Cash flow Forward Air Corporation

Equities

FWRD

US34986A1043

Air Freight & Logistics

Market Closed - Nasdaq Other stock markets 21:00:00 18/07/2025 BST			5-day change	1st Jan Change
26.81 ^USD	-1.79%		-2.05%	-16.87%

06-30	Forward Air Corporation(NasdaqGS:FWRD) added to Russell 3000 Growth Index	CI
06-30	Forward Air Corporation(NasdaqGS:FWRD) added to Russell Small Cap Comp Growth Index	CI

77bff2fdc2f255631.UJ5hya8FFQ4HYqyT642wXZ5VeeajcrOiHsPf2TyEKEc.Y8YopvB2f1FQD5z707XVOvg3F9WUF_76fKa6i37SGQ0f6hSTw1FZW1Ex9Q

Published financial data: FORWARD AIR CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	1.27B	1.66B	1.97B	1.37B	2.47B
Total Revenues	1.27B	1.66B	1.97B	1.37B	2.47B
Cost of Goods Sold, Total	1B	1.26B	1.38B	983M	1.99B
Gross Profit	266M	405M	594M	388M	484M
Selling General & Admin Expenses, Total	34.91M	42.19M	49.76M	50.13M	64.68M
Depreciation & Amortization - (IS)	37.12M	39.55M	47.39M	57.4M	144M
Other Operating Expenses	114M	164M	231M	134M	228M
Other Operating Expenses, Total	186M	246M	329M	242M	437M
Operating Income	79.96M	159M	266M	146M	46.93M
Interest Expense, Total	-4.56M	-4.34M	-5.14M	-31.57M	-189M
Interest And Investment Income	-	-	-	-	-
Net Interest Expenses	-4.56M	-4.34M	-5.14M	-31.57M	-189M
Currency Exchange Gains (Loss)	-	-	-	-	1.09M
Other Non Operating Income (Expenses)	-3K	-	-	-	1.23M
EBT, Excl. Unusual Items	75.4M	155M	261M	114M	-140M
Merger & Related Restructuring Charges	-	-	-	-57.49M	-81.47M
Impairment of Goodwill	-	-	-	-	-1.03B
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-3.1M	-	-	-	-
Other Unusual Items	-2.94M	62K	294K	-	-
EBT, Incl. Unusual Items	69.36M	155M	261M	56.64M	-1.25B
Income Tax Expense	16.59M	38.87M	67.65M	13.84M	-125M
Earnings From Continuing Operations	52.77M	116M	193M	42.8M	-1.12B
Earnings Of Discontinued Operations	-29.03M	-10.23M	-	125M	-6.39M
Net Income to Company	23.73M	106M	193M	167M	-1.13B
Minority Interest	-	-	-	-	314M
Net Income - (IS)	23.73M	106M	193M	167M	-817M
Preferred Dividend and Other Adjustments	385K	737K	1.07M	859K	-
Net Income to Common Incl Extra Items	23.35M	105M	192M	166M	-817M
Net Income to Common Excl. Extra Items	52.38M	115M	192M	41.94M	-811M
Per Share Items
Net EPS - Basic	0.84	3.87	7.17	6.43	-29.66
Basic EPS - Continuing Operations	1.9	4.25	7.17	1.62	-29.43
Basic Weighted Average Shares Outstanding	27.63M	27.16M	26.78M	25.91M	27.54M
Net EPS - Diluted	0.84	3.85	7.14	6.43	-30.63
Diluted EPS - Continuing Operations	1.89	4.22	7.14	1.62	-30.4
Diluted Weighted Average Shares Outstanding	27.7M	27.29M	26.93M	26M	27.54M
Normalized Basic EPS	1.71	3.57	6.08	2.75	8.23
Normalized Diluted EPS	1.7	3.55	6.05	2.74	8.23
Dividend Per Share	0.75	0.84	0.96	0.96	-
Payout Ratio	87.93	21.7	13.39	14.94	-
Supplemental Items
EBITDA	115M	196M	311M	200M	188M
EBITA	93.45M	174M	282M	162M	133M
EBIT	79.96M	159M	266M	146M	46.93M
EBITDAR	512M	631M	849M	694M	754M
Effective Tax Rate - (Ratio)	23.92	25.08	25.93	24.43	10
Current Domestic Taxes	15.82M	37.45M	59.96M	22.73M	3.8M
Current Foreign Taxes	-	-	-	-	4.72M
Total Current Taxes	15.82M	37.45M	59.96M	22.73M	8.52M
Deferred Domestic Taxes	772K	1.42M	7.69M	-8.89M	-134M
Total Deferred Taxes	772K	1.42M	7.69M	-8.89M	-134M
Normalized Net Income	47.12M	96.81M	163M	71.33M	227M
Interest on Long-Term Debt	197K	301K	564K	1.4M	3.38M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.05M	2.39M	-	-	-
Net Rental Expense, Total	397M	435M	539M	494M	567M
Imputed Operating Lease Interest Expense	68.58M	53.61M	74.04M	113M	419M
Imputed Operating Lease Depreciation	328M	381M	464M	381M	147M
Stock-Based Comp., COGS (Total)	11.03M	9.11M	9.9M	10.09M	9.12M
Stock-Based Comp., Other (Total)	-	1.8M	1.47M	1.4M	1.07M
Total Stock-Based Compensation	11.03M	10.91M	11.38M	11.5M	10.19M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	40.25M	37.32M	45.82M	122M	105M
Total Cash And Short Term Investments	40.25M	37.32M	45.82M	122M	105M
Accounts Receivable, Total	156M	208M	221M	153M	322M
Other Receivables	-	8.1M	-	5.41M	205K
Total Receivables	156M	216M	221M	159M	322M
Inventory	-	-	-	-	-
Prepaid Expenses	21.41M	22.28M	24.77M	25.68M	29.05M
Restricted Cash	-	-	-	39.6M	363K
Other Current Assets, Total	27.74M	7.03M	12.69M	1.1M	15.68M
Total Current Assets	246M	283M	304M	347M	472M
Gross Property Plant And Equipment	504M	568M	612M	620M	982M
Accumulated Depreciation	-191M	-201M	-221M	-250M	-259M
Net Property Plant And Equipment	313M	367M	391M	370M	722M
Goodwill	245M	267M	306M	279M	523M
Other Intangibles, Total	145M	155M	155M	135M	1.01B
Other Long-Term Assets, Total	98.28M	46.25M	51.83M	1.85B	71.94M
Total Assets	1.05B	1.12B	1.21B	2.98B	2.8B
Liabilities
Accounts Payable, Total	38.37M	44.84M	54.6M	45.43M	106M
Accrued Expenses, Total	36.54M	50.54M	43.76M	87.01M	119M
Current Portion of Long-Term Debt	-	1.5M	1.49M	-	-
Current Portion of Leases	45.48M	52.12M	55.06M	56.99M	113M
Current Income Taxes Payable	-	-	-	31.19M	5.95M
Unearned Revenue Current, Total	-	-	-	-	9.9M
Other Current Liabilities	51.23M	15.7M	14.48M	16.48M	29.76M
Total Current Liabilities	172M	165M	169M	237M	384M
Long-Term Debt	112M	155M	107M	1.79B	1.68B
Long-Term Leases	85.36M	111M	115M	98.33M	356M
Deferred Tax Liability Non Current	41.99M	43.41M	51.09M	42.2M	38.17M
Other Non Current Liabilities	88.7M	49.62M	59.04M	47.14M	62.13M
Total Liabilities	500M	524M	501M	2.22B	2.52B
Common Stock, Total	273K	270K	265K	257K	298K
Additional Paid In Capital	243M	258M	271M	284M	542M
Retained Earnings	304M	335M	436M	480M	-338M
Comprehensive Income and Other	-	-	-	-	-2.73M
Total Common Equity	547M	594M	707M	764M	202M
Minority Interest	-	-	-	-	84.14M
Total Equity	547M	594M	707M	764M	286M
Total Liabilities And Equity	1.05B	1.12B	1.21B	2.98B	2.8B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	27.53M	26.94M	26.34M	26.37M	30.4M
ECS Total Common Shares Outstanding	27.32M	26.97M	26.46M	25.67M	29.76M
Book Value / Share	20.04	22.01	26.73	29.77	6.78
Tangible Book Value	157M	172M	246M	351M	-1.33B
Tangible Book Value Per Share	5.76	6.38	9.31	13.66	-44.83
Total Debt	243M	320M	278M	1.95B	2.15B
Net Debt	203M	283M	232M	1.82B	2.04B
Debt Equivalent Oper. Leases	3.18B	3.48B	4.31B	3.95B	4.53B
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	84.14M
Account Code - Inventory Valuation	5	5	5	5	3
Land - (BS)	26.36M	26.48M	26.48M	26.48M	26.52M
Buildings, Total	65.92M	67.27M	94.28M	94.28M	95.8M
Machinery, Total	270M	259M	288M	321M	364M
Full Time Employees	3.77K	4.04K	4.16K	4.01K	6.32K
Part Time Employees	370	292	272	237	267
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	1.27M	1.73M	1.53M	2.21M	3.27M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	23.73M	106M	193M	167M	-817M
Depreciation & Amortization - CF	21.58M	22.83M	28.84M	38.46M	54.73M
Amortization of Goodwill and Intangible Assets - (CF)	13.49M	14.33M	15.99M	16.04M	85.87M
Depreciation & Amortization, Total	35.07M	37.16M	44.83M	54.5M	141M
Amortization of Deferred Charges, Total - (CF)	2.05M	2.39M	2.56M	2.91M	3.38M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	1.03B
Stock-Based Compensation (CF)	11.03M	10.91M	11.38M	11.5M	10.19M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Net Cash From Discontinued Operations	-11.44M	-4.64M	-	-17.82M	-6.39M
Other Operating Activities, Total	35.52M	20.18M	18.54M	-130M	-423M
Change In Accounts Receivable	-25.74M	-52.68M	-19.13M	30.56M	9.55M
Change In Accounts Payable	23.85M	17.18M	12.57M	36.66M	-15.92M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-9.42M	-16.1M	-4.85M	25.28M	-5.41M
Cash from Operations	84.67M	120M	259M	181M	-75.4M
Capital Expenditure	-20.27M	-39.11M	-40.73M	-30.72M	-37.06M
Sale of Property, Plant, and Equipment	2.41M	2.64M	2.37M	3.74M	5.14M
Cash Acquisitions	-63.65M	-59.87M	-66.1M	-56.7M	-1.58B
Other Investing Activities, Total	-1.2M	8.02M	-	259M	-444K
Cash from Investing	-82.71M	-88.31M	-104M	175M	-1.61B
Long-Term Debt Issued, Total	65M	195M	-	1.86B	75M
Total Debt Issued	65M	195M	-	1.86B	75M
Long-Term Debt Repaid, Total	-21.45M	-152M	-55.05M	-188M	-173M
Total Debt Repaid	-21.45M	-152M	-55.05M	-188M	-173M
Issuance of Common Stock	4.9M	4.62M	989K	800K	753K
Repurchase of Common Stock	-48.76M	-52.1M	-66.1M	-98.15M	-1.44M
Common Dividends Paid	-20.87M	-22.98M	-25.86M	-25M	-
Common & Preferred Stock Dividends Paid	-20.87M	-22.98M	-25.86M	-25M	-
Other Financing Activities, Total	-5.28M	-7M	-91K	-129K	-64.72M
Cash from Financing	-26.45M	-34.89M	-146M	1.55B	-164M
Foreign Exchange Rate Adjustments	-	-	-	-	1.01M
Net Change in Cash	-24.5M	-2.94M	8.51M	1.91B	-1.85B
Supplemental Items
Cash Interest Paid	4.58M	4.2M	5.36M	11.92M	164M
Cash Income Tax Paid (Refund)	13.46M	35.77M	65.39M	20.84M	38.76M
Levered Free Cash Flow	67.23M	53.25M	170M	205M	-23.79M
Unlevered Free Cash Flow	70.08M	55.96M	173M	225M	94.47M
Change In Net Working Capital	7.79M	54.92M	11.23M	-95.72M	51.97M
Net Debt Issued / Repaid	43.55M	42.58M	-55.05M	1.67B	-98.42M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.9	9.19	14.28	4.35	1.01
Return on Total Capital	6.46	11.68	17.49	4.94	1.14
Return On Equity %	9.38	20.35	29.7	5.82	-214.23
Return on Common Equity	9.32	20.22	29.54	5.7	-167.82
Margin Analysis
Gross Profit Margin %	20.97	24.35	30.11	28.27	19.55
SG&A Margin	2.75	2.54	2.52	3.66	2.61
EBITDA Margin %	9.06	11.81	15.73	14.6	7.58
EBITA Margin %	7.36	10.44	14.27	11.8	5.37
EBIT Margin %	6.3	9.58	13.46	10.63	1.9
Income From Continuing Operations Margin %	4.16	6.98	9.79	3.12	-45.46
Net Income Margin %	1.87	6.37	9.79	12.21	-33.02
Net Avail. For Common Margin %	4.13	6.94	9.74	3.06	-32.76
Normalized Net Income Margin	3.71	5.82	8.25	5.2	9.17
Levered Free Cash Flow Margin	5.3	3.2	8.6	14.97	-0.96
Unlevered Free Cash Flow Margin	5.52	3.37	8.76	16.41	3.82
Asset Turnover
Asset Turnover	1.25	1.54	1.7	0.65	0.86
Fixed Assets Turnover	4.15	4.89	5.21	3.67	4.56
Receivables Turnover (Average Receivables)	8.67	9.12	9.2	8.03	10.41
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.43	1.72	1.8	1.46	1.23
Quick Ratio	1.15	1.54	1.58	1.18	1.11
Operating Cash Flow to Current Liabilities	0.49	0.73	1.53	0.77	-0.2
Days Sales Outstanding (Average Receivables)	42.19	40.02	39.68	45.47	35.17
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	11.63	12.08	13.16	17.73	13.89
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	44.44	53.91	39.29	254.6	750.63
Total Debt / Total Capital	30.77	35.03	28.21	71.8	88.24
LT Debt/Equity	36.13	44.88	31.29	247.15	710.97
Long-Term Debt / Total Capital	25.01	29.16	22.46	69.7	83.58
Total Liabilities / Total Assets	47.74	46.89	41.46	74.35	89.8
EBIT / Interest Expense	17.53	36.71	51.71	4.61	0.25
EBITDA / Interest Expense	112.26	145.56	165.25	21.98	3.99
(EBITDA - Capex) / Interest Expense	107.82	136.55	157.32	21	3.79
Total Debt / EBITDA	0.48	0.51	0.33	2.8	2.84
Net Debt / EBITDA	0.4	0.45	0.27	2.63	2.71
Total Debt / (EBITDA - Capex)	0.49	0.54	0.34	2.93	2.99
Net Debt / (EBITDA - Capex)	0.41	0.48	0.29	2.75	2.85
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.48	30.94	18.71	-18.39	80.51
Gross Profit, 1 Yr. Growth %	-8.26	52.07	46.76	-27.45	24.79
EBITDA, 1 Yr. Growth %	-21.78	71.93	58.06	-30.39	-6.33
EBITA, 1 Yr. Growth %	-23.75	87.34	62.23	-37.75	-17.89
EBIT, 1 Yr. Growth %	-28.85	101.16	66.79	-41.15	-67.79
Earnings From Cont. Operations, 1 Yr. Growth %	-35.9	120.01	66.41	-76.14	-2.73K
Net Income, 1 Yr. Growth %	-72.75	346.04	82.5	-13.38	-588.18
Normalized Net Income, 1 Yr. Growth %	-31.25	107.65	68.14	-52.93	217.93
Diluted EPS Before Extra, 1 Yr. Growth %	-34.15	123.28	69.19	-75.59	-1.98K
Accounts Receivable, 1 Yr. Growth %	14.89	32.97	6.22	-18.57	110.28
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	5.13	17.27	6.44	-2.06	99.4
Total Assets, 1 Yr. Growth %	5.7	6.72	8.07	146.63	-5.94
Tangible Book Value, 1 Yr. Growth %	-33.52	9.45	43.02	5.12	-488.48
Common Equity, 1 Yr. Growth %	-5.17	8.46	19.13	8.06	-73.6
Cash From Operations, 1 Yr. Growth %	-46.75	42.04	115.44	-29.99	-141.57
Capital Expenditures, 1 Yr. Growth %	-7.9	92.96	4.14	-21.73	20.62
Levered Free Cash Flow, 1 Yr. Growth %	-45.76	-20.19	218.37	28.88	-111.59
Unlevered Free Cash Flow, 1 Yr. Growth %	-44.23	-19.56	208.69	38.48	-58.01
Dividend Per Share, 1 Yr. Growth %	4.17	12	14.29	0	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.64	16.96	24.67	-0.6	21.37
Gross Profit, 2 Yr. CAGR %	-0.57	18.12	49.39	5.39	-4.85
EBITDA, 2 Yr. CAGR %	-12.66	15.56	68.78	5.58	-19.25
EBITA, 2 Yr. CAGR %	-13.49	19	79.51	1.32	-28.5
EBIT, 2 Yr. CAGR %	-17.24	19.03	89.58	-0.45	-56.46
Earnings From Cont. Operations, 2 Yr. CAGR %	-22.81	18.75	91.34	-36.72	150.39
Net Income, 2 Yr. CAGR %	-49.22	10.24	185.31	25.73	105.64
Normalized Net Income, 2 Yr. CAGR %	-19.02	18.85	93.81	-10.57	22.33
Diluted EPS Before Extra, 2 Yr. CAGR %	-20.63	21.26	94.36	-35.49	114.13
Accounts Receivable, 2 Yr. CAGR %	0.04	23.6	18.84	-14.18	30.85
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	22.16	11.03	11.72	0.32	38.35
Total Assets, 2 Yr. CAGR %	17.38	6.21	7.4	63.26	52.31
Tangible Book Value, 2 Yr. CAGR %	-19.12	-14.7	25.12	42.73	99.95
Common Equity, 2 Yr. CAGR %	-0.54	1.42	13.67	13.46	-46.59
Cash From Operations, 2 Yr. CAGR %	-25.5	-13.03	74.93	22.81	-46.05
Capital Expenditures, 2 Yr. CAGR %	-28.43	33.31	41.76	-10.52	-2.83
Levered Free Cash Flow, 2 Yr. CAGR %	-5.5	-34.45	63.51	122.77	-61.35
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.22	-33.26	61.47	125.94	-23.74
Dividend Per Share, 2 Yr. CAGR %	9.11	8.01	13.14	6.9	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.78	13.48	17.54	2.59	21.27
Gross Profit, 3 Yr. CAGR %	-1.44	14.56	26.98	13.33	11.5
EBITDA, 3 Yr. CAGR %	-8.32	9.2	28.29	22.47	1.45
EBITA, 3 Yr. CAGR %	-8.06	11.6	31.96	22.77	-5.54
EBIT, 3 Yr. CAGR %	-10.1	10.9	33.22	25.38	-31.66
Earnings From Cont. Operations, 3 Yr. CAGR %	-15.44	9.44	32.89	-6.74	119.15
Net Income, 3 Yr. CAGR %	-35.21	4.77	30.41	91.76	97.62
Normalized Net Income, 3 Yr. CAGR %	-11.51	10.45	33.43	18.06	36.49
Diluted EPS Before Extra, 3 Yr. CAGR %	-13.2	12.05	35.5	-5.04	98.45
Accounts Receivable, 3 Yr. CAGR %	1.89	9.99	17.51	-0.69	15.7
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	14.97	20.5	9.48	5.68	25.29
Total Assets, 3 Yr. CAGR %	14.78	13.71	6.83	41.69	35.85
Tangible Book Value, 3 Yr. CAGR %	-11.86	-10.54	1.34	30.64	97.88
Common Equity, 3 Yr. CAGR %	0.91	2.38	7.01	11.77	-30.22
Cash From Operations, 3 Yr. CAGR %	-6.44	-7.62	17.68	28.91	-14.41
Capital Expenditures, 3 Yr. CAGR %	-19.09	-0.38	22.78	14.88	-1.16
Levered Free Cash Flow, 3 Yr. CAGR %	4.57	-10.89	11.03	47.89	-16.83
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.58	-9.85	11.22	50.27	28.94
Dividend Per Share, 3 Yr. CAGR %	7.72	10.06	10.06	8.58	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.77	10.04	11.03	3.8	15.28
Gross Profit, 5 Yr. CAGR %	1.93	9.82	16.4	7.55	10.76
EBITDA, 5 Yr. CAGR %	-3.96	7.16	15.78	5.83	4.98
EBITA, 5 Yr. CAGR %	-4.24	9.05	18.56	5.31	1.62
EBIT, 5 Yr. CAGR %	-5.33	9.22	19.28	4.53	-16.03
Earnings From Cont. Operations, 5 Yr. CAGR %	-1.03	33.38	17.23	-13.53	68.7
Net Income, 5 Yr. CAGR %	-15.65	30.94	17.23	12.7	56.47
Normalized Net Income, 5 Yr. CAGR %	-6.05	8.96	19.08	-0.15	27.04
Diluted EPS Before Extra, 5 Yr. CAGR %	1.21	36.21	19.83	-11.61	60.32
Accounts Receivable, 5 Yr. CAGR %	7.47	12.28	8.36	-0.4	18.8
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	10.83	12.9	13.66	11.98	19.38
Total Assets, 5 Yr. CAGR %	8.4	11.75	11.77	31.41	23.11
Tangible Book Value, 5 Yr. CAGR %	-2.29	-3.69	1.39	7.84	41.33
Common Equity, 5 Yr. CAGR %	1.42	3.53	5.83	6.68	-18.96
Cash From Operations, 5 Yr. CAGR %	-0.25	-1.6	20.18	3.52	-13.86
Capital Expenditures, 5 Yr. CAGR %	-12.93	-1.5	1.26	-4.93	10.99
Levered Free Cash Flow, 5 Yr. CAGR %	8.62	-6.99	23.61	22.21	-28.12
Unlevered Free Cash Flow, 5 Yr. CAGR %	8.9	-6.31	23.76	24.11	-5.54
Dividend Per Share, 5 Yr. CAGR %	9.34	10.49	9.86	8.79	-