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Form 8-K FORWARD AIR CORP For: Jul 29

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July 29, 2021 5:32 PM EDT

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NEWS RELEASE

FORWARD AIR CORPORATION REPORTS SECOND QUARTER 2021 RESULTS
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

GREENEVILLE, Tenn.- (BUSINESS WIRE) - July 29, 2021 - 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).

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 OperationsThree Months Ended
(in thousands, except per share data)June 30, 2021
June 30, 20201
ChangePercent Change
Operating revenue$420,671 $281,678 $138,993 49.3 %
Income from operations $42,124 $13,914 $28,210 202.7%
Operating margin10.0 %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)%
1 Results 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 OperationsSix Months Ended
(in thousands, except per share data)
June 30, 20211
June 30, 20202
ChangePercent Change
Operating revenue$782,873 $587,235 $195,638 33.3 %
Income from operations $64,848 $29,687 $35,161 118.4 %
Operating margin8.3 %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)%
1 Results 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.
2 Results 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
2

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.
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Forward Air Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands, except per share data)
 Three Months EndedSix 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 
Intermodal69,133 46,428 127,647 98,888 
Eliminations and other operations(197)(408)(695)(940)
Operating revenue420,671 281,678 782,873 587,235 
Operating expenses:    
Purchased transportation215,217 142,069 399,825 292,667 
Salaries, wages and employee benefits84,641 63,772 159,538 133,331 
Operating leases20,370 17,387 39,537 35,271 
Depreciation and amortization9,414 9,413 18,651 18,747 
Insurance and claims10,891 7,722 20,632 17,766 
Fuel expense4,059 2,519 7,761 6,532 
Other operating expenses33,955 24,882 72,081 53,234 
Total operating expenses378,547 267,764 718,025 557,548 
Income (loss) from continuing operations:
Expedited Freight34,688 11,753 59,218 26,933 
Intermodal8,386 4,413 12,895 8,126 
Other Operations(950)(2,252)(7,265)(5,372)
Income from continuing operations42,124 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 taxes40,801 12,716 62,360 27,636 
Income tax expense10,124 3,491 14,969 6,995 
Net income from continuing operations30,677 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 

4

Expedited Freight Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 June 30,
2021		Percent of RevenueJune 30,
2020		Percent of RevenueChangePercent Change
Operating revenue:
Network1
$210,088 59.7 %$134,172 56.9 %$75,916 56.6 %
Truckload56,968 16.2 41,855 17.8 15,113 36.1 
Final Mile69,883 19.9 53,427 22.7 16,456 30.8 
Other14,796 4.2 6,204 2.6 8,592 138.5 
Total operating revenue351,735 100.0 235,658 100.0 116,077 49.3 
Operating expenses:
Purchased transportation191,648 54.5 127,478 54.1 64,170 50.3 
Salaries, wages and employee benefits67,560 19.2 50,508 21.4 17,052 33.8 
Operating leases14,868 4.2 13,338 5.7 1,530 11.5 
Depreciation and amortization6,779 1.9 6,740 2.9 39 0.6 
Insurance and claims8,385 2.4 5,715 2.4 2,670 46.7 
Fuel expense2,147 0.6 1,406 0.6 741 52.7 
Other operating expenses25,660 7.3 18,720 7.9 6,940 37.1 
Total operating expenses317,047 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.

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Expedited Freight Operating Statistics
Three Months Ended
June 30,
2021		June 30,
2020		Percent Change
Business days64 64 — %
Tonnage 1,2
    Total pounds728,191 522,031 39.5 
    Pounds per day11,378 8,157 39.5 
Shipments 1,2
    Total shipments1,096 963 13.8 
    Shipments per day17.1 15.0 14.0 
Weight per shipment664 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

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Intermodal Segment Information
(In thousands)
(Unaudited)
Three Months Ended
 June 30,
2021		Percent of RevenueJune 30,
2020		Percent of RevenueChangePercent Change
Operating revenue$69,133 100.0 %$46,428 100.0 %$22,705 48.9 %
Operating expenses:
Purchased transportation23,767 34.4 14,904 32.1 8,863 59.5 
Salaries, wages and employee benefits16,230 23.5 11,728 25.3 4,502 38.4 
Operating leases5,500 8.0 4,045 8.7 1,455 36.0 
Depreciation and amortization2,612 3.8 2,648 5.7 (36)(1.4)
Insurance and claims2,355 3.4 1,789 3.9 566 31.6 
Fuel expense1,912 2.8 1,113 2.4 799 71.8 
Other operating expenses8,371 12.1 5,788 12.5 2,583 44.6 
Total operating expenses60,747 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 shipments96,805 68,974 40.3 %
Drayage revenue per shipment$618 $556 11.2 %
Number of locations29 24 20.8 %

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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, net209,187 156,490 
Other receivables16,999 — 
Other current assets19,982 28,150 
Current assets held for sale— 21,002 
Total current assets297,012 245,896 
Property and equipment383,155 380,519 
Less accumulated depreciation and amortization196,168 190,652 
Total property and equipment, net186,987 189,867 
Operating lease right-of-use assets148,651 123,338 
Goodwill254,993 244,982 
Other acquired intangibles, net of accumulated amortization145,813 145,032 
Other assets48,385 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 expenses70,894 51,264 
Other current liabilities6,813 10,580 
Current portion of debt and finance lease obligations1,867 1,801 
Current portion of operating lease liabilities46,042 43,680 
Current liabilities held for sale— 25,924 
Total current liabilities169,271 171,620 
Debt and finance lease obligations, less current portion161,729 117,408 
Operating lease liabilities, less current portion103,280 80,346 
Other long-term liabilities55,741 54,129 
Deferred income taxes41,471 41,986 
Noncurrent liabilities held for sale— 34,575 
  
Shareholders’ equity:  
Common stock271 273 
Additional paid-in capital252,466 242,916 
Retained earnings297,612 304,140 
Total shareholders’ equity550,349 547,329 
Total liabilities and shareholders’ equity$1,081,841 $1,047,393 
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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 amortization9,414 9,413 
Change in fair value of earn-out liability(337)(2,108)
Share-based compensation expense2,981 2,429 
Provision for revenue adjustments1,748 745 
Deferred income tax (benefit) expense(67)3,443 
Other97 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 expenses1,721 7,508 
Net cash provided by operating activities of continuing operations22,748 29,101 
Investing activities:
Proceeds from sale of property and equipment649 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 facility45,000 — 
Payment of earn-out liability— (5,284)
Proceeds from issuance of common stock upon stock option exercises1,423 — 
Payments of dividends to stockholders(5,768)(5,037)
Repurchases of common stock(23,994)— 
Proceeds from common stock issued under employee stock purchase plan388 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 operations16,474 (14,135)
Net increase in cash of continuing operations26,448 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 equivalents26,448 3,671 
Cash and cash equivalents at beginning of period of continuing operations24,396 77,245 
Cash at beginning of period of discontinued operation— — 
Net increase in cash and cash equivalents26,448 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 
9

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 amortization18,651 18,747 
Change in fair value of earn-out liability(385)(2,702)
Share-based compensation expense5,578 5,507 
Provision for revenue adjustments3,525 1,787 
Deferred income tax (benefit) expense(572)4,668 
Other189 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 assets6,746 (29)
Accounts payable and accrued expenses23,047 7,634 
Net cash provided by operating activities of continuing operations39,661 59,929 
Investing activities:
Proceeds from sale of property and equipment1,314 988 
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 facility45,000 65,000 
Payment of earn-out liability— (5,284)
Proceeds from issuance of common stock upon stock option exercises3,570 — 
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 plan388 294 
Payment of minimum tax withholdings on share-based awards(2,832)(3,286)
Contributions from (distributions to) subsidiary held for sale1,118 (5,307)
Net cash provided by financing activities from continuing operations733 25,395 
Net increase in cash and cash equivalents of continuing operations10,590 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 operation8,020 (635)
Net cash (used in) provided by financing activities of discontinued operation(1,118)5,307 
Net increase in cash and cash equivalents10,590 16,167 
Cash and cash equivalents at beginning of period of continuing operations40,254 64,749 
Cash at beginning of period of discontinued operation — — 
Net increase in cash and cash equivalents10,590 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 
10

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 EndedSix Months Ended
Continuing OperationsJune 30, 2021June 30, 2020June 30, 2021June 30, 2020
Net income$30,677 $9,225 $47,391 $20,641 
Interest expense1,323 1,198 2,488 2,051 
Income tax expense10,124 3,491 14,969 6,995 
Depreciation and amortization9,414 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 EndedSix Months Ended
Continuing OperationsJune 30, 2021June 30, 2020June 30, 2021June 30, 2020
Net cash provided by operating activities$22,748 $29,101 $39,661 $59,929 
Proceeds from sale of property and equipment649 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 
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The following information is provided to supplement this press release.
Three Months Ended
Actual - Continuing OperationsJune 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 - diluted27,415 
Diluted net income per share$1.11 
ProjectedFull year 2021
Projected tax rate - continuing operations24.8 %
Projected purchases of property and equipment, net of proceeds from sale of property and equipment1
$43,000 
1 Includes $23,500 for the Columbus, Ohio hub expansion
ProjectedDecember 31, 2021
Projected weighted-average shares outstanding - diluted26,800 

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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.


SOURCE: Forward Air Corporation

Forward Air Corporation
Brandon Hammer, 423-636-7173
bhammer@forwardair.com

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