Continuing Operations | Three Months Ended | |||||||||||||||||||||||||
(in thousands, except per share data) | December 31, 2023 | December 31, 2022 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 338,428 | $ | 403,039 | $ | (64,611) | (16.0) | % | ||||||||||||||||||
Income from operations | $ | 3,000 | $ | 56,330 | $ | (53,330) | (94.7) | % | ||||||||||||||||||
Operating margin | 0.9 | % | 14.0 | % | (1,310) bps | |||||||||||||||||||||
Net income | $ | (14,721) | $ | 39,009 | $ | (53,730) | (137.7) | % | ||||||||||||||||||
Net income per diluted share | $ | (0.58) | $ | 1.45 | $ | (2.03) | (140.0) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 57,092 | $ | 57,445 | $ | (353) | (0.6) | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 32,619 | $ | 58,364 | $ | (25,745) | (44.1) | % | ||||||||||||||||||
Adjusted net income | $ | 20,927 | $ | 40,469 | $ | (19,542) | (48.3) | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 0.81 | $ | 1.51 | $ | (0.7) | (46.4) | % | ||||||||||||||||||
Adjusted EBITDA | $ | 50,198 | $ | 69,494 | $ | (19,296) | (27.8) | % | ||||||||||||||||||
Free cash flow | $ | 48,913 | $ | 43,476 | $ | 5,437 | 12.5 | % | ||||||||||||||||||
1 Reconciliation of these non-GAAP financial measures are provided below the financial tables. | ||||||||||||||||||||||||||
Continuing Operations | Twelve Months Ended | |||||||||||||||||||||||||
(in thousands, except per share data) | December 31, 2023 | December 31, 2022 | Change | Percent Change | ||||||||||||||||||||||
Operating revenue | $ | 1,370,735 | $ | 1,679,634 | $ | (308,899) | (18.4) | % | ||||||||||||||||||
Income from operations | $ | 88,210 | $ | 247,591 | $ | (159,381) | (64.4) | % | ||||||||||||||||||
Operating margin | 6.4 | % | 14.7 | % | (830) bps | |||||||||||||||||||||
Net income | $ | 42,803 | $ | 179,414 | $ | (136,611) | (76.1) | % | ||||||||||||||||||
Net income per diluted share | $ | 1.64 | $ | 6.63 | $ | (4.99) | (75.3) | % | ||||||||||||||||||
Cash provided by operating activities | $ | 199,212 | $ | 250,161 | $ | (50,949) | (20.4) | % | ||||||||||||||||||
Non-GAAP Financial Measures: 1 | ||||||||||||||||||||||||||
Adjusted income from operations | $ | 145,700 | $ | 249,331 | $ | (103,631) | (41.6) | % | ||||||||||||||||||
Adjusted net income | $ | 102,255 | $ | 180,704 | $ | (78,449) | (43.4) | % | ||||||||||||||||||
Adjusted net income per diluted share | $ | 3.92 | $ | 6.67 | $ | (2.75) | (41.2) | % | ||||||||||||||||||
Adjusted EBITDA | $ | 203,105 | $ | 292,177 | $ | (89,072) | (30.5) | % | ||||||||||||||||||
Free cash flow | $ | 172,228 | $ | 213,279 | $ | (41,051) | (19.2) | % | ||||||||||||||||||
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 | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||
Expedited Freight | $ | 279,070 | $ | 294,646 | $ | 1,096,958 | $ | 1,260,121 | |||||||||||||||
Intermodal | 59,440 | 108,446 | 274,043 | 419,718 | |||||||||||||||||||
Eliminations and other operations | (82) | (53) | (266) | (205) | |||||||||||||||||||
Operating revenue | 338,428 | 403,039 | 1,370,735 | 1,679,634 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased transportation | 150,351 | 165,934 | 586,195 | 730,412 | |||||||||||||||||||
Salaries, wages and employee benefits | 71,583 | 72,220 | 287,566 | 302,759 | |||||||||||||||||||
Operating leases | 20,908 | 22,933 | 87,413 | 85,290 | |||||||||||||||||||
Depreciation and amortization | 17,579 | 11,130 | 57,405 | 42,552 | |||||||||||||||||||
Insurance and claims | 11,145 | 11,881 | 50,133 | 47,478 | |||||||||||||||||||
Fuel expense | 5,271 | 6,557 | 22,004 | 26,956 | |||||||||||||||||||
Other operating expenses | 58,591 | 56,054 | 191,809 | 196,596 | |||||||||||||||||||
Total operating expenses | 335,428 | 346,709 | 1,282,525 | 1,432,043 | |||||||||||||||||||
Income (loss) from continuing operations | |||||||||||||||||||||||
Expedited Freight | 26,745 | 38,792 | 116,040 | 192,583 | |||||||||||||||||||
Intermodal | 5,068 | 13,869 | 25,327 | 56,874 | |||||||||||||||||||
Other operations | (28,813) | 3,669 | (53,157) | (1,866) | |||||||||||||||||||
Income from continuing operations | 3,000 | 56,330 | 88,210 | 247,591 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense | (23,976) | (1,617) | (31,571) | (5,138) | |||||||||||||||||||
Other, net | — | — | — | — | |||||||||||||||||||
Total other expense | (23,976) | (1,617) | (31,571) | (5,138) | |||||||||||||||||||
(Loss) Income before income taxes | (20,976) | 54,713 | 56,639 | 242,453 | |||||||||||||||||||
Income tax expense | (6,255) | 15,704 | 13,836 | 63,039 | |||||||||||||||||||
Net (loss) income from continuing operations | (14,721) | 39,009 | 42,803 | 179,414 | |||||||||||||||||||
Income from discontinued operation, net of tax | 116,465 | 3,933 | 124,548 | 13,777 | |||||||||||||||||||
Net income and comprehensive income | $ | 101,744 | $ | 42,942 | $ | 167,351 | $ | 193,191 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic net (loss) income per share: | |||||||||||||||||||||||
Continuing operations | $ | (0.58) | $ | 1.46 | $ | 1.64 | $ | 6.66 | |||||||||||||||
Discontinued operation | 4.51 | 0.15 | 4.78 | 0.51 | |||||||||||||||||||
Net income per basic share1 | $ | 3.94 | $ | 1.61 | $ | 6.42 | $ | 7.17 | |||||||||||||||
Diluted net (loss) income per share: | |||||||||||||||||||||||
Continuing operations | $ | (0.58) | $ | 1.45 | $ | 1.64 | $ | 6.63 | |||||||||||||||
Discontinued operation | 4.51 | 0.15 | 4.77 | 0.51 | |||||||||||||||||||
Net income per diluted share1 | $ | 3.93 | $ | 1.60 | $ | 6.40 | $ | 7.14 | |||||||||||||||
Dividends per share: | $ | 0.24 | $ | 0.24 | $ | 0.96 | $ | 0.96 |
Expedited Freight Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2023 | Percent of Revenue | December 31, 2022 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||||||||||||||||
Network 1 | $ | 217,279 | 77.9 | % | $ | 221,763 | 75.3 | % | $ | (4,484) | (2.0) | % | |||||||||||||||||||||||
Truckload | 38,538 | 13.8 | 50,320 | 17.1 | (11,782) | (23.4) | |||||||||||||||||||||||||||||
Other | 23,253 | 8.3 | 22,563 | 7.7 | 690 | 3.1 | |||||||||||||||||||||||||||||
Total operating revenue | 279,070 | 100.0 | 294,646 | 100.0 | (15,576) | (5.3) | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 132,359 | 47.4 | 140,772 | 47.8 | (8,413) | (6.0) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 56,291 | 20.2 | 57,272 | 19.4 | (981) | (1.7) | |||||||||||||||||||||||||||||
Operating leases | 15,396 | 5.5 | 14,596 | 5.0 | 800 | 5.5 | |||||||||||||||||||||||||||||
Depreciation and amortization | 12,328 | 4.4 | 7,192 | 2.4 | 5,136 | 71.4 | |||||||||||||||||||||||||||||
Insurance and claims | 9,438 | 3.4 | 9,326 | 3.2 | 112 | 1.2 | |||||||||||||||||||||||||||||
Fuel expense | 2,906 | 1.0 | 2,762 | 0.9 | 144 | 5.2 | |||||||||||||||||||||||||||||
Other operating expenses | 23,607 | 8.5 | 23,934 | 8.1 | (327) | (1.4) | |||||||||||||||||||||||||||||
Total operating expenses | 252,325 | 90.4 | 255,854 | 86.8 | (3,529) | (1.4) | |||||||||||||||||||||||||||||
Income from operations | $ | 26,745 | 9.6 | % | $ | 38,792 | 13.2 | % | $ | (12,047) | (31.1) | % | |||||||||||||||||||||||
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue. |
Expedited Freight Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | Percent Change | |||||||||||||||
Business days | 63 | 63 | — | % | |||||||||||||
Tonnage 1,2 | |||||||||||||||||
Total pounds | 689,621 | 648,012 | 6.4 | ||||||||||||||
Pounds per day | 10,946 | 10,286 | 6.4 | ||||||||||||||
Shipments 1,2 | |||||||||||||||||
Total shipments | 846 | 885 | (4.4) | ||||||||||||||
Shipments per day | 13.4 | 14.0 | (4.3) | ||||||||||||||
Weight per shipment | 815 | 732 | 11.3 | ||||||||||||||
Revenue per hundredweight 3 | $ | 31.52 | $ | 34.68 | (9.1) | ||||||||||||
Revenue per hundredweight, ex fuel 3 | $ | 23.99 | $ | 26.07 | (8.0) | ||||||||||||
Revenue per shipment 3 | $ | 256.90 | $ | 253.83 | 1.2 | ||||||||||||
Revenue per shipment, ex fuel 3 | $ | 195.52 | $ | 190.84 | 2.5 | ||||||||||||
1 In thousands. | |||||||||||||||||
2 Excludes accessorial and Truckload products. | |||||||||||||||||
3 Includes intercompany revenue between the Network and Truckload revenue streams. | |||||||||||||||||
Intermodal Segment Information | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2023 | Percent of Revenue | December 31, 2022 | Percent of Revenue | Change | Percent Change | ||||||||||||||||||||||||||||||
Operating revenue | $ | 59,440 | 100.0 | % | $ | 108,446 | 100.0 | % | $ | (49,006) | (45.2) | % | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Purchased transportation | 18,073 | 30.4 | 25,215 | 23.3 | (7,142) | (28.3) | |||||||||||||||||||||||||||||
Salaries, wages and employee benefits | 15,243 | 25.6 | 18,695 | 17.2 | (3,452) | (18.5) | |||||||||||||||||||||||||||||
Operating leases | 5,512 | 9.3 | 8,337 | 7.7 | (2,825) | (33.9) | |||||||||||||||||||||||||||||
Depreciation and amortization | 5,251 | 8.8 | 3,938 | 3.6 | 1,313 | 33.3 | |||||||||||||||||||||||||||||
Insurance and claims | 2,398 | 4.0 | 2,448 | 2.3 | (50) | (2.0) | |||||||||||||||||||||||||||||
Fuel expense | 2,365 | 4.0 | 3,795 | 3.5 | (1,430) | (37.7) | |||||||||||||||||||||||||||||
Other operating expenses | 5,530 | 9.3 | 32,149 | 29.6 | (26,619) | (82.8) | |||||||||||||||||||||||||||||
Total operating expenses | 54,372 | 91.5 | 94,577 | 87.2 | (40,205) | (42.5) | |||||||||||||||||||||||||||||
Income from operations | $ | 5,068 | 8.5 | % | $ | 13,869 | 12.8 | % | $ | (8,801) | (63.5) | % | |||||||||||||||||||||||
Intermodal Operating Statistics | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | Percent Change | |||||||||||||||
Drayage shipments | 65,776 | 74,532 | (11.7) | % | |||||||||||||
Drayage revenue per shipment | $ | 821 | $ | 1,369 | (40.0) | % | |||||||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 121,969 | $ | 45,822 | |||||||
Restricted cash equivalents | 39,604 | — | |||||||||
Accounts receivable, net | 153,267 | 188,229 | |||||||||
Other receivables, net | 5,408 | — | |||||||||
Other current assets | 26,780 | 35,322 | |||||||||
Current assets held for sale | — | 34,942 | |||||||||
Total current assets | 347,028 | 304,315 | |||||||||
Noncurrent restricted cash equivalents | 1,790,500 | — | |||||||||
Property and equipment, net | 258,096 | 246,329 | |||||||||
Operating lease right-of-use assets | 111,552 | 131,097 | |||||||||
Goodwill | 278,706 | 257,987 | |||||||||
Other acquired intangibles, net | 134,789 | 115,582 | |||||||||
Other assets | 58,862 | 51,739 | |||||||||
Noncurrent assets held for sale | — | 101,027 | |||||||||
Total assets | $ | 2,979,533 | $ | 1,208,076 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 45,430 | $ | 50,094 | |||||||
Accrued expenses | 62,948 | 49,918 | |||||||||
Other current liabilities | 71,727 | 3,944 | |||||||||
Current portion of debt and finance lease obligations | 12,645 | 9,315 | |||||||||
Current portion of operating lease liabilities | 44,344 | 42,266 | |||||||||
Current liabilities held for sale | — | 13,861 | |||||||||
Total current liabilities | 237,094 | 169,398 | |||||||||
Finance lease obligations, less current portion | 26,736 | 15,711 | |||||||||
Long-term debt, less current portion and debt issuance costs | — | 106,588 | |||||||||
Long-term debt held in escrow | 1,790,500 | — | |||||||||
Operating lease liabilities, less current portion | 71,598 | 92,903 | |||||||||
Other long-term liabilities | 47,144 | 59,044 | |||||||||
Deferred income taxes | 42,200 | 51,093 | |||||||||
Noncurrent liabilities held for sale | — | 6,095 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 257 | 265 | |||||||||
Additional paid-in capital | 283,684 | 270,855 | |||||||||
Retained earnings | 480,320 | 436,124 | |||||||||
Total shareholders’ equity | 764,261 | 707,244 | |||||||||
Total liabilities and shareholders’ equity | $ | 2,979,533 | $ | 1,208,076 | |||||||
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Operating activities: | |||||||||||
Net (loss) income from continuing operations | $ | (14,721) | $ | 39,009 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 17,579 | 11,130 | |||||||||
Change in fair value of earn-out liability | — | — | |||||||||
Share-based compensation expense | 2,938 | 2,417 | |||||||||
Provision for revenue adjustments | 1,065 | 1,888 | |||||||||
Deferred income tax expense | (11,092) | 5,724 | |||||||||
Other | (135) | (1,019) | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies: | |||||||||||
Accounts receivable | 9,588 | 26,077 | |||||||||
Other receivables | (5,408) | — | |||||||||
Other current and noncurrent assets | 27,061 | (19,700) | |||||||||
Accounts payable, accrued expenses and other long-term liabilities | 30,217 | (8,081) | |||||||||
Net cash provided by operating activities of continuing operations | 57,092 | 57,445 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 466 | 949 | |||||||||
Purchases of property and equipment | (8,645) | (14,918) | |||||||||
Purchase of businesses, net of cash acquired | — | (25,672) | |||||||||
Net cash used in investing activities of continuing operations | (8,179) | (39,641) | |||||||||
Financing activities: | |||||||||||
Proceeds from credit facility | 25,000 | — | |||||||||
Payments on credit facility | (147,375) | (375) | |||||||||
Proceeds from long-term debt held in escrow | 1,790,500 | — | |||||||||
Repayments of finance lease obligations | (2,660) | (1,876) | |||||||||
Payment of debt issuance costs | — | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | — | — | |||||||||
Payments of dividends to shareholders | (6,197) | (6,404) | |||||||||
Repurchases and retirement of common stock | — | (14,997) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 379 | 409 | |||||||||
Payment of minimum tax withholdings on share-based awards | (25) | (37) | |||||||||
Contributions from subsidiary held for sale | 224,695 | 4,452 | |||||||||
Net cash provided by (used in) financing activities of continuing operations | 1,884,317 | (18,828) | |||||||||
Net increase (decrease) in cash of continuing operations | 1,933,230 | (1,024) | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash (used in) provided by operating activities of discontinued operation | (35,135) | 4,831 | |||||||||
Net cash provided by (used in) investing activities of discontinued operation | 259,863 | (410) | |||||||||
Net cash (used in) provided by financing activities of discontinued operation | (224,728) | (4,421) | |||||||||
Net increase (decrease) in cash and cash equivalents | 1,933,230 | (1,024) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period of continuing operations | 18,843 | 46,846 | |||||||||
Cash at beginning of period of discontinued operations | — | — | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,933,230 | (1,024) | |||||||||
Less: cash at end of period of discontinued operation | — | — | |||||||||
Cash, cash equivalents, and restricted cash at end of period of continuing operations | $ | 1,952,073 | $ | 45,822 |
Forward Air Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Year Ended | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Operating activities: | |||||||||||
Net income from continuing operations | $ | 42,803 | $ | 179,414 | |||||||
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | 57,405 | 42,552 | |||||||||
Change in fair value of earn-out liability | — | (294) | |||||||||
Share-based compensation expense | 11,508 | 10,670 | |||||||||
Provision for revenue adjustments | 5,091 | 6,426 | |||||||||
Deferred income tax expense | (8,893) | 7,686 | |||||||||
Other | (1,180) | (1,279) | |||||||||
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies: | |||||||||||
Accounts receivable | 30,555 | (2,588) | |||||||||
Other receivables | (5,408) | 8,097 | |||||||||
Other current and noncurrent assets | 30,670 | (13,289) | |||||||||
Accounts payable, accrued expenses and other long-term liabilities | 36,661 | 12,766 | |||||||||
Net cash provided by operating activities of continuing operations | 199,212 | 250,161 | |||||||||
Investing activities: | |||||||||||
Proceeds from sale of property and equipment | 3,741 | 2,372 | |||||||||
Purchases of property and equipment | (30,725) | (39,254) | |||||||||
Purchase of businesses, net of cash acquired | (56,703) | (66,105) | |||||||||
Net cash used in investing activities of continuing operations | (83,687) | (102,987) | |||||||||
Financing activities: | |||||||||||
Proceeds from credit facility | 70,000 | — | |||||||||
Payments on credit facility | (178,500) | (49,000) | |||||||||
Proceeds from long-term debt held in escrow | 1,790,500 | — | |||||||||
Repayments of finance lease obligations | (9,500) | (6,108) | |||||||||
Payment of debt issuance costs | — | — | |||||||||
Proceeds from issuance of common stock upon stock option exercises | — | 206 | |||||||||
Payment of earn-out liability | — | (91) | |||||||||
Payments of dividends to shareholders | (24,995) | (25,865) | |||||||||
Repurchases and retirement of common stock | (93,811) | (62,771) | |||||||||
Proceeds from common stock issued under employee stock purchase plan | 800 | 783 | |||||||||
Payment of minimum tax withholdings on share-based awards | (4,340) | (3,330) | |||||||||
Contributions from subsidiary held for sale | 240,572 | 7,508 | |||||||||
Net cash provided by (used in) financing activities of continuing operations | 1,790,726 | (138,668) | |||||||||
Net increase in cash and cash equivalents of continuing operations | 1,906,251 | 8,506 | |||||||||
Cash from discontinued operation: | |||||||||||
Net cash (used in) provided by operating activities of discontinued operations | (17,824) | 8,929 | |||||||||
Net cash provided by (used in) investing activities of discontinued operation | 258,525 | (1,475) | |||||||||
Net cash used in financing activities of discontinued operation | (240,701) | (7,454) | |||||||||
Net increase in cash and cash equivalents | 1,906,251 | 8,506 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period of continuing operations | 45,822 | 37,316 | |||||||||
Cash at beginning of period of discontinued operations | — | — | |||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,906,251 | 8,506 | |||||||||
Less: cash at end of period of discontinued operations | — | — | |||||||||
Cash, cash equivalents, and restricted cash at end of period of continuing operations | $ | 1,952,073 | $ | 45,822 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Continuing Operations | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Net income | $ | (14,721) | $ | 39,009 | $ | 42,803 | $ | 179,414 | ||||||||||||||||||
Interest expense | 23,976 | 1,617 | 31,571 | 5,138 | ||||||||||||||||||||||
Income tax expense | (6,255) | 15,704 | 13,836 | 63,039 | ||||||||||||||||||||||
Depreciation and amortization | 17,579 | 11,130 | 57,405 | 42,552 | ||||||||||||||||||||||
Reported EBITDA | 20,579 | 67,460 | 145,615 | 290,143 | ||||||||||||||||||||||
Vehicle liability reserve | — | 1,500 | — | 1,500 | ||||||||||||||||||||||
Due diligence, integration and transaction costs | 29,619 | 534 | 57,490 | 534 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 50,198 | $ | 69,494 | $ | 203,105 | $ | 292,177 | ||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Continuing Operations | December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 57,092 | $ | 57,445 | $ | 199,212 | $ | 250,161 | ||||||||||||||||||
Proceeds from sale of property and equipment | 466 | 949 | 3,741 | 2,372 | ||||||||||||||||||||||
Purchases of property and equipment | (8,645) | (14,918) | (30,725) | (39,254) | ||||||||||||||||||||||
Free cash flow | $ | 48,913 | $ | 43,476 | $ | 172,228 | $ | 213,279 | ||||||||||||||||||
Three Months Ended December 31, 2023 | Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Continuing Operations | Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income2 | Net Income Per Diluted Share2 | ||||||||||||||||||||||||||||||||
As Reported | $ | 3,000 | $ | (14,721) | $ | (0.58) | $ | 56,330 | $ | 39,009 | $ | 1.45 | ||||||||||||||||||||||||||
Due diligence, integration and transaction costs | 29,619 | 20,786 | 0.81 | 534 | 383 | 0.01 | ||||||||||||||||||||||||||||||||
Interest expense | — | 14,862 | 0.58 | — | — | — | ||||||||||||||||||||||||||||||||
Vehicle liability reserve | — | — | — | 1,500 | 1,077 | 0.04 | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 32,619 | $ | 20,927 | $ | 0.81 | $ | 58,364 | $ | 40,469 | $ | 1.51 | ||||||||||||||||||||||||||
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 $15,149. | ||||||||||||||||||||||||||||||||||||||
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 $574. | ||||||||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2023 | Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Continuing Operations | Income From Operations | Net Income1 | Net Income Per Diluted Share1 | Income From Operations | Net Income2 | Net Income Per Diluted Share2 | ||||||||||||||||||||||||||||||||
As Reported | $ | 88,210 | $ | 42,803 | $ | 1.64 | $ | 247,591 | $ | 179,414 | $ | 6.63 | ||||||||||||||||||||||||||
Due diligence, integration and transaction costs | 57,490 | 43,447 | 1.67 | 534 | 396 | 0.01 | ||||||||||||||||||||||||||||||||
Interest expense | — | 16,005 | 0.62 | — | — | — | ||||||||||||||||||||||||||||||||
Vehicle liability reserve | — | — | — | 1,500 | 1,112 | 0.04 | ||||||||||||||||||||||||||||||||
Change in the fair value of the earn-out liability | — | — | — | (294) | (218) | (0.01) | ||||||||||||||||||||||||||||||||
As Adjusted | $ | 145,700 | $ | 102,255 | $ | 3.92 | $ | 249,331 | $ | 180,704 | $ | 6.67 | ||||||||||||||||||||||||||
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 $19,217. | ||||||||||||||||||||||||||||||||||||||
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 $451. | ||||||||||||||||||||||||||||||||||||||