Three Months Ended | ||||||||||||||||||||||||||
(in thousands, except per share data) | September 30, 2023 | September 30, 2022 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 413,447 | $ | 510,023 | $ | (96,576) | (18.9) | % | ||||||||||||||||||
Income from operations | $ | 15,493 | $ | 71,665 | $ | (56,172) | (78.4) | % | ||||||||||||||||||
Operating margin | 3.7 | % | 14.1 | % | (1,040) bps | |||||||||||||||||||||
Net income | $ | 9,288 | $ | 52,133 | $ | (42,845) | (82.2) | % | ||||||||||||||||||
Net income per diluted share | $ | 0.36 | $ | 1.93 | $ | (1.57) | (81.3) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 29,865 | $ | 83,994 | $ | (54,129) | (64.4) | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 37,864 | $ | 71,665 | $ | (33,801) | (47.2) | % | ||||||||||||||||||
Adjusted net income | $ | 25,462 | $ | 52,133 | $ | (26,671) | (51.2) | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 0.99 | $ | 1.93 | $ | (0.94) | (48.9) | % | ||||||||||||||||||
EBITDA | $ | 30,999 | $ | 83,934 | $ | (52,935) | (63.1) | % | ||||||||||||||||||
Free cash flow | $ | 24,126 | $ | 77,922 | $ | (53,796) | (69.0) | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||
(in thousands, except per share data) | September 30, 2023 | September 30, 2022 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 1,242,695 | $ | 1,492,203 | $ | (249,508) | (16.7) | % | ||||||||||||||||||
Income from operations | $ | 96,213 | $ | 204,561 | $ | (108,348) | (53.0) | % | ||||||||||||||||||
Operating margin | 7.7 | % | 13.7 | % | (600) bps | |||||||||||||||||||||
Net income | $ | 65,607 | $ | 150,249 | $ | (84,642) | (56.3) | % | ||||||||||||||||||
Net income per diluted share | $ | 2.50 | $ | 5.53 | $ | (3.03) | (54.8) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 159,431 | $ | 196,814 | $ | (37,383) | (19.0) | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 124,084 | $ | 204,267 | $ | (80,183) | (39.3) | % | ||||||||||||||||||
Adjusted net income | $ | 86,232 | $ | 150,029 | $ | (63,797) | (42.5) | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 3.29 | $ | 5.53 | $ | (2.24) | (40.5) | % | ||||||||||||||||||
EBITDA | $ | 139,867 | $ | 239,555 | $ | (99,688) | (41.6) | % | ||||||||||||||||||
Free cash flow | $ | 139,288 | $ | 172,836 | $ | (33,548) | (19.4) | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. |
Forward Air Corporation | |||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||
(Unaudited, in thousands, except per share data) | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Expedited Freight | $ | 351,346 | $ | 395,635 | $ | 1,028,276 | $ | 1,181,083 | |||||||||||||||
Intermodal | 62,183 | 114,421 | 214,603 | 311,272 | |||||||||||||||||||
Eliminations and other operations | (82) | (33) | (184) | (152) | |||||||||||||||||||
Operating revenues | 413,447 | 510,023 | 1,242,695 | 1,492,203 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation | 190,766 | 229,326 | 557,626 | 693,648 | |||||||||||||||||||
Salaries, wages and employee benefits | 88,159 | 90,755 | 254,365 | 263,194 | |||||||||||||||||||
Operating leases | 22,662 | 24,965 | 76,094 | 71,097 | |||||||||||||||||||
Depreciation and amortization | 15,506 | 12,269 | 43,654 | 34,994 | |||||||||||||||||||
Insurance and claims | 13,626 | 12,093 | 40,768 | 37,257 | |||||||||||||||||||
Fuel expense | 5,917 | 6,772 | 16,975 | 20,951 | |||||||||||||||||||
Other operating expenses | 61,318 | 62,178 | 157,000 | 166,501 | |||||||||||||||||||
Total operating expenses | 397,954 | 438,358 | 1,146,482 | 1,287,642 | |||||||||||||||||||
Income (loss) from operations: | |||||||||||||||||||||||
Expedited Freight | 36,351 | 56,304 | 100,298 | 167,091 | |||||||||||||||||||
Intermodal | 4,744 | 16,610 | 20,259 | 43,005 | |||||||||||||||||||
Other Operations | (25,602) | (1,249) | (24,344) | (5,535) | |||||||||||||||||||
Income from operations | 15,493 | 71,665 | 96,213 | 204,561 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense, net | (2,655) | (1,544) | (7,595) | (3,521) | |||||||||||||||||||
Total other expense | (2,655) | (1,544) | (7,595) | (3,521) | |||||||||||||||||||
Income before income taxes | 12,838 | 70,121 | 88,618 | 201,040 | |||||||||||||||||||
Income tax expense | 3,550 | 17,988 | 23,011 | 50,791 | |||||||||||||||||||
Net income and comprehensive income | $ | 9,288 | $ | 52,133 | $ | 65,607 | $ | 150,249 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.36 | $ | 1.94 | $ | 2.51 | $ | 5.56 | |||||||||||||||
Diluted | $ | 0.36 | $ | 1.93 | $ | 2.50 | $ | 5.53 | |||||||||||||||
Dividends per share: | $ | 0.24 | $ | 0.24 | $ | 0.72 | $ | 0.72 | |||||||||||||||
Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2023 | Percent of Revenue | September 30, 2022 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 1 | $ | 216,977 | 61.8 | % | $ | 240,482 | 60.8 | % | $ | (23,505) | (9.8) | % | |||||||||||||||||||||||
Truckload | 38,800 | 11.0 | 55,607 | 14.1 | (16,807) | (30.2) | |||||||||||||||||||||||||||||
Final Mile | 72,471 | 20.6 | 76,822 | 19.4 | (4,351) | (5.7) | |||||||||||||||||||||||||||||
Other | 23,098 | 6.6 | 22,724 | 5.7 | 374 | 1.6 | |||||||||||||||||||||||||||||
Total operating revenue | 351,346 | 100.0 | 395,635 | 100.0 | (44,289) | (11.2) | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 171,910 | 48.9 | 200,783 | 50.7 | (28,873) | (14.4) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 69,468 | 19.8 | 71,543 | 18.1 | (2,075) | (2.9) | |||||||||||||||||||||||||||||
Operating leases | 17,518 | 5.0 | 15,819 | 4.0 | 1,699 | 10.7 | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,319 | 2.9 | 8,140 | 2.1 | 2,179 | 26.8 | |||||||||||||||||||||||||||||
Insurance and claims | 10,190 | 2.9 | 9,196 | 2.3 | 994 | 10.8 | |||||||||||||||||||||||||||||
Fuel expense | 3,026 | 0.9 | 2,873 | 0.7 | 153 | 5.3 | |||||||||||||||||||||||||||||
Other operating expenses | 32,564 | 9.3 | 30,977 | 7.8 | 1,587 | 5.1 | |||||||||||||||||||||||||||||
Total operating expenses | 314,995 | 89.7 | 339,331 | 85.8 | (24,336) | (7.2) | |||||||||||||||||||||||||||||
Income from operations | $ | 36,351 | 10.3 | % | $ | 56,304 | 14.2 | % | $ | (19,953) | (35.4) | % | |||||||||||||||||||||||
1Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial, Truckload and Final Mile revenue. |
Expedited Freight Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2023 | September 30, 2022 | Percent Change | |||||||||||||||
Business days | 63 | 64 | (1.6) | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
Total pounds | 685,756 | 698,004 | (1.8) | ||||||||||||||
Pounds per day | 10,885 | 10,906 | (0.2) | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
Total shipments | 835 | 916 | (8.8) | ||||||||||||||
Shipments per day | 13.3 | 14.3 | (7.0) | ||||||||||||||
Weight per shipment | 821 | 762 | 7.7 | ||||||||||||||
Revenue per hundredweight 3 | $ | 31.66 | $ | 34.70 | (8.8) | ||||||||||||
Revenue per hundredweight, ex fuel 3 | $ | 24.20 | $ | 26.05 | (7.1) | ||||||||||||
Revenue per shipment 3 | $ | 259.94 | $ | 264.30 | (1.6) | ||||||||||||
Revenue per shipment, ex fuel 3 | $ | 198.71 | $ | 198.39 | 0.2 | ||||||||||||
1 In thousands | |||||||||||||||||
2 Excludes accessorial, Truckload and Final Mile products | |||||||||||||||||
3 Includes intercompany revenue between the Network and Truckload revenue streams | |||||||||||||||||
Intermodal Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2023 | Percent of Revenue | September 30, 2022 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue | $ | 62,183 | 100.0 | % | $ | 114,421 | 100.0 | % | $ | (52,238) | (45.7) | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 18,945 | 30.5 | 28,610 | 25.0 | (9,665) | (33.8) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 16,118 | 25.9 | 17,945 | 15.7 | (1,827) | (10.2) | |||||||||||||||||||||||||||||
Operating leases | 5,144 | 8.3 | 9,146 | 8.0 | (4,002) | (43.8) | |||||||||||||||||||||||||||||
Depreciation and amortization | 5,187 | 8.3 | 4,129 | 3.6 | 1,058 | 25.6 | |||||||||||||||||||||||||||||
Insurance and claims | 2,758 | 4.4 | 2,241 | 2.0 | 517 | 23.1 | |||||||||||||||||||||||||||||
Fuel expense | 2,892 | 4.7 | 3,899 | 3.4 | (1,007) | (25.8) | |||||||||||||||||||||||||||||
Other operating expenses | 6,395 | 10.3 | 31,841 | 27.8 | (25,446) | (79.9) | |||||||||||||||||||||||||||||
Total operating expenses | 57,439 | 92.4 | 97,811 | 85.5 | (40,372) | (41.3) | |||||||||||||||||||||||||||||
Income from operations | $ | 4,744 | 7.6 | % | $ | 16,610 | 14.5 | % | $ | (11,866) | (71.4) | % | |||||||||||||||||||||||
Intermodal Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2023 | September 30, 2022 | Percent Change | |||||||||||||||
Drayage shipments | 68,576 | 89,236 | (23.2) | % | |||||||||||||
Drayage revenue per shipment | $ | 823 | $ | 1,203 | (31.6) | % | |||||||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,843 | $ | 45,822 | |||||||
Accounts receivable, net | 191,758 | 221,028 | |||||||||
Other current assets | 27,129 | 37,465 | |||||||||
Total current assets | 237,730 | 304,315 | |||||||||
Property and equipment, net | 258,248 | 249,080 | |||||||||
Operating lease right-of-use assets | 134,726 | 141,865 | |||||||||
Goodwill | 356,763 | 306,184 | |||||||||
Other acquired intangibles, net | 146,710 | 154,801 | |||||||||
Other assets | 56,404 | 51,831 | |||||||||
Total assets | $ | 1,190,581 | $ | 1,208,076 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 45,702 | $ | 54,601 | |||||||
Accrued expenses | 56,552 | 54,291 | |||||||||
Other current liabilities | 21,619 | 3,956 | |||||||||
Current portion of debt and finance lease obligations | 15,053 | 9,444 | |||||||||
Current portion of operating lease liabilities | 51,515 | 47,106 | |||||||||
Total current liabilities | 190,441 | 169,398 | |||||||||
Finance lease obligations, less current portion | 23,387 | 15,844 | |||||||||
Long-term debt, less current portion and debt issuance costs | 118,857 | 106,588 | |||||||||
Operating lease liabilities, less current portion | 87,938 | 98,865 | |||||||||
Other long-term liabilities | 50,966 | 59,044 | |||||||||
Deferred income taxes | 53,292 | 51,093 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 257 | 265 | |||||||||
Additional paid-in capital | 280,640 | 270,855 | |||||||||
Retained earnings | 384,803 | 436,124 | |||||||||
Total shareholders’ equity | 665,700 | 707,244 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,190,581 | $ | 1,208,076 |
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Operating activities: | |||||||||||
Net income from operations | $ | 9,288 | $ | 52,133 | |||||||
Adjustments to reconcile net income of operations to net cash provided by operating activities of operations | |||||||||||
Depreciation and amortization | 15,506 | 12,269 | |||||||||
Share-based compensation expense | 3,043 | 2,676 | |||||||||
Provision for revenue adjustments | 2,782 | 4,368 | |||||||||
Deferred income tax expense | 17 | — | |||||||||
Other | 1,396 | (966) | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
Accounts receivable | (19,425) | (6,421) | |||||||||
Other receivables | — | 1,004 | |||||||||
Other current and noncurrent assets | (6,916) | 2,825 | |||||||||
Accounts payable and accrued expenses | 24,174 | 16,106 | |||||||||
Net cash provided by operating activities | 29,865 | 83,994 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 104 | 656 | |||||||||
Purchases of property and equipment | (5,843) | (6,728) | |||||||||
Net cash used in investing activities | (5,739) | (6,072) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (2,949) | (1,626) | |||||||||
Payments on credit facility | (375) | (40,375) | |||||||||
Payments of dividends to shareholders | (6,198) | (6,467) | |||||||||
Repurchases and retirement of common stock | (14,019) | (29,994) | |||||||||
Payment of minimum tax withholdings on share-based awards | (23) | — | |||||||||
Net cash used in financing activities | (23,564) | (78,462) | |||||||||
Net increase (decrease) in cash and cash equivalents | 562 | (540) | |||||||||
Cash and cash equivalents at beginning of period | 18,281 | 47,386 | |||||||||
Cash and cash equivalents at end of period | $ | 18,843 | $ | 46,846 | |||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
Operating activities: | |||||||||||
Net income from operations | $ | 65,607 | $ | 150,249 | |||||||
Adjustments to reconcile net income of operations to net cash provided by operating activities of operations | |||||||||||
Depreciation and amortization | 43,654 | 34,994 | |||||||||
Change in fair value of earn-out liability | — | (294) | |||||||||
Share-based compensation expense | 9,352 | 8,743 | |||||||||
Provision for revenue adjustments | 8,311 | 7,302 | |||||||||
Deferred income tax expense | 2,199 | 1,962 | |||||||||
Other | 964 | 417 | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | |||||||||||
Accounts receivable | 18,874 | (43,172) | |||||||||
Other receivables | — | 8,097 | |||||||||
Other current and noncurrent assets | 4,207 | 6,743 | |||||||||
Accounts payable and accrued expenses | 6,263 | 21,773 | |||||||||
Net cash provided by operating activities | 159,431 | 196,814 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 3,275 | 1,423 | |||||||||
Purchases of property and equipment | (23,418) | (25,401) | |||||||||
Purchase of a business, net of cash acquired | (56,703) | (40,433) | |||||||||
Net cash used in investing activities | (76,846) | (64,411) | |||||||||
Financing activities: | |||||||||||
Repayments of finance lease obligations | (6,936) | (4,209) | |||||||||
Proceeds from credit facility | 45,000 | — | |||||||||
Payments on credit facility | (31,125) | (48,625) | |||||||||
Payment of earn-out liability | — | (91) | |||||||||
Proceeds from issuance of common stock upon stock option exercises | — | 206 | |||||||||
Payments of dividends to shareholders | (18,798) | (19,461) | |||||||||
Repurchases and retirement of common stock | (93,811) | (47,774) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 421 | 374 | |||||||||
Payment of minimum tax withholdings on share-based awards | (4,315) | (3,293) | |||||||||
Net cash used in financing activities | (109,564) | (122,873) | |||||||||
Net (decrease) increase in cash and cash equivalents | (26,979) | 9,530 | |||||||||
Cash and cash equivalents at beginning of period | 45,822 | 37,316 | |||||||||
Cash and cash equivalents at end of period | $ | 18,843 | $ | 46,846 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Net income | $ | 9,288 | $ | 52,133 | $ | 65,607 | $ | 150,249 | ||||||||||||||||||
Interest expense | 2,655 | 1,544 | 7,595 | 3,521 | ||||||||||||||||||||||
Income tax expense | 3,550 | 17,988 | 23,011 | 50,791 | ||||||||||||||||||||||
Depreciation and amortization | 15,506 | 12,269 | 43,654 | 34,994 | ||||||||||||||||||||||
EBITDA | $ | 30,999 | $ | 83,934 | $ | 139,867 | $ | 239,555 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 29,865 | $ | 83,994 | $ | 159,431 | $ | 196,814 | ||||||||||||||||||
Proceeds from sale of property and equipment | 104 | 656 | 3,275 | 1,423 | ||||||||||||||||||||||
Purchases of property and equipment | (5,843) | (6,728) | (23,418) | (25,401) | ||||||||||||||||||||||
Free cash flow | $ | 24,126 | $ | 77,922 | $ | 139,288 | $ | 172,836 | ||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income | Net Income Per Diluted Share | |||||||||||||||||||||||||||||||||
As Reported | $ | 15,493 | $ | 9,288 | $ | 0.36 | $ | 71,665 | $ | 52,133 | $ | 1.93 | ||||||||||||||||||||||||||
Due diligence and transaction costs | 22,371 | 16,174 | 0.63 | — | — | — | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 37,864 | $ | 25,462 | $ | 0.99 | $ | 71,665 | $ | 52,133 | $ | 1.93 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are based on the after-tax effect of each item. The income tax effect is calculated by applying the effective tax rate to the pre-tax amount. The total tax effect of the above item is $6,197. | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income2 | Net Income Per Diluted Share2 | |||||||||||||||||||||||||||||||||
As Reported | $ | 96,213 | $ | 65,607 | $ | 2.50 | $ | 204,561 | $ | 150,249 | $ | 5.53 | ||||||||||||||||||||||||||
Due diligence and transaction costs | 27,871 | 20,625 | 0.79 | — | — | — | ||||||||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | — | — | — | (294) | (220) | (0.01) | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 124,084 | $ | 86,232 | $ | 3.29 | $ | 204,267 | $ | 150,029 | $ | 5.53 | ||||||||||||||||||||||||||
1 Net income and net income per diluted share amounts are based on the after-tax effect of each item. The income tax effect is calculated by applying the effective tax rate to the pre-tax amount. The total tax effect of the above item is $7,246. | ||||||||||||||||||||||||||||||||||||||
2 Net income and net income per diluted share amounts are based on the after-tax effect of each item. The income tax effect is calculated by applying the effective tax rate to the pre-tax amount. The total tax effect of the above item is ($74). |
Net Income Per Diluted Share1 | ||||||||
Continuing Operations | Three Months Ended December 31, 2022 | |||||||
As reported | $ | 1.60 | ||||||
Vehicle liability reserve | 0.04 | |||||||
Due diligence and integration costs | 0.01 | |||||||
As adjusted | $ | 1.65 |
Actual | Three Months Ended September 30, 2023 | |||||||
Net income | $ | 9,288 | ||||||
Income allocated to participating securities | (57) | |||||||
Numerator for diluted net income per share - net income | $ | 9,231 | ||||||
Weighted-average common shares and common share equivalent outstanding - diluted | 25,771 | |||||||
Diluted net income per share | $ | 0.36 | ||||||
Projected | Full year 2023 | |||||||
Projected tax rate | 26.7 | % | ||||||
Projected purchases of property and equipment, net of proceeds from sale of property and equipment | $ | 32,000 | ||||||
Projected | December 31, 2023 | |||||||
Projected weighted-average common shares and common share equivalent outstanding - diluted | 26,000 | |||||||