Forward Air EBIT (Q2, 2018)57.1 M

Forward Air Cash, 30-Jun-201820.1 M

Forward Air revenue breakdown by business segment: 10.5% from Intermodal, 15.1% from Pool Distribution, 16.6% from Truckload Premium Services and 57.8% from Expedited LTL

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Revenue | 652.5 m | 781 m | 959.1 m | 982.5 m |

| 20% | 23% | 2% | |

## EBIT | 84.4 m | 96.4 m | 81.8 m | 60 m |

| 13% | 12% | 9% | 6% |

## Interest expense | 532 k | 610 k | 2 m | 1.6 m |

## Pre tax profit | 83.9 m | 96.1 m | 79.7 m | 58.4 m |

## Income tax expense | 29.5 m | 34.9 m | 24.1 m | 30.7 m |

## Net Income | 54.5 m | 61.2 m | 55.6 m | 27.7 m |

- Source: SEC Filings

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 170 m | 171.6 m | 193.9 m | 201.5 m | 205.9 m | 249.7 m | 247.1 m | 229.5 m | 238.6 m | 249.6 m | 247 m | 267.5 m | 280.2 m | 302.6 m | 633 m |

## Operating expense total | 147.2 m | 155.3 m | 166.3 m | 174.6 m | 197.7 m | 229.8 m | 222.5 m | 208.1 m | 253 m | 224.9 m | 223.8 m | 237.7 m | 253.3 m | 278.4 m | 575.8 m |

## Depreciation and amortization | 10.7 m | 21.1 m | |||||||||||||

## EBIT | 22.9 m | 16.3 m | 27.6 m | 26.9 m | 8.2 m | 19.9 m | 24.6 m | 21.4 m | (14.3 m) | 24.7 m | 23.2 m | 29.8 m | 26.9 m | 24.2 m | 57.1 m |

| 13% | 9% | 14% | 13% | 4% | 8% | 10% | 9% | (6%) | 10% | 9% | 11% | 10% | 8% | 9% |

## Interest expense | 145 k | 82 k | 101 k | 172 k | 364 k | 570 k | 554 k | 553 k | 461 k | 216 k | 282 k | 236 k | 288 k | 371 k | 854 k |

## Pre tax profit | 22.7 m | 16.3 m | 27.6 m | 26.7 m | 7.8 m | 19.2 m | 24.1 m | 20.8 m | (14.9 m) | 24.5 m | 22.9 m | 29.6 m | 26.6 m | 23.9 m | 56.3 m |

## Income tax expense | 8.5 m | 6.1 m | 10.4 m | 9.9 m | 3 m | 7.4 m | 8.4 m | 7.7 m | (4.9 m) | 12.5 m | 8.6 m | 10 m | 8.5 m | 6.1 m | 14.2 m |

- Source: SEC Filings

usd | Y, 2009 | Y, 2010 | Y, 2011 | Y, 2012 | Y, 2013 | Y, 2014 | Y, 2015 | FY, 2016 |
---|---|---|---|---|---|---|---|---|

## Cash | 42 m | 74.5 m | 58.8 m | 112.2 m | 127.4 m | 41.4 m | 33.3 m | 8.5 m |

## Accounts Receivable | ||||||||

## Inventories | 1.1 m | 1.1 m | 1.3 m | 1.3 m | ||||

## Current Assets | 220.4 m | 150 m | 173.5 m | 136.3 m | ||||

## Goodwill | 88.5 m | 144.4 m | 205.6 m | 184.7 m | ||||

## Total Assets | 506.3 m | 541.8 m | 700.2 m | 641.3 m | ||||

## Accounts Payable | 16.3 m | 20.6 m | 23.3 m | 18 m | ||||

## Short-term debt | 69 k | 276 k | 55.6 m | 27.7 m | ||||

## Current Liabilities | 34.6 m | 43.4 m | 109 m | 77.9 m | ||||

## Long-term debt | ||||||||

## Total Debt | 27.7 m | |||||||

## Additional Paid-in Capital | 107.7 m | 130.1 m | 160.9 m | 179.5 m | ||||

## Retained Earnings | 327.8 m | 333.2 m | 348.9 m | 319.3 m | ||||

## Total Equity | 435.9 m | 463.6 m | 510.1 m | 499.1 m | ||||

## Debt to Equity Ratio | 0.1 x | |||||||

## Debt to Assets Ratio | 0 x | |||||||

## Financial Leverage | 1.2 x | 1.2 x | 1.4 x | 1.3 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 98.6 m | 41 m | 24.9 m | 24.6 m | 54.5 m | 42.5 m | 47.4 m | 38 m | 21.7 m | 11.3 m | 14.3 m | 10.1 m | 12.4 m | 12.7 m | 20.1 m |

## Current Assets | 200.6 m | 145.1 m | 137.2 m | 138.6 m | 196.7 m | 193.3 m | 185.7 m | 167.9 m | 163.6 m | 144 m | 139.2 m | 148.2 m | 157.8 m | 170.1 m | 193.5 m |

## PP&E | 203.6 m | 204.2 m | |||||||||||||

## Goodwill | 88.4 m | 131.2 m | 138.8 m | 140.7 m | 202.9 m | 206.5 m | 206.9 m | 206.5 m | 179.3 m | 184.7 m | 184.7 m | 191.5 m | 191.5 m | 191.7 m | 191.7 m |

## Total Assets | 490.8 m | 534.6 m | 532.5 m | 529.9 m | 715.4 m | 709.4 m | 698.7 m | 689.1 m | 644.4 m | 641.5 m | 635.9 m | 659.7 m | 669.2 m | 690.2 m | 711.3 m |

## Accounts Payable | 17.1 m | 22.2 m | 21.4 m | 21.4 m | 21.6 m | 27.6 m | 27.4 m | 17.8 m | 13.8 m | 18.4 m | 15.8 m | 17.6 m | 22.4 m | 30 m | 32 m |

## Current Liabilities | 36.6 m | 44 m | 43.7 m | 45 m | 114 m | 116.7 m | 113 m | 118.7 m | 100.7 m | 91.1 m | 58.5 m | 54.7 m | 58.2 m | 66.3 m | 69.7 m |

## Preferred Stock | |||||||||||||||

## Additional Paid-in Capital | 102.5 m | 119.9 m | 123.7 m | 126.5 m | 147.4 m | 150.8 m | 152.7 m | 163.7 m | 166.4 m | 174.5 m | 183 m | 188.7 m | 191.4 m | 197.6 m | 201.4 m |

## Retained Earnings | 315.7 m | 333.2 m | 326.7 m | 319.8 m | 329.3 m | 337.4 m | 339.4 m | 346.5 m | 322.8 m | 321.1 m | 317.3 m | 330.3 m | 313.9 m | 328.5 m | 340.2 m |

## Total Equity | 418.4 m | 453.4 m | 450.7 m | 446.6 m | 477 m | 488.5 m | 492.4 m | 510.6 m | 489.5 m | 495.8 m | 500.6 m | 519.2 m | 505.6 m | 526.4 m | 541.9 m |

## Financial Leverage | 1.2 x | 1.2 x | 1.2 x | 1.2 x | 1.5 x | 1.5 x | 1.4 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x | 1.3 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Depreciation and Amortization | 23.6 m | 31.1 m | 37.2 m | 38.2 m |

## Inventories | 1.1 m | 1.1 m | 1.3 m | 1.3 m |

## Accounts Payable | 16.3 m | 20.6 m | 23.3 m | 18 m |

## Cash From Operating Activities | 15.2 m | (85.9 m) | (8.1 m) |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 17.7 m | 42 m | |||||||||||

## Depreciation and Amortization | 6.2 m | 7 m | 7.8 m | 8.1 m | 8.7 m | 9.5 m | 9.4 m | 9.7 m | 9.3 m | 9.4 m | 10 m | 10.7 m | 21.1 m |

## Accounts Receivable | 805 k | (6.7 m) | |||||||||||

## Accounts Payable | 21.4 m | 21.4 m | 21.6 m | 27.6 m | 27.4 m | 17.8 m | 13.8 m | 18.4 m | 15.8 m | 87 k | 4.4 m | ||

## Cash From Operating Activities | 40.8 m | 67 m | |||||||||||

## Purchases of PP&E | (6.2 m) | (17.6 m) | |||||||||||

## Cash From Investing Activities | (5.7 m) | (13.1 m) | |||||||||||

## Cash From Financing Activities | (26.3 m) | (37.7 m) | |||||||||||

## Income Taxes Paid | 8.5 m | 6.1 m | 10.4 m | 9.9 m | 3 m | 1.8 m | (1.4 m) |

USD | Y, 2018 |
---|---|

## Financial Leverage | 1.3 x |

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