Forward Air (FWRD) 8-K Summary Segment Results of Operations

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