Tennessee
|
|
62-1120025
|
(State or other jurisdiction of incorporation)
|
|
(I.R.S. Employer Identification No.)
|
430 Airport Road
Greeneville, Tennessee
|
|
37745
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Table of Contents
|
||
|
|
|
Forward Air Corporation
|
||
|
|
|
|
|
Page
|
|
|
Number
|
Part I.
|
Financial Information
|
|
|
|
|
Item 1.
|
Financial Statements (Unaudited)
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Part II.
|
Other Information
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
Forward Air Corporation
|
|||||||||||||||
Condensed Consolidated Statements of Comprehensive Income
|
|||||||||||||||
(In thousands, except per share data)
|
|||||||||||||||
(Unaudited)
|
|||||||||||||||
|
|
|
|
||||||||||||
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
June 30,
2015 |
|
June 30,
2014 |
|
June 30,
2015 |
|
June 30,
2014 |
||||||||
Operating revenue
|
$
|
249,694
|
|
|
$
|
193,852
|
|
|
$
|
455,612
|
|
|
$
|
365,420
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Purchased transportation
|
107,482
|
|
|
82,834
|
|
|
196,819
|
|
|
156,385
|
|
||||
Salaries, wages and employee benefits
|
61,886
|
|
|
44,391
|
|
|
115,789
|
|
|
85,813
|
|
||||
Operating leases
|
18,277
|
|
|
8,165
|
|
|
34,033
|
|
|
16,516
|
|
||||
Depreciation and amortization
|
9,519
|
|
|
7,751
|
|
|
18,202
|
|
|
14,764
|
|
||||
Insurance and claims
|
6,240
|
|
|
3,104
|
|
|
11,371
|
|
|
7,231
|
|
||||
Fuel expense
|
4,188
|
|
|
5,172
|
|
|
8,208
|
|
|
9,977
|
|
||||
Other operating expenses
|
22,194
|
|
|
14,840
|
|
|
43,033
|
|
|
30,868
|
|
||||
Total operating expenses
|
229,786
|
|
|
166,257
|
|
|
427,455
|
|
|
321,554
|
|
||||
Income from operations
|
19,908
|
|
|
27,595
|
|
|
28,157
|
|
|
43,866
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
(570
|
)
|
|
(101
|
)
|
|
(934
|
)
|
|
(183
|
)
|
||||
Other, net
|
(89
|
)
|
|
112
|
|
|
(138
|
)
|
|
198
|
|
||||
Total other income (expense)
|
(659
|
)
|
|
11
|
|
|
(1,072
|
)
|
|
15
|
|
||||
Income before income taxes
|
19,249
|
|
|
27,606
|
|
|
27,085
|
|
|
43,881
|
|
||||
Income taxes
|
7,425
|
|
|
10,428
|
|
|
10,425
|
|
|
16,502
|
|
||||
Net income and comprehensive income
|
$
|
11,824
|
|
|
$
|
17,178
|
|
|
$
|
16,660
|
|
|
$
|
27,379
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
$
|
0.38
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
$
|
0.89
|
|
Diluted
|
$
|
0.38
|
|
|
$
|
0.55
|
|
|
$
|
0.53
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per share:
|
$
|
0.12
|
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
0.24
|
|
Forward Air Corporation
|
|||||||
Condensed Consolidated Statements of Cash Flows
|
|||||||
(In thousands)
|
|||||||
(Unaudited)
|
|||||||
|
|
||||||
|
Six months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
|
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
16,660
|
|
|
$
|
27,379
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
||||
Depreciation and amortization
|
18,202
|
|
|
14,764
|
|
||
Share-based compensation
|
3,676
|
|
|
3,329
|
|
||
Gain on disposal of property and equipment
|
(33
|
)
|
|
(112
|
)
|
||
Provision for loss (recovery) on receivables
|
83
|
|
|
(85
|
)
|
||
Provision for revenue adjustments
|
1,842
|
|
|
1,250
|
|
||
Deferred income (benefit) tax
|
(498
|
)
|
|
1,573
|
|
||
Excess tax benefit for stock options exercised
|
(2,365
|
)
|
|
(907
|
)
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Accounts receivable
|
(4,887
|
)
|
|
(12,727
|
)
|
||
Prepaid expenses and other current assets
|
(3,210
|
)
|
|
(2,429
|
)
|
||
Accounts payable and accrued expenses
|
(10,908
|
)
|
|
7,180
|
|
||
Net cash provided by operating activities
|
18,562
|
|
|
39,215
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
Proceeds from disposal of property and equipment
|
623
|
|
|
462
|
|
||
Purchases of property and equipment
|
(11,962
|
)
|
|
(33,420
|
)
|
||
Acquisition of business, net of cash acquired
|
(62,375
|
)
|
|
(82,997
|
)
|
||
Other
|
(68
|
)
|
|
(194
|
)
|
||
Net cash used in investing activities
|
(73,782
|
)
|
|
(116,149
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Proceeds from term loan
|
125,000
|
|
|
—
|
|
||
Payments of debt and capital lease obligations
|
(73,263
|
)
|
|
(9,578
|
)
|
||
Proceeds from exercise of stock options
|
11,351
|
|
|
11,580
|
|
||
Payments of cash dividends
|
(7,433
|
)
|
|
(7,479
|
)
|
||
Repurchase of common stock (repurchase program)
|
—
|
|
|
(19,985
|
)
|
||
Common stock issued under employee stock purchase plan
|
228
|
|
|
148
|
|
||
Cash settlement of share-based awards for minimum tax withholdings
|
(1,926
|
)
|
|
(1,083
|
)
|
||
Excess tax benefit for stock options exercised
|
2,365
|
|
|
907
|
|
||
Net cash provided by (used in) financing activities
|
56,322
|
|
|
(25,490
|
)
|
||
Net increase (decrease) in cash
|
1,102
|
|
|
(102,424
|
)
|
||
Cash at beginning of period
|
41,429
|
|
|
127,367
|
|
||
Cash at end of period
|
$
|
42,531
|
|
|
$
|
24,943
|
|
|
Three months ended June 30, 2014
|
|
February 2, 2014 to June 30, 2014
|
||||
Operating revenue
|
$
|
18,072
|
|
|
$
|
28,875
|
|
Income from operations
|
2,284
|
|
|
2,286
|
|
||
Net income
|
1,388
|
|
|
1,381
|
|
||
Net income per share
|
|
|
|
||||
Basic
|
$
|
0.04
|
|
|
$
|
0.04
|
|
Diluted
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
Towne
|
|
CST
|
|
RGL & MMT
|
||||||
|
March 9, 2015
|
|
February 2, 2014
|
|
September & November 2014
|
||||||
Tangible assets:
|
|
|
|
|
|
|
|
||||
Accounts receivable
|
$
|
24,068
|
|
|
$
|
9,339
|
|
|
$
|
—
|
|
Prepaid expenses and other current assets
|
2,916
|
|
|
101
|
|
|
—
|
|
|||
Property and equipment
|
2,095
|
|
|
2,132
|
|
|
287
|
|
|||
Other assets
|
614
|
|
|
35
|
|
|
—
|
|
|||
Deferred income taxes
|
2,159
|
|
|
—
|
|
|
—
|
|
|||
Total tangible assets
|
31,852
|
|
|
11,607
|
|
|
287
|
|
|||
Intangible assets:
|
|
|
|
|
|
|
|
||||
Non-compete agreements
|
—
|
|
|
930
|
|
|
92
|
|
|||
Trade name
|
—
|
|
|
500
|
|
|
—
|
|
|||
Customer relationships
|
66,000
|
|
|
36,000
|
|
|
3,590
|
|
|||
Goodwill
|
62,118
|
|
|
51,710
|
|
|
4,206
|
|
|||
Total intangible assets
|
128,118
|
|
|
89,140
|
|
|
7,888
|
|
|||
Total assets acquired
|
159,970
|
|
|
100,747
|
|
|
8,175
|
|
|||
|
|
|
|
|
|
||||||
Liabilities assumed:
|
|
|
|
|
|
||||||
Current liabilities
|
27,311
|
|
|
6,535
|
|
|
1,000
|
|
|||
Other liabilities
|
3,847
|
|
|
—
|
|
|
—
|
|
|||
Debt and capital lease obligations
|
59,544
|
|
|
11,215
|
|
|
—
|
|
|||
Deferred income taxes
|
6,893
|
|
|
—
|
|
|
—
|
|
|||
Total liabilities assumed
|
97,595
|
|
|
17,750
|
|
|
1,000
|
|
|||
Net assets acquired
|
$
|
62,375
|
|
|
$
|
82,997
|
|
|
$
|
7,175
|
|
|
Useful Lives
|
||||
|
Towne
|
|
CST
|
|
RGL
|
Customer relationships
|
20 years
|
|
15 years
|
|
15 years
|
Non-compete agreements
|
-
|
|
5 years
|
|
5 years
|
Trade name
|
-
|
|
2 years
|
|
-
|
|
Three months ended
|
|
Six months ended
|
||||||||||
|
June 30, 2015
|
June 30, 2014
|
|
June 30, 2015
|
June 30, 2014
|
||||||||
Operating revenue
|
$
|
249,694
|
|
$
|
252,109
|
|
|
$
|
489,839
|
|
$
|
483,473
|
|
Income from operations
|
19,908
|
|
25,897
|
|
|
25,850
|
|
37,426
|
|
||||
Net income
|
11,824
|
|
15,869
|
|
|
14,181
|
|
22,854
|
|
||||
Net income per share
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.38
|
|
$
|
0.51
|
|
|
$
|
0.46
|
|
$
|
0.74
|
|
Diluted
|
$
|
0.38
|
|
$
|
0.51
|
|
|
$
|
0.46
|
|
$
|
0.73
|
|
|
Forward Air
|
|
FASI
|
|
TQI
|
|
Total
|
|||||||||||||||||
|
|
Accumulated
|
|
|
Accumulated
|
|
|
Accumulated
|
|
|
||||||||||||||
|
Goodwill
|
Impairment
|
|
Goodwill
|
Impairment
|
|
Goodwill
|
Impairment
|
|
Net
|
||||||||||||||
Beginning balance, December 31, 2014
|
$
|
93,842
|
|
$
|
—
|
|
|
$
|
12,359
|
|
$
|
(6,953
|
)
|
|
$
|
45,164
|
|
$
|
—
|
|
|
$
|
144,412
|
|
Towne acquisition
|
62,118
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
62,118
|
|
|||||||
Ending balance, June 30, 2015
|
$
|
155,960
|
|
$
|
—
|
|
|
$
|
12,359
|
|
$
|
(6,953
|
)
|
|
$
|
45,164
|
|
$
|
—
|
|
|
$
|
206,530
|
|
|
Three months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Expected dividend yield
|
—
|
%
|
|
1.2
|
%
|
||
Expected stock price volatility
|
—
|
%
|
|
31.6
|
%
|
||
Weighted average risk-free interest rate
|
—
|
%
|
|
1.5
|
%
|
||
Expected life of options (years)
|
0.0
|
|
|
4.5
|
|
||
Weighted average grant date fair value
|
$
|
—
|
|
|
$
|
11
|
|
|
|
|
|
||||
|
Six months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Expected dividend yield
|
1.0
|
%
|
|
1.2
|
%
|
||
Expected stock price volatility
|
33.9
|
%
|
|
38.8
|
%
|
||
Weighted average risk-free interest rate
|
1.6
|
%
|
|
1.6
|
%
|
||
Expected life of options (years)
|
6.1
|
|
|
5.3
|
|
||
Weighted average grant date fair value
|
$
|
16
|
|
|
$
|
14
|
|
|
Three months ended June 30, 2015
|
|||||||||||
|
|
|
|
|
|
|
Weighted-
|
|||||
|
|
|
Weighted-
|
|
Aggregate
|
|
Average
|
|||||
|
|
|
Average
|
|
Intrinsic
|
|
Remaining
|
|||||
|
Options
|
|
Exercise
|
|
Value
|
|
Contractual
|
|||||
|
(000)
|
|
Price
|
|
(000)
|
|
Term
|
|||||
Outstanding at March 31, 2015
|
950
|
|
|
$
|
30
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(48
|
)
|
|
25
|
|
|
|
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at June 30, 2015
|
902
|
|
|
$
|
31
|
|
|
$
|
19,747
|
|
|
2.9
|
Exercisable at June 30, 2015
|
712
|
|
|
$
|
27
|
|
|
$
|
18,363
|
|
|
2.1
|
|
Three months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for options
|
$
|
342
|
|
|
$
|
331
|
|
Tax benefit for option compensation
|
$
|
132
|
|
|
$
|
126
|
|
Unrecognized compensation cost for options, net of estimated forfeitures
|
$
|
2,266
|
|
|
$
|
2,314
|
|
|
|
|
|
|
|
|
|
|||||
|
Six months ended June 30, 2015
|
|||||||||||
|
|
|
|
|
|
|
Weighted-
|
|||||
|
|
|
Weighted-
|
|
Aggregate
|
|
Average
|
|||||
|
|
|
Average
|
|
Intrinsic
|
|
Remaining
|
|||||
|
Options
|
|
Exercise
|
|
Value
|
|
Contractual
|
|||||
|
(000)
|
|
Price
|
|
(000)
|
|
Term
|
|||||
Outstanding at December 31, 2014
|
1,363
|
|
|
$
|
28
|
|
|
|
|
|
||
Granted
|
82
|
|
|
51
|
|
|
|
|
|
|||
Exercised
|
(529
|
)
|
|
27
|
|
|
|
|
|
|||
Forfeited
|
(14
|
)
|
|
29
|
|
|
|
|
|
|||
Outstanding at June 30, 2015
|
902
|
|
|
$
|
31
|
|
|
$
|
19,747
|
|
|
2.9
|
Exercisable at June 30, 2015
|
712
|
|
|
$
|
27
|
|
|
$
|
18,363
|
|
|
2.1
|
|
|
|
|
||||
|
Six months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for options
|
$
|
678
|
|
|
$
|
646
|
|
Tax benefit for option compensation
|
$
|
261
|
|
|
$
|
246
|
|
Unrecognized compensation cost for options, net of estimated forfeitures
|
$
|
2,266
|
|
|
$
|
2,314
|
|
|
Three months ended June 30, 2015
|
|||||||||
|
|
|
Weighted-
|
|
Aggregate
|
|||||
|
Non-vested
|
|
Average
|
|
Grant Date
|
|||||
|
Shares
|
|
Grant Date
|
|
Fair Value
|
|||||
|
(000)
|
|
Fair Value
|
|
(000)
|
|||||
Outstanding and non-vested at March 31, 2015
|
197
|
|
|
$
|
46
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|||
Vested
|
—
|
|
|
—
|
|
|
|
|||
Forfeited
|
(3
|
)
|
|
46
|
|
|
|
|||
Outstanding and non-vested at June 30, 2015
|
194
|
|
|
$
|
46
|
|
|
$
|
8,872
|
|
|
Three months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for non-vested shares
|
$
|
1,022
|
|
|
$
|
895
|
|
Tax benefit for non-vested share compensation
|
$
|
393
|
|
|
$
|
341
|
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
|
$
|
7,231
|
|
|
$
|
6,087
|
|
|
|
|
|
|
|
|||||
|
Six months ended June 30, 2015
|
|||||||||
|
|
|
Weighted-
|
|
Aggregate
|
|||||
|
Non-vested
|
|
Average
|
|
Grant Date
|
|||||
|
Shares
|
|
Grant Date
|
|
Fair Value
|
|||||
|
(000)
|
|
Fair Value
|
|
(000)
|
|||||
Outstanding and non-vested at December 31, 2014
|
190
|
|
|
$
|
40
|
|
|
|
||
Granted
|
100
|
|
|
51
|
|
|
|
|||
Vested
|
(92
|
)
|
|
39
|
|
|
|
|||
Forfeited
|
(4
|
)
|
|
44
|
|
|
|
|||
Outstanding and non-vested at June 30, 2015
|
194
|
|
|
$
|
46
|
|
|
$
|
8,872
|
|
|
|
|
|
||||
|
Six months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for non-vested shares
|
$
|
2,010
|
|
|
$
|
1,820
|
|
Tax benefit for non-vested share compensation
|
$
|
772
|
|
|
$
|
693
|
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
|
$
|
7,231
|
|
|
$
|
6,087
|
|
|
Six months ended
|
||||
|
June 30,
2015 |
|
June 30,
2014 |
||
Expected stock price volatility
|
23.5
|
%
|
|
32.5
|
%
|
Weighted average risk-free interest rate
|
1.0
|
%
|
|
0.7
|
%
|
|
Three months ended June 30, 2015
|
|||||||||
|
|
|
Weighted-
|
|
Aggregate
|
|||||
|
Performance
|
|
Average
|
|
Grant Date
|
|||||
|
Shares
|
|
Grant Date
|
|
Fair Value
|
|||||
|
(000)
|
|
Fair Value
|
|
(000)
|
|||||
Outstanding and non-vested at March 31, 2015
|
77
|
|
|
$
|
52
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|||
Additional shares awarded based on performance
|
—
|
|
|
—
|
|
|
|
|||
Vested
|
—
|
|
|
—
|
|
|
|
|||
Outstanding and non-vested at June 30, 2015
|
77
|
|
|
$
|
52
|
|
|
$
|
4,016
|
|
|
Three months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for performance shares
|
$
|
333
|
|
|
$
|
272
|
|
Tax benefit for performance share compensation
|
$
|
128
|
|
|
$
|
104
|
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures
|
$
|
2,399
|
|
|
$
|
1,775
|
|
|
|
|
|
|
|
|||||
|
Six months ended June 30, 2015
|
|||||||||
|
|
|
Weighted-
|
|
Aggregate
|
|||||
|
Performance
|
|
Average
|
|
Grant Date
|
|||||
|
Shares
|
|
Grant Date
|
|
Fair Value
|
|||||
|
(000)
|
|
Fair Value
|
|
(000)
|
|||||
Outstanding and non-vested at December 31, 2014
|
74
|
|
|
$
|
44
|
|
|
|
||
Granted
|
27
|
|
|
67
|
|
|
|
|||
Additional shares awarded based on performance
|
—
|
|
|
—
|
|
|
|
|||
Vested
|
(24
|
)
|
|
45
|
|
|
|
|||
Outstanding and non-vested at June 30, 2015
|
77
|
|
|
$
|
52
|
|
|
$
|
4,016
|
|
|
|
|
|
||||
|
Six months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for performance shares
|
$
|
635
|
|
|
$
|
547
|
|
Tax benefit for performance share compensation
|
$
|
244
|
|
|
$
|
209
|
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures
|
$
|
2,399
|
|
|
$
|
1,775
|
|
|
Three months ended June 30, 2015
|
|||||||||
|
|
|
Weighted-
|
|
Aggregate
|
|||||
|
Non-vested
|
|
Average
|
|
Grant Date
|
|||||
|
Shares
|
|
Grant Date
|
|
Fair Value
|
|||||
|
(000)
|
|
Fair Value
|
|
(000)
|
|||||
Outstanding and non-vested at March 31, 2015
|
15
|
|
|
$
|
44
|
|
|
|
||
Granted
|
11
|
|
|
52
|
|
|
|
|||
Vested
|
(14
|
)
|
|
43
|
|
|
|
|||
Outstanding and non-vested at June 30, 2015
|
12
|
|
|
$
|
52
|
|
|
$
|
650
|
|
|
Three months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for non-vested shares
|
$
|
156
|
|
|
$
|
144
|
|
Tax benefit for non-vested share compensation
|
$
|
60
|
|
|
$
|
55
|
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
|
$
|
541
|
|
|
$
|
515
|
|
|
|
|
|
|
|
|||||
|
Six months ended June 30, 2015
|
|||||||||
|
|
|
Weighted-
|
|
Aggregate
|
|||||
|
Non-vested
|
|
Average
|
|
Grant Date
|
|||||
|
Shares
|
|
Grant Date
|
|
Fair Value
|
|||||
|
(000)
|
|
Fair Value
|
|
(000)
|
|||||
Outstanding and non-vested at December 31, 2014
|
15
|
|
|
$
|
44
|
|
|
|
||
Granted
|
11
|
|
|
52
|
|
|
|
|||
Vested
|
(14
|
)
|
|
43
|
|
|
|
|||
Forfeited
|
—
|
|
|
—
|
|
|
|
|||
Outstanding and non-vested at June 30, 2015
|
12
|
|
|
$
|
52
|
|
|
$
|
650
|
|
|
|
|
|
||||
|
Six months ended
|
||||||
|
June 30,
2015 |
|
June 30,
2014 |
||||
Shared-based compensation for non-vested shares
|
$
|
316
|
|
|
$
|
281
|
|
Tax benefit for non-vested share compensation
|
$
|
122
|
|
|
$
|
107
|
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
|
$
|
541
|
|
|
$
|
515
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
June 30,
2015 |
|
June 30,
2014 |
|
June 30, 2015
|
|
June 30, 2014
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income and comprehensive income
|
|
$
|
11,824
|
|
|
$
|
17,178
|
|
|
$
|
16,660
|
|
|
$
|
27,379
|
|
Income allocated to participating securities
|
|
(79
|
)
|
|
—
|
|
|
(111
|
)
|
|
—
|
|
||||
Numerator for basic and diluted income per share - net income
|
|
$
|
11,745
|
|
|
$
|
17,178
|
|
|
$
|
16,549
|
|
|
$
|
27,379
|
|
Denominator (in thousands):
|
|
|
|
|
|
|
|
|
|
|
||||||
Denominator for basic income per share - weighted-average shares
|
|
30,783
|
|
|
30,925
|
|
|
30,726
|
|
|
30,834
|
|
||||
Effect of dilutive stock options (in thousands)
|
|
291
|
|
|
442
|
|
|
327
|
|
|
481
|
|
||||
Effect of dilutive performance shares (in thousands)
|
|
30
|
|
|
41
|
|
|
35
|
|
|
49
|
|
||||
Denominator for diluted income per share - adjusted weighted-average shares
|
|
31,104
|
|
|
31,408
|
|
|
31,088
|
|
|
31,364
|
|
||||
Basic net income per share
|
|
$
|
0.38
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
$
|
0.89
|
|
Diluted net income per share
|
|
$
|
0.38
|
|
|
$
|
0.55
|
|
|
$
|
0.53
|
|
|
$
|
0.87
|
|
|
June 30,
2015 |
|
June 30,
2014 |
||
Anti-dilutive stock options (in thousands)
|
97
|
|
|
182
|
|
Anti-dilutive performance shares (in thousands)
|
21
|
|
|
19
|
|
Total anti-dilutive shares (in thousands)
|
118
|
|
|
201
|
|
|
|
June 30, 2015
|
||||||
|
|
Carrying Value
|
|
Fair Value
|
||||
Capital leases
|
|
$
|
1,719
|
|
|
$
|
1,810
|
|
|
|
Three months ended June 30, 2015
|
||||||||||||||||||
|
|
Forward Air
|
|
FASI
|
|
TQI
|
|
Eliminations
|
|
Consolidated
|
||||||||||
External revenues
|
|
$
|
210,529
|
|
|
$
|
27,471
|
|
|
$
|
11,694
|
|
|
$
|
—
|
|
|
$
|
249,694
|
|
Intersegment revenues
|
|
909
|
|
|
213
|
|
|
126
|
|
|
(1,248
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
|
7,030
|
|
|
1,504
|
|
|
985
|
|
|
—
|
|
|
9,519
|
|
|||||
Share-based compensation expense
|
|
1,810
|
|
|
64
|
|
|
16
|
|
|
—
|
|
|
1,890
|
|
|||||
Interest expense
|
|
570
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
570
|
|
|||||
Interest income
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Income tax expense
|
|
7,000
|
|
|
41
|
|
|
384
|
|
|
—
|
|
|
7,425
|
|
|||||
Net income
|
|
11,171
|
|
|
34
|
|
|
619
|
|
|
—
|
|
|
11,824
|
|
|||||
Total assets
|
|
773,689
|
|
|
45,334
|
|
|
89,930
|
|
|
(199,593
|
)
|
|
709,360
|
|
|||||
Capital expenditures
|
|
2,840
|
|
|
2,046
|
|
|
1,847
|
|
|
—
|
|
|
6,733
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended June 30, 2014
|
||||||||||||||||||
|
|
Forward Air
|
|
FASI
|
|
TQI
|
|
Eliminations
|
|
Consolidated
|
||||||||||
External revenues
|
|
$
|
153,457
|
|
|
$
|
26,798
|
|
|
$
|
13,597
|
|
|
$
|
—
|
|
|
$
|
193,852
|
|
Intersegment revenues
|
|
810
|
|
|
137
|
|
|
84
|
|
|
(1,031
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
|
5,365
|
|
|
1,449
|
|
|
937
|
|
|
—
|
|
|
7,751
|
|
|||||
Share-based compensation expense
|
|
1,613
|
|
|
43
|
|
|
21
|
|
|
—
|
|
|
1,677
|
|
|||||
Interest expense
|
|
129
|
|
|
1
|
|
|
(29
|
)
|
|
—
|
|
|
101
|
|
|||||
Interest income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income tax expense
|
|
9,613
|
|
|
370
|
|
|
445
|
|
|
—
|
|
|
10,428
|
|
|||||
Net income
|
|
15,587
|
|
|
597
|
|
|
994
|
|
|
—
|
|
|
17,178
|
|
|||||
Total assets
|
|
601,430
|
|
|
41,154
|
|
|
88,286
|
|
|
(198,381
|
)
|
|
532,489
|
|
|||||
Capital expenditures
|
|
11,707
|
|
|
874
|
|
|
1,291
|
|
|
—
|
|
|
13,872
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Six months ended June 30, 2015
|
||||||||||||||||||
|
|
Forward Air
|
|
FASI
|
|
TQI
|
|
Eliminations
|
|
Consolidated
|
||||||||||
External revenues
|
|
$
|
378,180
|
|
|
$
|
54,512
|
|
|
$
|
22,920
|
|
|
$
|
—
|
|
|
$
|
455,612
|
|
Intersegment revenues
|
|
1,962
|
|
|
396
|
|
|
163
|
|
|
(2,521
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
|
13,184
|
|
|
3,086
|
|
|
1,932
|
|
|
—
|
|
|
18,202
|
|
|||||
Share-based compensation expense
|
|
3,551
|
|
|
96
|
|
|
29
|
|
|
—
|
|
|
3,676
|
|
|||||
Interest expense
|
|
934
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
934
|
|
|||||
Interest income
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Income tax expense
|
|
9,586
|
|
|
120
|
|
|
719
|
|
|
—
|
|
|
10,425
|
|
|||||
Net income
|
|
15,332
|
|
|
171
|
|
|
1,157
|
|
|
—
|
|
|
16,660
|
|
|||||
Total assets
|
|
773,689
|
|
|
45,334
|
|
|
89,930
|
|
|
(199,593
|
)
|
|
709,360
|
|
|||||
Capital expenditures
|
|
5,637
|
|
|
2,236
|
|
|
4,089
|
|
|
—
|
|
|
11,962
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Six months ended June 30, 2014
|
||||||||||||||||||
|
|
Forward Air
|
|
FASI
|
|
TQI
|
|
Eliminations
|
|
Consolidated
|
||||||||||
External revenues
|
|
$
|
286,849
|
|
|
$
|
54,019
|
|
|
$
|
24,552
|
|
|
$
|
—
|
|
|
$
|
365,420
|
|
Intersegment revenues
|
|
1,604
|
|
|
238
|
|
|
191
|
|
|
(2,033
|
)
|
|
—
|
|
|||||
Depreciation and amortization
|
|
10,307
|
|
|
2,727
|
|
|
1,730
|
|
|
—
|
|
|
14,764
|
|
|||||
Share-based compensation expense
|
|
3,221
|
|
|
81
|
|
|
27
|
|
|
—
|
|
|
3,329
|
|
|||||
Interest expense
|
|
210
|
|
|
2
|
|
|
(29
|
)
|
|
—
|
|
|
183
|
|
|||||
Interest income
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Income tax expense
|
|
15,397
|
|
|
348
|
|
|
757
|
|
|
—
|
|
|
16,502
|
|
|||||
Net income
|
|
25,186
|
|
|
595
|
|
|
1,598
|
|
|
—
|
|
|
27,379
|
|
|||||
Total assets
|
|
601,430
|
|
|
41,154
|
|
|
88,286
|
|
|
(198,381
|
)
|
|
532,489
|
|
|||||
Capital expenditures
|
|
22,702
|
|
|
4,555
|
|
|
6,163
|
|
|
—
|
|
|
33,420
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
|
Three months ended
|
|||||||||||||
|
June 30,
2015 |
|
June 30,
2014 |
|
Change
|
|
Percent Change
|
|||||||
Operating revenue
|
$
|
249.7
|
|
|
$
|
193.9
|
|
|
$
|
55.8
|
|
|
28.8
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Purchased transportation
|
107.4
|
|
|
82.8
|
|
|
24.6
|
|
|
29.7
|
|
|||
Salaries, wages, and employee benefits
|
61.9
|
|
|
44.4
|
|
|
17.5
|
|
|
39.4
|
|
|||
Operating leases
|
18.2
|
|
|
8.2
|
|
|
10.0
|
|
|
122.0
|
|
|||
Depreciation and amortization
|
9.5
|
|
|
7.8
|
|
|
1.7
|
|
|
21.8
|
|
|||
Insurance and claims
|
6.3
|
|
|
3.1
|
|
|
3.2
|
|
|
103.2
|
|
|||
Fuel expense
|
4.2
|
|
|
5.2
|
|
|
(1.0
|
)
|
|
(19.2
|
)
|
|||
Other operating expenses
|
22.3
|
|
|
14.8
|
|
|
7.5
|
|
|
50.7
|
|
|||
Total operating expenses
|
229.8
|
|
|
166.3
|
|
|
63.5
|
|
|
38.2
|
|
|||
Income from operations
|
19.9
|
|
|
27.6
|
|
|
(7.7
|
)
|
|
(27.9
|
)
|
|||
Other expense:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
(0.6
|
)
|
|
(0.1
|
)
|
|
(0.5
|
)
|
|
500.0
|
|
|||
Other, net
|
(0.1
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|
(200.0
|
)
|
|||
Total other expense
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
|
100.0
|
|
|||
Income before income taxes
|
19.2
|
|
|
27.6
|
|
|
(8.4
|
)
|
|
(30.4
|
)
|
|||
Income taxes
|
7.4
|
|
|
10.4
|
|
|
(3.0
|
)
|
|
(28.8
|
)
|
|||
Net income
|
$
|
11.8
|
|
|
$
|
17.2
|
|
|
$
|
(5.4
|
)
|
|
(31.4
|
)%
|
|
Three months ended
|
|||||||||||||||||||
Forward Air
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
211.4
|
|
|
84.7
|
%
|
|
$
|
154.3
|
|
|
79.6
|
%
|
|
$
|
57.1
|
|
|
37.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
95.4
|
|
|
45.1
|
|
|
68.6
|
|
|
44.5
|
|
|
26.8
|
|
|
39.1
|
|
|||
Salaries, wages, and employee benefits
|
48.8
|
|
|
23.1
|
|
|
32.9
|
|
|
21.3
|
|
|
15.9
|
|
|
48.3
|
|
|||
Operating leases
|
16.1
|
|
|
8.0
|
|
|
6.2
|
|
|
4.0
|
|
|
9.9
|
|
|
159.7
|
|
|||
Depreciation and amortization
|
7.0
|
|
|
3.3
|
|
|
5.4
|
|
|
3.5
|
|
|
1.6
|
|
|
29.6
|
|
|||
Insurance and claims
|
5.1
|
|
|
2.4
|
|
|
2.4
|
|
|
1.6
|
|
|
2.7
|
|
|
112.5
|
|
|||
Fuel expense
|
2.0
|
|
|
0.9
|
|
|
2.2
|
|
|
1.4
|
|
|
(0.2
|
)
|
|
(9.1
|
)
|
|||
Other operating expenses
|
18.2
|
|
|
8.6
|
|
|
11.4
|
|
|
7.4
|
|
|
6.8
|
|
|
59.6
|
|
|||
Income from operations
|
$
|
18.8
|
|
|
8.9
|
%
|
|
$
|
25.2
|
|
|
16.3
|
%
|
|
$
|
(6.4
|
)
|
|
(25.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
FASI
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
27.7
|
|
|
11.1
|
%
|
|
$
|
26.9
|
|
|
13.9
|
%
|
|
$
|
0.8
|
|
|
3.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
7.5
|
|
|
27.1
|
|
|
7.8
|
|
|
29.0
|
|
|
(0.3
|
)
|
|
(3.8
|
)
|
|||
Salaries, wages, and employee benefits
|
10.6
|
|
|
38.3
|
|
|
9.3
|
|
|
34.6
|
|
|
1.3
|
|
|
14.0
|
|
|||
Operating leases
|
2.1
|
|
|
7.6
|
|
|
2.0
|
|
|
7.4
|
|
|
0.1
|
|
|
5.0
|
|
|||
Depreciation and amortization
|
1.5
|
|
|
5.4
|
|
|
1.4
|
|
|
5.2
|
|
|
0.1
|
|
|
7.1
|
|
|||
Insurance and claims
|
0.9
|
|
|
3.2
|
|
|
0.5
|
|
|
1.9
|
|
|
0.4
|
|
|
80.0
|
|
|||
Fuel expense
|
1.3
|
|
|
4.7
|
|
|
1.8
|
|
|
6.7
|
|
|
(0.5
|
)
|
|
(27.8
|
)
|
|||
Other operating expenses
|
3.7
|
|
|
13.3
|
|
|
3.1
|
|
|
11.5
|
|
|
0.6
|
|
|
19.4
|
|
|||
Income from operations
|
$
|
0.1
|
|
|
0.4
|
%
|
|
$
|
1.0
|
|
|
3.7
|
%
|
|
$
|
(0.9
|
)
|
|
(90.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TQI
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
11.8
|
|
|
4.7
|
%
|
|
$
|
13.7
|
|
|
7.1
|
%
|
|
$
|
(1.9
|
)
|
|
(13.9
|
)%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
5.4
|
|
|
45.8
|
|
|
7.2
|
|
|
52.5
|
|
|
(1.8
|
)
|
|
(25.0
|
)
|
|||
Salaries, wages, and employee benefits
|
2.5
|
|
|
21.2
|
|
|
2.2
|
|
|
16.1
|
|
|
0.3
|
|
|
13.6
|
|
|||
Operating leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
1.0
|
|
|
8.5
|
|
|
1.0
|
|
|
7.3
|
|
|
—
|
|
|
—
|
|
|||
Insurance and claims
|
0.3
|
|
|
2.5
|
|
|
0.2
|
|
|
1.5
|
|
|
0.1
|
|
|
50.0
|
|
|||
Fuel expense
|
0.9
|
|
|
7.6
|
|
|
1.2
|
|
|
8.8
|
|
|
(0.3
|
)
|
|
(25.0
|
)
|
|||
Other operating expenses
|
0.7
|
|
|
5.9
|
|
|
0.5
|
|
|
3.6
|
|
|
0.2
|
|
|
40.0
|
|
|||
Income from operations
|
$
|
1.0
|
|
|
8.5
|
%
|
|
$
|
1.4
|
|
|
10.2
|
%
|
|
$
|
(0.4
|
)
|
|
(28.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Intercompany Eliminations
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
(1.2
|
)
|
|
(0.5
|
)%
|
|
$
|
(1.0
|
)
|
|
(0.5
|
)%
|
|
$
|
(0.2
|
)
|
|
20.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
(0.9
|
)
|
|
75.0
|
|
|
(0.8
|
)
|
|
80.0
|
|
|
(0.1
|
)
|
|
12.5
|
|
|||
Other operating expenses
|
(0.3
|
)
|
|
25.0
|
|
|
(0.2
|
)
|
|
20.0
|
|
|
(0.1
|
)
|
|
50.0
|
|
|||
Income from operations
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
249.7
|
|
|
100.0
|
%
|
|
$
|
193.9
|
|
|
100.0
|
%
|
|
$
|
55.8
|
|
|
28.8
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
107.4
|
|
|
43.0
|
|
|
82.8
|
|
|
42.7
|
|
|
24.6
|
|
|
29.7
|
|
|||
Salaries, wages, and employee benefits
|
61.9
|
|
|
24.8
|
|
|
44.4
|
|
|
22.9
|
|
|
17.5
|
|
|
39.4
|
|
|||
Operating leases
|
18.2
|
|
|
7.3
|
|
|
8.2
|
|
|
4.2
|
|
|
10.0
|
|
|
122.0
|
|
|||
Depreciation and amortization
|
9.5
|
|
|
3.8
|
|
|
7.8
|
|
|
4.0
|
|
|
1.7
|
|
|
21.8
|
|
|||
Insurance and claims
|
6.3
|
|
|
2.5
|
|
|
3.1
|
|
|
1.6
|
|
|
3.2
|
|
|
103.2
|
|
|||
Fuel expense
|
4.2
|
|
|
2.0
|
|
|
5.2
|
|
|
2.7
|
|
|
(1.0
|
)
|
|
(19.2
|
)
|
|||
Other operating expenses
|
22.3
|
|
|
8.9
|
|
|
14.8
|
|
|
7.6
|
|
|
7.5
|
|
|
50.7
|
|
|||
Income from operations
|
$
|
19.9
|
|
|
8.0
|
%
|
|
$
|
27.6
|
|
|
14.2
|
%
|
|
$
|
(7.7
|
)
|
|
(27.9
|
)%
|
|
|
Percent of
|
|
|
Percent of
|
|
|
Percent
|
|||||||||
|
2015
|
Revenue
|
|
2014
|
Revenue
|
|
Change
|
Change
|
|||||||||
Operating Revenue
|
|
|
|
|
|
|
|
|
|||||||||
Forward Air
|
|
|
|
|
|
|
|
|
|||||||||
Airport-to-airport
|
$
|
140.9
|
|
66.7
|
%
|
|
$
|
108.0
|
|
70.0
|
%
|
|
$
|
32.9
|
|
30.5
|
%
|
Logistics services
|
|
|
|
|
|
|
|
|
|||||||||
Expedited full truckload - TLX
|
27.5
|
|
13.0
|
|
|
19.2
|
|
12.4
|
|
|
8.3
|
|
43.2
|
|
|||
Intermodal/drayage
|
21.8
|
|
10.3
|
|
|
14.3
|
|
9.3
|
|
|
7.5
|
|
52.4
|
|
|||
Total Logistics services
|
49.3
|
|
23.3
|
|
|
33.5
|
|
21.7
|
|
|
15.8
|
|
47.2
|
|
|||
Other Forward Air services
|
21.2
|
|
10.0
|
|
|
12.8
|
|
8.3
|
|
|
8.4
|
|
65.6
|
|
|||
Forward Air - Total revenue
|
211.4
|
|
84.7
|
|
|
154.3
|
|
79.6
|
|
|
57.1
|
|
37.0
|
|
|||
TQI - Pharmaceutical services
|
11.8
|
|
4.7
|
|
|
13.7
|
|
7.1
|
|
|
(1.9
|
)
|
(13.9
|
)
|
|||
Forward Air Solutions - Pool distribution
|
27.7
|
|
11.1
|
|
|
26.9
|
|
13.9
|
|
|
0.8
|
|
3.0
|
|
|||
Intersegment eliminations
|
(1.2
|
)
|
(0.5
|
)
|
|
(1.0
|
)
|
(0.6
|
)
|
|
(0.2
|
)
|
20.0
|
|
|||
Consolidated operating revenue
|
$
|
249.7
|
|
100.0
|
%
|
|
$
|
193.9
|
|
100.0
|
%
|
|
$
|
55.8
|
|
28.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Percent of
|
|
|
Percent of
|
|
|
Percent
|
|||||||||
|
2015
|
Revenue
|
|
2014
|
Revenue
|
|
Change
|
Change
|
|||||||||
Purchased Transportation
|
|
|
|
|
|
|
|
|
|||||||||
Forward Air
|
|
|
|
|
|
|
|
|
|||||||||
Airport-to-airport
|
$
|
61.1
|
|
43.4
|
%
|
|
$
|
44.8
|
|
41.5
|
%
|
|
$
|
16.3
|
|
36.4
|
%
|
Logistics services
|
|
|
|
|
|
|
|
|
|||||||||
Expedited full truckload - TLX
|
19.6
|
|
71.3
|
|
|
14.7
|
|
76.6
|
|
|
4.9
|
|
33.3
|
|
|||
Intermodal/drayage
|
8.3
|
|
38.1
|
|
|
6.1
|
|
42.7
|
|
|
2.2
|
|
36.1
|
|
|||
Total Logistics services
|
27.9
|
|
56.6
|
|
|
20.8
|
|
62.1
|
|
|
7.1
|
|
34.1
|
|
|||
Other Forward Air services
|
6.4
|
|
30.2
|
|
|
3.0
|
|
23.4
|
|
|
3.4
|
|
113.3
|
|
|||
Forward Air - Total purchased transportation
|
95.4
|
|
45.1
|
|
|
68.6
|
|
44.5
|
|
|
26.8
|
|
39.1
|
|
|||
TQI - Pharmaceutical services
|
5.4
|
|
45.8
|
|
|
7.2
|
|
52.5
|
|
|
(1.8
|
)
|
(25.0
|
)
|
|||
Forward Air Solutions - Pool distribution
|
7.5
|
|
27.1
|
|
|
7.8
|
|
29.0
|
|
|
(0.3
|
)
|
(3.8
|
)
|
|||
Intersegment eliminations
|
(0.9
|
)
|
75.0
|
|
|
(0.8
|
)
|
80.0
|
|
|
(0.1
|
)
|
12.5
|
|
|||
Consolidated purchased transportation
|
$
|
107.4
|
|
43.0
|
%
|
|
$
|
82.8
|
|
42.7
|
%
|
|
$
|
24.6
|
|
29.7
|
%
|
|
Six months ended
|
|||||||||||||
|
June 30,
2015 |
|
June 30,
2014 |
|
Change
|
|
Percent Change
|
|||||||
Operating revenue
|
$
|
455.6
|
|
|
$
|
365.4
|
|
|
$
|
90.2
|
|
|
24.7
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|||||||
Purchased transportation
|
196.8
|
|
|
156.4
|
|
|
40.4
|
|
|
25.8
|
|
|||
Salaries, wages, and employee benefits
|
115.8
|
|
|
85.8
|
|
|
30.0
|
|
|
35.0
|
|
|||
Operating leases
|
34.1
|
|
|
16.5
|
|
|
17.6
|
|
|
106.7
|
|
|||
Depreciation and amortization
|
18.2
|
|
|
14.7
|
|
|
3.5
|
|
|
23.8
|
|
|||
Insurance and claims
|
11.3
|
|
|
7.2
|
|
|
4.1
|
|
|
56.9
|
|
|||
Fuel expense
|
8.3
|
|
|
10.0
|
|
|
(1.7
|
)
|
|
(17.0
|
)
|
|||
Other operating expenses
|
42.9
|
|
|
30.9
|
|
|
12.0
|
|
|
38.8
|
|
|||
Total operating expenses
|
427.4
|
|
|
321.5
|
|
|
105.9
|
|
|
32.9
|
|
|||
Income from operations
|
28.2
|
|
|
43.9
|
|
|
(15.7
|
)
|
|
(35.8
|
)
|
|||
Other expense:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
(0.9
|
)
|
|
(0.2
|
)
|
|
(0.7
|
)
|
|
350.0
|
|
|||
Other, net
|
(0.2
|
)
|
|
0.2
|
|
|
(0.4
|
)
|
|
(200.0
|
)
|
|||
Total other expense
|
(1.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|
(100.0
|
)
|
|||
Income before income taxes
|
27.1
|
|
|
43.9
|
|
|
(16.8
|
)
|
|
(38.3
|
)
|
|||
Income taxes
|
10.4
|
|
|
16.5
|
|
|
(6.1
|
)
|
|
(37.0
|
)
|
|||
Net income
|
$
|
16.7
|
|
|
$
|
27.4
|
|
|
$
|
(10.7
|
)
|
|
(39.1
|
)%
|
|
Six months ended
|
|||||||||||||||||||
Forward Air
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
380.1
|
|
|
83.4
|
%
|
|
$
|
288.4
|
|
|
78.9
|
%
|
|
$
|
91.7
|
|
|
31.8
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
172.5
|
|
|
45.4
|
|
|
129.4
|
|
|
44.9
|
|
|
43.1
|
|
|
33.3
|
|
|||
Salaries, wages, and employee benefits
|
90.3
|
|
|
23.8
|
|
|
63.0
|
|
|
21.8
|
|
|
27.3
|
|
|
43.3
|
|
|||
Operating leases
|
29.8
|
|
|
7.8
|
|
|
12.0
|
|
|
4.2
|
|
|
17.8
|
|
|
148.3
|
|
|||
Depreciation and amortization
|
13.2
|
|
|
3.5
|
|
|
10.3
|
|
|
3.6
|
|
|
2.9
|
|
|
28.2
|
|
|||
Insurance and claims
|
9.1
|
|
|
2.4
|
|
|
5.5
|
|
|
1.9
|
|
|
3.6
|
|
|
65.5
|
|
|||
Fuel expense
|
3.9
|
|
|
1.0
|
|
|
4.1
|
|
|
1.4
|
|
|
(0.2
|
)
|
|
(4.9
|
)
|
|||
Other operating expenses
|
35.3
|
|
|
9.3
|
|
|
23.5
|
|
|
8.1
|
|
|
11.8
|
|
|
50.2
|
|
|||
Income from operations
|
$
|
26.0
|
|
|
6.8
|
%
|
|
$
|
40.6
|
|
|
14.1
|
%
|
|
$
|
(14.6
|
)
|
|
(36.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
FASI
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
54.9
|
|
|
12.1
|
%
|
|
$
|
54.3
|
|
|
14.9
|
%
|
|
$
|
0.6
|
|
|
1.1
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
15.0
|
|
|
27.3
|
|
|
15.9
|
|
|
29.3
|
|
|
(0.9
|
)
|
|
(5.7
|
)
|
|||
Salaries, wages, and employee benefits
|
20.7
|
|
|
37.7
|
|
|
18.7
|
|
|
34.4
|
|
|
2.0
|
|
|
10.7
|
|
|||
Operating leases
|
4.2
|
|
|
7.7
|
|
|
4.5
|
|
|
8.3
|
|
|
(0.3
|
)
|
|
(6.7
|
)
|
|||
Depreciation and amortization
|
3.1
|
|
|
5.6
|
|
|
2.7
|
|
|
5.0
|
|
|
0.4
|
|
|
14.8
|
|
|||
Insurance and claims
|
1.8
|
|
|
3.3
|
|
|
1.3
|
|
|
2.4
|
|
|
0.5
|
|
|
38.5
|
|
|||
Fuel expense
|
2.6
|
|
|
4.7
|
|
|
3.5
|
|
|
6.5
|
|
|
(0.9
|
)
|
|
(25.7
|
)
|
|||
Other operating expenses
|
7.2
|
|
|
13.1
|
|
|
6.7
|
|
|
12.3
|
|
|
0.5
|
|
|
7.5
|
|
|||
Income from operations
|
$
|
0.3
|
|
|
0.6
|
%
|
|
$
|
1.0
|
|
|
1.8
|
%
|
|
$
|
(0.7
|
)
|
|
(70.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
TQI
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
23.1
|
|
|
5.1
|
%
|
|
$
|
24.7
|
|
|
6.8
|
%
|
|
$
|
(1.6
|
)
|
|
(6.5
|
)%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
11.1
|
|
|
48.1
|
|
|
12.7
|
|
|
51.4
|
|
|
(1.6
|
)
|
|
(12.6
|
)
|
|||
Salaries, wages, and employee benefits
|
4.8
|
|
|
20.8
|
|
|
4.1
|
|
|
16.6
|
|
|
0.7
|
|
|
17.1
|
|
|||
Operating leases
|
0.1
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|||
Depreciation and amortization
|
1.9
|
|
|
8.2
|
|
|
1.7
|
|
|
6.9
|
|
|
0.2
|
|
|
11.8
|
|
|||
Insurance and claims
|
0.4
|
|
|
1.7
|
|
|
0.4
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|||
Fuel expense
|
1.8
|
|
|
7.8
|
|
|
2.4
|
|
|
9.7
|
|
|
(0.6
|
)
|
|
(25.0
|
)
|
|||
Other operating expenses
|
1.1
|
|
|
4.8
|
|
|
1.1
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|||
Income from operations
|
$
|
1.9
|
|
|
8.2
|
%
|
|
$
|
2.3
|
|
|
9.3
|
%
|
|
$
|
(0.4
|
)
|
|
(17.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Intercompany Eliminations
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
(2.5
|
)
|
|
(0.6
|
)%
|
|
$
|
(2.0
|
)
|
|
(0.6
|
)%
|
|
$
|
(0.5
|
)
|
|
25.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
(1.8
|
)
|
|
72.0
|
|
|
(1.6
|
)
|
|
80.0
|
|
|
(0.2
|
)
|
|
12.5
|
|
|||
Other operating expenses
|
(0.7
|
)
|
|
28.0
|
|
|
(0.4
|
)
|
|
20.0
|
|
|
(0.3
|
)
|
|
75.0
|
|
|||
Income from operations
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
June 30,
|
|
Percent of
|
|
June 30,
|
|
Percent of
|
|
|
|
Percent
|
|||||||||
|
2015
|
|
Revenue
|
|
2014
|
|
Revenue
|
|
Change
|
|
Change
|
|||||||||
Operating revenue
|
$
|
455.6
|
|
|
100.0
|
%
|
|
$
|
365.4
|
|
|
100.0
|
%
|
|
$
|
90.2
|
|
|
24.7
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchased transportation
|
196.8
|
|
|
43.2
|
|
|
156.4
|
|
|
42.8
|
|
|
40.4
|
|
|
25.8
|
|
|||
Salaries, wages, and employee benefits
|
115.8
|
|
|
25.4
|
|
|
85.8
|
|
|
23.5
|
|
|
30.0
|
|
|
35.0
|
|
|||
Operating leases
|
34.1
|
|
|
7.5
|
|
|
16.5
|
|
|
4.5
|
|
|
17.6
|
|
|
106.7
|
|
|||
Depreciation and amortization
|
18.2
|
|
|
4.0
|
|
|
14.7
|
|
|
4.0
|
|
|
3.5
|
|
|
23.8
|
|
|||
Insurance and claims
|
11.3
|
|
|
2.5
|
|
|
7.2
|
|
|
2.0
|
|
|
4.1
|
|
|
56.9
|
|
|||
Fuel expense
|
8.3
|
|
|
2.0
|
|
|
10.0
|
|
|
2.7
|
|
|
(1.7
|
)
|
|
(17.0
|
)
|
|||
Other operating expenses
|
42.9
|
|
|
9.4
|
|
|
30.9
|
|
|
8.5
|
|
|
12.0
|
|
|
38.8
|
|
|||
Income from operations
|
$
|
28.2
|
|
|
6.2
|
%
|
|
$
|
43.9
|
|
|
12.0
|
%
|
|
$
|
(15.7
|
)
|
|
(35.8
|
)%
|
|
June 30,
|
Percent of
|
|
June 30,
|
Percent of
|
|
|
Percent
|
|||||||||
|
2015
|
Revenue
|
|
2014
|
Revenue
|
|
Change
|
Change
|
|||||||||
Operating Revenue
|
|
|
|
|
|
|
|
|
|||||||||
Forward Air
|
|
|
|
|
|
|
|
|
|||||||||
Airport-to-airport
|
$
|
254.2
|
|
66.9
|
%
|
|
$
|
205.7
|
|
71.3
|
%
|
|
$
|
48.5
|
|
23.6
|
%
|
Logistics services
|
|
|
|
|
|
|
|
|
|||||||||
Expedited full truckload - TLX
|
50.8
|
|
13.4
|
|
|
36.6
|
|
12.7
|
|
|
14.2
|
|
38.8
|
|
|||
Intermodal/drayage
|
39.7
|
|
10.4
|
|
|
23.3
|
|
8.1
|
|
|
16.4
|
|
70.4
|
|
|||
Total Logistics services
|
90.5
|
|
23.8
|
|
|
59.9
|
|
20.8
|
|
|
30.6
|
|
51.1
|
|
|||
Other Forward Air services
|
35.4
|
|
9.3
|
|
|
22.8
|
|
7.9
|
|
|
12.6
|
|
55.3
|
|
|||
Forward Air - Total revenue
|
380.1
|
|
83.4
|
|
|
288.4
|
|
78.9
|
|
|
91.7
|
|
31.8
|
|
|||
TQI - Pharmaceutical services
|
23.1
|
|
5.1
|
|
|
24.7
|
|
6.8
|
|
|
(1.6
|
)
|
(6.5
|
)
|
|||
Forward Air Solutions - Pool distribution
|
54.9
|
|
12.1
|
|
|
54.3
|
|
14.9
|
|
|
0.6
|
|
1.1
|
|
|||
Intersegment eliminations
|
(2.5
|
)
|
(0.6
|
)
|
|
(2.0
|
)
|
(0.6
|
)
|
|
(0.5
|
)
|
25.0
|
|
|||
Consolidated operating revenue
|
$
|
455.6
|
|
100.0
|
%
|
|
$
|
365.4
|
|
100.0
|
%
|
|
$
|
90.2
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|||||||||
|
June 30,
|
Percent of
|
|
June 30,
|
Percent of
|
|
|
Percent
|
|||||||||
|
2015
|
Revenue
|
|
2014
|
Revenue
|
|
Change
|
Change
|
|||||||||
Purchased Transportation
|
|
|
|
|
|
|
|
|
|||||||||
Forward Air
|
|
|
|
|
|
|
|
|
|||||||||
Airport-to-airport
|
$
|
111.1
|
|
43.7
|
%
|
|
$
|
85.5
|
|
41.6
|
%
|
|
$
|
25.6
|
|
29.9
|
%
|
Logistics services
|
|
|
|
|
|
|
|
|
|||||||||
Expedited full truckload - TLX
|
36.5
|
|
71.9
|
|
|
28.4
|
|
77.6
|
|
|
8.1
|
|
28.5
|
|
|||
Intermodal/drayage
|
14.7
|
|
37.0
|
|
|
9.9
|
|
42.5
|
|
|
4.8
|
|
48.5
|
|
|||
Total Logistics services
|
51.2
|
|
56.6
|
|
|
38.3
|
|
63.9
|
|
|
12.9
|
|
33.7
|
|
|||
Other Forward Air services
|
10.2
|
|
28.8
|
|
|
5.6
|
|
24.6
|
|
|
4.6
|
|
82.1
|
|
|||
Forward Air - Total purchased transportation
|
172.5
|
|
45.4
|
|
|
129.4
|
|
44.9
|
|
|
43.1
|
|
33.3
|
|
|||
TQI - Pharmaceutical services
|
11.1
|
|
48.1
|
|
|
12.7
|
|
51.4
|
|
|
(1.6
|
)
|
(12.6
|
)
|
|||
Forward Air Solutions - Pool distribution
|
15.0
|
|
27.3
|
|
|
15.9
|
|
29.3
|
|
|
(0.9
|
)
|
(5.7
|
)
|
|||
Intersegment eliminations
|
(1.8
|
)
|
72.0
|
|
|
(1.6
|
)
|
80.0
|
|
|
(0.2
|
)
|
12.5
|
|
|||
Consolidated purchased transportation
|
$
|
196.8
|
|
43.2
|
%
|
|
$
|
156.4
|
|
42.8
|
%
|
|
$
|
40.4
|
|
25.8
|
%
|
|
Forward Air
|
CST
|
FASI
|
TQI
|
Discount rate
|
13.0%
|
13.5%
|
16.0%
|
16.0%
|
Long-term growth rate
|
5.0%
|
4.0%
|
5.0%
|
4.0%
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
No.
|
|
Exhibit
|
3.1
|
|
Restated Charter of the registrant (incorporated herein by reference to Exhibit 3 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 28, 1999 (File No. 0-22490))
|
3.2
|
|
Amended and Restated Bylaws of the registrant (incorporated herein by reference to Exhibit 3-1 to the registrant’s Current Report on Form 8-K filed with the Commission on July 6, 2009 (File No. 0-22490))
|
4.1
|
|
Form of Forward Air Corporation Common Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1998, filed with the Securities and Exchange Commission on November 16, 1998 (File No. 0-22490))
|
10.1
|
|
Agreement and Plan of Merger, dated February 4, 2015 by and among CLP Towne Inc., Forward Air, Inc., FAC Subsidiary, Inc., ZM Private Equity Fund I, L.P., as the Equity Holders' Representative, and the Indemnifying Equity Holders party therto (incorporated herein by reference to Exhibit 2.1 to the registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2015 (File No. 0-22490))
|
10.2
|
|
Credit Agreement dated February 4, 2015 among Forward Air Corporation and Forward Air, Inc., as borrowers, the subsidiaries of the borrowers identified therein, Bank of America, N.A., First Tennessee Bank, N.A. and the other lenders party thereto (incorporated herein by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2015 (File No. 0-22490))
|
10.3
|
|
First Amendment dated June 19, 2015 to the Credit Agreement dated February 4, 2015 among Forward Air Corporation and Forward Air, Inc., as borrowers, the subsidiaries of the borrowers identified therein, Bank of America, N.A., First Tennessee Bank, N.A. and the other lenders party thereto
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a) (17 CFR 240.13a-14(a))
|
31.2
|
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a) (17 CFR 240.13a-14(a))
|
32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
Forward Air Corporation
|
Date: July 24, 2015
|
By:
|
/s/ Rodney L. Bell
|
|
|
Rodney L. Bell
Chief Financial Officer, Senior Vice President and Treasurer
(Principal Financial Officer)
|
|
By:
|
/s/ Michael P. McLean
|
|
|
Michael P. McLean
Chief Accounting Officer, Vice President and Controller
(Principal Accounting Officer)
|
No.
|
|
Exhibit
|
3.1
|
|
Restated Charter of the registrant (incorporated herein by reference to Exhibit 3 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 28, 1999 (File No. 0-22490))
|
3.2
|
|
Amended and Restated Bylaws of the registrant (incorporated herein by reference to Exhibit 3-1 to the registrant’s Current Report on Form 8-K filed with the Commission on July 6, 2009 (File No. 0-22490))
|
4.1
|
|
Form of Forward Air Corporation Common Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1998, filed with the Securities and Exchange Commission on November 16, 1998 (File No. 0-22490))
|
10.1
|
|
Agreement and Plan of Merger, dated February 4, 2015 by and among CLP Towne Inc., Forward Air, Inc., FAC Subsidiary, Inc., ZM Private Equity Fund I, L.P., as the Equity Holders' Representative, and the Indemnifying Equity Holders party therto (incorporated herein by reference to Exhibit 2.1 to the registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2015 (File No. 0-22490))
|
10.2
|
|
Credit Agreement dated February 4, 2015 among Forward Air Corporation and Forward Air, Inc., as borrowers, the subsidiaries of the borrowers identified therein, Bank of America, N.A., First Tennessee Bank, N.A. and the other lenders party thereto (incorporated herein by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2015 (File No. 0-22490))
|
10.3
|
|
First Amendment dated June 19, 2015 to the Credit Agreement dated February 4, 2015 among Forward Air Corporation and Forward Air, Inc., as borrowers, the subsidiaries of the borrowers identified therein, Bank of America, N.A., First Tennessee Bank, N.A. and the other lenders party thereto
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a) (17 CFR 240.13a-14(a))
|
31.2
|
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a) (17 CFR 240.13a-14(a))
|
32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
BORROWERS:
|
FORWARD AIR CORPORATION, a Tennessee corporation
|
ADMINISTRATIVE AGENT:
|
BANK OF AMERICA, N.A.,
|
LENDERS:
|
BANK OF AMERICA, N.A.,
|
1
|
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2015 of Forward Air Corporation;
|
2
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: July 24, 2015
|
|
|
|
|
/s/ Bruce A. Campbell
|
|
|
Bruce A. Campbell
Chairman, President and Chief Executive Officer
|
1
|
I have reviewed this quarterly report on Form 10-Q for the quarter ended June 30, 2015 of Forward Air Corporation;
|
2
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: July 24, 2015
|
|
|
|
|
/s/ Rodney L. Bell
|
|
|
Rodney L. Bell
Chief Financial Officer, Senior Vice President and Treasurer
|
1
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: July 24, 2015
|
|
|
/s/ Bruce A. Campbell
|
|
Bruce A. Campbell
Chairman, President and Chief Executive Officer
|
1
|
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2
|
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: July 24, 2015
|
|
|
/s/ Rodney L. Bell
|
|
Rodney L. Bell
Chief Financial Officer, Senior Vice President and Treasurer
|