Forward air corp (FWRD)
CashFlow / TTM
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

77,067

87,099

90,617

90,750

92,717

92,051

99,046

95,047

90,415

87,255

65,116

58,718

28,987

27,505

38,192

41,948

63,837

55,575

49,393

50,450

55,804

61,169

59,708

57,161

53,814

54,467

54,843

52,913

53,250

52,668

51,156

51,801

49,603

47,199

44,567

40,543

36,486

32,036

0

0

0

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

41,911

42,109

42,873

42,639

42,320

42,183

41,823

41,855

41,712

41,055

40,379

39,453

38,575

38,210

37,965

37,964

38,141

37,157

35,855

34,571

32,804

31,133

29,081

27,186

25,406

23,579

22,458

21,663

21,086

21,021

21,199

21,204

21,032

20,993

20,901

20,699

30,481

20,450

0

0

0

Change in fair value of earn-out liability

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation

12,126

11,907

12,030

12,115

11,335

10,549

9,663

8,755

8,402

8,103

8,095

8,249

8,344

8,334

8,128

7,921

7,652

7,486

7,238

7,028

6,815

6,681

6,564

6,413

6,273

6,178

6,119

6,021

6,001

6,050

6,064

6,139

6,134

5,971

5,854

5,858

5,964

6,284

0

0

0

Gain on disposal of property and equipment, net

-1,144

-1,121

-853

125

314

171

-566

-640

-875

-1,281

-791

-708

-686

-291

-23

58

-61

181

-55

304

548

383

427

283

353

454

-109

-202

-429

-318

417

249

257

82

2

-563

-550

-570

0

0

0

(Recovery of) provision for loss on receivables

-48

761

1,019

313

634

139

-26

2,014

1,926

1,814

1,778

527

476

258

-162

-62

-144

33

743

409

180

241

150

48

164

423

207

378

390

199

-8

-78

-57

-217

-237

-304

-192

-52

0

0

0

Provision for revenue adjustments

3,843

3,342

2,950

3,079

3,351

3,628

3,845

3,416

3,154

3,055

2,581

2,283

1,939

2,020

2,972

4,156

4,685

4,793

3,960

3,057

2,731

2,465

2,722

2,655

2,673

2,531

2,291

2,202

2,075

2,003

1,888

1,945

1,894

1,951

1,607

1,685

1,650

1,589

0

0

0

Tax benefit for stock options exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

1,732

3,185

7,865

3,122

5,413

5,028

651

5,075

2,109

6,360

5,670

5,308

3,707

-3,238

-3,049

-2,419

-385

-869

-734

-863

-747

-398

-404

-278

-194

0

0

0

Deferred income tax expense

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

Changes in operating assets and liabilities
Accounts receivable

-3,594

-2,059

12,998

5,713

8,416

12,178

13,949

29,705

31,182

33,457

24,971

19,277

15,792

10,077

3,463

-9,006

-11,980

-5,403

-4,548

4,353

6,032

12,193

10,166

14,476

5,035

-1,447

16,403

8,519

11,044

6,542

12,602

12,641

13,460

9,893

-8,506

-7,619

-11,420

-8,580

0

0

0

Prepaid expenses and other current assets

7,890

6,098

2,158

3,910

2,581

2,565

4,673

865

642

1,204

-226

159

146

-283

1,201

1,704

1,414

1,378

414

1,061

4,710

280

37

554

-6,103

215

4,535

6,549

1,526

1,331

1,956

374

1,713

1,757

-839

-1,171

-2,707

-40

0

0

0

Income taxes

-1,828

1,284

-619

-2,010

1,607

-1,256

-6,249

-6,645

-10,146

-3,480

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

9,890

8,700

13,634

13,767

7,852

12,535

15,822

12,517

11,088

11,010

-1,973

6,742

-969

-772

6,429

-11,251

-7,718

-17,513

-22,528

-18,287

-12,204

-199

7,831

13,759

2,776

2,588

7,345

825

-5,895

-3,477

-9,230

-10,971

1,094

3,825

260

5,266

8,543

3,022

0

0

0

Net cash provided by operating activities

146,659

159,019

156,440

157,328

153,267

152,554

139,498

118,374

107,116

103,364

113,454

121,125

129,971

130,351

123,015

128,366

115,704

85,722

83,882

71,007

79,087

91,660

95,445

92,804

90,267

90,839

83,394

81,916

71,235

68,586

67,808

68,320

79,695

76,959

70,964

67,643

59,022

53,995

0

0

0

Investing activities:
Proceeds from disposal of property and equipment

3,637

3,294

3,171

3,492

6,822

7,059

6,932

5,940

2,294

2,440

1,631

2,168

2,564

1,929

2,315

2,197

1,293

1,720

1,565

2,108

2,450

1,947

1,890

1,387

1,888

1,973

1,709

1,223

870

911

1,137

1,336

1,193

1,267

1,066

2,107

1,741

1,482

0

0

0

Purchases of property and equipment

27,291

28,209

35,051

41,285

40,162

42,293

58,999

51,209

41,834

38,265

27,071

30,808

42,150

42,186

50,679

44,573

37,954

40,495

20,927

18,029

25,168

39,487

39,274

40,865

42,805

35,439

34,120

31,029

20,437

21,353

21,423

24,093

26,985

21,216

23,551

21,850

17,051

15,148

0

0

0

Acquisition of business, net of cash acquired

94,931

39,000

0

0

0

-

-

-

-

-

-

-

-

11,800

11,800

1,700

1,255

61,878

67,702

69,053

69,498

90,172

84,348

82,997

83,106

45,328

45,328

45,328

45,219

0

0

0

0

-

-

-

-

-

-

-

-

Other

-6

0

-114

-105

157

242

505

1,082

441

222

-263

-777

231

337

340

301

108

265

649

369

72

-2

-35

263

134

129

107

-24

13

263

305

370

336

-278

-92

-107

-45

224

0

0

0

Net cash used in investing activities

-118,579

-63,915

-87,016

-84,675

-53,484

-55,463

-56,949

-46,991

-63,121

-59,187

-47,677

-60,463

-49,917

-52,394

-60,504

-44,377

-38,024

-100,918

-87,713

-85,343

-92,288

-127,710

-121,697

-122,738

-124,157

-78,923

-77,846

-75,110

-64,799

-20,705

-20,591

-23,127

-26,128

-19,671

-22,393

-19,636

-15,265

-13,890

0

0

0

Financing activities:
Proceeds from term loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

125,000

125,000

125,000

125,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of finance lease obligations

1,214

946

602

288

296

302

14,803

15,008

15,007

42,790

42,158

55,818

69,656

55,768

55,810

55,972

56,205

101,352

87,441

73,421

59,361

9,736

9,686

9,650

9,638

20,375

20,491

20,582

20,643

551

560

581

602

637

661

733

805

895

0

0

0

Proceeds from senior credit facility

0

-

0

0

0

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

3,220

4,050

2,302

4,087

4,751

3,921

5,312

3,492

5,748

7,272

6,749

11,946

8,791

8,148

10,003

4,056

5,055

14,313

11,503

13,006

13,534

13,235

16,219

16,403

24,882

33,002

29,866

35,474

25,508

15,740

18,965

11,760

14,300

10,946

8,222

8,478

5,791

991

0

0

0

Payments of cash dividends

20,355

20,494

20,635

19,932

19,203

18,427

17,681

17,798

17,926

18,052

18,126

17,277

16,390

15,529

14,675

14,722

14,785

14,821

14,787

14,749

14,776

14,795

14,211

13,606

12,907

12,141

12,009

11,889

10,880

9,947

9,016

8,145

8,173

8,194

8,220

8,185

8,147

8,121

0

0

0

Repurchase of common stock (repurchase program)

57,282

56,204

69,047

76,578

60,314

66,126

51,985

65,153

58,980

48,983

51,980

31,987

39,984

39,983

39,982

39,983

29,987

19,992

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock (restricted stock)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash settlement of share-based awards for tax withholdings

-2,983

-3,032

-3,032

-2,770

-2,770

-1,872

-1,873

-1,873

-1,888

-1,700

-1,699

-1,713

-1,653

-1,800

0

0

0

-

-

-

-

-1,083

-1,083

-1,083

-1,081

-866

-866

-866

-866

-386

-386

-386

-386

0

0

0

0

-

-

-

-

Tax benefit for stock options exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

1,732

3,185

3,135

3,122

5,413

3,920

3,567

3,801

2,109

1,054

1,744

2,106

3,707

3,238

3,049

2,419

385

869

734

863

747

398

404

278

194

0

0

0

Net cash provided by (used in) financing activities

7,000

-56,012

-63,511

-77,978

-70,353

-75,327

-66,061

-61,371

-45,595

-48,795

-64,666

-72,251

-103,756

-102,758

-98,643

-104,841

-94,138

7,079

26,702

31,924

26,652

-49,888

-47,726

-26,224

3,304

3,269

15

5,463

-4,203

5,500

-41,696

-72,480

-69,851

-72,991

-24,323

196

-2,688

-7,636

0

0

0

Net increase in cash

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net increase (decrease) in cash

-

-

-

-

-

21,764

16,488

10,012

-1,600

-4,618

1,111

-11,589

-23,702

-24,801

-36,132

-20,852

-16,458

-8,117

22,871

17,588

13,451

-85,938

-73,978

-56,158

-30,586

15,185

5,563

12,269

2,233

53,381

5,521

-27,287

-16,284

-15,703

24,248

48,203

41,069

32,469

0

0

0