UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-22490 FORWARD AIR CORPORATION (Exact name of Registrant as specified in its charter) Tennessee 62-1120025 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1915 Snapps Ferry Road Building N Greeneville TN 37745 (Address of principal executiv ...

Forward Air Corp (NASDAQ:FWRD) Q4 2019 Earnings Conference Call February 7, 2020 9:00 AM ET Company Participants Thomas Schmitt - Chairman, President & CEO Michael Morris - CFO, SVP & Treasurer Conference Call Participants Todd Fowler - KeyBanc Capital Markets Jack Atkins - Stephens Inc. Benjamin Hartford - Robert W. Baird & Co. Operator Thank you for joining Forward Air Corporation's Fourth Quarter 2019 Earnings Release Conference. Before we begin, I'd like to point out that both the press release and the ...

When it's bigger than a box and it really matters, "Think Forward" Investor Presentation November 2019 NASDAQ:FWRD www.ForwardAirCorp.com Forward Looking Statements Disclosure Today's presentation and discussion will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends," "estimates," or similar expressions are intended to identify these forward-looking statements. These statements, which include statem ...

Forward Air Corporation (NASDAQ:FWRD) Q3 2019 Earnings Conference Call October 25, 2019 9:00 AM ET Company Participants Tom Schmitt - CEO Mike Morris - CFO Conference Call Participants Scott Group - Wolfe Research Ben Hartford - Baird Zach Haggerty - KeyBanc Operator Thank you for joining Forward Air Corporation's Third Quarter 2019 Earnings Release Conference Call. Before we begin, I'd like to point out that both the press release and webcast presentation for this call are accessible on the Investor Relati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 000-22490 FORWARD AIR CORPORATION (Exact name of registrant as specified in its charter) | Tennessee | | | | 62-1120025 | | --- | --- | --- | --- | --- | | (State or other juri ...

Forward Air Corporation (NASDAQ:FWRD) Q2 2019 Results Conference Call July 26, 2019 10:00 AM ET Company Participants Tom Schmitt - CEO Mike Morris - CFO Conference Call Participants Wayne Thomas - Stephens Scott Group - Wolfe Research Todd Fowler - KeyBanc Seldon Clarke - Deutsche Bank Kevin Sterling - Seaport Global Securities Bruce Chan - Stifel Operator Ladies and gentlemen, thank you for joining Forward Air Corporation's Second Quarter 2019 Earnings Release Conference Call. Before we begin, I'd like to ...

Part I. Financial Information [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) For H1 2019, revenues increased to $667.2 million, assets grew to $936.6 million primarily due to new lease accounting, while net income slightly decreased [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $936.6 million, driven by $149.5 million in lease assets, with liabilities rising to $426.5 million due to lease obligations Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2019 | December 31, 2018 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$936,557** | **$760,215** | **+$176,342** | | Cash and cash equivalents | $14,777 | $25,657 | -$10,880 | | Operating lease right-of-use assets | $149,544 | $— | +$149,544 | | Goodwill and other acquired intangibles, net | $344,855 | $312,753 | +$32,102 | | **Total Liabilities** | **$386,515** | **$206,971** | **+$179,544** | | Operating lease obligations (Current & Long-term) | $150,122 | $— | +$150,122 | | Debt and finance lease obligations | $57,508 | $47,644 | +$9,864 | | **Total Shareholders' Equity** | **$550,042** | **$553,244** | **-$3,202** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q2 2019 operating revenue grew 4.7% to $345.8 million, but income from operations declined 7.0% to $30.6 million, leading to an 8.2% drop in net income Q2 and YTD Financial Performance (in thousands, except per share data) | Metric | Q2 2019 | Q2 2018 | % Change | YTD 2019 | YTD 2018 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | $345,756 | $330,343 | 4.7% | $667,227 | $632,951 | 5.4% | | Income from Operations | $30,550 | $32,870 | -7.0% | $55,284 | $57,105 | -3.2% | | Net Income | $22,330 | $24,298 | -8.2% | $40,737 | $42,038 | -3.1% | | Diluted EPS | $0.78 | $0.82 | -4.9% | $1.41 | $1.42 | -0.7% | | Dividends per share | $0.18 | $0.15 | 20.0% | $0.36 | $0.30 | 20.0% | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to $71.8 million, while investing activities used $42.3 million due to acquisitions, and financing used $40.3 million for repurchases and dividends Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $71,764 | $66,990 | | Net cash used in investing activities | ($42,326) | ($13,114) | | *Acquisition of business, net of cash* | *($27,000)* | *$-* | | Net cash used in financing activities | ($40,318) | ($37,667) | | *Repurchase of common stock* | *($38,617)* | *($28,165)* | | **Net (decrease) increase in cash** | **($10,880)** | **$16,209** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key disclosures include the FSA Logistix acquisition, adoption of new lease accounting (ASU 2016-02), a new share repurchase program, and a $5 million vehicular claims reserve - The company operates in four reportable segments: Expedited LTL, Intermodal, Truckload Premium Services (TLS), and Pool Distribution[23](index=23&type=chunk) - In April 2019, the company acquired FSA Logistix for **$27 million** in cash plus a potential earnout of up to **$15 million**, expanding final mile pickup and delivery operations within the Expedited LTL segment[35](index=35&type=chunk) - On January 1, 2019, the company adopted the new lease standard ASU 2016-02, resulting in the recognition of right-of-use lease assets of **$149.5 million** and lease liabilities of **$150.1 million** as of June 30, 2019[30](index=30&type=chunk)[73](index=73&type=chunk) - In February 2019, the Board approved a new stock repurchase plan for up to **5 million shares**, with **637,000 shares** repurchased for **$38.6 million** during the first six months of 2019[89](index=89&type=chunk)[91](index=91&type=chunk) - During Q2 2019, the company recorded a **$5 million** reserve for pending vehicular claims[96](index=96&type=chunk) - Subsequent to the quarter's end, on July 14, 2019, the company acquired OST Logistics for **$12 million** to expand its Intermodal segment's footprint on the east coast[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q2 2019 revenue grew 4.7% driven by acquisitions, but operating income declined 7.0% due to increased expenses, including a $5.0 million vehicular claims reserve and CEO transition costs [Results from Operations - Three Months Ended June 30, 2019](index=29&type=section&id=Results%20from%20Operations%20-%20Three%20Months%20Ended%20June%2030,%202019) Q2 2019 consolidated revenue rose 4.7% to $345.7 million, but operating income fell 7.0% to $30.6 million, impacted by a $4.0 million vehicle claim reserve and CEO transition costs Q2 2019 Segment Performance (in millions) | Segment | Operating Revenue | % Change YoY | Income from Operations | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Expedited LTL | $205.7 | 6.6% | $26.9 | 1.5% | | Intermodal | $50.5 | 2.6% | $5.2 | -7.1% | | Truckload Premium Services | $46.1 | -5.7% | $0.7 | -58.8% | | Pool Distribution | $45.8 | 5.8% | $1.6 | 0.0% | | **Total** | **$345.7** | **4.7%** | **$30.6** | **-7.0%** | - Operating expenses increased by **$17.7 million**, driven by an **$8.2 million** increase in salaries (partly from acquisitions) and a **$3.1 million** increase in insurance and claims, which included a **$5.0 million** reserve for pending vehicular claims[123](index=123&type=chunk) - The operating loss from 'Other Operations' increased to **$3.8 million**, primarily due to a **$4.0 million** vehicle claim reserve and **$0.6 million** in costs related to the CEO transition[175](index=175&type=chunk) [Results from Operations - Six Months Ended June 30, 2019](index=42&type=section&id=Results%20from%20Operations%20-%20Six%20Months%20Ended%20June%2030,%202019) H1 2019 consolidated revenue grew 5.4% to $667.2 million, but operating income decreased 3.2% to $55.3 million, impacted by a $5.0 million vehicle claim reserve and CEO transition costs YTD 2019 Segment Performance (in millions) | Segment | Operating Revenue | % Change YoY | Income from Operations | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Expedited LTL | $384.3 | 5.9% | $46.5 | -1.7% | | Intermodal | $104.6 | 7.1% | $11.4 | 26.7% | | Truckload Premium Services | $91.8 | -3.4% | $1.5 | -11.8% | | Pool Distribution | $91.0 | 5.8% | $2.8 | -6.7% | | **Total** | **$667.2** | **5.4%** | **$55.3** | **-3.2%** | - The operating loss from 'Other Operations' widened to **$6.9 million** from **$3.9 million** in the prior year, driven by a **$4.0 million** vehicle claim reserve, **$1.6 million** in loss development factors, and **$1.3 million** in CEO transition costs[235](index=235&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) Cash from operations increased to $71.8 million, while major uses included $27.0 million for acquisitions, $38.6 million for share repurchases, and $10.3 million for dividends - Net cash from operating activities increased to **$71.8 million** for the first six months of 2019, compared to **$67.0 million** in 2018[240](index=240&type=chunk) - Investing activities used **$42.3 million**, primarily consisting of **$27.0 million** for the acquisition of FSA and **$15.3 million** in net capital expenditures[241](index=241&type=chunk) - Financing activities used **$40.3 million**, which included **$38.6 million** in share repurchases and **$10.3 million** in dividend payments, partially offset by **$10.0 million** in proceeds from the senior credit facility[242](index=242&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposure to market risk related to its outstanding debt is not significant and has not materially changed from the disclosures in its 2018 Form 10-K - Exposure to market risk from outstanding debt is not significant and has not changed materially since the 2018 Form 10-K[246](index=246&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with changes implemented for the new lease accounting standard (ASU 2016-02) - The CEO and CFO believe the company's disclosure controls and procedures are effective[248](index=248&type=chunk) - Changes to internal controls were implemented to meet the reporting and disclosure requirements of the new lease standard, ASU 2016-02[249](index=249&type=chunk) Part II. Other Information [Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary, routine litigation incidental to its business, primarily related to personal injury, property damage, and workers' compensation claims - The company is party to ordinary, routine litigation which is not expected to have a material adverse effect on its business[250](index=250&type=chunk) [Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) There have been no changes in the nature of the company's risk factors since the filing of its 2018 Annual Report on Form 10-K - There have been no changes in the nature of risk factors since December 31, 2018[251](index=251&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2019, the company repurchased **406,894** shares at an average price of **$60.05** under a new **5.0 million** share authorization plan Q2 2019 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2019 | 53,284 | $65.73 | | May 2019 | 150,200 | $60.77 | | June 2019 | 203,410 | $58.04 | | **Total Q2** | **406,894** | **$60.05** | - On February 5, 2019, the Board approved a new share repurchase authorization for up to **5.0 million shares**[254](index=254&type=chunk) [Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and certifications by the CEO and CFO

Forward Air Corporation (NASDAQ:FWRD) Q1 2019 Results Earnings Conference Call April 25, 2019 9:00 AM ET Company Participants Thomas Schmitt - President and Chief Executive Officer Michael Morris - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Seldon Clarke - Deutsche Bank Jack Atkins - Stephens Todd Fowler - KeyBanc Capital Markets Benjamin Hartford - Baird Equity Research Bruce Chan - Stifel Scott Group - Wolfe Research Operator Thank you for joining Forward Air ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2019 Commission File No. 000-22490 FORWARD AIR CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) 1915 Snapps Ferry Road, Building N Greeneville, Tennessee 37745 (Address of principal executive offices ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 Commission file number: 001-16853 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-22490 FORWARD AIR CORPORATION (Exact name of Registrant as specified in its charter) Tennessee (State or other ju ...