FORWARD AIR CORPORATION |
(Exact name of registrant as specified in its charter) |
Tennessee | 000-22490 | 62-1120025 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1915 Snapps Ferry Road, Building N Greeneville, Tennessee | 37745 | |
(Address of principal executive offices) | (Zip Code) |
Not Applicable |
(Former name or former address, if changed since last report) |
No. | Exhibit | |
99.2 |
FORWARD AIR CORPORATION | |||
Date: February 7, 2018 | By: | /s/ Michael J. Morris | |
Michael J. Morris | |||
Chief Financial Officer, Senior Vice President and Treasurer |
No. | Exhibit | |
99.2 |
Forward Air Corporation | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Year ended | ||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | ||||||||||||
Operating revenue: | |||||||||||||||
Expedited LTL | $ | 171,208 | $ | 147,368 | $ | 619,779 | $ | 570,778 | |||||||
Truckload Premium Services | 46,408 | 44,003 | 179,320 | 164,272 | |||||||||||
Pool Distribution | 50,383 | 47,507 | 164,221 | 148,661 | |||||||||||
Intermodal | 43,054 | 27,279 | 148,907 | 103,671 | |||||||||||
Eliminations and other operations | (4,937 | ) | (1,364 | ) | (11,411 | ) | (4,852 | ) | |||||||
Operating revenue | 306,116 | 264,793 | 1,100,816 | 982,530 | |||||||||||
Operating expenses: | |||||||||||||||
Purchased transportation | 136,150 | 112,572 | 478,167 | 413,355 | |||||||||||
Salaries, wages and employee benefits | 73,457 | 66,145 | 264,739 | 242,002 | |||||||||||
Operating leases | 16,594 | 15,808 | 63,799 | 60,492 | |||||||||||
Depreciation and amortization | 10,477 | 9,801 | 41,055 | 38,210 | |||||||||||
Insurance and claims | 8,199 | 6,180 | 29,578 | 25,392 | |||||||||||
Fuel expense | 5,094 | 3,857 | 16,542 | 13,233 | |||||||||||
Other operating expenses | 27,369 | 22,207 | 98,264 | 87,425 | |||||||||||
Impairment of goodwill, intangibles and other assets | — | — | — | 42,442 | |||||||||||
Total operating expenses | 277,340 | 236,570 | 992,144 | 922,551 | |||||||||||
Operating income (loss): | |||||||||||||||
Expedited LTL | 23,546 | 20,492 | 88,142 | 83,518 | |||||||||||
Truckload Premium Services | (451 | ) | 1,273 | 3,248 | (35,405 | ) | |||||||||
Pool Distribution | 2,706 | 3,824 | 6,378 | 3,633 | |||||||||||
Intermodal | 3,540 | 2,786 | 12,673 | 10,956 | |||||||||||
Other operations | (565 | ) | (152 | ) | (1,769 | ) | (2,723 | ) | |||||||
Income from operations | 28,776 | 28,223 | 108,672 | 59,979 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (403 | ) | (366 | ) | (1,209 | ) | (1,597 | ) | |||||||
Other, net | — | 152 | (11 | ) | 4 | ||||||||||
Total other income (expense) | (403 | ) | (214 | ) | (1,220 | ) | (1,593 | ) | |||||||
Income before income taxes | 28,373 | 28,009 | 107,452 | 58,386 | |||||||||||
Income tax (benefit) expense | (7,000 | ) | 15,303 | 20,131 | 30,716 | ||||||||||
Net income and comprehensive income | $ | 35,373 | $ | 12,706 | $ | 87,321 | $ | 27,670 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 1.19 | $ | 0.42 | $ | 2.90 | $ | 0.91 | |||||||
Diluted | $ | 1.18 | $ | 0.42 | $ | 2.89 | $ | 0.90 | |||||||
Dividends per share: | $ | 0.15 | $ | 0.15 | $ | 0.60 | $ | 0.51 |
Expedited LTL Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, | Percent of | December 31, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 171.2 | 100.0 | % | $ | 147.4 | 100.0 | % | $ | 23.8 | 16.1 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 74.4 | 43.4 | 59.6 | 40.4 | 14.8 | 24.8 | ||||||||||||||
Salaries, wages and employee benefits | 38.9 | 22.7 | 36.4 | 24.7 | 2.5 | 6.9 | ||||||||||||||
Operating leases | 9.1 | 5.3 | 8.9 | 6.1 | 0.2 | 2.2 | ||||||||||||||
Depreciation and amortization | 5.6 | 3.3 | 5.6 | 3.8 | — | — | ||||||||||||||
Insurance and claims | 5.1 | 3.0 | 3.1 | 2.1 | 2.0 | 64.5 | ||||||||||||||
Fuel expense | 1.0 | 0.6 | 0.9 | 0.6 | 0.1 | 11.1 | ||||||||||||||
Other operating expenses | 13.5 | 7.9 | 12.4 | 8.4 | 1.1 | 8.9 | ||||||||||||||
Total operating expenses | 147.6 | 86.2 | 126.9 | 86.1 | 20.7 | 16.3 | ||||||||||||||
Income from operations | $ | 23.6 | 13.8 | % | $ | 20.5 | 13.9 | % | $ | 3.1 | 15.1 | % |
Expedited LTL Operating Statistics | ||||||||||
Three months ended | ||||||||||
December 31, | December 31, | Percent | ||||||||
2017 | 2016 | Change | ||||||||
Operating ratio | 86.2 | % | 86.1 | % | 0.1 | % | ||||
Business days | 63.0 | 63.0 | — | |||||||
Business weeks | 12.6 | 12.6 | — | |||||||
Expedited LTL: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 684,828 | 612,098 | 11.9 | |||||||
Average weekly pounds ¹ | 54,351 | 48,579 | 11.9 | |||||||
Linehaul shipments | ||||||||||
Total linehaul | 1,143,328 | 1,006,256 | 13.6 | |||||||
Average weekly | 90,740 | 79,862 | 13.6 | |||||||
Forward Air Complete shipments | 246,523 | 202,452 | 21.8 | |||||||
As a percentage of linehaul shipments | 21.6 | % | 20.1 | % | 7.5 | |||||
Average linehaul shipment size | 599 | 608 | (1.5 | ) | ||||||
Revenue per pound 2 | ||||||||||
Linehaul yield | $ | 17.07 | $ | 17.40 | (1.5 | ) | ||||
Fuel surcharge | 1.30 | 1.02 | 1.3 | |||||||
Forward Air Complete | 3.76 | 3.45 | 1.4 | |||||||
Total Expedited LTL yield | $ | 22.13 | $ | 21.87 | 1.2 | % | ||||
¹ - In thousands | ||||||||||
2 - In dollars per hundred pound; percentage change is expressed as a percent of total yield. |
Truckload Premium Services Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, | Percent of | December 31, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 46.4 | 100.0 | % | $ | 44.0 | 100.0 | % | $ | 2.4 | 5.5 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 35.4 | 76.3 | 31.7 | 72.1 | 3.7 | 11.7 | ||||||||||||||
Salaries, wages and employee benefits | 5.2 | 11.2 | 4.9 | 11.1 | 0.3 | 6.1 | ||||||||||||||
Operating leases | 0.4 | 0.9 | 0.1 | 0.2 | 0.3 | 300.0 | ||||||||||||||
Depreciation and amortization | 1.6 | 3.4 | 1.5 | 3.4 | 0.1 | 6.7 | ||||||||||||||
Insurance and claims | 1.2 | 2.6 | 1.9 | 4.3 | (0.7 | ) | (36.8 | ) | ||||||||||||
Fuel expense | 1.0 | 2.2 | 0.7 | 1.6 | 0.3 | 42.9 | ||||||||||||||
Other operating expenses | 2.1 | 4.5 | 1.9 | 4.3 | 0.2 | 10.5 | ||||||||||||||
Total operating expenses | 46.9 | 101.1 | 42.7 | 97.0 | 4.2 | 9.8 | ||||||||||||||
Results from operations | $ | (0.5 | ) | (1.1 | )% | $ | 1.3 | 3.0 | % | $ | (1.8 | ) | (138.5 | )% |
Truckload Premium Services Operating Statistics | ||||||||||
Three months ended | ||||||||||
December 31, | December 31, | Percent | ||||||||
2017 | 2016 | Change | ||||||||
Company driver 1 | 2,115 | 1,665 | 27.0 | % | ||||||
Owner operator 1 | 9,405 | 12,702 | (26.0 | ) | ||||||
Third party 1 | 13,193 | 9,455 | 39.5 | |||||||
Total Miles | 24,713 | 23,822 | 3.7 | |||||||
Revenue per mile | $ | 1.81 | $ | 1.80 | 0.6 | |||||
Cost per mile | $ | 1.51 | $ | 1.42 | 6.3 | % | ||||
¹ - In thousands |
Pool Distribution Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, | Percent of | December 31, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 50.4 | 100.0 | % | $ | 47.5 | 100.0 | % | $ | 2.9 | 6.1 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 13.3 | 26.4 | 12.5 | 26.3 | 0.8 | 6.4 | ||||||||||||||
Salaries, wages and employee benefits | 18.9 | 37.4 | 17.8 | 37.5 | 1.1 | 6.2 | ||||||||||||||
Operating leases | 3.8 | 7.5 | 3.5 | 7.4 | 0.3 | 8.6 | ||||||||||||||
Depreciation and amortization | 1.7 | 3.4 | 1.5 | 3.1 | 0.2 | 13.3 | ||||||||||||||
Insurance and claims | 1.5 | 3.0 | 1.2 | 2.5 | 0.3 | 25.0 | ||||||||||||||
Fuel expense | 1.8 | 3.6 | 1.6 | 3.4 | 0.2 | 12.5 | ||||||||||||||
Other operating expenses | 6.7 | 13.3 | 5.6 | 11.8 | 1.1 | 19.6 | ||||||||||||||
Total operating expenses | 47.7 | 94.6 | 43.7 | 92.0 | 4.0 | 9.2 | ||||||||||||||
Income from operations | $ | 2.7 | 5.4 | % | $ | 3.8 | 8.0 | % | $ | (1.1 | ) | (28.9 | )% |
Intermodal Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, | Percent of | December 31, | Percent of | Percent | ||||||||||||||||
2017 | Revenue | 2016 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 43.1 | 100.0 | % | $ | 27.3 | 100.0 | % | $ | 15.8 | 57.9 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 17.4 | 40.4 | 9.7 | 35.5 | 7.7 | 79.4 | ||||||||||||||
Salaries, wages and employee benefits | 9.7 | 22.5 | 6.6 | 24.2 | 3.1 | 47.0 | ||||||||||||||
Operating leases | 3.5 | 8.1 | 2.8 | 10.2 | 0.7 | 25.0 | ||||||||||||||
Depreciation and amortization | 1.6 | 3.7 | 1.1 | 4.0 | 0.5 | 45.5 | ||||||||||||||
Insurance and claims | 0.9 | 2.1 | 0.8 | 2.9 | 0.1 | 12.5 | ||||||||||||||
Fuel expense | 1.2 | 2.8 | 0.7 | 2.6 | 0.5 | 71.4 | ||||||||||||||
Other operating expenses | 5.3 | 12.3 | 2.8 | 10.3 | 2.5 | 89.3 | ||||||||||||||
Total operating expenses | 39.6 | 91.9 | 24.5 | 89.7 | 15.1 | 61.6 | ||||||||||||||
Income from operations | $ | 3.5 | 8.1 | % | $ | 2.8 | 10.3 | % | $ | 0.7 | 25.0 | % |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
December 31, 2017 | December 31, 2016 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 3,893 | $ | 8,511 | |||
Accounts receivable, net | 143,041 | 116,602 | |||||
Other current assets | 15,808 | 11,157 | |||||
Total current assets | 162,742 | 136,270 | |||||
Property and equipment | 399,235 | 379,021 | |||||
Less accumulated depreciation and amortization | 193,123 | 178,816 | |||||
Net property and equipment | 206,112 | 200,205 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 191,671 | 184,675 | |||||
Other acquired intangibles, net of accumulated amortization | 111,247 | 106,650 | |||||
Total net goodwill and other acquired intangibles | 302,918 | 291,325 | |||||
Other assets | 15,944 | 13,491 | |||||
Total assets | $ | 687,716 | $ | 641,291 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 24,704 | $ | 18,012 | |||
Accrued expenses | 35,069 | 31,903 | |||||
Current portion of debt and capital lease obligations | 359 | 28,012 | |||||
Total current liabilities | 60,132 | 77,927 | |||||
Debt and capital lease obligations, less current portion | 40,588 | 725 | |||||
Other long-term liabilities | 24,104 | 21,699 | |||||
Deferred income taxes | 29,403 | 41,871 | |||||
Shareholders’ equity: | |||||||
Common stock | 295 | 301 | |||||
Additional paid-in capital | 195,346 | 179,512 | |||||
Retained earnings | 337,848 | 319,256 | |||||
Total shareholders’ equity | 533,489 | 499,069 | |||||
Total liabilities and shareholders’ equity | $ | 687,716 | $ | 641,291 | |||
(a) Taken from audited financial statements, which are not presented in their entirety. |
Forward Air Corporation | |||||||
Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Operating activities: | |||||||
Net income | $ | 35,373 | $ | 12,706 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 10,477 | 9,801 | |||||
Share-based compensation | 2,138 | 2,130 | |||||
Loss on disposal of property and equipment | 580 | 90 | |||||
Provision for loss (recovery) on receivables | 26 | (10 | ) | ||||
Provision for revenue adjustments | 924 | 450 | |||||
Deferred income taxes | (12,600 | ) | 2,864 | ||||
Tax benefit for stock options exercised | — | (1,595 | ) | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (11,891 | ) | (1,715 | ) | |||
Prepaid expenses and other assets | (2,599 | ) | 7,377 | ||||
Accounts payable and accrued expenses | 3,225 | 3,644 | |||||
Net cash provided by operating activities | 25,653 | 35,742 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 943 | 134 | |||||
Purchases of property and equipment | (24,655 | ) | (13,461 | ) | |||
Acquisition of business | (640 | ) | — | ||||
Other | (150 | ) | 337 | ||||
Net cash used in investing activities | (24,502 | ) | (12,990 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (75 | ) | (13,943 | ) | |||
Proceeds from exercise of stock options | 1,630 | 1,107 | |||||
Payments of cash dividends | (4,468 | ) | (4,542 | ) | |||
Repurchase of common stock (repurchase program) | (7,000 | ) | (9,997 | ) | |||
Common stock issued under employee stock purchase plan | 232 | 227 | |||||
Tax benefit for stock options exercised | — | 1,595 | |||||
Net cash used in by financing activities | (9,681 | ) | (25,553 | ) | |||
Net decrease in cash | (8,530 | ) | (2,801 | ) | |||
Cash at beginning of period | 12,423 | 11,312 | |||||
Cash at end of period | $ | 3,893 | $ | 8,511 |
Forward Air Corporation | |||||||
Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Year ended | |||||||
December 31, 2017 | December 31, 2016 | ||||||
Operating activities: | |||||||
Net income | $ | 87,321 | $ | 27,670 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 41,055 | 38,210 | |||||
Impairment of goodwill, intangible and other assets | — | 42,442 | |||||
Share-based compensation | 8,103 | 8,334 | |||||
Loss on disposal of property and equipment | 1,281 | 291 | |||||
Provision for loss on receivables | 1,814 | 258 | |||||
Provision for revenue adjustments | 3,055 | 2,020 | |||||
Deferred income taxes | (12,468 | ) | 3,525 | ||||
Tax benefit for stock options exercised | — | (1,732 | ) | ||||
Changes in operating assets and liabilities, net of acquisition of business | |||||||
Accounts receivable | (31,308 | ) | (9,715 | ) | |||
Prepaid expenses and other assets | (4,434 | ) | 283 | ||||
Accounts payable and accrued expenses | 8,945 | 18,764 | |||||
Net cash provided by operating activities | 103,364 | 130,350 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 2,440 | 1,929 | |||||
Purchases of property and equipment | (38,265 | ) | (42,186 | ) | |||
Acquisition of business, net of cash acquired | (23,140 | ) | (11,800 | ) | |||
Other | (223 | ) | (336 | ) | |||
Net cash used in investing activities | (59,188 | ) | (52,393 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (42,790 | ) | (55,768 | ) | |||
Proceeds from senior credit facility | 55,000 | — | |||||
Proceeds from exercise of stock options | 7,272 | 8,148 | |||||
Payments of cash dividends | (18,052 | ) | (15,529 | ) | |||
Purchase of common stock under repurchase program | (48,983 | ) | (39,983 | ) | |||
Common stock issued under employee stock purchase plan | 458 | 442 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (1,699 | ) | (1,800 | ) | |||
Tax benefit for stock options exercised | — | 1,732 | |||||
Net cash (used in) provided by financing activities | (48,794 | ) | (102,758 | ) | |||
Net decrease in cash | (4,618 | ) | (24,801 | ) | |||
Cash at beginning of year | 8,511 | 33,312 | |||||
Cash at end of year | $ | 3,893 | $ | 8,511 |
Forward Air Corporation | ||||||||||||||
Reconciliation to U.S. GAAP | ||||||||||||||
(In millions, except per share data) | ||||||||||||||
(Unaudited) | ||||||||||||||
Three months ended December 31, 2016 | ||||||||||||||
Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | ||||||||||
Reported (GAAP) | $ | 28.0 | $ | 15.3 | 54.6 | % | $ | 12.7 | $ | 0.42 | ||||
Items impacting comparability: | ||||||||||||||
Impact of TQI impairment on income taxes | — | (5.0 | ) | 17.8 | % | 5.0 | 0.16 | |||||||
After considering items (Non-GAAP) | $ | 28.0 | $ | 10.3 | 36.8 | % | $ | 17.7 | $ | 0.58 |
Forward Air Corporation | |||
Additional Guidance Data | |||
(In thousands, except per share data) | |||
(Unaudited) | |||
Three months ended | |||
Actual | December 31, 2017 | ||
Net income | $ | 35,373 | |
Income allocated to participating securities | (284 | ) | |
Numerator for diluted income per share - net income | $ | 35,089 | |
Fully diluted share count | 29,635 | ||
Diluted earnings per share | $ | 1.18 | |
Projected | Full year 2018 | ||
Projected tax rate | 25.0 | % | |
Projected year end fully diluted share count (before consideration of future share repurchases) | 28,800 | ||
Projected capital expenditures, net | $ | 46,000 | |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2015 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Expedited LTL | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 41,262 | 50,803 | 48,208 | 48,530 | 47,224 | |||||
Number of terminals - Company-operated | 74 | 74 | 73 | 72 | 74 | |||||
Number of terminals - agent | 17 | 17 | 17 | 19 | 17 | |||||
Number of terminals - total | 91 | 91 | 90 | 91 | 91 | |||||
Average tractors - Company | 307 | 271 | 265 | 332 | 294 | |||||
Average leased tractors - Company | 72 | 73 | 73 | 66 | 71 | |||||
Average leased straight trucks - Company | 22 | 22 | 22 | 19 | 21 | |||||
Average tractors - owner-operator | 1,344 | 1,145 | 1,090 | 1,030 | 1,152 | |||||
Average tractors - total | 1,745 | 1,511 | 1,450 | 1,447 | 1,538 | |||||
Average trailers | 3,731 | 3,669 | 3,660 | 3,924 | 3,746 | |||||
Average leased trailers | 1,057 | 1,012 | 1,015 | 1,089 | 1,043 | |||||
Average trailers - total | 4,788 | 4,681 | 4,675 | 5,013 | 4,789 | |||||
Pool Distribution | ||||||||||
Number of terminals - Company-operated | 19 | 20 | 20 | 20 | 20 | |||||
Number of terminals - agent | 10 | 9 | 9 | 9 | 9 | |||||
Number of terminals - total | 29 | 29 | 29 | 29 | 29 | |||||
Average tractors - Company | 65 | 62 | 62 | 64 | 63 | |||||
Average leased tractors - Company | — | — | 7 | 45 | 13 | |||||
Average straight trucks & vans - Company | 156 | 180 | 177 | 159 | 168 | |||||
Average leased straight trucks - Company | 15 | 16 | 24 | 23 | 20 | |||||
Average tractors - owner-operator | 91 | 87 | 82 | 104 | 91 | |||||
Average straight trucks & vans - owner-operator | 81 | 100 | 118 | 126 | 106 | |||||
Average tractors - total | 408 | 445 | 470 | 521 | 461 | |||||
Average trailers | 126 | 126 | 126 | 73 | 113 | |||||
Truckload Premium Services | ||||||||||
Average tractors - Company | 83 | 72 | 84 | 84 | 81 | |||||
Average tractors - owner-operator | 242 | 298 | 378 | 395 | 328 | |||||
Average tractors - total | 325 | 370 | 462 | 479 | 409 | |||||
Average trailers | 96 | 122 | 122 | 119 | 115 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2016 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Expedited LTL | ||||||||||
Average linehaul pounds per week (1) | ||||||||||
(in thousands) | 44,041 | 47,346 | 46,010 | 48,579 | 46,486 | |||||
Number of terminals - Company-operated | 72 | 72 | 72 | 72 | 72 | |||||
Number of terminals - agent | 19 | 19 | 19 | 19 | 19 | |||||
Number of terminals - total | 91 | 91 | 91 | 91 | 91 | |||||
Average tractors - Company | 330 | 294 | 277 | 244 | 286 | |||||
Average leased tractors - Company | 62 | 30 | 30 | 32 | 39 | |||||
Average leased straight trucks - Company | 17 | 1 | 1 | 1 | 5 | |||||
Average tractors - owner-operator | 1,020 | 989 | 960 | 958 | 982 | |||||
Average tractors - total | 1,429 | 1,314 | 1,268 | 1,235 | 1,312 | |||||
Average trailers | 2,881 | 3,098 | 3,490 | 3,471 | 3,235 | |||||
Average leased trailers | 1,012 | 1,011 | 1,059 | 818 | 975 | |||||
Average trailers - total | 3,893 | 4,109 | 4,549 | 4,289 | 4,210 | |||||
Pool Distribution | ||||||||||
Number of terminals - Company-operated | 20 | 19 | 19 | 19 | 19 | |||||
Number of terminals - agent | 9 | 9 | 9 | 9 | 9 | |||||
Number of terminals - total | 29 | 28 | 28 | 28 | 28 | |||||
Average tractors - Company | 64 | 67 | 67 | 67 | 66 | |||||
Average leased tractors - Company | 45 | 19 | 30 | 29 | 31 | |||||
Average straight trucks & vans - Company | 151 | 146 | 142 | 140 | 145 | |||||
Average leased straight trucks - Company | 23 | 72 | 78 | 79 | 63 | |||||
Average tractors - owner-operator | 91 | 84 | 84 | 89 | 87 | |||||
Average straight trucks & vans - owner-operator | 118 | 118 | 141 | 152 | 132 | |||||
Average tractors - total | 492 | 506 | 542 | 556 | 524 | |||||
Average trailers | 73 | 73 | 73 | 73 | 73 | |||||
Truckload Premium Services | ||||||||||
Average tractors - Company | 84 | 84 | 83 | 83 | 84 | |||||
Average tractors - owner-operator | 360 | 329 | 336 | 314 | 335 | |||||
Average tractors - total | 444 | 413 | 419 | 397 | 419 | |||||
Average trailers | 1,341 | 1,247 | 1,301 | 1,328 | 1,304 | |||||
Intermodal | ||||||||||
Shipment count | 29,401 | 30,004 | 33,948 | 34,363 | 31,929 | |||||
Number of Locations - company | 13 | 13 | 13 | 13 | 13 | |||||
Number of Locations - agent | — | — | — | — | — | |||||
Number of Locations - total | 13 | 13 | 13 | 13 | 13 | |||||
Avg. tractors-company | — | — | 24 | 24 | 12 | |||||
Avg. leased tractors-company | 87 | 87 | 84 | 87 | 86 | |||||
Avg. leased straight trucks - company | 6 | 6 | 6 | 6 | 6 | |||||
Avg. tractors-o/o | 371 | 340 | 405 | 398 | 379 | |||||
Avg. tractors-total | 464 | 433 | 519 | 515 | 483 | |||||
Avg. trailers & chasises | 30 | 30 | 30 | 30 | 30 | |||||
Avg. leased trailers & chasis | 28 | 28 | 28 | 46 | 33 | |||||
Avg. trailers - total | 58 | 58 | 58 | 76 | 63 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Forward Air Corporation | ||||||||||
Historical Operating Data - Unaudited | ||||||||||
2017 | ||||||||||
March 31 | June 30 | September 30 | December 31 | Average | ||||||
Expedited LTL | ||||||||||
Average linehaul pounds per week (1) | 44,254 | 48,888 | 50,477 | 54,351 | 49,470 | |||||
(in thousands) | ||||||||||
Number of terminals - Company-operated | 72 | 72 | 72 | 72 | 72 | |||||
Number of terminals - agent | 19 | 22 | 22 | 22 | 21 | |||||
Number of terminals - total | 91 | 94 | 94 | 94 | 93 | |||||
Average tractors - Company | 199 | 200 | 196 | 184 | 195 | |||||
Average leased tractors - Company | 98 | 98 | 98 | 174 | 117 | |||||
Average leased straight trucks - Company | 40 | 40 | 40 | 92 | 53 | |||||
Average tractors - owner-operator | 953 | 963 | 952 | 911 | 945 | |||||
Average tractors - total | 1,290 | 1,301 | 1,286 | 1,361 | 1,310 | |||||
Average trailers | 3,246 | 3,126 | 3,219 | 3,383 | 3,244 | |||||
Average leased trailers | 840 | 769 | 743 | 707 | 765 | |||||
Average trailers - total | 4,086 | 3,895 | 3,962 | 4,090 | 4,009 | |||||
Pool Distribution | ||||||||||
Number of terminals - Company-operated | 19 | 19 | 19 | 19 | 19 | |||||
Number of terminals - agent | 9 | 9 | 9 | 9 | 9 | |||||
Number of terminals - total | 28 | 28 | 28 | 28 | 28 | |||||
Average tractors - Company | 67 | 68 | 69 | 64 | 67 | |||||
Average leased tractors - Company | 29 | 29 | 29 | 53 | 35 | |||||
Average straight trucks & vans - Company | 134 | 134 | 132 | 126 | 132 | |||||
Average leased straight trucks - Company | 79 | 79 | 79 | 136 | 93 | |||||
Average tractors - owner-operator | 81 | 78 | 83 | 91 | 83 | |||||
Average straight trucks & vans - owner-operator | 156 | 151 | 150 | 153 | 153 | |||||
Average tractors - total | 546 | 539 | 542 | 623 | 563 | |||||
Average trailers | 542 | 454 | 472 | 572 | 510 | |||||
Truckload Premium Services | ||||||||||
Average tractors - Company | 83 | 84 | 80 | 80 | 82 | |||||
Average tractors - owner-operator | 325 | 313 | 274 | 260 | 293 | |||||
Average tractors - total | 408 | 397 | 354 | 340 | 375 | |||||
Average trailers | 1,336 | 1,482 | 1,357 | 1,533 | 1,427 | |||||
Intermodal | ||||||||||
Shipment count | 34,754 | 45,131 | 69,552 | 73,459 | 55,724 | |||||
Number of Locations - company | 13 | 19 | 19 | 19 | 18 | |||||
Number of Locations - agent | — | — | — | — | — | |||||
Number of Locations - total | 13 | 19 | 19 | 19 | 18 | |||||
Avg. tractors-company | 23 | 47 | 57 | 82 | 52 | |||||
Avg. leased tractors-company | 88 | 87 | 85 | 73 | 83 | |||||
Avg. leased straight trucks - company | 6 | 5 | 5 | 5 | 5 | |||||
Avg. tractors-o/o | 377 | 706 | 696 | 706 | 621 | |||||
Avg. tractors-total | 494 | 845 | 843 | 866 | 761 | |||||
Avg. trailers & chasis | 30 | 264 | 258 | 339 | 223 | |||||
Avg. leased trailers & chasis | 46 | 34 | 31 | 49 | 40 | |||||
Avg. trailers - total | 76 | 298 | 289 | 388 | 263 | |||||
(1) Includes pounds associated with linehaul shipments only. |
Three months ended March 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 122,207 | $ | 34,472 | $ | 27,224 | $ | 23,027 | $ | (1,012 | ) | $ | 205,918 | ||||||||||
Purchased transportation | 52,853 | 22,614 | 7,469 | 7,063 | (662 | ) | 89,337 | ||||||||||||||||
Salaries, wages, and employee benefits | 30,322 | 4,423 | 10,100 | 5,934 | 3,124 | 53,903 | |||||||||||||||||
Operating leases | 5,918 | 92 | 2,086 | 2,528 | 5,132 | 15,756 | |||||||||||||||||
Depreciation and amortization | 4,741 | 1,410 | 1,557 | 967 | 9 | 8,684 | |||||||||||||||||
Insurance and claims | 2,820 | 539 | 875 | 586 | 310 | 5,130 | |||||||||||||||||
Fuel expense | 935 | 894 | 1,286 | 901 | 4 | 4,020 | |||||||||||||||||
Other operating expenses | 9,733 | 1,289 | 3,635 | 3,059 | 3,123 | 20,839 | |||||||||||||||||
Total operating expenses | 107,322 | 31,261 | 27,008 | 21,038 | 11,040 | 197,669 | |||||||||||||||||
Income from operations | $ | 14,885 | $ | 3,211 | $ | 216 | $ | 1,989 | $ | (12,052 | ) | $ | 8,249 |
Three months ended June 30, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 155,858 | $ | 39,395 | $ | 27,684 | $ | 27,494 | $ | (737 | ) | $ | 249,694 | ||||||||||
Purchased transportation | 66,006 | 25,298 | 7,549 | 8,965 | (336 | ) | 107,482 | ||||||||||||||||
Salaries, wages, and employee benefits | 39,335 | 4,715 | 10,575 | 6,187 | 1,074 | 61,886 | |||||||||||||||||
Operating leases | 8,368 | 83 | 2,120 | 2,898 | 4,808 | 18,277 | |||||||||||||||||
Depreciation and amortization | 5,563 | 1,513 | 1,485 | 948 | 10 | 9,519 | |||||||||||||||||
Insurance and claims | 2,419 | 852 | 926 | 675 | 1,368 | 6,240 | |||||||||||||||||
Fuel expense | 1,134 | 895 | 1,284 | 869 | 6 | 4,188 | |||||||||||||||||
Other operating expenses | 12,237 | 1,898 | 3,758 | 3,634 | 667 | 22,194 | |||||||||||||||||
Total operating expenses | 135,062 | 35,254 | 27,697 | 24,176 | 7,597 | 229,786 | |||||||||||||||||
Income from operations | $ | 20,796 | $ | 4,141 | $ | (13 | ) | $ | 3,318 | $ | (8,334 | ) | $ | 19,908 |
Three months ended September 30, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,212 | $ | 38,528 | $ | 32,133 | $ | 28,890 | $ | (1,670 | ) | $ | 247,093 | ||||||||||
Purchased transportation | 61,723 | 25,541 | 8,783 | 9,414 | (1,027 | ) | 104,434 | ||||||||||||||||
Salaries, wages, and employee benefits | 35,735 | 4,701 | 12,171 | 6,189 | 229 | 59,025 | |||||||||||||||||
Operating leases | 8,374 | 205 | 2,560 | 3,308 | 2,625 | 17,072 | |||||||||||||||||
Depreciation and amortization | 5,403 | 1,590 | 1,451 | 939 | 16 | 9,399 | |||||||||||||||||
Insurance and claims | 2,601 | 791 | 879 | 684 | 206 | 5,161 | |||||||||||||||||
Fuel expense | 1,001 | 783 | 1,315 | 727 | — | 3,826 | |||||||||||||||||
Other operating expenses | 12,781 | 1,747 | 4,419 | 4,093 | 535 | 23,575 | |||||||||||||||||
Total operating expenses | 127,618 | 35,358 | 31,578 | 25,354 | 2,584 | 222,492 | |||||||||||||||||
Income from operations | $ | 21,594 | $ | 3,170 | $ | 555 | $ | 3,536 | $ | (4,254 | ) | $ | 24,601 |
Three months ended December 31, 2015 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 149,748 | $ | 40,937 | $ | 42,954 | $ | 24,881 | $ | (2,100 | ) | $ | 256,420 | ||||||||||
Purchased transportation | 61,908 | 27,570 | 11,213 | 8,314 | (1,489 | ) | 107,516 | ||||||||||||||||
Salaries, wages, and employee benefits | 37,847 | 5,240 | 15,966 | 6,085 | 651 | 65,789 | |||||||||||||||||
Operating leases | 8,095 | 153 | 3,443 | 3,026 | 450 | 15,167 | |||||||||||||||||
Depreciation and amortization | 5,417 | 1,693 | 1,511 | 919 | 16 | 9,556 | |||||||||||||||||
Insurance and claims | 2,215 | 691 | 1,067 | 618 | 360 | 4,951 | |||||||||||||||||
Fuel expense | 881 | 774 | 1,532 | 682 | — | 3,869 | |||||||||||||||||
Other operating expenses | 11,467 | 2,049 | 5,160 | 2,131 | (250 | ) | 20,557 | ||||||||||||||||
Total operating expenses | 127,830 | 38,170 | 39,892 | 21,775 | (262 | ) | 227,405 | ||||||||||||||||
Income from operations | $ | 21,918 | $ | 2,767 | $ | 3,062 | $ | 3,106 | $ | (1,838 | ) | $ | 29,015 |
Three months ended March 31, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 134,379 | $ | 38,620 | $ | 33,192 | $ | 24,624 | $ | (1,266 | ) | $ | 229,549 | ||||||||||
Purchased transportation | 53,441 | 26,561 | 8,877 | 8,433 | (836 | ) | 96,476 | ||||||||||||||||
Salaries, wages, and employee benefits | 34,884 | 4,972 | 12,707 | 5,989 | 126 | 58,678 | |||||||||||||||||
Operating leases | 8,038 | 78 | 2,880 | 3,008 | (136 | ) | 13,868 | ||||||||||||||||
Depreciation and amortization | 5,531 | 1,750 | 1,497 | 890 | — | 9,668 | |||||||||||||||||
Insurance and claims | 2,768 | 865 | 1,165 | 868 | (271 | ) | 5,395 | ||||||||||||||||
Fuel expense | 720 | 626 | 1,022 | 593 | — | 2,961 | |||||||||||||||||
Other operating expenses | 11,913 | 2,203 | 4,930 | 2,471 | (419 | ) | 21,098 | ||||||||||||||||
Total operating expenses | 117,295 | 37,055 | 33,078 | 22,252 | (1,536 | ) | 208,144 | ||||||||||||||||
Income from operations | $ | 17,084 | $ | 1,565 | $ | 114 | $ | 2,372 | $ | 270 | $ | 21,405 |
Three months ended June 30, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 144,693 | $ | 39,440 | $ | 31,525 | $ | 24,189 | $ | (1,210 | ) | $ | 238,637 | ||||||||||
Purchased transportation | 55,744 | 27,364 | 8,590 | 8,401 | (832 | ) | 99,267 | ||||||||||||||||
Salaries, wages, and employee benefits | 33,942 | 4,530 | 11,935 | 6,045 | 566 | 57,018 | |||||||||||||||||
Operating leases | 8,490 | 103 | 3,059 | 2,943 | 6 | 14,601 | |||||||||||||||||
Depreciation and amortization | 5,278 | 1,724 | 1,464 | 875 | — | 9,341 | |||||||||||||||||
Insurance and claims | 3,367 | 994 | 975 | 528 | 784 | 6,648 | |||||||||||||||||
Fuel expense | 814 | 565 | 1,073 | 547 | — | 2,999 | |||||||||||||||||
Other operating expenses | 12,137 | 2,000 | 4,800 | 2,093 | (361 | ) | 20,669 | ||||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 42,442 | — | — | — | 42,442 | |||||||||||||||||
Total operating expenses | 119,772 | 79,722 | 31,896 | 21,432 | 163 | 252,985 | |||||||||||||||||
Income from operations | $ | 24,921 | $ | (40,282 | ) | $ | (371 | ) | $ | 2,757 | $ | (1,373 | ) | $ | (14,348 | ) |
Three months ended September 30, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 144,337 | $ | 42,210 | $ | 36,437 | $ | 27,579 | $ | (1,011 | ) | $ | 249,552 | ||||||||||
Purchased transportation | 56,332 | 29,754 | 10,087 | 9,708 | (842 | ) | 105,039 | ||||||||||||||||
Salaries, wages, and employee benefits | 33,752 | 4,860 | 14,387 | 6,574 | 588 | 60,161 | |||||||||||||||||
Operating leases | 8,995 | 87 | 3,274 | 3,263 | 596 | 16,215 | |||||||||||||||||
Depreciation and amortization | 5,470 | 1,470 | 1,472 | 987 | — | 9,399 | |||||||||||||||||
Insurance and claims | 3,948 | 1,078 | 1,020 | 793 | 331 | 7,170 | |||||||||||||||||
Fuel expense | 848 | 684 | 1,216 | 668 | — | 3,416 | |||||||||||||||||
Other operating expenses | 13,978 | 2,239 | 4,915 | 2,545 | (225 | ) | 23,452 | ||||||||||||||||
Total operating expenses | 123,323 | 40,172 | 36,371 | 24,538 | 448 | 224,852 | |||||||||||||||||
Income from operations | $ | 21,014 | $ | 2,038 | $ | 66 | $ | 3,041 | $ | (1,459 | ) | $ | 24,700 |
Three months ended December 31, 2016 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 147,368 | $ | 44,003 | $ | 47,507 | $ | 27,279 | $ | (1,364 | ) | $ | 264,793 | ||||||||||
Purchased transportation | 59,587 | 31,733 | 12,466 | 9,706 | (920 | ) | 112,572 | ||||||||||||||||
Salaries, wages, and employee benefits | 36,353 | 4,956 | 17,809 | 6,604 | 423 | 66,145 | |||||||||||||||||
Operating leases | 8,907 | 64 | 3,495 | 2,818 | 524 | 15,808 | |||||||||||||||||
Depreciation and amortization | 5,641 | 1,497 | 1,541 | 1,123 | (1 | ) | 9,801 | ||||||||||||||||
Insurance and claims | 3,106 | 1,867 | 1,221 | 779 | (793 | ) | 6,180 | ||||||||||||||||
Fuel expense | 923 | 683 | 1,539 | 712 | — | 3,857 | |||||||||||||||||
Other operating expenses | 12,359 | 1,930 | 5,612 | 2,751 | (445 | ) | 22,207 | ||||||||||||||||
Total operating expenses | 126,876 | 42,730 | 43,683 | 24,493 | (1,212 | ) | 236,570 | ||||||||||||||||
Income from operations | $ | 20,492 | $ | 1,273 | $ | 3,824 | $ | 2,786 | $ | (152 | ) | $ | 28,223 |
Three months ended March 31, 2017 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 140,598 | $ | 41,785 | $ | 37,823 | $ | 28,291 | $ | (1,515 | ) | $ | 246,982 | ||||||||||
Purchased transportation | 55,374 | 29,283 | 9,901 | 9,747 | (1,222 | ) | 103,083 | ||||||||||||||||
Salaries, wages, and employee benefits | 34,898 | 5,204 | 14,430 | 6,712 | 754 | 61,998 | |||||||||||||||||
Operating leases | 9,249 | 85 | 3,186 | 3,067 | 14 | 15,601 | |||||||||||||||||
Depreciation and amortization | 5,563 | 1,558 | 1,802 | 1,110 | — | 10,033 | |||||||||||||||||
Insurance and claims | 2,845 | 1,059 | 1,009 | 792 | 101 | 5,806 | |||||||||||||||||
Fuel expense | 937 | 796 | 1,247 | 700 | — | 3,680 | |||||||||||||||||
Other operating expenses | 13,332 | 2,096 | 4,881 | 3,583 | (300 | ) | 23,592 | ||||||||||||||||
Total operating expenses | 122,198 | 40,081 | 36,456 | 25,711 | (653 | ) | 223,793 | ||||||||||||||||
Income from operations | $ | 18,400 | $ | 1,704 | $ | 1,367 | $ | 2,580 | $ | (862 | ) | $ | 23,189 |
Three months ended June 30, 2017 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 152,270 | $ | 45,186 | $ | 36,835 | $ | 35,270 | $ | (2,043 | ) | $ | 267,518 | ||||||||||
Purchased transportation | 61,036 | 32,670 | 9,617 | 14,010 | (1,724 | ) | 115,609 | ||||||||||||||||
Salaries, wages, and employee benefits | 36,922 | 4,982 | 14,024 | 8,041 | 433 | 64,402 | |||||||||||||||||
Operating leases | 9,002 | 126 | 3,113 | 3,066 | (511 | ) | 14,796 | ||||||||||||||||
Depreciation and amortization | 5,520 | 1,590 | 1,613 | 1,496 | — | 10,219 | |||||||||||||||||
Insurance and claims | 4,193 | 1,250 | 1,099 | 1,323 | (135 | ) | 7,730 | ||||||||||||||||
Fuel expense | 910 | 683 | 1,157 | 921 | — | 3,671 | |||||||||||||||||
Other operating expenses | 11,695 | 2,026 | 4,587 | 3,340 | (366 | ) | 21,282 | ||||||||||||||||
Total operating expenses | 129,278 | 43,327 | 35,210 | 32,197 | (2,303 | ) | 237,709 | ||||||||||||||||
Income from operations | $ | 22,992 | $ | 1,859 | $ | 1,625 | $ | 3,073 | $ | 260 | $ | 29,809 |
Three months ended September 30, 2017 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 155,703 | $ | 45,941 | $ | 39,180 | $ | 42,292 | $ | (2,915 | ) | $ | 280,201 | ||||||||||
Purchased transportation | 64,045 | 33,926 | 10,417 | 17,457 | (2,519 | ) | 123,326 | ||||||||||||||||
Salaries, wages, and employee benefits | 35,202 | 5,029 | 15,337 | 9,039 | 275 | 64,882 | |||||||||||||||||
Operating leases | 9,367 | 334 | 3,268 | 3,827 | 13 | 16,809 | |||||||||||||||||
Depreciation and amortization | 5,435 | 1,546 | 1,652 | 1,690 | 3 | 10,326 | |||||||||||||||||
Insurance and claims | 3,280 | 1,976 | 1,067 | 1,228 | 293 | 7,844 | |||||||||||||||||
Fuel expense | 911 | 793 | 1,325 | 1,067 | — | 4,096 | |||||||||||||||||
Other operating expenses | 14,259 | 2,201 | 5,433 | 4,504 | (377 | ) | 26,020 | ||||||||||||||||
Total operating expenses | 132,499 | 45,805 | 38,499 | 38,812 | (2,312 | ) | 253,303 | ||||||||||||||||
Income from operations | $ | 23,204 | $ | 136 | $ | 681 | $ | 3,480 | $ | (603 | ) | $ | 26,898 |
Three months ended December 31, 2017 | |||||||||||||||||||||||
Expedited LTL | Truckload Premium Services | Pool Distribution | Intermodal | Eliminations and other operations | Consolidated | ||||||||||||||||||
Revenue | $ | 171,208 | $ | 46,408 | $ | 50,383 | $ | 43,054 | $ | (4,937 | ) | $ | 306,116 | ||||||||||
Purchased transportation | 74,416 | 35,424 | 13,295 | 17,375 | (4,360 | ) | 136,150 | ||||||||||||||||
Salaries, wages, and employee benefits | 38,933 | 5,178 | 18,935 | 9,673 | 738 | 73,457 | |||||||||||||||||
Operating leases | 9,091 | 360 | 3,759 | 3,534 | (150 | ) | 16,594 | ||||||||||||||||
Depreciation and amortization | 5,584 | 1,634 | 1,706 | 1,552 | 1 | 10,477 | |||||||||||||||||
Insurance and claims | 5,064 | 1,150 | 1,516 | 898 | (429 | ) | 8,199 | ||||||||||||||||
Fuel expense | 1,063 | 990 | 1,805 | 1,236 | — | 5,094 | |||||||||||||||||
Other operating expenses | 13,511 | 2,123 | 6,661 | 5,246 | (172 | ) | 27,369 | ||||||||||||||||
Total operating expenses | 147,662 | 46,859 | 47,677 | 39,514 | (4,372 | ) | 277,340 | ||||||||||||||||
Income from operations | $ | 23,546 | $ | (451 | ) | $ | 2,706 | $ | 3,540 | $ | (565 | ) | $ | 28,776 |
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