Balance Sheet Forward Air Corporation

Equities

FWRD

US3498531017

Air Freight & Logistics

Market Closed - Nasdaq Other stock markets 21:00:00 06/09/2024 BST			5-day change	1st Jan Change
31.94 ^USD	+0.38%		+0.54%	-49.20%

08-21	Activist Ancora Pushes Forward Air to Pursue Sale	CI
08-20	Exclusive-Activist Ancora pushes Forward Air to consider sale, letter to board says	RE

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Published financial data: FORWARD AIR CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	1.41B	1.27B	1.66B	1.97B	1.37B
Total Revenues	1.41B	1.27B	1.66B	1.97B	1.37B
Cost of Goods Sold, Total	1.08B	1B	1.26B	1.38B	983M
Gross Profit	330M	266M	405M	594M	388M
Selling General & Admin Expenses, Total	45.44M	34.91M	42.19M	49.76M	50.13M
Depreciation & Amortization - (IS)	42.11M	37.12M	39.55M	47.39M	57.4M
Other Operating Expenses	123M	114M	164M	231M	134M
Other Operating Expenses, Total	210M	186M	246M	329M	242M
Operating Income	120M	79.96M	159M	266M	146M
Interest Expense, Total	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-2.71M	-4.56M	-4.34M	-5.14M	-31.57M
Other Non Operating Income (Expenses)	-1K	-3K	-	-	-
EBT, Excl. Unusual Items	117M	75.4M	155M	261M	114M
Merger & Related Restructuring Charges	-	-	-	-	-57.49M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-1.12M	-	-	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-3.1M	-	-	-
Other Unusual Items	33K	-2.94M	62K	294K	-
EBT, Incl. Unusual Items	116M	69.36M	155M	261M	56.64M
Income Tax Expense	29.01M	16.59M	38.87M	67.65M	13.84M
Earnings From Continuing Operations	87.1M	52.77M	116M	193M	42.8M
Earnings Of Discontinued Operations	-	-29.03M	-10.23M	-	125M
Net Income to Company	87.1M	23.73M	106M	193M	167M
Net Income - (IS)	87.1M	23.73M	106M	193M	167M
Preferred Dividend and Other Adjustments	945K	385K	737K	1.07M	859K
Net Income to Common Incl Extra Items	86.15M	23.35M	105M	192M	166M
Net Income to Common Excl. Extra Items	86.15M	52.38M	115M	192M	41.94M
Per Share Items
Net EPS - Basic	3.06	0.84	3.87	7.17	6.43
Basic EPS - Continuing Operations	3.06	1.9	4.25	7.17	1.62
Basic Weighted Average Shares Outstanding	28.2M	27.63M	27.16M	26.78M	25.91M
Net EPS - Diluted	3.04	0.84	3.85	7.14	6.43
Diluted EPS - Continuing Operations	3.04	1.89	4.22	7.14	1.62
Diluted Weighted Average Shares Outstanding	28.31M	27.7M	27.29M	26.93M	26M
Normalized Basic EPS	2.6	1.71	3.57	6.08	2.75
Normalized Diluted EPS	2.59	1.7	3.55	6.05	2.74
Dividend Per Share	0.72	0.75	0.84	0.96	0.96
Payout Ratio	23.53	87.93	21.7	13.39	14.94
Supplemental Items
EBITDA	160M	115M	196M	311M	200M
EBITA	131M	93.45M	174M	282M	162M
EBIT	120M	79.96M	159M	266M	146M
EBITDAR	602M	512M	631M	849M	694M
Effective Tax Rate - (Ratio)	24.99	23.92	25.08	25.93	24.43
Current Domestic Taxes	22.24M	15.82M	37.45M	59.96M	22.73M
Total Current Taxes	22.24M	15.82M	37.45M	59.96M	22.73M
Deferred Domestic Taxes	6.77M	772K	1.42M	7.69M	-8.89M
Total Deferred Taxes	6.77M	772K	1.42M	7.69M	-8.89M
Normalized Net Income	73.25M	47.12M	96.81M	163M	71.33M
Interest on Long-Term Debt	2.71M	197K	301K	564K	1.4M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	1.87M	2.05M	2.39M	-	-
Net Rental Expense, Total	442M	397M	435M	539M	494M
Imputed Operating Lease Interest Expense	70.12M	68.58M	53.61M	74.04M	113M
Imputed Operating Lease Depreciation	372M	328M	381M	464M	381M
Stock-Based Comp., COGS (Total)	11.91M	11.03M	9.11M	9.9M	10.09M
Stock-Based Comp., Other (Total)	-	-	1.8M	1.47M	1.4M
Total Stock-Based Compensation	11.91M	11.03M	10.91M	11.38M	11.5M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	64.75M	40.25M	37.32M	45.82M	122M
Total Cash And Short Term Investments	64.75M	40.25M	37.32M	45.82M	122M
Accounts Receivable, Total	150M	156M	208M	221M	153M
Other Receivables	3.82M	-	8.1M	-	5.41M
Total Receivables	154M	156M	216M	221M	159M
Inventory	2.13M	-	-	-	-
Prepaid Expenses	15.42M	21.41M	22.28M	24.77M	25.68M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	-	-	-	39.6M
Other Current Assets, Total	-	27.74M	7.03M	12.69M	1.1M
Total Current Assets	236M	246M	283M	304M	347M
Gross Property Plant And Equipment	578M	504M	568M	612M	620M
Accumulated Depreciation	-214M	-191M	-201M	-221M	-250M
Net Property Plant And Equipment	365M	313M	367M	391M	370M
Goodwill	221M	245M	267M	306M	279M
Other Intangibles, Total	128M	145M	155M	155M	135M
Other Long-Term Assets, Total	40.97M	98.28M	46.25M	51.83M	1.85B
Total Assets	991M	1.05B	1.12B	1.21B	2.98B
Liabilities
Accounts Payable, Total	29.99M	38.37M	44.84M	54.6M	45.43M
Accrued Expenses, Total	35.26M	36.54M	50.54M	43.76M	87.01M
Current Portion of Long-Term Debt	-	-	1.5M	1.49M	-
Current Portion of Leases	52.04M	45.48M	52.12M	55.06M	56.99M
Current Income Taxes Payable	-	-	-	-	31.19M
Other Current Liabilities	19.88M	51.23M	15.7M	14.48M	16.48M
Total Current Liabilities	137M	172M	165M	169M	237M
Long-Term Debt	67.34M	112M	155M	107M	1.79B
Long-Term Leases	106M	85.36M	111M	115M	98.33M
Deferred Tax Liability Non Current	43.94M	41.99M	43.41M	51.09M	42.2M
Other Non Current Liabilities	58.82M	88.7M	49.62M	59.04M	47.14M
Total Liabilities	414M	500M	524M	501M	2.22B
Common Stock, Total	279K	273K	270K	265K	257K
Additional Paid In Capital	227M	243M	258M	271M	284M
Retained Earnings	350M	304M	335M	436M	480M
Total Common Equity	577M	547M	594M	707M	764M
Total Equity	577M	547M	594M	707M	764M
Total Liabilities And Equity	991M	1.05B	1.12B	1.21B	2.98B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	28.14M	27.53M	26.94M	26.34M	26.37M
ECS Total Common Shares Outstanding	27.85M	27.32M	26.97M	26.46M	25.67M
Book Value / Share	20.72	20.04	22.01	26.73	29.77
Tangible Book Value	228M	157M	172M	246M	351M
Tangible Book Value Per Share	8.2	5.76	6.38	9.31	13.66
Total Debt	226M	243M	320M	278M	1.95B
Net Debt	161M	203M	283M	232M	1.82B
Debt Equivalent Oper. Leases	3.54B	3.18B	3.48B	4.31B	3.95B
Account Code - Inventory Valuation	5	5	5	5	5
Land - (BS)	16.93M	26.36M	26.48M	26.48M	26.48M
Buildings, Total	65.92M	65.92M	67.27M	94.28M	94.28M
Machinery, Total	322M	270M	259M	288M	321M
Full Time Employees	4.64K	3.77K	4.04K	4.16K	4.01K
Part Time Employees	840	370	292	272	237
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.34M	1.27M	1.73M	1.53M	2.21M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	87.1M	23.73M	106M	193M	167M
Depreciation & Amortization - CF	29.03M	21.58M	22.83M	28.84M	38.46M
Amortization of Goodwill and Intangible Assets - (CF)	11.21M	13.49M	14.33M	15.99M	16.04M
Depreciation & Amortization, Total	40.24M	35.07M	37.16M	44.83M	54.5M
Amortization of Deferred Charges, Total - (CF)	1.87M	2.05M	2.39M	2.56M	2.91M
(Gain) Loss From Sale Of Asset	1.12M	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	11.91M	11.03M	10.91M	11.38M	11.5M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	761K	-	-	-	-
Net Cash From Discontinued Operations	-	-11.44M	-4.64M	-	-17.82M
Other Operating Activities, Total	10.08M	35.52M	20.18M	18.54M	-130M
Change In Accounts Receivable	2.06M	-25.74M	-52.68M	-19.13M	30.56M
Change In Accounts Payable	8.7M	23.85M	17.18M	12.57M	36.66M
Change In Income Taxes	1.28M	-	-	-	-
Change in Other Net Operating Assets	-6.1M	-9.42M	-16.1M	-4.85M	25.28M
Cash from Operations	159M	84.67M	120M	259M	181M
Capital Expenditure	-28.21M	-20.27M	-39.11M	-40.73M	-30.72M
Sale of Property, Plant, and Equipment	3.29M	2.41M	2.64M	2.37M	3.74M
Cash Acquisitions	-39M	-63.65M	-59.87M	-66.1M	-56.7M
Other Investing Activities, Total	-	-1.2M	8.02M	-	259M
Cash from Investing	-63.92M	-82.71M	-88.31M	-104M	175M
Long-Term Debt Issued, Total	20M	65M	195M	-	1.86B
Total Debt Issued	20M	65M	195M	-	1.86B
Long-Term Debt Repaid, Total	-946K	-21.45M	-152M	-55.05M	-188M
Total Debt Repaid	-946K	-21.45M	-152M	-55.05M	-188M
Issuance of Common Stock	4.66M	4.9M	4.62M	989K	800K
Repurchase of Common Stock	-59.24M	-48.76M	-52.1M	-66.1M	-98.15M
Common Dividends Paid	-20.49M	-20.87M	-22.98M	-25.86M	-25M
Common & Preferred Stock Dividends Paid	-20.49M	-20.87M	-22.98M	-25.86M	-25M
Other Financing Activities, Total	-	-5.28M	-7M	-91K	-129K
Cash from Financing	-56.01M	-26.45M	-34.89M	-146M	1.55B
Net Change in Cash	39.09M	-24.5M	-2.94M	8.51M	1.91B
Supplemental Items
Cash Interest Paid	2.66M	4.58M	4.2M	5.36M	11.92M
Cash Income Tax Paid (Refund)	20.12M	13.46M	35.77M	65.39M	20.84M
Levered Free Cash Flow	114M	67.23M	53.25M	170M	205M
Unlevered Free Cash Flow	115M	70.08M	55.96M	173M	225M
Change In Net Working Capital	-14.57M	7.79M	54.92M	11.23M	-95.72M
Net Debt Issued / Repaid	19.05M	43.55M	42.58M	-55.05M	1.67B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	8.56	4.9	9.19	14.28	4.35
Return on Total Capital	10.68	6.46	11.68	17.49	4.94
Return On Equity %	15.41	9.38	20.35	29.7	5.82
Return on Common Equity	15.24	9.32	20.22	29.54	5.7
Margin Analysis
Gross Profit Margin %	23.4	20.97	24.35	30.11	28.27
SG&A Margin	3.22	2.75	2.54	2.52	3.66
EBITDA Margin %	11.35	9.06	11.81	15.73	14.6
EBITA Margin %	9.3	7.36	10.44	14.27	11.8
EBIT Margin %	8.5	6.3	9.58	13.46	10.63
Income From Continuing Operations Margin %	6.18	4.16	6.98	9.79	3.12
Net Income Margin %	6.18	1.87	6.37	9.79	12.21
Net Avail. For Common Margin %	6.11	4.13	6.94	9.74	3.06
Normalized Net Income Margin	5.19	3.71	5.82	8.25	5.2
Levered Free Cash Flow Margin	8.06	5.3	3.2	8.6	14.97
Unlevered Free Cash Flow Margin	8.18	5.52	3.37	8.76	16.41
Asset Turnover
Asset Turnover	1.61	1.25	1.54	1.7	0.65
Fixed Assets Turnover	4.91	4.15	4.89	5.21	3.67
Receivables Turnover (Average Receivables)	9.2	8.67	9.12	9.2	8.03
Inventory Turnover (Average Inventory)	494.24	-	-	-	-
Short Term Liquidity
Current Ratio	1.72	1.43	1.72	1.8	1.46
Quick Ratio	1.59	1.15	1.54	1.58	1.18
Operating Cash Flow to Current Liabilities	1.16	0.49	0.73	1.53	0.77
Days Sales Outstanding (Average Receivables)	39.67	42.19	40.02	39.68	45.47
Days Outstanding Inventory (Average Inventory)	0.74	-	-	-	-
Average Days Payable Outstanding	10.92	11.63	12.08	13.16	17.73
Cash Conversion Cycle (Average Days)	29.49	-	-	-	-
Long Term Solvency
Total Debt/Equity	39.12	44.44	53.91	39.29	254.6
Total Debt / Total Capital	28.12	30.77	35.03	28.21	71.8
LT Debt/Equity	30.11	36.13	44.88	31.29	247.15
Long-Term Debt / Total Capital	21.64	25.01	29.16	22.46	69.7
Total Liabilities / Total Assets	41.75	47.74	46.89	41.46	74.35
EBIT / Interest Expense