Company Announcements

Forward Air Corporation Reports First Quarter 2021 Results

Reports record first quarter revenue

Guides for record second quarter net income per diluted share

GREENEVILLE, Tenn.--(BUSINESS WIRE)--Apr. 29, 2021-- Forward Air Corporation (NASDAQ:FWRD) (the “Company,” “we,” “our,” or “us”) today reported financial results for the three months ended March 31, 2021 as presented in the tables below on a continuing operations basis (Pool Distribution is being reported as a discontinued operation).

Tom Schmitt, Chairman, President and CEO, commenting on first quarter results from continuing operations said, “Our growth strategies drove our record first quarter revenue, which came in above the high end of our guidance range. Business momentum continued during the quarter and accelerated in March, when our LTL business achieved an operating margin higher than in March of peak economy year 2018.”

“Our net income per diluted share of $0.60 exceeded the high end of our guidance range. This guidance included approximately $0.07 of anticipated professional fees related to cybersecurity and shareholder engagement activities. However, during the first quarter these fees were approximately $0.20 (driven predominately by shareholder engagement activities that resulted in us entering into a cooperation agreement), all of which was recorded in Other Operations. We also experienced an estimated $0.06 impact in February from adverse weather (which had a $0.04 impact on our Expedited Freight segment and a $0.02 impact on our Intermodal segment). When adjusting for this approximate $0.26 total impact, we believe the underlying performance of our business during the first quarter greatly exceeded what we expected in our first quarter guidance.”

Regarding the Company’s second quarter 2021 continuing operations guidance, Mr. Schmitt said, “We expect our year-over-year revenue growth will be 35% to 40%, and our net income per diluted share to be between $0.96 to $1.00, compared to $0.33 in the second quarter of 2020 and, more meaningfully compared to $0.79 in the second quarter of 2018.”

In closing, Mr. Schmitt said, “The first quarter was all about a determined focus of the entire team. In the midst of a tight market and winter storms, our teammates and independent contractors went above and beyond to keep our customer commitments. We feel very strongly about our momentum which we will further enhance over the next few months and years. As the country continues its vaccine rollout, we will continue to bring back business together with our customers who were directly impacted by the pandemic such as cruise lines, conferences and trade shows.”

Continuing Operations

 

Three Months Ended

(in thousands, except per share data)

 

March 31, 2021 1

 

March 31, 2020

 

Change

 

Percent Change

Operating revenue

 

$

362,202

 

 

$

305,557

 

 

$

56,645

 

 

18.5

%

Income from operations

 

$

22,724

 

 

$

15,772

 

 

$

6,952

 

 

44.1

%

Operating margin

 

 

6.3

%

 

 

5.2

%

 

110 bps

 

 

Net income

 

$

16,714

 

 

$

11,415

 

 

$

5,299

 

 

46.4

%

Net income per diluted share

 

$

0.60

 

 

$

0.41

 

 

$

0.19

 

 

46.3

%

Cash provided by operating activities

 

$

16,913

 

 

$

30,828

 

 

$

(13,915

)

 

(45.1

)%

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures: 2

 

 

 

 

 

 

 

 

EBITDA

 

$

31,961

 

 

$

25,106

 

 

$

6,855

 

 

27.3

%

Free cash flow

 

$

14,883

 

 

$

28,897

 

 

$

(14,014

)

 

(48.5

)%

1 Results for the three months ended March 31, 2021 includes a $7.0 million charge for professional fees related to cyber security and shareholder engagement activities.

2 EBITDA and free cash flow are non-GAAP financial measures and reconciliations of these non-GAAP financial measures are provided in the below financial tables.

On April 26, 2021, our Board of Directors declared a quarterly cash dividend of $0.21 per share of common stock. The dividend is payable to shareholders of record at the close of business on May 27, 2021 and is expected to be paid on June 14, 2021. This quarterly dividend is made pursuant to a cash dividend policy approved by the Board of Directors, which anticipates a total annual dividend of $0.84 for the full year 2021, payable in quarterly increments of $0.21 per share of common stock. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance and position.

The Board approved a strategy to divest the Pool Distribution business (“Pool”) on April 23, 2020, and the sale of Pool was completed on February 12, 2021. Accordingly, the results of operations and cash flows for Pool have been presented as a discontinued operation and have been excluded from continuing operations in this release for all periods presented. In addition, Pool assets and liabilities were reflected as “held for sale” on the Condensed Consolidated Balance Sheets in this press release for the prior period.

Review of Financial Results
Forward Air will hold a conference call to discuss first quarter 2021 results on Friday, April 30, 2021 at 9:00 a.m. EDT. The Company’s conference call will be available online on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, or by dialing (844) 867-6169, Access Code: 6464581.

A replay of the conference call will be available on the Investor Relations portion of the Company’s website at www.forwardaircorp.com, which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investors Relations portion of the Company’s website to easily find or navigate to current and pertinent information about us.

About Forward Air Corporation
Forward Air is a leading asset-light freight and logistics company that provides services across the United States and Canada. We provide expedited less-than-truckload (“LTL”) services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals; final mile services, including delivery of heavy-bulky freight; truckload brokerage services, including dedicated fleet services, high-security and temperature-controlled logistics services; intermodal first-and last-mile high-value drayage services both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services; and pool distribution services, including high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region. For more information, visit our website at www.forwardaircorp.com.

Forward Air Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited, in thousands, except per share data)

 

 

 

 

 

Three Months Ended

 

March 31,
2021

 

March 31,
2020

Operating revenue:

 

 

 

Expedited Freight

$

304,186

 

 

$

253,625

 

Intermodal

 

58,514

 

 

 

52,460

 

Eliminations and other operations

 

(498

)

 

 

(528

)

Operating revenue

 

362,202

 

 

 

305,557

 

Operating expenses:

 

 

 

Purchased transportation

 

184,608

 

 

 

150,598

 

Salaries, wages and employee benefits

 

74,897

 

 

 

69,559

 

Operating leases

 

19,167

 

 

 

17,884

 

Depreciation and amortization

 

9,237

 

 

 

9,334

 

Insurance and claims

 

9,741

 

 

 

10,044

 

Fuel expense

 

3,702

 

 

 

4,013

 

Other operating expenses

 

38,126

 

 

 

28,353

 

Total operating expenses

 

339,478

 

 

 

289,785

 

Income (loss) from continuing operations:

 

 

 

Expedited Freight

 

24,530

 

 

 

15,179

 

Intermodal

 

4,509

 

 

 

3,713

 

Other Operations

 

(6,315

)

 

 

(3,120

)

Income from continuing operations

 

22,724

 

 

 

15,772

 

Other expense:

 

 

 

Interest expense

 

(1,165

)

 

 

(853

)

Total other expense

 

(1,165

)

 

 

(853

)

Income before income taxes

 

21,559

 

 

 

14,919

 

Income tax expense

 

4,845

 

 

 

3,504

 

Net income from continuing operations

 

16,714

 

 

 

11,415

 

Loss from discontinued operation, net of tax

 

(5,533

)

 

 

(3,040

)

Net income and comprehensive income

$

11,181

 

 

$

8,375

 

 

 

 

 

Net income per share:

 

 

 

Basic net income (loss) per share

 

 

 

Continuing operations

$

0.61

 

 

$

0.41

 

Discontinued operation

 

(0.20

)

 

 

(0.11

)

Net income per share1

$

0.40

 

 

$

0.30

 

 

 

 

 

Diluted net income (loss) per share

 

 

 

Continuing operations

$

0.60

 

 

$

0.41

 

Discontinued operation

 

(0.20

)

 

 

(0.11

)

Net income per share

$

0.40

 

 

$

0.30

 

Dividends per share

$

0.21

 

 

$

0.18

 

1 Rounding may impact summation of amounts.

Expedited Freight Segment Information

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

 

Percent of

 

March 31,

 

Percent of

 

 

 

Percent

 

2021

 

Revenue

 

2020

 

Revenue

 

Change

 

Change

Operating revenue:

 

 

 

 

 

 

 

 

 

 

 

Network1

$

178,627

 

58.7

%

 

$

152,009

 

59.9

%

 

$

26,618

 

 

17.5

%

Truckload

 

52,380

 

17.2

 

 

 

47,529

 

18.7

 

 

 

4,851

 

 

10.2

 

Final Mile

 

62,256

 

20.5

 

 

 

47,802

 

18.8

 

 

 

14,454

 

 

30.2

 

Other

 

10,923

 

3.6

 

 

 

6,285

 

2.5

 

 

 

4,638

 

 

73.8

 

Total operating revenue

 

304,186

 

100.0

 

 

 

253,625

 

100.0

 

 

 

50,561

 

 

19.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

 

164,364

 

54.0

 

 

 

132,790

 

52.4

 

 

 

31,574

 

 

23.8

 

Salaries, wages and employee benefits

 

61,687

 

20.3

 

 

 

55,435

 

21.9

 

 

 

6,252

 

 

11.3

 

Operating leases

 

14,218

 

4.7

 

 

 

13,602

 

5.4

 

 

 

616

 

 

4.5

 

Depreciation and amortization

 

6,798

 

2.2

 

 

 

6,695

 

2.6

 

 

 

103

 

 

1.5

 

Insurance and claims

 

7,611

 

2.5

 

 

 

6,613

 

2.6

 

 

 

998

 

 

15.1

 

Fuel expense

 

1,993

 

0.7

 

 

 

2,144

 

0.8

 

 

 

(151

)

 

(7.0

)

Other operating expenses

 

22,985

 

7.6

 

 

 

21,167

 

8.3

 

 

 

1,818

 

 

8.6

 

Total operating expenses

 

279,656

 

91.9

 

 

 

238,446

 

94.0

 

 

 

41,210

 

 

17.3

 

Income from operations

$

24,530

 

8.1

%

 

$

15,179

 

6.0

%

 

$

9,351

 

 

61.6

%

 

 

 

 

 

 

 

 

 

 

 

 

1Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial, Truckload and Final Mile revenue.

Expedited Freight Operating Statistics

 

 

 

Three Months Ended

 

March 31,

 

March 31,

 

Percent

 

2021

 

2020

 

Change

 

 

 

 

 

 

Business days

 

63

 

 

 

64

 

 

(1.6

)%

 

 

 

 

 

 

Tonnage 1,2

 

 

 

 

 

Total pounds

 

651,339

 

 

 

569,956

 

 

14.3

 

Pounds per day

 

10,339

 

 

 

8,906

 

 

16.1

 

 

 

 

 

 

 

Shipments 1,2

 

 

 

 

 

Total shipments

 

1,026

 

 

 

885

 

 

15.9

 

Shipments per day

 

16.3

 

 

 

13.8

 

 

18.1

 

 

 

 

 

 

 

Weight per shipment

 

635

 

 

 

644

 

 

(1.4

)

 

 

 

 

 

 

Revenue per hundredweight 3

$

27.56

 

 

$

27.16

 

 

1.5

 

Revenue per hundredweight, ex fuel 3

$

23.86

 

 

$

23.09

 

 

3.3

 

 

 

 

 

 

 

Revenue per shipment 3

$

174

 

 

$

172

 

 

1.2

 

Revenue per shipment, ex fuel 3

$

151

 

 

$

145

 

 

4.1

 

 

 

 

 

 

 

Network revenue from door-to-door shipments as a percentage of network revenue 3,4

 

48.4

%

 

 

44.3

%

 

9.3

 

Network gross margin 5

 

51.9

%

 

 

53.4

%

 

(2.8

)%

 

 

 

 

 

 

1 In thousands

2 Excludes accessorial, Truckload and Final Mile products

3 Includes intercompany revenue between the Network and Truckload revenue streams

4 Door-to-door shipments include all shipments with a pickup and/or delivery

5 Network revenue less Network purchased transportation as a percentage of Network revenue

Intermodal Segment Information

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

 

Percent of

 

March 31,

 

Percent of

 

 

 

Percent

 

20211

 

Revenue

 

2020

 

Revenue

 

Change

 

Change

Operating revenue

$

58,514

 

100.0

%

 

$

52,460

 

100.0

%

 

$

6,054

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation

 

20,603

 

35.2

 

 

 

18,166

 

34.6

 

 

 

2,437

 

 

13.4

 

Salaries, wages and employee benefits

 

14,063

 

24.0

 

 

 

12,930

 

24.6

 

 

 

1,133

 

 

8.8

 

Operating leases

 

4,837

 

8.3

 

 

 

4,428

 

8.4

 

 

 

409

 

 

9.2

 

Depreciation and amortization

 

2,436

 

4.2

 

 

 

2,621

 

5.0

 

 

 

(185

)

 

(7.1

)

Insurance and claims

 

2,402

 

4.1

 

 

 

1,973

 

3.8

 

 

 

429

 

 

21.7

 

Fuel expense

 

1,710

 

2.9

 

 

 

1,869

 

3.6

 

 

 

(159

)

 

(8.5

)

Other operating expenses

 

7,954

 

13.6

 

 

 

6,760

 

12.9

 

 

 

1,194

 

 

17.7

 

Total operating expenses

 

54,005

 

92.3

 

 

 

48,747

 

92.9

 

 

 

5,258

 

 

10.8

 

Income from operations

$

4,509

 

7.7

%

 

$

3,713

 

7.1

%

 

$

796

 

 

21.4

%

 

 

 

 

 

 

 

 

 

 

 

 

1 Includes revenues and operating expenses from the acquisition of Proficient Transport, which was acquired in February 2021.

Intermodal Operating Statistics

 

 

 

Three Months Ended

 

March 31,

 

March 31,

 

Percent

 

2021

 

2020

 

Change

 

 

 

 

 

 

Drayage shipments

 

89,909

 

 

82,474

 

9.0

%

Drayage revenue per shipment

$

553

 

$

551

 

0.4

%

Number of locations

 

27

 

 

24

 

12.5

%

Forward Air Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

 

 

 

March 31,
2021

 

December 31,
2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

24,396

 

$

40,254

Accounts receivable, net

 

186,504

 

 

156,490

Other receivables

 

16,847

 

 

Other current assets

 

20,239

 

 

28,150

Current assets held for sale

 

 

 

21,002

Total current assets

 

247,986

 

 

245,896

 

 

 

 

Property and equipment

 

379,566

 

 

380,519

Less accumulated depreciation and amortization

 

192,622

 

 

190,652

Total property and equipment, net

 

186,944

 

 

189,867

Operating lease right-of-use assets

 

130,859

 

 

123,338

Goodwill

 

250,736

 

 

244,982

Other acquired intangibles, net of accumulated amortization

 

147,668

 

 

145,032

Other assets

 

51,708

 

 

45,181

Noncurrent assets held for sale

 

 

 

53,097

Total assets

$

1,015,901

 

$

1,047,393

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

40,676

 

$

38,371

Accrued expenses

 

74,625

 

 

51,264

Other current liabilities

 

6,817

 

 

10,580

Current portion of debt and finance lease obligations

 

1,908

 

 

1,801

Current portion of operating lease liabilities

 

45,107

 

 

43,680

Current liabilities held for sale

 

 

 

25,924

Total current liabilities

 

169,133

 

 

171,620

 

 

 

 

Debt and finance lease obligations, less current portion

 

117,156

 

 

117,408

Operating lease liabilities, less current portion

 

86,212

 

 

80,346

Other long-term liabilities

 

57,131

 

 

54,129

Deferred income taxes

 

41,538

 

 

41,986

Noncurrent liabilities held for sale

 

 

 

34,575

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock

 

273

 

 

273

Additional paid-in capital

 

247,678

 

 

242,916

Retained earnings

 

296,780

 

 

304,140

Total shareholders’ equity

 

544,731

 

 

547,329

Total liabilities and shareholders’ equity

$

1,015,901

 

$

1,047,393

Forward Air Corporation

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

March 31,
2021

 

March 31,
2020

Operating activities:

 

 

 

Net income from continuing operations

$

16,714

 

 

$

11,415

 

Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations

 

 

 

Depreciation and amortization

 

9,237

 

 

 

9,334

 

Change in fair value of earn-out liability

 

(48

)

 

 

(594

)

Share-based compensation expense

 

2,597

 

 

 

3,078

 

Provision for revenue adjustments

 

1,777

 

 

 

1,042

 

Deferred income tax (benefit) expense

 

(505

)

 

 

1,225

 

Other

 

92

 

 

 

(265

)

Changes in operating assets and liabilities, net of effects from the purchase of an acquired business:

 

 

 

Accounts receivable

 

(28,023

)

 

 

3,040

 

Other receivables

 

(13,339

)

 

 

 

Other current and noncurrent assets

 

7,085

 

 

 

2,776

 

Accounts payable and accrued expenses

 

21,326

 

 

 

(223

)

Net cash provided by operating activities of continuing operations

 

16,913

 

 

 

30,828

 

 

 

 

 

Investing activities:

 

 

 

Proceeds from sale of property and equipment

 

665

 

 

 

720

 

Purchases of property and equipment

 

(2,695

)

 

 

(2,651

)

Purchases of a business, net of cash acquired

 

(15,000

)

 

 

(55,931

)

Net cash used in investing activities of continuing operations

 

(17,030

)

 

 

(57,862

)

 

 

 

 

Financing activities:

 

 

 

Repayments of finance lease obligations

 

(467

)

 

 

(336

)

Proceeds from revolving credit facility

 

 

 

 

65,000

 

Proceeds from issuance of common stock upon stock option exercises

 

2,147

 

 

 

 

Payments of dividends to stockholders

 

(5,797

)

 

 

(5,050

)

Repurchases of common stock

 

(9,998

)

 

 

(15,259

)

Payment of minimum tax withholdings on share-based awards

 

(2,744

)

 

 

(2,672

)

Contributions from (distributions to) subsidiary held for sale

 

1,118

 

 

 

(2,153

)

Net cash (used in) provided by financing activities from continuing operations

 

(15,741

)

 

 

39,530

 

Net (decrease) increase in cash of continuing operations

 

(15,858

)

 

 

12,496

 

 

 

 

 

Cash from discontinued operation:

 

 

 

Net cash used in operating activities of discontinued operation

 

(6,902

)

 

 

(1,662

)

Net cash provided by (used in) investing activities of discontinued operation

 

8,020

 

 

 

(491

)

Net cash (used in) provided by financing activities of discontinued operation

 

(1,118

)

 

 

2,153

 

Net (decrease) increase in cash and cash equivalents

 

(15,858

)

 

 

12,496

 

Cash and cash equivalents at beginning of period of continuing operations

 

40,254

 

 

 

64,749

 

Cash at beginning of period of discontinued operation

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

(15,858

)

 

 

12,496

 

Less: cash at end of period of discontinued operation

 

 

 

 

 

Cash and cash equivalents at end of period of continuing operations

$

24,396

 

 

$

77,245

 

Forward Air Corporation Reconciliation of Non-GAAP Financial Measures

In this press release, the Company uses non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with GAAP. The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.

For the three months ended March 31, 2021 and 2020, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization (“EBITDA”) and free cash flow. All non-GAAP financial measures are presented on a continuing operations basis.

The Company believes that EBITDA from continuing operations improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow from continuing operations is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance stockholder value.

Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s financial results prepared in accordance with GAAP. Non-GAAP financial information does not represent a comprehensive basis of accounting. As required by the Securities and Exchange Act of 1933 and the rules and regulations promulgated thereunder, the Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure.

The following is a reconciliation of net income from continuing operations to EBITDA from continuing operations for the three months ended March 31, 2021 and 2020 (in thousands):

 

Three Months Ended

Continuing Operations

March 31,
2021

 

March 31,
2020

Net income

$

16,714

$

11,415

Interest expense

 

1,165

 

853

Income tax expense

 

4,845

 

3,504

Depreciation and amortization

 

9,237

 

9,334

EBITDA

$

31,961

$

25,106

The following is a reconciliation of net cash provided by operating activities of continuing operations to free cash flow from continuing operations for the three months ended March 31, 2021 and 2020 (in thousands):

 

Three Months Ended

Continuing Operations

March 31,
2021

 

March 31,
2020

Net cash provided by operating activities

$

16,913

 

$

30,828

 

Proceeds from sale of property and equipment

 

665

 

 

720

 

Purchases of property and equipment

 

(2,695

)

 

(2,651

)

Free cash flow

$

14,883

 

$

28,897

 

The following information is provided to supplement this press release.

 

 

Three Months Ended

Actual - Continuing Operations

 

March 31, 2021

Net income from continuing operations

 

$

16,714

 

Income allocated to participating securities

 

 

(101

)

Numerator for diluted income per share - net income

 

$

16,613

 

 

 

 

Weighted-average shares outstanding - diluted

 

 

27,497

 

Diluted net income per share

 

$

0.60

 

 

 

 

Projected

 

Full year 2021

Projected tax rate - continuing operations

 

 

24.4

%

 

 

 

Projected purchases of property and equipment, net of proceeds from sale of property and equipment1

 

$

43,000

 

1 Includes $23,500 for the Columbus, Ohio hub expansion

 

 

 

 

 

Projected

 

December 31, 2021

Projected weighted-average shares outstanding - diluted

 

 

26,900

 

Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements included in this press release relate to expected second quarter 2021 revenue growth and net income per diluted share, expectations regarding increased momentum in our business, expectations regarding full year 2021 projected tax rate, fully diluted share count (before consideration of future share repurchase), and projected capital expenditures, and the future declaration of dividends.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recessions, inflation, higher interest rates and downturns in customer business cycles, the COVID-19 pandemic, our ability to manage our growth and ability to grow, in part, through acquisitions, while being able to successfully integrate such acquisitions, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2020.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Forward Air Corporation
Brandon Hammer, 423-636-7173
bhammer@forwardair.com

Source: Forward Air Corporation