Positive momentum despite softness in freight
market
Continues to accelerate integration, synergy
capture and cost elimination
Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”,
“our”, or “us”) today reported financial results for the three
months ended June 30, 2024, as presented in the tables below on a
continuing operations basis, with the Company’s former Final Mile
business being reported as discontinued operations.
Shawn Stewart, Forward’s recently appointed Chief Executive
Officer, said, “As a result of the Omni transaction, the combined
company now has a unique platform to drive long-term growth through
continued best in class domestic expedited and intermodal services
and now global freight forwarding and contract logistics services.
In our first full quarter as one company, we are beginning to see
the power of the combination. We have recently closed several
exciting sales wins, and operationally, we are laser-focused on
capturing the previously announced synergies as well as other
additional cost saving opportunities that were not previously
identified. Our achievements in such a short period of time have
only added to my confidence in our combined ability to build on the
strengths of our legacy companies.”
Mr. Stewart continued, “I am thrilled to have Jamie Pierson on
board as our Chief Financial Officer. Jamie has already made a
significant impact at the company, especially to our finance
organization's processes and reporting capabilities. I look forward
to working alongside him as we chart a new course for the
Company.”
Mr. Pierson said, “While we continue to face challenging market
conditions, we experienced positive momentum as Consolidated
EBITDA, a non-GAAP financial measure calculated pursuant to our
credit agreement, increased from approximately $55 million in the
first quarter of this year to $81 million in the second quarter.
Our results demonstrate progress in our business, and we expect to
see additional improvement as we continue to realize synergies
associated with the transaction. This quarter, we realized
approximately $14 million in cost synergy capture, in line with the
original estimates and anticipate being at full run-rate savings
earlier than previously anticipated. According to our revised
integration plans, we believe that we will be operating at full run
rate synergy levels by the end of the first quarter of 2025, and
despite the noise of the integration and softness in the broader
freight market, we believe that we will deliver somewhere between
$310 to $325 million in Consolidated EBITDA for 2024.”
Mr. Stewart added, “Obviously, integrations of this size,
magnitude and complexity do not progress in a linear fashion, and
while the market at large remains uncertain, we believe in the
power of the combined company and expect to demonstrate continued
improvement in the quarters to come.”
Three Months Ended
(in thousands, except per
share data)
June 30, 2024
June 30, 2023
Change
Percent Change
Operating revenue
$
643,666
$
333,622
$
310,044
92.9
%
(Loss) income from operations
$
(1,095,755
)
$
26,325
$
(1,122,080
)
(4,262.4
)%
Operating margin
(170.2
)%
7.9
%
(17,810) bps
Net (loss) income
$
(966,471
)
$
17,127
$
(983,598
)
(5,743.0
)%
Net (loss) income per diluted share
$
(23.29
)
$
0.65
$
(23.94
)
(3,683.1
)%
Cash (used in) provided by operating
activities
$
(45,200
)
$
56,615
$
(101,815
)
(179.8
)%
Non-GAAP Financial Measures: 1
Adjusted net income -consolidated
EBITDA
$
81,325
$
101,688
$
(20,363
)
(20.0
)%
Free cash flow
$
(59,069
)
$
47,654
$
(106,723
)
(224.0
)%
1 Reconciliation of these non-GAAP
financial measures are provided below the financial tables.
Review of Financial Results
Forward Air will hold a conference call to discuss second
quarter 2024 results on Wednesday, August 7, 2024 at 4:30 p.m. ET.
The Company's conference call will be available online on the
Investor Relations portion of the Company's website at
ir.forwardaircorp.com or by dialing (800) 343-4136, Access Code:
FWRDQ224.
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
Investor 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 provider of transportation
services across the United States, Canada and Mexico. We provide
expedited less-than-truckload services, including local pick-up and
delivery, shipment consolidation/deconsolidation, warehousing, and
customs brokerage by utilizing a comprehensive national network of
terminals. In addition, we offer truckload brokerage services,
including dedicated fleet services, and 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. Forward also operates a full
portfolio of multimodal solutions, both domestically and
internationally, via Omni Logistics. Omni Logistics is a global
provider of air, ocean and ground services for mission-critical
freight. We are more than a transportation company. Forward is a
single resource for your shipping needs. For more information,
visit our website at www.forwardaircorp.com.
Forward Air
Corporation
Condensed Consolidated
Statements of Comprehensive (Loss) Income
(Unaudited, in thousands,
except per share data)
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Operating revenues:
Expedited Freight
$
291,282
$
269,436
$
564,577
$
539,013
Intermodal
59,299
64,251
115,591
152,420
Omni Logistics
311,856
—
536,694
—
Eliminations and other operations
(18,771
)
(65
)
(31,383
)
(102
)
Operating revenues
643,666
333,622
1,185,479
691,331
Operating expenses:
Purchased transportation
321,587
141,967
598,602
287,138
Salaries, wages and employee benefits
144,000
73,963
272,867
140,610
Operating leases
46,258
22,896
85,061
46,969
Depreciation and amortization
48,639
13,245
80,425
25,617
Insurance and claims
14,698
12,761
27,579
26,019
Fuel expense
5,859
5,202
11,105
10,888
Other operating expenses
65,666
37,263
178,613
80,569
Impairment of goodwill
1,092,714
—
1,092,714
—
Total operating expenses
1,739,421
307,297
2,346,966
617,810
Income (loss) from continuing
operations:
Expedited Freight
21,946
27,063
41,444
56,748
Intermodal
5,317
4,312
8,903
15,515
Omni Logistics
(1,105,871
)
—
(1,134,456
)
—
Other Operations
(17,147
)
(5,050
)
(77,378
)
1,258
(Loss) income from continuing
operations
(1,095,755
)
26,325
(1,161,487
)
73,521
Other expense:
Interest expense, net
(47,265
)
(2,585
)
(88,018
)
(4,940
)
Foreign exchange gain
1,567
—
899
—
Other income, net
40
—
49
—
Total other expense
(45,658
)
(2,585
)
(87,070
)
(4,940
)
(Loss) income before income taxes
(1,141,413
)
23,740
(1,248,557
)
68,581
Income tax (benefit) expense
(174,942
)
6,613
(193,292
)
17,550
Net (loss) income from continuing
operations
(966,471
)
17,127
(1,055,265
)
51,031
(Loss) income from discontinued operation,
net of tax
(4,876
)
2,824
(4,876
)
5,288
Net (loss) income
(971,347
)
19,951
$
(1,060,141
)
$
56,319
Net (loss) attributable to noncontrolling
interest
(325,914
)
—
(352,996
)
—
Net (loss) income attributable to Forward
Air
$
(645,433
)
$
19,951
$
(707,145
)
$
56,319
Net income per common share:
Basic net (loss) income per share
Continuing operations
$
(23.29
)
$
0.65
$
(27.53
)
$
1.94
Discontinued operation
(0.18
)
0.11
(0.18
)
0.20
Basic
$
(23.47
)
$
0.76
$
(27.71
)
$
2.14
Diluted net (loss) income per share
Continuing operations
$
(23.29
)
$
0.65
$
(27.53
)
$
1.93
Discontinued operation
(0.18
)
0.11
(0.18
)
0.20
Diluted
$
(23.47
)
$
0.76
$
(27.71
)
$
2.13
Dividends per share:
$
—
$
0.24
$
—
$
0.48
Net (loss) income
$
(971,347
)
$
19,951
$
(1,060,141
)
$
56,319
Other comprehensive (loss) income:
Foreign currency translation
adjustments
(849
)
—
(1,000
)
—
Comprehensive (loss) income
$
(972,196
)
$
19,951
$
(1,059,141
)
$
56,319
Expedited Freight Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2024
Percent of Revenue
June 30, 2023
Percent of Revenue
Change
Percent Change
Operating revenues:
Network 1
$
223,334
76.7
%
$
205,762
76.4
%
$
17,572
8.5
%
Truckload
44,678
15.3
40,432
15.0
4,246
10.5
Other
23,270
8.0
23,242
8.6
28
0.1
Total operating revenues
291,282
100.0
269,436
100.0
21,846
8.1
Operating expenses:
Purchased transportation
142,512
48.9
124,122
46.1
18,390
14.8
Salaries, wages and employee benefits
63,845
21.9
57,637
21.4
6,208
10.8
Operating leases
14,730
5.1
16,201
6.0
(1,471
)
(9.1
)
Depreciation and amortization
10,692
3.7
8,439
3.1
2,253
26.7
Insurance and claims
10,969
3.8
10,104
3.8
865
8.6
Fuel expense
2,434
0.8
2,511
0.9
(77
)
(3.1
)
Other operating expenses
24,154
8.3
23,359
8.7
795
3.4
Total operating expenses
269,336
92.5
242,373
90.0
26,963
11.1
Income from operations
$
21,946
7.5
%
$
27,063
10.0
%
$
(5,117
)
(18.9
)%
1 Network revenue is comprised of all
revenue, including linehaul, pickup and/or delivery, and fuel
surcharge revenue, excluding accessorial and Truckload revenue.
Expedited Freight Operating
Statistics
Three Months Ended
June 30, 2024
June 30, 2023
Percent Change
Business days
64
64
—
%
Tonnage 1,2
Total pounds
713,919
673,878
5.9
Pounds per day
11,155
10,529
5.9
Shipments 1,2
Total shipments
870
842
1.4
Shipments per day
13.6
13.2
1.4
Weight per shipment
821
801
2.5
Revenue per hundredweight 3
$
31.29
$
30.79
1.6
Revenue per hundredweight, ex fuel 3
$
24.38
$
24.08
1.2
Revenue per shipment 3
$
256.80
$
246.59
4.1
Revenue per shipment, ex fuel 3
$
200.05
$
192.85
3.7
1 In thousands
2 Excludes accessorial and Truckload and
products
3 Includes intercompany revenue between
the Network and Truckload revenue streams
Intermodal Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2024
Percent of Revenue
June 30, 2023
Percent of Revenue
Change
Percent Change
Operating revenue
$
59,299
100.0
%
$
64,251
100.0
%
$
(4,952
)
(7.7
)%
Operating expenses:
Purchased transportation
19,173
32.3
17,909
27.9
1,264
7.1
Salaries, wages and employee benefits
14,899
25.1
16,650
25.9
(1,751
)
(10.5
)
Operating leases
4,776
8.1
6,695
10.4
(1,919
)
(28.7
)
Depreciation and amortization
4,712
7.9
4,806
7.5
(94
)
(2.0
)
Insurance and claims
2,619
4.4
2,815
4.4
(196
)
(7.0
)
Fuel expense
2,243
3.8
2,692
4.2
(449
)
(16.7
)
Other operating expenses
5,560
9.4
8,372
13.0
(2,812
)
(33.6
)
Total operating expenses
53,982
91.0
59,939
93.3
(5,957
)
(9.9
)
Income from operations
$
5,317
9.0
%
$
4,312
6.7
%
$
1,005
23.3
%
Intermodal Operating
Statistics
Three Months Ended
June 30, 2024
June 30, 2023
Percent Change
Drayage shipments
64,877
68,180
(4.8
)%
Drayage revenue per shipment
$
826
$
853
(3.2
)%
Omni Logistics Segment
Information
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2024
Percent of Revenue
Operating revenue
$
311,856
100.0
%
Operating expenses:
Purchased transportation
178,674
57.3
Salaries, wages and employee benefits
57,536
18.4
Operating leases
26,751
8.6
Depreciation and amortization
33,235
10.7
Insurance and claims
2,845
0.9
Fuel expense
1,182
0.4
Other operating expenses
24,790
7.9
Impairment of goodwill
1,092,714
350.4
Total operating expenses
1,417,727
454.6
Loss from operations
$
(1,105,871
)
(354.6
)%
Forward Air
Corporation
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
84,886
$
121,969
Restricted cash and restricted cash
equivalents
19,769
39,604
Accounts receivable, net
368,927
153,267
Other receivables
1,476
5,408
Prepaid expenses
39,186
25,682
Other current assets
44,379
1,098
Total current assets
558,623
347,028
Noncurrent restricted cash equivalents
—
1,790,500
Property and equipment
607,961
508,280
Less accumulated depreciation and
amortization
279,027
250,185
Property and equipment, net
328,934
258,095
Operating lease right-of-use assets
323,821
111,552
Goodwill
545,380
278,706
Other acquired intangibles, net
1,230,699
134,789
Other assets
79,859
58,863
Total assets
$
3,067,316
$
2,979,533
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable
$
143,455
$
45,430
Accrued expenses
117,431
62,948
Other current liabilities
53,064
71,727
Current portion of debt and finance lease
obligations
16,875
12,645
Current portion of operating lease
liabilities
89,188
44,344
Total current liabilities
420,013
237,094
Finance lease obligations, less current
portion
34,957
26,736
Long-term debt, less current portion
1,677,315
—
Long-term debt held in escrow
—
1,790,500
Operating lease liabilities, less current
portion
243,217
71,598
Liabilities under tax receivable
agreement
13,270
—
Other long-term liabilities
43,126
47,144
Deferred income taxes
271,201
42,200
Shareholders' equity:
Preferred stock
—
—
Common stock
277
257
Additional paid-in capital
512,638
283,684
Retained earnings
(228,151
)
480,320
Accumulated other comprehensive loss
(1,000
)
—
Total Forward Air shareholders' equity
283,764
764,261
Noncontrolling interest
80,453
—
Total shareholders' equity
364,217
764,261
Total liabilities and shareholders'
equity
$
3,067,316
$
2,979,533
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2024
June 30, 2023
Operating activities:
Net (loss) income from continuing
operations
$
(966,471
)
$
17,127
Adjustments to reconcile net (loss) income
of continuing operations to net cash (used in) provided by
operating activities of continuing operations
Depreciation and amortization
48,639
13,244
Impairment of goodwill
1,092,714
—
Share-based compensation expense
3,620
2,890
Provision for revenue adjustments
1,121
1,714
Deferred income tax (benefit) expense
(166,549
)
325
Other
2,300
(642
)
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(21,770
)
22,293
Other receivables
164
—
Other current and noncurrent assets
(49,528
)
(300
)
Accounts payable and accrued expenses
10,560
(36
)
Net cash (used in) provided by operating
activities of continuing operations
(45,200
)
56,615
Investing activities:
Proceeds from sale of property and
equipment
557
1,356
Purchases of property and equipment
(14,426
)
(10,317
)
Purchases of a business, net of cash
acquired
—
(136
)
Other
(85
)
—
Net cash used in investing activities of
continuing operations
(13,954
)
(9,097
)
Financing activities:
Repayments of finance lease
obligations
(4,567
)
(1,837
)
Payments on credit facility
—
(30,750
)
Payments of dividends to shareholders
—
(6,255
)
Repurchases and retirement of common
stock
—
(25,009
)
Proceeds from common stock issued under
employee stock purchase plan
369
421
Payment of minimum tax withholdings on
share-based awards
(33
)
(4,292
)
Contributions from subsidiary held for
sale
—
6,457
Net cash used in financing activities of
continuing operations
(4,231
)
(61,265
)
Effect of exchange rate changes on
cash
646
—
Net decrease in cash, cash equivalents,
restricted cash, and restricted cash equivalents from continuing
operations
(62,739
)
(13,747
)
Cash from discontinued
operation:
Net cash (used in) provided by operating
activities of discontinued operation
(4,876
)
6,958
Net cash used in investing activities of
discontinued operation
—
(469
)
Net cash used in financing activities of
discontinued operation
—
(6,489
)
Net decrease in cash, cash equivalents,
restricted cash and restricted cash equivalents
(67,615
)
(13,747
)
Cash, cash equivalents, restricted cash
and restricted cash equivalents at beginning of period of
continuing operations
172,270
32,028
Cash at beginning of period of
discontinued operation
—
—
Net decrease in cash, cash equivalents,
restricted cash and restricted cash equivalents
(67,615
)
(13,747
)
Cash, cash equivalents, restricted cash
and restricted cash equivalents at end of period of continuing
operations
$
104,655
$
18,281
Forward Air
Corporation
Condensed Consolidated
Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2024
June 30, 2023
Operating activities:
Net (loss) income from operations
$
(1,055,265
)
$
51,031
Adjustments to reconcile net income of
operations to net cash provided by operating activities of
operations
Depreciation and amortization
80,425
25,617
Impairment of goodwill
1,092,714
—
Share-based compensation expense
5,187
5,796
Provision for revenue adjustments
2,159
2,812
Deferred income tax (benefit) expense
(163,604
)
2,182
Other
6,469
(1,733
)
Changes in operating assets and
liabilities, net of effects from the purchase of acquired
businesses:
Accounts receivable
(42,265
)
38,690
Other receivables
5,531
—
Other current and noncurrent assets
(56,637
)
10,609
Accounts payable and accrued expenses
28,362
(17,550
)
Net cash provided by operating
activities
(96,924
)
117,454
Investing activities:
Proceeds from sale of property and
equipment
1,406
3,171
Purchases of property and equipment
(19,396
)
(16,836
)
Purchase of a business, net of cash
acquired
(1,565,242
)
(56,703
)
Other
(174
)
—
Net cash used in investing activities
(1,583,406
)
(70,368
)
Financing activities:
Repayments of finance lease
obligations
(9,127
)
(3,923
)
Proceeds from credit facility
—
45,000
Payments on credit facility
(80,000
)
(30,750
)
Payment of debt issuance costs
(60,591
)
—
Payment of earn-out liability
(12,247
)
—
Payments of dividends to shareholders
—
(12,600
)
Repurchases and retirement of common
stock
—
(79,792
)
Proceeds from common stock issued under
employee stock purchase plan
369
421
Payment of minimum tax withholdings on
share-based awards
(1,361
)
(4,292
)
Contributions from (distributions to)
subsidiary held for sale
—
11,309
Net cash used in financing activities
(162,957
)
(74,627
)
Effect of exchange rate changes on
cash
745
—
Net (decrease) increase in cash and cash
equivalents
(1,842,542
)
(27,541
)
Cash from discontinued operation:
Net cash used in operating activities of
discontinued operation
(4,876
)
12,112
Net cash provided by (used in) investing
activities of discontinued operation
—
(739
)
Net cash (used in) provided by financing
activities of discontinued operation
—
(11,373
)
Net increase (decrease) in cash and cash
equivalents
(1,847,418
)
(27,541
)
Cash and cash equivalents at beginning of
period
1,952,073
45,822
Cash and cash equivalents at end of
period
$
104,655
$
18,281
Forward Air Corporation Reconciliation of Non-GAAP Financial
Measures
In this press release, the Company includes financial measures
that are derived on the basis of methodologies other than in
accordance with accounting principles generally accepted in the
United States (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 June 30, 2024 and 2023, 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 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 is an important measure of its ability to repay maturing debt
or fund other uses of capital that it believes will enhance
shareholder value.
The Company is also providing Consolidated EBITDA calculated in
accordance with our credit agreement as we believe it provides
investors with important information regarding our financial
condition and compliance with our obligations under our credit
agreement.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative to or substitute for, the Company’s financial
results prepared in accordance with GAAP. The Company has included,
for the periods indicated, a reconciliation of the non-GAAP
financial measure to the most directly comparable GAAP financial
measure. Investors and other readers are encouraged to review the
related U.S. GAAP financial measures and the reconciliations of the
non-GAAP measures to their most directly comparable U.S. GAAP
measures set forth below.
With respect to the 2024 Consolidated EBITDA guidance, please
note that the Company is not providing a quantitative
reconciliation of Consolidated EBITDA to Net Income because it is
not available without unreasonable efforts. The Company does not
currently have sufficient data to accurately estimate the variables
and individual adjustments for such reconciliation, or to quantify
the probable significance of these items. The adjustments required
for any such reconciliation of the Company’s forward-looking
non-GAAP financial measures cannot be accurately forecast by the
Company, and therefore the reconciliation has been omitted.
The following is a reconciliation of net income to Consolidated
EBITDA for the three and six months ended June 30, 2024 and 2023
(in thousands):
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net (loss) income
$
(966,471
)
$
17,127
$
(1,055,265
)
$
51,031
Interest expense
47,265
2,585
88,018
4,940
Income tax (benefit) expense
(174,942
)
6,613
(193,292
)
17,550
Depreciation and amortization
48,639
13,245
80,425
25,617
Reported EBITDA
(1,045,509
)
39,570
(1,080,114
)
99,138
Impairment of goodwill
1,092,714
—
1,092,714
—
Transaction and integration costs
10,018
5,500
71,942
5,500
Severance costs
4,029
113
11,585
161
Cost synergies
5,747
—
16,254
—
RIF cost savings
4,878
5,280
10,576
10,366
Other
9,448
2,353
12,926
4,115
Pro forma -Omni adjusted EBITDA
—
48,872
—
93,290
Consolidated EBITDA
$
81,325
$
101,688
$
135,883
$
212,570
The following is a reconciliation of net cash provided by
operating activities to free cash flow for the three and six months
ended June 30, 2024 and 2023 (in thousands):
Three Months Ended
Six Months Ended
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Net cash (used in) provided by
operating activities of continuing operations
$
(45,200
)
$
56,615
$
(96,924
)
$
117,454
Proceeds from sale of property and
equipment
557
1,356
1,406
3,171
Purchases of property and equipment
(14,426
)
(10,317
)
(19,396
)
(16,836
)
Free cash flow
$
(59,069
)
$
47,654
$
(114,914
)
$
103,789
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 expectations
regarding the Company’s long-term growth; ability to achieve and
accelerate synergy capture and eliminate costs from our structure;
expectations regarding the Company’s expedited freight business;
ability to achieve the intended benefits of the acquisition of Omni
Logistics, including any revenue and cost synergies; the Company’s
expectations regarding the Company’s financial performance,
including Consolidated EBITDA, and the impact it may have on the
business and results of operations; and expectations regarding the
Company's revenue growth strategies, including with respect to
operational efficiency and cost control.
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 unduly 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
Company's ability to achieve the expected strategic, financial and
other benefits of the acquisition of Omni Logistics, including the
realization of expected synergies and the achievement of
deleveraging targets within the expected timeframes or at all, the
risk that the businesses will not be integrated successfully or
that integration may be more difficult, time-consuming or costly
than expected, the risk that operating costs, customer loss,
management and employee retention and business disruption
(including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers) as a
result of the acquisition of Omni Logistics may be greater than
expected, continued weakening of the freight environment, future
debt and financing levels, our ability to deleverage, including,
without limitation, through capital allocation or divestitures of
non-core businesses, 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, 2023, and as may be identified in our subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
We caution readers that any forward-looking statement made by us
in this press release is based only on information currently
available to us and they should not place undue reliance on these
forward-looking statements, which reflect management's opinion 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 unless required
by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240807439096/en/
Investors: Tony Carreño investorrelations@forwardair.com
Media: Justin Moss (404) 362-8933 jmoss@forwardair.com
Grafico Azioni Forward Air (NASDAQ:FWRD)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Forward Air (NASDAQ:FWRD)
Storico
Da Gen 2024 a Gen 2025
