Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating activities:      
Net income $ 61,169us-gaap_NetIncomeLoss $ 54,467us-gaap_NetIncomeLoss $ 52,668us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 31,133us-gaap_DepreciationDepletionAndAmortization 23,579us-gaap_DepreciationDepletionAndAmortization 21,021us-gaap_DepreciationDepletionAndAmortization
Gain on change in fair value of earn-out liability 0us-gaap_FairValueOptionChangesInFairValueGainLoss1 (615)us-gaap_FairValueOptionChangesInFairValueGainLoss1 0us-gaap_FairValueOptionChangesInFairValueGainLoss1
Share-based compensation 6,681us-gaap_ShareBasedCompensation 6,178us-gaap_ShareBasedCompensation 6,050us-gaap_ShareBasedCompensation
(Gain) loss on disposal of property and equipment (383)us-gaap_GainLossOnSaleOfPropertyPlantEquipment (454)us-gaap_GainLossOnSaleOfPropertyPlantEquipment 318us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Provision for loss on receivables 241us-gaap_ProvisionForDoubtfulAccounts 423us-gaap_ProvisionForDoubtfulAccounts 199us-gaap_ProvisionForDoubtfulAccounts
Provision for revenue adjustments 2,465us-gaap_ProvisionForOtherLosses 2,531us-gaap_ProvisionForOtherLosses 2,003us-gaap_ProvisionForOtherLosses
Deferred income taxes (3,021)us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 4,856us-gaap_IncreaseDecreaseInDeferredIncomeTaxes 2,043us-gaap_IncreaseDecreaseInDeferredIncomeTaxes
Tax benefit for stock options exercised (2,109)us-gaap_DeferredTaxExpenseFromStockOptionsExercised (3,707)us-gaap_DeferredTaxExpenseFromStockOptionsExercised (385)us-gaap_DeferredTaxExpenseFromStockOptionsExercised
Changes in operating assets and liabilities, net of acquisition of business      
Accounts receivable (12,193)us-gaap_IncreaseDecreaseInReceivables 1,447us-gaap_IncreaseDecreaseInReceivables (6,542)us-gaap_IncreaseDecreaseInReceivables
Prepaid expenses and other current assets (280)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (215)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (1,331)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Accounts payable and accrued expenses (199)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 2,588us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (3,477)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Income taxes 8,156us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (239)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (3,981)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Net cash provided by operating activities 91,660us-gaap_NetCashProvidedByUsedInOperatingActivities 90,839us-gaap_NetCashProvidedByUsedInOperatingActivities 68,586us-gaap_NetCashProvidedByUsedInOperatingActivities
Investing activities:      
Proceeds from disposal of property and equipment 1,947us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 1,973us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 911us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Purchases of property and equipment (39,487)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (35,439)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (21,353)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Acquisition of business, net of cash acquired (90,172)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (45,328)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Other 2us-gaap_PaymentsForProceedsFromOtherInvestingActivities (129)us-gaap_PaymentsForProceedsFromOtherInvestingActivities (263)us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash used in investing activities (127,710)us-gaap_NetCashProvidedByUsedInInvestingActivities (78,923)us-gaap_NetCashProvidedByUsedInInvestingActivities (20,705)us-gaap_NetCashProvidedByUsedInInvestingActivities
Financing activities:      
Payments of debt and capital lease obligations (9,736)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities (20,375)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities (551)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities
Payments on line of credit 0us-gaap_RepaymentsOfLinesOfCredit 0us-gaap_RepaymentsOfLinesOfCredit 0us-gaap_RepaymentsOfLinesOfCredit
Proceeds from exercise of stock options 13,235us-gaap_ProceedsFromStockOptionsExercised 33,002us-gaap_ProceedsFromStockOptionsExercised 15,740us-gaap_ProceedsFromStockOptionsExercised
Payments of cash dividends (14,795)us-gaap_PaymentsOfDividends (12,141)us-gaap_PaymentsOfDividends (9,947)us-gaap_PaymentsOfDividends
Repurchase of common stock (repurchase program) (39,972)us-gaap_PaymentsForRepurchaseOfCommonStock (354)us-gaap_PaymentsForRepurchaseOfCommonStock 0us-gaap_PaymentsForRepurchaseOfCommonStock
Common stock issued under employee stock purchase plan 354us-gaap_ProceedsFromStockPlans 296us-gaap_ProceedsFromStockPlans 259us-gaap_ProceedsFromStockPlans
Cash settlement of share-based awards for minimum tax withholdings (1,083)fwrd_CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings (866)fwrd_CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings (386)fwrd_CashSettlementOfShareBasedAwardsForMinimumTaxWithholdings
Tax benefit for stock options exercised 2,109us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 3,707us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 385us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash (used in) provided by financing activities (49,888)us-gaap_NetCashProvidedByUsedInFinancingActivities 3,269us-gaap_NetCashProvidedByUsedInFinancingActivities 5,500us-gaap_NetCashProvidedByUsedInFinancingActivities
Net (decrease) increase in cash (85,938)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 15,185us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 53,381us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash at beginning of period 127,367us-gaap_CashAndCashEquivalentsAtCarryingValue 112,182us-gaap_CashAndCashEquivalentsAtCarryingValue 58,801us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash at end of period $ 41,429us-gaap_CashAndCashEquivalentsAtCarryingValue $ 127,367us-gaap_CashAndCashEquivalentsAtCarryingValue $ 112,182us-gaap_CashAndCashEquivalentsAtCarryingValue