FORWARD AIR CORP (FWRD) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Intermodal	419.7	289.2	199.6	217.6	200.8	154.4	105.5	104.0
Pool Distribution						168.2	151.2	128.8
Other	1,553.7	1,373.3	1,070.0	997.6	936.9	846.7	773.5	726.3
Total revenues	1,973.4	1,662.4	1,269.6	1,215.2	1,137.6	1,169.3	1,030.2	959.1
Revenue growth [+]	18.7%	30.9%	4.5%	6.8%	-2.7%	13.5%	7.4%	22.8%
Intermodal	45.1%	44.9%	-8.3%	8.4%	30.0%	46.4%	1.5%	37.1%
Pool Distribution						11.2%	17.4%	9.7%
Cost of goods sold [+]	1,513.2	1,341.8	1,053.9	964.6	955.0	990.0	864.5	818.7
Labor costs	348.0	327.8	270.8	258.0	229.6	265.8	242.3	240.6
Fuel costs	27.6	17.0	12.2	17.8	16.2	16.5	13.2	15.9
Lease costs					58.2	63.8	60.5	66.3
Transportation costs								408.8
Other direct costs	231.1	163.8	120.3	102.7	86.7	98.7	87.7	87.2
Gross profit	460.2	320.7	215.7	250.6	182.6	179.4	165.7	140.4
Gross margin	23.3%	19.3%	17.0%	20.6%	16.1%	15.3%	16.1%	14.6%
Selling, general and administrative [+]	49.8	42.2	34.9	38.7	29.6	29.6	25.4	21.5
General and administrative [+]	49.8	42.2	34.9	38.7	29.6	29.6	25.4	21.5
Insurance expense	49.8	42.2	34.9	38.7	29.6	29.6	25.4	21.5
Other operating expenses	97.1	79.6	69.7	63.1
EBITDA [+]	313.4	198.9	111.0	148.8	153.0	149.8	140.4	118.9
EBITDA growth	57.6%	79.1%	-25.4%	-2.8%	2.2%	6.7%	18.0%	-6.8%
EBITDA margin	15.9%	12.0%	8.7%	12.2%	13.5%	12.8%	13.6%	12.4%
Depreciation	31.4	25.2	23.6	26.2	27.7	30.9	28.1	26.3
EBITA	282.0	173.6	87.4	122.6	125.3	119.0	112.3	92.7
EBITA margin	14.3%	10.4%	6.9%	10.1%	11.0%	10.2%	10.9%	9.7%
Amortization of intangibles	16.0	14.3	13.5	10.2	8.1	10.2	10.1	10.9
EBIT [+]	266.0	159.3	73.9	112.4	117.2	108.8	102.1	81.8
EBIT growth	67.0%	115.5%	-34.2%	-4.1%	7.8%	6.5%	24.9%	-15.2%
EBIT margin	13.5%	9.6%	5.8%	9.3%	10.3%	9.3%	9.9%	8.5%
Non-recurring items [+]							42.4
Asset impairment							42.4
Interest expense	5.1	4.3	4.6	2.7	1.8	1.2	1.6	2.0
Interest expense	5.1	4.3	4.6	2.7	1.8	1.2	1.6	2.0
Other income (expense), net			0.0	0.0	0.0	0.0	0.0	-0.1
Pre-tax income	260.8	155.0	69.4	109.7	115.4	107.5	58.1	79.7
Income taxes	67.6	38.9	16.6	27.4	26.9	20.3	30.6	24.1
Tax rate	25.9%	25.1%	23.9%	25.0%	23.3%	18.9%	52.7%	30.2%
Net income	193.2	105.9	23.7	87.1	92.1	87.3	27.5	55.6
Net margin	9.8%	6.4%	1.9%	7.2%	8.1%	7.5%	2.7%	5.8%

Basic EPS [+]	$7.21	$4.28	$1.91	$2.92	$3.05	$2.92	$0.91	$1.81
Growth	68.7%	123.9%	-34.6%	-4.1%	4.3%	221.7%	-49.8%	-9.5%
Diluted EPS [+]	$7.17	$4.25	$1.91	$2.91	$3.03	$2.91	$0.90	$1.79
Growth	68.7%	123.3%	-34.5%	-4.2%	4.2%	222.3%	-49.5%	-9.1%

Dividends per share [+]	$0.96	$0.84	$0.75	$0.72	$0.63	$0.60	$1.01	$0.48
Growth	14.3%	12.0%	4.2%	14.3%	5.0%	-40.6%	110.4%	0.0%

Shares outstanding (basic) [+]	26.8	27.2	27.6	28.2	29.1	29.9	30.3	30.7
Growth	-1.4%	-1.7%	-2.0%	-3.0%	-2.6%	-1.4%	-1.4%	0.4%
Shares outstanding (diluted) [+]	26.9	27.3	27.7	28.3	29.2	30.0	30.4	31.0
Growth	-1.3%	-1.5%	-2.2%	-3.0%	-2.6%	-1.6%	-1.9%	-0.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.