Forward air corp (FWRD)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Operating activities:
Net income

8,375

24,167

22,195

22,330

18,407

27,685

22,328

24,297

17,741

34,680

18,329

19,665

14,581

12,541

11,931

-10,066

13,099

23,228

15,687

11,823

4,837

17,046

16,744

17,177

10,202

15,585

14,197

13,830

10,855

15,961

12,267

14,167

10,273

14,449

12,912

11,969

7,869

11,817

8,888

7,912

3,419

Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization

10,629

10,073

10,528

10,681

10,827

10,837

10,294

10,362

10,690

10,477

10,326

10,219

10,033

9,801

9,400

9,341

9,668

9,556

9,399

9,518

8,684

8,254

8,115

7,751

7,013

6,202

6,220

5,971

5,186

5,081

5,425

5,394

5,121

5,259

5,430

5,222

5,082

5,167

5,228

15,004

-4,949

Change in fair value of earn-out liability

-594

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation

3,266

2,901

2,762

3,197

3,047

3,024

2,847

2,417

2,261

2,138

1,939

2,064

1,962

2,130

2,093

2,159

1,952

1,924

1,886

1,890

1,786

1,676

1,676

1,677

1,652

1,559

1,525

1,537

1,557

1,500

1,427

1,517

1,606

1,514

1,502

1,512

1,443

1,397

1,506

1,618

1,763

Gain on disposal of property and equipment, net

38

-111

-1,098

27

61

157

-120

216

-82

-580

-194

-19

-488

-90

-111

3

-93

178

-30

-116

149

-58

329

128

-16

-14

185

198

85

-577

92

-29

196

158

-76

-21

21

78

-641

-8

1

(Recovery of) provision for loss on receivables

-180

-67

197

2

629

191

-509

323

134

26

1,531

235

22

-10

280

184

-196

-430

380

102

-19

280

46

-127

42

189

-56

-11

301

-27

115

1

110

-234

45

22

-50

-254

-22

134

90

Provision for revenue adjustments

1,041

1,099

963

740

540

707

1,092

1,012

817

924

663

750

718

450

365

406

799

1,402

1,549

935

907

569

646

609

641

826

579

627

499

586

490

500

427

471

547

449

484

127

625

414

423

Tax benefit for stock options exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

1,595

50

49

38

3,048

4,730

-4,694

2,329

2,663

353

-270

-637

6,914

-337

-632

-2,238

-31

-148

-2

-204

-515

-13

-131

-88

-166

-19

-5

-4

Deferred income tax expense

1,545

-

2,653

2,442

836

-

2,182

781

3,713

-

-558

950

131

-

-220

-4,150

5,031

-

6,044

-3,543

3,045

-

156

1,441

132

-

1,722

2,086

850

-

1,023

2,241

-804

-

4,140

1,919

20

-

40

-791

-873

Changes in operating assets and liabilities
Accounts receivable

-6,102

-6,265

3,939

4,834

-4,567

8,792

-3,346

7,537

-805

10,563

12,410

9,014

1,470

2,077

6,716

5,529

-4,245

-4,537

-5,753

2,555

2,332

-3,682

3,148

4,234

8,493

-5,709

7,458

-5,207

2,011

12,141

-426

-2,682

-2,491

18,201

-387

-1,863

-6,058

-198

500

-5,664

-3,218

Prepaid expenses and other current assets

-907

1,625

-511

7,683

-2,699

-2,315

1,241

6,354

-2,715

-207

-2,567

6,131

-2,153

-1,637

-2,182

6,118

-2,582

-153

-1,679

5,828

-2,618

-1,117

-1,032

9,477

-7,048

-1,360

-515

2,820

-730

2,960

1,499

-2,203

-925

3,585

-83

-864

-881

989

-415

-2,400

1,786

Income taxes

1,519

3,840

-374

-6,813

4,631

1,937

-1,765

-3,196

1,768

-3,056

-2,161

-6,697

8,434

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

-3,406

-5,390

8,483

10,203

-4,596

-456

8,616

4,288

87

2,831

5,311

2,859

9

-10,152

14,026

-4,852

206

-2,951

-3,654

-1,319

-9,589

-7,966

587

4,764

2,416

64

6,515

-6,219

2,228

4,821

-5

-12,939

4,646

-932

-1,746

-874

7,377

-4,497

3,260

2,403

1,856

Net cash provided by operating activities

29,166

41,288

45,967

30,238

41,526

38,709

46,855

26,177

40,813

25,653

25,731

14,919

37,061

35,743

33,402

23,765

37,441

28,407

38,753

11,103

7,459

26,567

25,878

19,183

20,032

30,352

23,237

16,646

20,604

22,907

21,759

5,965

17,955

22,129

22,271

17,340

15,219

16,134

18,950

8,719

10,192

Investing activities:
Proceeds from disposal of property and equipment

750

1,193

829

865

407

1,070

1,150

4,195

644

943

158

549

790

134

695

945

155

520

577

41

582

365

1,120

383

79

308

617

884

164

44

131

531

205

270

330

388

279

69

1,371

22

20

Purchases of property and equipment

3,172

1,107

10,504

12,508

4,090

7,949

16,738

11,385

6,221

24,655

8,948

2,010

2,652

13,461

12,685

13,352

2,688

21,954

6,579

6,733

5,229

2,386

3,681

13,872

19,548

2,173

5,272

15,812

12,182

854

2,181

5,220

13,098

924

4,851

8,112

7,329

3,259

3,150

3,313

5,426

Acquisition of business, net of cash acquired

55,931

0

12,000

27,000

0

-

-

-

-

-

-

-

-

0

10,100

0

1,700

0

0

-445

62,323

5,824

1,351

0

82,997

0

0

109

45,219

0

0

0

0

-

-

-

-

-

-

-

-

Other

0

0

0

-6

6

-114

9

256

91

149

586

-385

-128

-336

72

623

-22

-333

33

430

135

51

-247

133

61

18

51

4

56

-4

-80

41

306

38

-15

7

-308

224

-30

69

-39

Net cash used in investing activities

-58,353

86

-21,675

-38,637

-3,689

-23,015

-19,334

-7,446

-5,668

-24,501

-9,376

-23,576

-1,734

-12,991

-22,162

-13,030

-4,211

-21,101

-6,035

-6,677

-67,105

-7,896

-3,665

-13,622

-102,527

-1,883

-4,706

-15,041

-57,293

-806

-1,970

-4,730

-13,199

-692

-4,506

-7,731

-6,742

-3,414

-1,749

-3,360

-5,367

Financing activities:
Proceeds from term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

125,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of finance lease obligations

336

418

391

69

68

74

77

77

74

14,575

282

76

27,857

13,943

13,942

13,914

13,969

13,985

14,104

14,147

59,116

74

84

87

9,491

24

48

75

20,228

140

139

136

136

149

160

157

171

173

232

229

261

Proceeds from senior credit facility

65,000

-

10,000

10,000

0

-

-

-

-

-

20,000

22,000

13,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

0

1,987

785

448

830

239

2,570

1,112

0

1,630

750

3,368

1,524

1,107

5,947

213

881

2,962

0

1,212

10,139

152

1,503

1,740

9,840

3,136

1,687

10,219

17,960

0

7,295

253

8,192

3,225

90

2,793

4,838

501

346

106

38

Payments of cash dividends

5,050

5,073

5,088

5,144

5,189

5,214

4,385

4,415

4,413

4,468

4,502

4,543

4,539

4,542

3,653

3,656

3,678

3,688

3,700

3,719

3,714

3,654

3,662

3,746

3,733

3,070

3,057

3,047

2,967

2,938

2,937

2,038

2,034

2,007

2,066

2,066

2,055

2,033

2,031

2,028

2,029

Repurchase of common stock (repurchase program)

15,259

8,298

9,289

24,436

14,181

21,141

16,820

8,172

19,993

7,000

29,988

1,999

9,996

9,997

9,995

9,996

9,995

9,996

9,996

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock (restricted stock)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,926

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash settlement of share-based awards for tax withholdings

-2,672

0

-262

-49

-2,721

0

0

-49

-1,823

-1

0

-64

-1,635

0

-14

-4

-1,782

-

-

-

-

0

0

-2

-1,081

0

0

0

-866

0

0

0

-386

0

0

0

0

-

-

-

-

Tax benefit for stock options exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

1,595

50

49

38

3,048

0

36

2,329

1,555

-353

270

637

500

337

632

2,238

31

148

2

204

515

13

131

88

166

19

5

4

Net cash provided by (used in) financing activities

41,683

-11,449

-4,245

-18,989

-21,329

-18,948

-18,712

-11,364

-26,303

-9,682

-14,022

4,412

-29,503

-25,553

-21,607

-27,093

-28,505

-21,438

-27,805

-16,390

72,712

-1,815

-22,583

-21,662

-3,828

347

-1,081

7,866

-3,863

-2,907

4,367

-1,800

5,840

-50,103

-26,417

829

2,700

-1,435

-1,898

-2,055

-2,248

Net increase in cash

12,496

-

-

-

16,508

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net increase (decrease) in cash

-

-

-

-

-

-3,254

8,809

7,367

8,842

-8,530

2,333

-4,245

5,824

-2,801

-10,367

-16,358

4,725

-14,132

4,913

-11,964

13,066

16,856

-370

-16,101

-86,323

28,816

17,450

9,471

-40,552

19,194

24,156

-565

10,596

-28,666

-8,652

10,438

11,177

11,285

15,303

3,304

2,577