Forward Air(FWRD) - 2024 Q4 - Annual Results

Financial Guidance - The Company reaffirmed its previously issued financial guidance for the fiscal year ended December 31, 2024[9]. Credit Agreement Amendments - Amendment No. 3 to the Credit Agreement increases the maximum consolidated first lien net leverage ratio to 6.75:1.00 for the quarters ending December 31, 2024, through September 30, 2025[11]. - The revolving credit commitments under the Credit Agreement are reduced from $340 million to$300 million, with a potential further reduction to $250 million if the leverage ratio exceeds 6.50:1.00[11]. - An anti-cash hoarding covenant will require the Borrower to prepay revolving credit loans if unrestricted cash exceeds$120 million at the end of any month[11]. - The financial performance covenant has been modified to allow for greater leverage during the specified period[11]. - The Company plans to restrict certain payments unless its consolidated total net leverage ratio is below 4.00:1.00[11]. Strategic Initiatives - The Company is implementing the initial phase of its transformation strategy to maximize shareholder value[12]. - The Company aims to provide additional financial flexibility to fund future growth opportunities in support of its long-term strategy[6]. - The Company is exploring strategic alternatives to enhance shareholder value[12]. Financial Advisory Services - The financial institutions involved in the Credit Agreement may perform various financial advisory services for the Company, receiving customary fees[7].