Forward Air Corporation (FWRD) Financial Statements (2024 and earlier)
Company Profile
| Business Address |
1915 SNAPPS FERRY ROAD GREENEVILLE, TN 37745 |
| State of Incorp. | TN |
| Fiscal Year End | December 31 |
| Industry (SIC) | 4731 - Arrangement of Transportation of Freight and Cargo (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 6/30/2024 MRQ | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 122 | 46 | 37 | 40 | 65 | 26 | |||
| Cash and cash equivalents | 122 | 46 | 37 | 40 | 65 | 26 | |||
| Restricted cash and investments | 40 | ||||||||
| Receivables | 159 | 221 | 216 | 156 | 150 | 156 | |||
| Inventory, net of allowances, customer advances and progress billings | 2 | 2 | |||||||
| Inventory | 2 | 2 | |||||||
| Disposal group, including discontinued operation | 21 | ||||||||
| Other current assets | 1 | 13 | 7 | 7 | |||||
| Other undisclosed current assets | 26 | 25 | 22 | 21 | 19 | 17 | |||
| Total current assets: | 347 | 304 | 283 | 246 | 236 | 201 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 38 | 23 | 14 | ✕ | |||||
| Operating lease, right-of-use asset | 112 | 142 | 148 | 123 | ✕ | ||||
| Property, plant and equipment | 249 | 219 | 190 | 213 | 210 | ||||
| Intangible assets, net (including goodwill) | 413 | 461 | 421 | 390 | 349 | 313 | |||
| Goodwill | 279 | 306 | 267 | 245 | 221 | 199 | |||
| Intangible assets, net (excluding goodwill) | 135 | 155 | 155 | 145 | 128 | 114 | |||
| Restricted cash and investments | 1,791 | ||||||||
| Disposal group, including discontinued operation, noncurrent assets | 53 | ||||||||
| Other undisclosed noncurrent assets | 279 | 29 | 32 | 45 | 193 | 36 | |||
| Total noncurrent assets: | 2,633 | 904 | 835 | 801 | 755 | 559 | |||
| TOTAL ASSETS: | 2,980 | 1,208 | 1,118 | 1,047 | 991 | 760 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 108 | 109 | 106 | 75 | 65 | 67 | |||
| Employee-related liabilities | ✕ | ✕ | ✕ | 19 | 16 | 17 | |||
| Accounts payable | 45 | 55 | 45 | 38 | 30 | 35 | |||
| Accrued liabilities | 63 | 54 | 62 | 18 | 19 | 15 | |||
| Debt | 13 | 9 | 6 | 2 | 7 | 0 | |||
| Disposal group, including discontinued operation | 26 | ||||||||
| Self insurance reserve | 20 | 21 | 20 | ||||||
| Other liabilities | 72 | 4 | 5 | 11 | |||||
| Other undisclosed current liabilities | 44 | 27 | 26 | 38 | 65 | 8 | |||
| Total current liabilities: | 237 | 169 | 165 | 172 | 137 | 75 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 27 | 122 | 266 | 193 | 72 | 47 | |||
| Long-term debt, excluding current maturities | 107 | 155 | 112 | 67 | 47 | ||||
| Capital lease obligations | ✕ | ✕ | ✕ | ✕ | ✕ | 5 | 0 | ||
| Finance lease, liability | 27 | 16 | 10 | ✕ | |||||
| Liabilities, other than long-term debt | 208 | 209 | 93 | 54 | 153 | 85 | |||
| Deferred tax liabilities, net | ✕ | ✕ | ✕ | ✕ | ✕ | 44 | 37 | ||
| Deferred income tax liabilities | 42 | 51 | 43 | ✕ | |||||
| Other liabilities | 47 | 59 | 50 | 54 | 59 | 48 | |||
| Operating lease, liability | 72 | 99 | 101 | 80 | ✕ | ||||
| Self insurance reserve | 47 | 50 | |||||||
| Other undisclosed noncurrent liabilities | |||||||||
| Total noncurrent liabilities: | 234 | 331 | 359 | 247 | 225 | 132 | |||
| Total liabilities: | 472 | 501 | 524 | 418 | 362 | 207 | |||
| Equity | |||||||||
| Equity, attributable to parent | 764 | 707 | 594 | 547 | 577 | 553 | |||
| Common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Additional paid in capital | 284 | 271 | 258 | 243 | 227 | 210 | |||
| Accumulated other comprehensive loss | |||||||||
| Retained earnings (accumulated deficit) | 480 | 436 | 335 | 304 | 350 | 343 | |||
| Equity, attributable to noncontrolling interest | |||||||||
| Total equity: | 764 | 707 | 594 | 547 | 577 | 553 | |||
| Other undisclosed liabilities and equity | 1,744 | 82 | 52 | ||||||
| TOTAL LIABILITIES AND EQUITY: | 2,980 | 1,208 | 1,118 | 1,047 | 991 | 760 | |||
Income Statement (P&L) ($ in millions)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 1,371 | 1,973 | 1,662 | 1,270 | 1,410 | 1,321 | ||
| Cost of revenue | (598) | (694) | (590) | (1,075) | (1,056) | (989) | ||
| Cost of goods and services sold | (72) | (77) | (59) | (651) | (639) | (614) | ||
| Gross profit: | 772 | 1,280 | 1,072 | 194 | 354 | 332 | ||
| Operating expenses | (684) | (1,014) | (913) | (120) | (235) | (210) | ||
| Operating income (loss): | 88 | 266 | 159 | 74 | 119 | 122 | ||
| Nonoperating expense | (32) | (5) | (4) | (5) | (3) | (2) | ||
| Interest and debt expense | (32) | (1) | (0) | (5) | (3) | (2) | ||
| Other undisclosed income from continuing operations before equity method investments, income taxes | 5 | 3 | 2 | |||||
| Income (loss) from continuing operations before equity method investments, income taxes: | 25 | 260 | 155 | 69 | 116 | 120 | ||
| Other undisclosed income from continuing operations before income taxes | 32 | 1 | 0 | |||||
| Income (loss) from continuing operations before income taxes: | 57 | 261 | 155 | 69 | 116 | 120 | ||
| Income tax expense (benefit) | (14) | (68) | (39) | (17) | (29) | (28) | ||
| Income (loss) from continuing operations: | 43 | 193 | 116 | 53 | 87 | 92 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 116 | 53 | 87 | 92 | |
| Loss from discontinued operations | ||||||||
| Net income (loss): | 43 | 193 | 116 | 53 | 87 | 92 | ||
| Net income attributable to noncontrolling interest | ||||||||
| Other undisclosed net income (loss) attributable to parent | 125 | (10) | (29) | |||||
| Net income (loss) attributable to parent: | 167 | 193 | 106 | 24 | 87 | 92 | ||
| Preferred stock dividends and other adjustments | ||||||||
| Undistributed earnings (loss) allocated to participating securities, basic | (1) | (1) | (1) | (0) | (1) | (1) | ||
| Net income (loss) available to common stockholders, diluted: | 166 | 192 | 105 | 23 | 86 | 91 | ||
Comprehensive Income ($ in millions)
| 6/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 43 | 193 | 116 | 53 | 87 | 92 | ||
| Other undisclosed comprehensive loss | ||||||||
| Comprehensive income (loss): | 43 | 193 | 116 | 53 | 87 | 92 | ||
| Comprehensive income, net of tax, attributable to noncontrolling interest | ||||||||
| Other undisclosed comprehensive loss, net of tax, attributable to parent | (10) | (29) | ||||||
| Comprehensive income (loss), net of tax, attributable to parent: | 43 | 193 | 106 | 24 | 87 | 92 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.