Forward Air Provides Update on First Quarter 2024 Non-GAAP Financial Measures
Consolidated EBITDA Increases from
When Forward released first quarter 2024 earnings on
As a result, Forward’s revised Consolidated First Lien Net Leverage Ratio would have been 5.1x for the quarter ended
Chief Executive Officer
Revised LTM |
||
LTM | ||
Net Income |
(216 |
) |
Business Dispositions (Final Mile) |
(122 |
) |
Omni Merger Transaction Costs |
199 |
|
Other (severance, retention, change in fair value etc) |
44 |
|
Consolidated Net Income |
(95 |
) |
Net interest expense |
210 |
|
Taxes |
(2 |
) |
Depreciation and Amortization |
111 |
|
Transaction Expenses, Integration Costs and Other Normalizing Adjustments |
34 |
|
Cost Synergies |
67 |
|
Consolidated EBITDA |
324 |
|
Non-GAAP Financial Measures
In this press release, the Company presents Consolidated EBITDA, which is a non-GAAP financial measure 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 this non-GAAP financial measure in making financial, operating, compensation and planning decisions as well as evaluating the Company’s performance.
The Company defines Consolidated EBITDA as earnings before interest, taxes, depreciation and amortization, plus certain other add-backs and adjustments that are contemplated by the Company’s Credit Agreement dated
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 in the table above, for the periods indicated, a reconciliation of Consolidated EBITDA to the most directly comparable GAAP financial measure.
About
This press release may contain statements that might be considered as forward-looking statements or predictions of future operations including with respect to the Company’s expectations regarding, among other things (i) its performance for the second quarter of 2024, and (ii) performance of the Company’s initiatives. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties including that the Company’s performance in the second quarter of 2024 is worse than anticipated. Actual events may also differ from these expectations as a result of the risks identified from time to time in our filings with the
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(404) 362-8933
jmoss@forwardair.com
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