932) | (15.6) | % | ||||||||||||||||||
Income from operations | $ | 80,720 | $ | 132,896 | $ | (52,176) | (39.3) | % | ||||||||||||||||||
Operating margin | 9.7 | % | 13.5 | % | (380) bps | |||||||||||||||||||||
Net income | $ | 56,319 | $ | 98,116 | $ | (41,797) | (42.6) | % | ||||||||||||||||||
Net income per diluted share | $ | 2.13 | $ | 3.61 | $ | (1.48) | (41.0) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 129,566 | $ | 112,820 | $ | 16,746 | 14.8 | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 86,220 | $ | 132,602 | $ | (46,382) | (35.0) | % | ||||||||||||||||||
Adjusted net income | $ | 60,291 | $ | 97,896 | $ | (37,605) | (38.4) | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 2.28 | $ | 3.60 | $ | (1.32) | (36.7) | % | ||||||||||||||||||
EBITDA | $ | 108,868 | $ | 155,621 | $ | (46,753) | (30.0) | % | ||||||||||||||||||
Free cash flow | $ | 115,162 | $ | 94,914 | $ | 20,248 | 21.3 | % | ||||||||||||||||||
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, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Expedited Freight | $ | 337,996 | $ | 408,857 | $ | 676,930 | $ | 785,448 | |||||||||||||||
Intermodal | 64,251 | 106,411 | 152,420 | 196,851 | |||||||||||||||||||
Eliminations and other operations | (65) | (49) | (102) | (119) | |||||||||||||||||||
Operating revenues | 402,182 | 515,219 | 829,248 | 982,180 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation | 181,643 | 239,490 | 366,860 | 464,322 | |||||||||||||||||||
Salaries, wages and employee benefits | 86,686 | 86,358 | 166,206 | 172,439 | |||||||||||||||||||
Operating leases | 26,184 | 23,459 | 53,432 | 46,132 | |||||||||||||||||||
Depreciation and amortization | 14,513 | 11,595 | 28,148 | 22,725 | |||||||||||||||||||
Insurance and claims | 13,360 | 13,196 | 27,142 | 25,164 | |||||||||||||||||||
Fuel expense | 5,274 | 8,314 | 11,058 | 14,179 | |||||||||||||||||||
Other operating expenses | 44,311 | 57,262 | 95,682 | 104,323 | |||||||||||||||||||
Total operating expenses | 371,971 | 439,674 | 748,528 | 849,284 | |||||||||||||||||||
Income (loss) from operations: | |||||||||||||||||||||||
Expedited Freight | 30,949 | 63,107 | 63,947 | 110,787 | |||||||||||||||||||
Intermodal | 4,312 | 15,249 | 15,515 | 26,395 | |||||||||||||||||||
Other Operations | (5,050) | (2,811) | 1,258 | (4,286) | |||||||||||||||||||
Income from operations | 30,211 | 75,545 | 80,720 | 132,896 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense, net | (2,585) | (1,193) | (4,940) | (1,977) | |||||||||||||||||||
Total other expense | (2,585) | (1,193) | (4,940) | (1,977) | |||||||||||||||||||
Income before income taxes | 27,626 | 74,352 | 75,780 | 130,919 | |||||||||||||||||||
Income tax expense | 7,675 | 18,922 | 19,461 | 32,803 | |||||||||||||||||||
Net income and comprehensive income | $ | 19,951 | $ | 55,430 | $ | 56,319 | $ | 98,116 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.76 | $ | 2.05 | $ | 2.14 | $ | 3.63 | |||||||||||||||
Diluted | $ | 0.76 | $ | 2.04 | $ | 2.13 | $ | 3.61 | |||||||||||||||
Dividends per share: | $ | 0.24 | $ | 0.24 | $ | 0.48 | $ | 0.48 | |||||||||||||||
Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2023 | Percent of Revenue | June 30, 2022 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 1 | $ | 205,762 | 60.9 | % | $ | 251,872 | 61.6 | % | $ | (46,110) | (18.3) | % | |||||||||||||||||||||||
Truckload | 40,432 | 12.0 | 60,144 | 14.7 | (19,712) | (32.8) | |||||||||||||||||||||||||||||
Final Mile | 68,560 | 20.3 | 73,028 | 17.9 | (4,468) | (6.1) | |||||||||||||||||||||||||||||
Other | 23,242 | 6.9 | 23,813 | 5.8 | (571) | (2.4) | |||||||||||||||||||||||||||||
Total operating revenue | 337,996 | 100.0 | 408,857 | 100.0 | (70,861) | (17.3) | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 163,798 | 48.5 | 212,575 | 52.0 | (48,777) | (22.9) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 70,360 | 20.8 | 69,497 | 17.0 | 863 | 1.2 | |||||||||||||||||||||||||||||
Operating leases | 19,489 | 5.8 | 15,933 | 3.9 | 3,556 | 22.3 | |||||||||||||||||||||||||||||
Depreciation and amortization | 9,707 | 2.9 | 7,817 | 1.9 | 1,890 | 24.2 | |||||||||||||||||||||||||||||
Insurance and claims | 10,703 | 3.2 | 8,311 | 2.0 | 2,392 | 28.8 | |||||||||||||||||||||||||||||
Fuel expense | 2,583 | 0.8 | 3,229 | 0.8 | (646) | (20.0) | |||||||||||||||||||||||||||||
Other operating expenses | 30,407 | 9.0 | 28,388 | 7.0 | 2,019 | 7.1 | |||||||||||||||||||||||||||||
Total operating expenses | 307,047 | 90.8 | 345,750 | 84.6 | (38,703) | (11.2) | |||||||||||||||||||||||||||||
Income from operations | $ | 30,949 | 9.2 | % | $ | 63,107 | 15.4 | % | $ | (32,158) | (51.0) | % | |||||||||||||||||||||||
1Network 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, 2023 | June 30, 2022 | Percent Change | |||||||||||||||
Business days | 64 | 64 | — | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
Total pounds | 673,878 | 730,128 | (7.7) | ||||||||||||||
Pounds per day | 10,529 | 11,408 | (7.7) | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
Total shipments | 842 | 961 | (12.4) | ||||||||||||||
Shipments per day | 13.2 | 15.0 | (12.0) | ||||||||||||||
Weight per shipment | 801 | 760 | 5.4 | ||||||||||||||
Revenue per hundredweight 3 | $ | 30.79 | $ | 34.75 | (11.4) | ||||||||||||
Revenue per hundredweight, ex fuel 3 | $ | 24.08 | $ | 25.89 | (7.0) | ||||||||||||
Revenue per shipment 3 | $ | 246.59 | $ | 264.09 | (6.6) | ||||||||||||
Revenue per shipment, ex fuel 3 | $ | 192.85 | $ | 196.78 | (2.0) | ||||||||||||
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, 2023 | Percent of Revenue | June 30, 2022 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue | $ | 64,251 | 100.0 | % | $ | 106,411 | 100.0 | % | $ | (42,160) | (39.6) | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 17,909 | 27.9 | 26,963 | 25.3 | (9,054) | (33.6) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 16,650 | 25.9 | 18,831 | 17.7 | (2,181) | (11.6) | |||||||||||||||||||||||||||||
Operating leases | 6,695 | 10.4 | 7,526 | 7.1 | (831) | (11.0) | |||||||||||||||||||||||||||||
Depreciation and amortization | 4,806 | 7.5 | 3,716 | 3.5 | 1,090 | 29.3 | |||||||||||||||||||||||||||||
Insurance and claims | 2,815 | 4.4 | 2,338 | 2.2 | 477 | 20.4 | |||||||||||||||||||||||||||||
Fuel expense | 2,691 | 4.2 | 5,084 | 4.8 | (2,393) | (47.1) | |||||||||||||||||||||||||||||
Other operating expenses | 8,373 | 13.0 | 26,704 | 25.1 | (18,331) | (68.6) | |||||||||||||||||||||||||||||
Total operating expenses | 59,939 | 93.3 | 91,162 | 85.7 | (31,223) | (34.3) | |||||||||||||||||||||||||||||
Income from operations | $ | 4,312 | 6.7 | % | $ | 15,249 | 14.3 | % | $ | (10,937) | (71.7) | % | |||||||||||||||||||||||
Intermodal Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, 2023 | June 30, 2022 | Percent Change | |||||||||||||||
Drayage shipments | 68,180 | 94,986 | (28.2) | % | |||||||||||||
Drayage revenue per shipment | $ | 853 | $ | 1,026 | (16.9) | % | |||||||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,281 | $ | 45,822 | |||||||
Accounts receivable, net | 175,968 | 221,028 | |||||||||
Other current assets | 21,538 | 37,465 | |||||||||
Total current assets | 215,787 | 304,315 | |||||||||
Property and equipment, net | 260,663 | 249,080 | |||||||||
Operating lease right-of-use assets | 144,847 | 141,865 | |||||||||
Goodwill | 356,763 | 306,184 | |||||||||
Other acquired intangibles, net | 151,218 | 154,801 | |||||||||
Other assets | 55,295 | 51,831 | |||||||||
Total assets | $ | 1,184,573 | $ | 1,208,076 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 37,085 | $ | 54,601 | |||||||
Accrued expenses | 53,265 | 54,291 | |||||||||
Other current liabilities | 12,112 | 3,956 | |||||||||
Current portion of debt and finance lease obligations | 13,963 | 9,444 | |||||||||
Current portion of operating lease liabilities | 52,801 | 47,106 | |||||||||
Total current liabilities | 169,226 | 169,398 | |||||||||
Finance lease obligations, less current portion | 23,461 | 15,844 | |||||||||
Long-term debt, less current portion and debt issuance costs | 119,766 | 106,588 | |||||||||
Operating lease liabilities, less current portion | 96,799 | 98,865 | |||||||||
Other long-term liabilities | 48,437 | 59,044 | |||||||||
Deferred income taxes | 53,275 | 51,093 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 258 | 265 | |||||||||
Additional paid-in capital | 277,593 | 270,855 | |||||||||
Retained earnings | 395,758 | 436,124 | |||||||||
Total shareholders’ equity | 673,609 | 707,244 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,184,573 | $ | 1,208,076 |
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||
Operating activities: | |||||||||||
Net income from operations | $ | 19,951 | $ | 55,430 | |||||||
Adjustments to reconcile net income of operations to net cash provided by operating activities of operations | |||||||||||
Depreciation and amortization | 14,513 | 11,595 | |||||||||
Share-based compensation expense | 3,160 | 3,306 | |||||||||
Provision for revenue adjustments | 3,372 | 1,630 | |||||||||
Deferred income tax expense | 325 | 319 | |||||||||
Other | (132) | 1,251 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
Accounts receivable | 21,630 | (6,473) | |||||||||
Other receivables | — | 3,484 | |||||||||
Other current and noncurrent assets | (299) | (9,900) | |||||||||
Accounts payable and accrued expenses | 1,053 | (10,308) | |||||||||
Net cash provided by operating activities | 63,573 | 50,334 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 1,356 | 256 | |||||||||
Purchases of property and equipment | (10,786) | (8,765) | |||||||||
Purchases of a business, net of cash acquired | (136) | (40,433) | |||||||||
Net cash used in investing activities | (9,566) | (48,942) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (1,869) | (1,513) | |||||||||
Payments on credit facility | (30,750) | (7,875) | |||||||||
Payment of earn-out liability | — | (91) | |||||||||
Payments of dividends to shareholders | (6,255) | (6,492) | |||||||||
Repurchases and retirement of common stock | (29,301) | — | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 421 | 374 | |||||||||
Payment of minimum tax withholdings on share-based awards | — | (39) | |||||||||
Net cash used in financing activities | (67,754) | (15,636) | |||||||||
Net decrease in cash and cash equivalents | (13,747) | (14,244) | |||||||||
Cash and cash equivalents at beginning of period | 32,028 | 61,630 | |||||||||
Cash and cash equivalents at end of period | $ | 18,281 | $ | 47,386 | |||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||
Operating activities: | |||||||||||
Net income from operations | $ | 56,319 | $ | 98,116 | |||||||
Adjustments to reconcile net income of operations to net cash provided by operating activities of operations | |||||||||||
Depreciation and amortization | 28,148 | 22,725 | |||||||||
Change in fair value of earn-out liability | — | (294) | |||||||||
Share-based compensation expense | 6,309 | 6,067 | |||||||||
Provision for revenue adjustments | 5,529 | 2,934 | |||||||||
Deferred income tax expense | 2,182 | 1,962 | |||||||||
Other | (432) | 1,383 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
Accounts receivable | 38,299 | (36,751) | |||||||||
Other receivables | — | 7,093 | |||||||||
Other current and noncurrent assets | 11,123 | 3,918 | |||||||||
Accounts payable and accrued expenses | (17,911) | 5,667 | |||||||||
Net cash provided by operating activities | 129,566 | 112,820 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 3,171 | 767 | |||||||||
Purchases of property and equipment | (17,575) | (18,673) | |||||||||
Purchase of a business, net of cash acquired | (56,703) | (40,433) | |||||||||
Net cash used in investing activities | (71,107) | (58,339) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (3,987) | (2,583) | |||||||||
Proceeds from credit facility | 45,000 | — | |||||||||
Payments on credit facility | (30,750) | (8,250) | |||||||||
Payment of earn-out liability | — | (91) | |||||||||
Proceeds from issuance of common stock upon stock option exercises | — | 206 | |||||||||
Payments of dividends to shareholders | (12,600) | (12,994) | |||||||||
Repurchases and retirement of common stock | (79,792) | (17,780) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 421 | 374 | |||||||||
Payment of minimum tax withholdings on share-based awards | (4,292) | (3,293) | |||||||||
Net cash used in financing activities | (86,000) | (44,411) | |||||||||
Net (decrease) increase in cash and cash equivalents | (27,541) | 10,070 | |||||||||
Cash and cash equivalents at beginning of period | 45,822 | 37,316 | |||||||||
Cash and cash equivalents at end of period | $ | 18,281 | $ | 47,386 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Net income | $ | 19,951 | $ | 55,430 | $ | 56,319 | $ | 98,116 | ||||||||||||||||||
Interest expense | 2,585 | 1,193 | 4,940 | 1,977 | ||||||||||||||||||||||
Income tax expense | 7,675 | 18,922 | 19,461 | 32,803 | ||||||||||||||||||||||
Depreciation and amortization | 14,513 | 11,595 | 28,148 | 22,725 | ||||||||||||||||||||||
EBITDA | $ | 44,724 | $ | 87,140 | $ | 108,868 | $ | 155,621 | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 63,573 | $ | 50,334 | $ | 129,566 | $ | 112,820 | ||||||||||||||||||
Proceeds from sale of property and equipment | 1,356 | 256 | 3,171 | 767 | ||||||||||||||||||||||
Purchases of property and equipment | (10,786) | (8,765) | (17,575) | (18,673) | ||||||||||||||||||||||
Free cash flow | $ | 54,143 | $ | 41,825 | $ | 115,162 | $ | 94,914 | ||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income | Net Income Per Diluted Share | |||||||||||||||||||||||||||||||||
As Reported | $ | 30,211 | $ | 19,951 | $ | 0.76 | $ | 75,545 | $ | 55,430 | $ | 2.04 | ||||||||||||||||||||||||||
Non-recurring strategic initiatives | 5,500 | 3,972 | 0.15 | — | — | — | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 35,711 | $ | 23,923 | $ | 0.91 | $ | 75,545 | $ | 55,430 | $ | 2.04 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are based on the after-tax effect of each item. The income tax effect is calculated by applying the effective tax rate to the pre-tax amount. The total tax effect of the above item is $1,528. | ||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income2 | Net Income Per Diluted Share2 | |||||||||||||||||||||||||||||||||
As Reported | $ | 80,720 | $ | 56,319 | $ | 2.13 | $ | 132,896 | $ | 98,116 | $ | 3.61 | ||||||||||||||||||||||||||
Non-recurring strategic initiatives | 5,500 | 3,972 | 0.15 | — | — | — | ||||||||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | — | — | — | (294) | (220) | (0.01) | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 86,220 | $ | 60,291 | $ | 2.28 | $ | 132,602 | $ | 97,896 | $ | 3.60 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are based on the after-tax effect of each item. The income tax effect is calculated by applying the effective tax rate to the pre-tax amount. The total tax effect of the above item is $1,528. | ||||||||||||||||||||||||||||||||||||||
2 Net income and net income per diluted share amounts are based on the after-tax effect of each item. The income tax effect is calculated by applying the effective tax rate to the pre-tax amount. The total tax effect of the above item is ($74). |
Actual | Three Months Ended June 30, 2023 | |||||||
Net income | $ | 19,951 | ||||||
Income allocated to participating securities | (121) | |||||||
Numerator for diluted net income per share - net income | $ | 19,830 | ||||||
Weighted-average common shares and common share equivalent outstanding - diluted | 26,035 | |||||||
Diluted net income per share | $ | 0.76 | ||||||
Projected | Full year 2023 | |||||||
Projected tax rate | 25.7 | % | ||||||
Projected purchases of property and equipment, net of proceeds from sale of property and equipment | $ | 37,000 | ||||||
Projected | December 31, 2023 | |||||||
Projected weighted-average common shares and common share equivalent outstanding - diluted | 26,000 | |||||||