Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended March 31, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 104,324 | $ | 29,914 | $ | 25,926 | $ | 12,406 | $ | (1,001 | ) | $ | 171,569 | ||||||||||
Purchased transportation | 42,676 | 20,243 | 7,122 | 4,317 | (807 | ) | 73,551 | ||||||||||||||||
Salaries, wages, and employee benefits | 25,281 | 3,834 | 9,340 | 2,923 | 44 | 41,422 | |||||||||||||||||
Operating leases | 4,986 | 130 | 2,477 | 758 | — | 8,351 | |||||||||||||||||
Depreciation and amortization | 3,851 | 1,194 | 1,284 | 681 | 3 | 7,013 | |||||||||||||||||
Insurance and claims | 2,469 | 605 | 785 | 268 | — | 4,127 | |||||||||||||||||
Fuel expense | 1,108 | 1,155 | 1,755 | 788 | — | 4,806 | |||||||||||||||||
Other operating expenses | 8,734 | 1,351 | 3,565 | 2,558 | (180 | ) | 16,028 | ||||||||||||||||
Total operating expenses | 89,105 | 28,512 | 26,328 | 12,293 | (940 | ) | 155,298 | ||||||||||||||||
Income from operations | $ | 15,219 | $ | 1,402 | $ | (402 | ) | $ | 113 | $ | (61 | ) | $ | 16,271 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended June 30, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 115,213 | $ | 34,266 | $ | 25,390 | $ | 20,014 | $ | (1,031 | ) | $ | 193,852 | ||||||||||
Purchased transportation | 46,853 | 23,240 | 6,594 | 6,921 | (774 | ) | 82,834 | ||||||||||||||||
Salaries, wages, and employee benefits | 26,317 | 4,111 | 9,261 | 4,664 | 38 | 44,391 | |||||||||||||||||
Operating leases | 4,822 | 81 | 2,000 | 1,262 | — | 8,165 | |||||||||||||||||
Depreciation and amortization | 4,129 | 1,380 | 1,422 | 817 | 3 | 7,751 | |||||||||||||||||
Insurance and claims | 1,714 | 467 | 518 | 405 | — | 3,104 | |||||||||||||||||
Fuel expense | 1,059 | 1,195 | 1,754 | 1,164 | — | 5,172 | |||||||||||||||||
Other operating expenses | 8,182 | 1,356 | 3,160 | 2,387 | (245 | ) | 14,840 | ||||||||||||||||
Total operating expenses | 93,076 | 31,830 | 24,709 | 17,620 | (978 | ) | 166,257 | ||||||||||||||||
Income from operations | $ | 22,137 | $ | 2,436 | $ | 681 | $ | 2,394 | $ | (53 | ) | $ | 27,595 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended September 30, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 119,000 | $ | 33,728 | $ | 28,812 | $ | 21,189 | $ | (1,252 | ) | $ | 201,477 | ||||||||||
Purchased transportation | 49,873 | 22,475 | 7,482 | 6,880 | (836 | ) | 85,874 | ||||||||||||||||
Salaries, wages, and employee benefits | 26,208 | 4,105 | 10,295 | 5,008 | 35 | 45,651 | |||||||||||||||||
Operating leases | 4,976 | 70 | 2,007 | 1,450 | — | 8,503 | |||||||||||||||||
Depreciation and amortization | 4,358 | 1,400 | 1,470 | 884 | 3 | 8,115 | |||||||||||||||||
Insurance and claims | 2,278 | 472 | 451 | 546 | — | 3,747 | |||||||||||||||||
Fuel expense | 944 | 1,101 | 1,765 | 1,202 | — | 5,012 | |||||||||||||||||
Other operating expenses | 9,690 | 1,476 | 4,004 | 2,899 | (400 | ) | 17,669 | ||||||||||||||||
Total operating expenses | 98,327 | 31,099 | 27,474 | 18,869 | (1,198 | ) | 174,571 | ||||||||||||||||
Income from operations | $ | 20,673 | $ | 2,629 | $ | 1,338 | $ | 2,320 | $ | (54 | ) | $ | 26,906 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended December 31, 2014 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 120,364 | $ | 35,360 | $ | 38,130 | $ | 22,338 | $ | (2,130 | ) | $ | 214,062 | ||||||||||
Purchased transportation | 52,601 | 24,255 | 10,154 | 6,898 | (1,591 | ) | 92,317 | ||||||||||||||||
Salaries, wages, and employee benefits | 28,150 | 4,049 | 12,924 | 5,427 | 91 | 50,641 | |||||||||||||||||
Operating leases | 5,022 | 93 | 2,473 | 1,386 | 1 | 8,975 | |||||||||||||||||
Depreciation and amortization | 4,316 | 1,393 | 1,539 | 1,000 | 6 | 8,254 | |||||||||||||||||
Insurance and claims | 2,325 | 589 | 1,353 | 489 | 2 | 4,758 | |||||||||||||||||
Fuel expense | 944 | 1,023 | 2,021 | 1,170 | — | 5,158 | |||||||||||||||||
Other operating expenses | 9,280 | 1,437 | 4,742 | 3,368 | (503 | ) | 18,324 | ||||||||||||||||
Total operating expenses | 102,638 | 32,839 | 35,206 | 19,738 | (1,994 | ) | 188,427 | ||||||||||||||||
Income from operations | $ | 17,726 | $ | 2,521 | $ | 2,924 | $ | 2,600 | $ | (136 | ) | $ | 25,635 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended March 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 122,284 | $ | 34,483 | $ | 27,228 | $ | 23,029 | $ | (1,106 | ) | $ | 205,918 | ||||||||||
Purchased transportation | 52,937 | 22,625 | 7,473 | 7,064 | (762 | ) | 89,337 | ||||||||||||||||
Salaries, wages, and employee benefits | 28,332 | 4,229 | 9,983 | 5,885 | 5,474 | 53,903 | |||||||||||||||||
Operating leases | 7,640 | 326 | 2,187 | 2,553 | 3,050 | 15,756 | |||||||||||||||||
Depreciation and amortization | 4,576 | 1,372 | 1,539 | 969 | 228 | 8,684 | |||||||||||||||||
Insurance and claims | 2,924 | 553 | 881 | 588 | 184 | 5,130 | |||||||||||||||||
Fuel expense | 935 | 895 | 1,286 | 901 | 3 | 4,020 | |||||||||||||||||
Other operating expenses | 10,055 | 1,272 | 3,663 | 3,080 | 2,769 | 20,839 | |||||||||||||||||
Total operating expenses | 107,399 | 31,272 | 27,012 | 21,040 | 10,946 | 197,669 | |||||||||||||||||
Income from operations | $ | 14,885 | $ | 3,211 | $ | 216 | $ | 1,989 | $ | (12,052 | ) | $ | 8,249 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended June 30, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 156,062 | $ | 39,427 | $ | 27,697 | $ | 27,497 | $ | (989 | ) | $ | 249,694 | ||||||||||
Purchased transportation | 66,238 | 25,333 | 7,564 | 8,968 | (621 | ) | 107,482 | ||||||||||||||||
Salaries, wages, and employee benefits | 37,366 | 4,527 | 10,490 | 6,138 | 3,365 | 61,886 | |||||||||||||||||
Operating leases | 10,397 | 383 | 2,249 | 2,925 | 2,323 | 18,277 | |||||||||||||||||
Depreciation and amortization | 5,412 | 1,480 | 1,475 | 950 | 202 | 9,519 | |||||||||||||||||
Insurance and claims | 2,996 | 938 | 963 | 683 | 660 | 6,240 | |||||||||||||||||
Fuel expense | 1,135 | 895 | 1,284 | 869 | 5 | 4,188 | |||||||||||||||||
Other operating expenses | 11,722 | 1,730 | 3,685 | 3,646 | 1,411 | 22,194 | |||||||||||||||||
Total operating expenses | 135,266 | 35,286 | 27,710 | 24,179 | 7,345 | 229,786 | |||||||||||||||||
Income from operations | $ | 20,796 | $ | 4,141 | $ | (13 | ) | $ | 3,318 | $ | (8,334 | ) | $ | 19,908 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended September 30, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,114 | $ | 38,515 | $ | 32,126 | $ | 28,889 | $ | (1,551 | ) | $ | 247,093 | ||||||||||
Purchased transportation | 61,727 | 25,542 | 8,784 | 9,414 | (1,033 | ) | 104,434 | ||||||||||||||||
Salaries, wages, and employee benefits | 34,260 | 4,501 | 12,077 | 6,151 | 2,036 | 59,025 | |||||||||||||||||
Operating leases | 9,828 | 419 | 2,658 | 3,328 | 839 | 17,072 | |||||||||||||||||
Depreciation and amortization | 5,283 | 1,561 | 1,445 | 943 | 167 | 9,399 | |||||||||||||||||
Insurance and claims | 2,715 | 807 | 887 | 686 | 66 | 5,161 | |||||||||||||||||
Fuel expense | 1,001 | 783 | 1,314 | 727 | 1 | 3,826 | |||||||||||||||||
Other operating expenses | 12,706 | 1,732 | 4,406 | 4,104 | 627 | 23,575 | |||||||||||||||||
Total operating expenses | 127,520 | 35,345 | 31,571 | 25,353 | 2,703 | 222,492 | |||||||||||||||||
Income from operations | $ | 21,594 | $ | 3,170 | $ | 555 | $ | 3,536 | $ | (4,254 | ) | $ | 24,601 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended December 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,731 | $ | 40,936 | $ | 42,953 | $ | 24,881 | $ | (2,081 | ) | $ | 256,420 | ||||||||||
Purchased transportation | 61,908 | 27,570 | 11,213 | 8,314 | (1,489 | ) | 107,516 | ||||||||||||||||
Salaries, wages, and employee benefits | 37,568 | 5,222 | 15,778 | 6,059 | 1,162 | 65,789 | |||||||||||||||||
Operating leases | 8,410 | 197 | 3,463 | 3,030 | 67 | 15,167 | |||||||||||||||||
Depreciation and amortization | 5,407 | 1,671 | 1,476 | 923 | 79 | 9,556 | |||||||||||||||||
Insurance and claims | 2,467 | 726 | 1,083 | 621 | 54 | 4,951 | |||||||||||||||||
Fuel expense | 880 | 774 | 1,532 | 682 | 1 | 3,869 | |||||||||||||||||
Other operating expenses | 11,511 | 2,009 | 5,007 | 2,146 | (116 | ) | 20,557 | ||||||||||||||||
Total operating expenses | 128,151 | 38,169 | 39,552 | 21,775 | (242 | ) | 227,405 | ||||||||||||||||
Income from operations | $ | 21,580 | $ | 2,767 | $ | 3,401 | $ | 3,106 | $ | (1,839 | ) | $ | 29,015 |
Forward Air Corporation
Summary Segment Results of Operations
(In thousands)
(Unaudited)
Three months ended March 31, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Expedited | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 134,377 | $ | 38,622 | $ | 33,192 | $ | 24,624 | $ | (1,266 | ) | $ | 229,549 | ||||||||||
Purchased transportation | 53,442 | 26,561 | 8,877 | 8,433 | (837 | ) | 96,476 | ||||||||||||||||
Salaries, wages, and employee benefits | 34,922 | 5,167 | 12,798 | 5,966 | (175 | ) | 58,678 | ||||||||||||||||
Operating leases | 7,918 | 69 | 2,877 | 3,004 | — | 13,868 | |||||||||||||||||
Depreciation and amortization | 5,548 | 1,740 | 1,485 | 895 | — | 9,668 | |||||||||||||||||
Insurance and claims | 2,532 | 842 | 1,156 | 862 | 3 | 5,395 | |||||||||||||||||
Fuel expense | 720 | 626 | 1,022 | 593 | — | 2,961 | |||||||||||||||||
Other operating expenses | 12,211 | 2,052 | 4,863 | 2,499 | (527 | ) | 21,098 | ||||||||||||||||
Total operating expenses | 117,293 | 37,057 | 33,078 | 22,252 | (1,536 | ) | 208,144 | ||||||||||||||||
Income from operations | $ | 17,084 | $ | 1,565 | $ | 114 | $ | 2,372 | $ | 270 | $ | 21,405 |