Forward Air Corporation Reports Second Quarter 2021 Results

By: Forward Air Corporation via Business Wire

July 29, 2021 at 17:11 PM EDT

Reports highest ever monthly net income in the month of June

Reports highest revenue and operating income for a quarter

Guides record third quarter revenue and net income per diluted share

Forward Air Corporation (NASDAQ:FWRD) (the “Company”, “we”, “our”, or “us”) today reported financial results for the three and six months ended June 30, 2021 as presented in the tables below on a continuing operations basis (Pool Distribution was previously reported as a discontinued operation).

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Forward Air Corporation reports highest revenue and operating income for a quarter. (Photo: Business Wire)

Tom Schmitt, Chairman, President and CEO, commenting on second quarter results from continuing operations said, “Business momentum continued during the quarter culminating in the highest net income for the month of June. Our focus on our two rock star segments, Expedited Freight and Intermodal, as well as solid revenue management, drove our second quarter revenue, which exceeded the high end of our guidance range. Surgical collaboration with customers on selecting, handling, and pricing freight led to the highest operating income for a quarter. Net income per diluted share of $1.11 exceeded the high end of our $0.96 to $1.00 guidance range. I am very encouraged that in our second quarter we are better than in pre-pandemic 2019’s second quarter: better consolidated operating margins now. And bigger - our operating revenues are up almost 40% year-over-year. Additionally, we are working to bring back our customer’s events business in late 2021 and 2022.”

Mr. Schmitt continued, “We expect volumes in the third quarter 2021 to significantly exceed volumes for the same period of 2020. Through July, our volumes were strong year-over-year. We are guiding to a record third quarter revenue and net income per diluted share despite the impact of an investment in operational enhancements and to a lesser extent the typical slowdown in volumes in the third quarter as compared to the second quarter.”

In closing, Mr. Schmitt said, “In the second quarter, we achieved the highest revenue and operating income for a quarter in the history of the Company. I would like to thank all of our teammates for their hard work in helping to achieve this important milestone.”

Regarding the Company’s third quarter 2021 continuing operations guidance, Rebecca J. Garbrick, CFO, said, “We expect our year-over-year revenue growth will be 28% to 32%, and our net income per diluted share to be between $1.03 to $1.07, compared to $0.61 in the third quarter of 2020. The net income per diluted share outlook reflects a $0.03 per share impact from professional fees related to an operational improvement project (which will be recorded in Expedited Freight).”

Continuing Operations	Three Months Ended
(in thousands, except per share data)	June 30, 2021			June 30, 2020¹			Change		Percent Change
Operating revenue	$	420,671		$	281,678		$	138,993	49.3	%
Income from operations	$	42,124		$	13,914		$	28,210	202.7	%
Operating margin	10.0		%	4.9		%	510 bps
Net income	$	30,677		$	9,225		$	21,452	232.5	%
Net income per diluted share	$	1.11		$	0.33		$	0.78	236.4	%
Cash provided by operating activities	$	22,748		$	29,101		$	(6,353)	(21.8)	%

Non-GAAP Financial Measures: ²
EBITDA	$	51,538		$	23,327		$	28,211	120.9	%
Free cash flow	$	17,517		$	17,806		$	(289)	(1.6)	%

¹Results for the three months ended June 30, 2020 include several non-recurring items including a $2.1 million gain from changes in fair value on an earn-out due to the timing of expected new business wins, partially offset by $1.0 million of severance and $0.7 million in reserves for customers negatively impacted by COVID-19.
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.

Continuing Operations	Six Months Ended
(in thousands, except per share data)	June 30, 2021¹			June 30, 2020²			Change		Percent Change
Operating revenue	$	782,873		$	587,235		$	195,638	33.3	%
Income from operations	$	64,848		$	29,687		$	35,161	118.4	%
Operating margin	8.3		%	5.1		%	320 bps
Net income	$	47,391		$	20,641		$	26,750	129.6	%
Net income per diluted share	$	1.71		$	0.72		$	0.99	137.5	%
Cash provided by operating activities	$	39,661		$	59,929		$	(20,268)	(33.8)	%

Non-GAAP Financial Measures: ³
EBITDA	$	83,499		$	48,434		$	35,065	72.4	%
Free cash flow	$	32,400		$	46,703		$	(14,303)	(30.6)	%

¹Results for the six months ended June 30, 2021 includes a $7.0 million charge for professional fees related to cyber security and shareholder engagement activities.
²Results for the six months ended June 30, 2020 include several non-recurring items including a $2.7 million gain from changes in fair value on an earn-out due to the timing of expected new business wins, partially offset by $1.0 million of severance and $0.7 million in reserves for customers negatively impacted by COVID-19.
³ 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 July 27, 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 August 20, 2021 and is expected to be paid on September 9, 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 second quarter 2021 results on Friday, July 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: 1588037.

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				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Operating revenue:
Expedited Freight	$	351,735	$	235,658	$	655,921	$	489,287
Intermodal	69,133		46,428		127,647		98,888
Eliminations and other operations	(197)		(408)		(695)		(940)
Operating revenue	420,671		281,678		782,873		587,235
Operating expenses:
Purchased transportation	215,217		142,069		399,825		292,667
Salaries, wages and employee benefits	84,641		63,772		159,538		133,331
Operating leases	20,370		17,387		39,537		35,271
Depreciation and amortization	9,414		9,413		18,651		18,747
Insurance and claims	10,891		7,722		20,632		17,766
Fuel expense	4,059		2,519		7,761		6,532
Other operating expenses	33,955		24,882		72,081		53,234
Total operating expenses	378,547		267,764		718,025		557,548
Income (loss) from continuing operations:
Expedited Freight	34,688		11,753		59,218		26,933
Intermodal	8,386		4,413		12,895		8,126
Other Operations	(950)		(2,252)		(7,265)		(5,372)
Income from continuing operations	42,124		13,914		64,848		29,687
Other expense:
Interest expense	(1,323)		(1,198)		(2,488)		(2,051)
Total other expense	(1,323)		(1,198)		(2,488)		(2,051)
Income before income taxes	40,801		12,716		62,360		27,636
Income tax expense	10,124		3,491		14,969		6,995
Net income from continuing operations	30,677		9,225		47,391		20,641
Loss from discontinued operation, net of tax	—		(6,071)		(5,533)		(9,112)
Net income and comprehensive income	$	30,677	$	3,154	$	41,858	$	11,529

Net income per share:
Basic net income (loss) per share
Continuing operations	$	1.12	$	0.33	$	1.72	$	0.72
Discontinued operation	—		(0.22)		(0.20)		(0.31)
Net income per share	$	1.12	$	0.11	$	1.52	$	0.41

Diluted net income (loss) per share
Continuing operations	$	1.11	$	0.33	$	1.71	$	0.72
Discontinued operation	—		(0.22)		(0.20)		(0.32)
Net income per share	$	1.11	$	0.11	$	1.51	$	0.40
Dividends per share	$	0.21	$	0.18	$	0.42	$	0.36

Expedited Freight Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	June 30, 2021		Percent of Revenue		June 30, 2020		Percent of Revenue		Change		Percent Change
Operating revenue:
Network¹	$	210,088	59.7	%	$	134,172	56.9	%	$	75,916	56.6	%
Truckload	56,968		16.2		41,855		17.8		15,113		36.1
Final Mile	69,883		19.9		53,427		22.7		16,456		30.8
Other	14,796		4.2		6,204		2.6		8,592		138.5
Total operating revenue	351,735		100.0		235,658		100.0		116,077		49.3

Operating expenses:
Purchased transportation	191,648		54.5		127,478		54.1		64,170		50.3
Salaries, wages and employee benefits	67,560		19.2		50,508		21.4		17,052		33.8
Operating leases	14,868		4.2		13,338		5.7		1,530		11.5
Depreciation and amortization	6,779		1.9		6,740		2.9		39		0.6
Insurance and claims	8,385		2.4		5,715		2.4		2,670		46.7
Fuel expense	2,147		0.6		1,406		0.6		741		52.7
Other operating expenses	25,660		7.3		18,720		7.9		6,940		37.1
Total operating expenses	317,047		90.1		223,905		95.0		93,142		41.6
Income from operations	$	34,688	9.9	%	$	11,753	5.0	%	$	22,935	195.1	%

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
	June 30, 2021			June 30, 2020			Percent Change

Business days	64			64			—	%

Tonnage ^1,2
Total pounds	728,191			522,031			39.5
Pounds per day	11,378			8,157			39.5

Shipments ^1,2
Total shipments	1,096			963			13.8
Shipments per day	17.1			15.0			14.0

Weight per shipment	664			542			22.5

Revenue per hundredweight ³	$	28.63		$	26.32		8.8
Revenue per hundredweight, ex fuel ³	$	24.68		$	23.09		6.9

Revenue per shipment ³	$	191.89		$	139.30		37.8
Revenue per shipment, ex fuel ³	$	165.62		$	121.77		36.0

Network revenue from door-to-door shipments as a percentage of network revenue ^3,4	51.3		%	49.9		%	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

Intermodal Segment Information
(In thousands)
(Unaudited)

	Three Months Ended
	June 30, 2021		Percent of Revenue		June 30, 2020		Percent of Revenue		Change		Percent Change
Operating revenue	$	69,133	100.0	%	$	46,428	100.0	%	$	22,705	48.9	%

Operating expenses:
Purchased transportation	23,767		34.4		14,904		32.1		8,863		59.5
Salaries, wages and employee benefits	16,230		23.5		11,728		25.3		4,502		38.4
Operating leases	5,500		8.0		4,045		8.7		1,455		36.0
Depreciation and amortization	2,612		3.8		2,648		5.7		(36)		(1.4)
Insurance and claims	2,355		3.4		1,789		3.9		566		31.6
Fuel expense	1,912		2.8		1,113		2.4		799		71.8
Other operating expenses	8,371		12.1		5,788		12.5		2,583		44.6
Total operating expenses	60,747		87.9		42,015		90.5		18,732		44.6
Income from operations	$	8,386	12.1	%	$	4,413	9.5	%	$	3,973	90.0	%

Intermodal Operating Statistics

	Three Months Ended
	June 30, 2021		June 30, 2020		Percent Change

Drayage shipments	96,805		68,974		40.3	%
Drayage revenue per shipment	$	618	$	556	11.2	%
Number of locations	29		24		20.8	%

Forward Air Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
	June 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	50,844	$	40,254
Accounts receivable, net	209,187		156,490
Other receivables	16,999		—
Other current assets	19,982		28,150
Current assets held for sale	—		21,002
Total current assets	297,012		245,896

Property and equipment	383,155		380,519
Less accumulated depreciation and amortization	196,168		190,652
Total property and equipment, net	186,987		189,867
Operating lease right-of-use assets	148,651		123,338
Goodwill	254,993		244,982
Other acquired intangibles, net of accumulated amortization	145,813		145,032
Other assets	48,385		45,181
Noncurrent assets held for sale	—		53,097
Total assets	$	1,081,841	$	1,047,393

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	43,655	$	38,371
Accrued expenses	70,894		51,264
Other current liabilities	6,813		10,580
Current portion of debt and finance lease obligations	1,867		1,801
Current portion of operating lease liabilities	46,042		43,680
Current liabilities held for sale	—		25,924
Total current liabilities	169,271		171,620

Debt and finance lease obligations, less current portion	161,729		117,408
Operating lease liabilities, less current portion	103,280		80,346
Other long-term liabilities	55,741		54,129
Deferred income taxes	41,471		41,986
Noncurrent liabilities held for sale	—		34,575

Shareholders’ equity:
Common stock	271		273
Additional paid-in capital	252,466		242,916
Retained earnings	297,612		304,140
Total shareholders’ equity	550,349		547,329
Total liabilities and shareholders’ equity	$	1,081,841	$	1,047,393

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Three Months Ended
	June 30, 2021		June 30, 2020
Operating activities:
Net income from continuing operations	$	30,677	$	9,225
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations
Depreciation and amortization	9,414		9,413
Change in fair value of earn-out liability	(337)		(2,108)
Share-based compensation expense	2,981		2,429
Provision for revenue adjustments	1,748		745
Deferred income tax (benefit) expense	(67)		3,443
Other	97		962
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable	(22,995)		(61)
Other receivables	(152)		—
Other current and noncurrent assets	(339)		(2,455)
Accounts payable and accrued expenses	1,721		7,508
Net cash provided by operating activities of continuing operations	22,748		29,101

Investing activities:
Proceeds from sale of property and equipment	649		268
Purchases of property and equipment	(5,880)		(11,563)
Purchases of a business, net of cash acquired	(7,543)		—
Net cash used in investing activities of continuing operations	(12,774)		(11,295)

Financing activities:
Repayments of finance lease obligations	(487)		(340)
Proceeds from revolving credit facility	45,000		—
Payment of earn-out liability	—		(5,284)
Proceeds from issuance of common stock upon stock option exercises	1,423		—
Payments of dividends to stockholders	(5,768)		(5,037)
Repurchases of common stock	(23,994)		—
Proceeds from common stock issued under employee stock purchase plan	388		294
Payment of minimum tax withholdings on share-based awards	(88)		(614)
Contributions from (distributions to) subsidiary held for sale	—		(3,154)
Net cash provided by (used in) financing activities from continuing operations	16,474		(14,135)
Net increase in cash of continuing operations	26,448		3,671

Cash from discontinued operation:
Net cash used in operating activities of discontinued operation	—		(3,010)
Net cash provided by (used in) investing activities of discontinued operation	—		(144)
Net cash (used in) provided by financing activities of discontinued operation	—		3,154
Net increase in cash and cash equivalents	26,448		3,671
Cash and cash equivalents at beginning of period of continuing operations	24,396		77,245
Cash at beginning of period of discontinued operation	—		—
Net increase in cash and cash equivalents	26,448		3,671
Less: cash at end of period of discontinued operation	—		—
Cash and cash equivalents at end of period of continuing operations	$	50,844	$	80,916

Forward Air Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
	Six Months Ended
	June 30, 2021		June 30, 2020
Operating activities:
Net income from continuing operations	$	47,391	$	20,641
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations
Depreciation and amortization	18,651		18,747
Change in fair value of earn-out liability	(385)		(2,702)
Share-based compensation expense	5,578		5,507
Provision for revenue adjustments	3,525		1,787
Deferred income tax (benefit) expense	(572)		4,668
Other	189		697
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:
Accounts receivable	(51,018)		2,979
Other receivables	(13,491)		—
Other current and noncurrent assets	6,746		(29)
Accounts payable and accrued expenses	23,047		7,634
Net cash provided by operating activities of continuing operations	39,661		59,929

Investing activities:
Proceeds from sale of property and equipment	1,314		988
Purchases of property and equipment	(8,575)		(14,214)
Purchase of a business, net of cash acquired	(22,543)		(55,931)
Net cash used in investing activities of continuing operations	(29,804)		(69,157)

Financing activities:
Repayments of finance lease obligations	(954)		(676)
Proceeds from revolving credit facility	45,000		65,000
Payment of earn-out liability	—		(5,284)
Proceeds from issuance of common stock upon stock option exercises	3,570		—
Payments of dividends to stockholders	(11,565)		(10,087)
Repurchases of common stock	(33,992)		(15,259)
Proceeds from common stock issued under employee stock purchase plan	388		294
Payment of minimum tax withholdings on share-based awards	(2,832)		(3,286)
Contributions from (distributions to) subsidiary held for sale	1,118		(5,307)
Net cash provided by financing activities from continuing operations	733		25,395
Net increase in cash and cash equivalents of continuing operations	10,590		16,167

Cash from discontinued operation:
Net cash used in operating activities of discontinued operation	(6,902)		(4,672)
Net cash provided by (used in) investing activities of discontinued operation	8,020		(635)
Net cash (used in) provided by financing activities of discontinued operation	(1,118)		5,307
Net increase in cash and cash equivalents	10,590		16,167
Cash and cash equivalents at beginning of period of continuing operations	40,254		64,749
Cash at beginning of period of discontinued operation	—		—
Net increase in cash and cash equivalents	10,590		16,167
Less: cash at end of period of discontinued operation	—		—
Cash and cash equivalents at end of period of continuing operations	$	50,844	$	80,916

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 and six months ended June 30, 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 and six months ended June 30, 2021 and 2020 (in thousands):

	Three Months Ended				Six Months Ended
Continuing Operations	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net income	$	30,677	$	9,225	$	47,391	$	20,641
Interest expense	1,323		1,198		2,488		2,051
Income tax expense	10,124		3,491		14,969		6,995
Depreciation and amortization	9,414		9,413		18,651		18,747
EBITDA	$	51,538	$	23,327	$	83,499	$	48,434

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 and six months ended June 30, 2021 and 2020 (in thousands):

	Three Months Ended				Six Months Ended
Continuing Operations	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net cash provided by operating activities	$	22,748	$	29,101	$	39,661	$	59,929
Proceeds from sale of property and equipment	649		268		1,314		988
Purchases of property and equipment	(5,880)		(11,563)		(8,575)		(14,214)
Free cash flow	$	17,517	$	17,806	$	32,400	$	46,703

The following information is provided to supplement this press release.

	Three Months Ended
Actual - Continuing Operations	June 30, 2021
Net income from continuing operations	$	30,677
Income allocated to participating securities	(256)
Numerator for diluted income per share - net income	$	30,421

Weighted-average shares outstanding - diluted	27,415
Diluted net income per share	$	1.11

Projected	Full year 2021
Projected tax rate - continuing operations	24.8		%

Projected purchases of property and equipment, net of proceeds from sale of property and equipment¹	$	43,000
¹Includes $23,500 for the Columbus, Ohio hub expansion

Projected	December 31, 2021
Projected weighted-average shares outstanding - diluted	26,800

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 third quarter 2021 revenue growth, net income per diluted share and volume, expectations regarding increased momentum in our business, 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.

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Contacts

Forward Air Corporation

Brandon Hammer, 423-636-7173

bhammer@forwardair.com