Forward Air Corporation Financial Overview
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Forward Air.
CORPORATION
Reconciliations
GAAP vs Non-GAAP Reconciliation ($ in millions, shares in 000s)
Segment EBITDA Reconciliation
GAAP Revenue Reconciliation
2018
GAAP Revenue
2017
2016
1,320.9 1,169.3 1,030.2
2015
2014
2013
2012
2011
2010
987.9
824.7
672.2
603.9
557.4
494.0
Towne Integration
0.6
Expedited LTL
2018
Adjusted Revenue
GAAP Financials
1,320.9
1,169.3 1,030.2
987.3
824.7
672.2
603.9
557.4
494.0
GAAP Operating Income
96.4
(+) Depreciation & Amortization
22.5
2018
2017
2016
2015
2014
2013
2012
2011
2010
= EBITDA
118.9
Operating Income
122.0
108.8
59.7
81.7
96.3
84.4
83.5
77.1
53.7
Operating Margin
9.2%
9.3%
5.8%
8.3%
11.7%
12.6%
13.8%
13.8%
10.9%
Truckload Premium Services
2018
Net Interest & Other Expense
(1.8)
(1.2)
(1.6)
(2.1)
(0.3)
(0.4)
(0.3)
(0.5)
(0.6)
Income Taxes
28.2
20.3
30.6
24.1
34.9
29.5
30.5
29.4
21.1
Net Income (Loss)
92.1
87.3
27.5
55.5
61.1
54.5
52.7
47.2
32.0
GAAP Operating Income
(+) Depreciation & Amortization
5.1
6.4
Fully Diluted Share Count
29,190
29,964
30,444
31,040
31,072
30,762
29,536
29,435
29,111
= EBITDA
11.5
Income Allocated to Participating Securities
(0.9)
(0.7)
(0.2)
(0.4)
(0.4)
0.0
0.0
0.0
0.0
Fully Diluted EPS
3.12
2.89
0.90
1.78
1.95
1.77
1.78
1.60
1.10
Intermodal
2018
GAAP Operating Income
23.3
Non GAAP Adjustments
2018
2017
2016
2015
2014
2013
2012
2011
2010
(+) Depreciation & Amortization
6.3
Towne Integration
(24.3)
= EBITDA
29.6
TQI Impairment
(42.4)
Operating Income
(42.4)
(24.3)
Net Interest & Other Expense
(0.4)
Pool Distribution
2018
Income Taxes
(6.4) (15.7)
GAAP Operating Income
5.9
Net Income (Loss)
(36.0)
(9.0)
(+) Depreciation & Amortization
6.9
Fully Diluted Share Count
29,190
29,964
30,444 31,040 31,072 30,762
29,536
29,435
29,111
= EBITDA
12.8
Fully Diluted EPS
(1.18)
(0.29)
Non GAAP Financials
2018
2017
2016
2015
2014
2013
2012
2011
2010
Adjusted Operating Income
122.0
108.8
102.1
106.1
96.3
84.4
83.5
77.1
53.7
Adjusted Operating Margin
9.2%
9.3%
9.9%
10.7%
11.7%
12.6%
13.8%
13.8%
10.9%
Net Interest & Other Expense
(1.8)
(1.2)
(1.6)
(1.7)
(0.3)
(0.4)
(0.3)
(0.5)
(0.6)
Adjusted Income Taxes
28.2
20.3
37.0
39.8
34.9
29.5
30.5
29.4
21.1
Adjusted Net Income (Loss)
92.1
87.3
63.5
64.5
61.1
54.5
52.7
47.2
32.0
Fully Diluted Share Count
29,190
29,964 30,444
31,040
31,072
30,762
29,536
29,435
29,111
Income Allocated to Participating Securities
(0.9)
(0.7)
(0.2)
(0.4)
(0.4)
0.0
0.0
0.0
0.0
Adjusted EPS
3.12
2.89
2.08
2.07
1.95
1.77
1.78
1.60
1.10
Adjusted Operating Income
122.0
108.8
102.1
106.1
96.3
84.4
83.5
77.1
53.7
Depreciation & Amortization (Reported)
42.2
41.1
38.2
37.2
31.1
23.6
21.0
21.0
20.5
Adjusted EBITDA
164.2
149.9
140.4
143.3
127.4
108.0
104.5
98.1
74.2
Adjusted EBITDA Margin
12.4%
12.8%
13.6%
14.5%
15.5%
16.1%
17.3%
17.6%
15.0%
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