Forward Air Corp (Delaware) (FWRD) 2024 Q1 法說會逐字稿

Welcome to the Forward Air first quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Michael Hance, Chief Legal Officer.

歡迎參加 Forward Air 2024 年第一季財報電話會議。（操作員指示）我現在想將電話轉給首席法務官 Michael Hance。

Good morning and thank you, operator, and thanks, everyone, for joining the call today. Before we jump in, I just wanted to take a moment to thank our teammates, customers, and shareholders, many of whom are on the call today for the incredible support over the last several months as I served as interim CEO. In particular, I want to acknowledge the employees and independent contractors and drivers who have been and continue to work tirelessly to provide best-in-class service to our customers and make this combination that we're working on a success. I'm humbled by what you do and I am so grateful for your hard work. Thank you.

早安，謝謝接線員，也謝謝大家今天加入通話。在我們開始之前，我想花點時間感謝我們的隊友、客戶和股東，他們中的許多人今天參加了電話會議，感謝我在過去幾個月擔任臨時執行長期間給予的大力支持。我特別要感謝員工、獨立承包商和司機，他們一直並將繼續不懈努力，為我們的客戶提供一流的服務，並使我們正在努力的這一組合取得成功。我對你所做的事情感到謙卑，並且非常感謝你的辛勤工作。謝謝。

Last quarter I told you that my mandate as interim CEO was to provide the appropriate leadership while our teams continue to work through the integration of Forward and Omni. At the same time, our Board's dedicated search committee was focused on promptly identifying a top-quality CEO to run the company during the next phase of our growth and development. That work is done, and I personally couldn't be more pleased with the outcome.

上個季度我告訴過你們，我作為臨時執行長的職責是提供適當的領導，同時我們的團隊繼續透過 Forward 和 Omni 的整合來開展工作。同時，我們董事會的專門選拔委員會致力於迅速物色一位頂級首席執行官，在我們下一階段的成長和發展中管理公司。這項工作已經完成，我個人對結果非常滿意。

I'm thrilled to introduce you to Shawn Stewart, who began his tenure as CEO at Forward on April 28. The Board and our advisers conducted a thorough search and are confident Shawn is the right leader to drive forward future success. He knows this industry inside and out, and has a demonstrated track record of successfully delivering growth, operational excellence, and profitability. As an 18-year veteran of Forward who cares deeply about the company's success, I'm personally committed to ensuring Shawn hits the ground running as I return to my role as Chief Legal Officer and Secretary. And I know all of our teammates share that same commitment.

我很高興向您介紹 Shawn Stewart，他於 4 月 28 日開始擔任 Forward 執行長。董事會和我們的顧問進行了徹底的搜索，並相信肖恩是推動未來成功的正確領導者。他對這個行業瞭如指掌，並擁有成功實現成長、卓越營運和獲利能力的良好記錄。身為在 Forward 工作了 18 年的資深人士，我非常關心公司的成功，我個人致力於確保 Shawn 在我重新擔任首席法務官和秘書一職時能夠順利開展工作。我知道我們所有的隊友都有同樣的承諾。

I'll close by reiterating that we recognize these past few months have been bumpy as we navigate the turbulence in the freight market and within our company. Our team is confident that is behind us and we are all united and energized by the opportunities ahead.

最後我要重申，我們意識到過去幾個月在我們應對貨運市場和公司內部的動盪時經歷了坎坷。我們的團隊對我們充滿信心，我們團結一致，對未來的機會充滿活力。

With that, please allow me to turn it over to Shawn for his remarks before Rebecca runs us through the numbers. John?

在麗貝卡向我們介紹這些數字之前，請允許我將其轉交給肖恩，聽聽他的評論。約翰？

Thank you, Michael, and thank you to those on the call who have provided a warm welcome and words of encouragement as I assumed my new role a week ago Monday. I won't go into more details about my background, as I'm sure you've all seen the press release. But let me just say that I couldn't be more excited to join Forward at this critical juncture. The addition of Omni paves the way for the company to become a market leader in global supply chain as we leverage the new capabilities while enhancing our best-in-class, expedited LTL and other ground services.

謝謝你，邁克爾，也感謝那些在電話中的人，當我一周前的星期一就任新職務時，他們給了我熱烈的歡迎和鼓勵。我不會詳細介紹我的背景，因為我相信你們都看過新聞稿。但我只想說，在這個關鍵時刻加入Forward我感到無比興奮。Omni 的加入為我們成為全球供應鏈市場領導者鋪平了道路，我們將利用新功能，同時增強我們一流的加急零擔和其他地面服務。

I'm going to pass the call to Rebecca in a moment to provide you with details about our financial results. Given that I've been here less than two weeks, I'm not going to speak too much except to say that these results are not indicative of what you will see from us the rest of the year. We are headed up and onward from this day.

我稍後會打電話給麗貝卡，向您提供有關我們財務業績的詳細資訊。鑑於我來到這裡還不到兩週，我不會說太多，只是說這些結果並不代表您在今年剩餘時間裡會看到我們的情況。從今天起，我們將繼續前進。

I also want to share my view about the context of the company's Q1 performance, which I think is important to keep in mind, our first quarter results were negatively impacted by two really tough headwinds. First, these results were generated in a weak freight environment. Second, I'm convinced that these results reflect the impact of the distraction by the challenging circumstances leading up to the closing of the Omni transaction.

我也想分享我對公司第一季業績背景的看法，我認為重要的是要記住，我們第一季的業績受到兩個非常嚴峻的不利因素的負面影響。首先，這些結果是在貨運環境疲弱的情況下產生的。其次，我確信這些結果反映了導致 Omni 交易完成的挑戰性環境造成的干擾所造成的影響。

I wasn't here, but you don't have to ride a roller coaster to know that people riding the roller coaster probably aren't focused on much else. Since closing, Michael and the team have done a great job pushing forward with integrating two companies and capturing synergies, which you will hear more about later. But I think it's really unrealistic to think that the ups and downs of the months leading to closing aren't reflected in our Q1 performance. Thankfully, that distraction is behind us now.

我當時不在場，但你不必坐過山車就知道，坐過山車的人可能不會把注意力集中在其他事情上。自交易結束以來，邁克爾和他的團隊在推動兩家公司整合和發揮協同效應方面做得非常出色，稍後您將聽到更多相關內容。但我認為，認為關閉前幾個月的起伏沒有反映在我們第一季的業績中是不切實際的。值得慶幸的是，這種幹擾現在已經過去了。

As I mentioned, it is premature for me to start talking about Forward's numbers, but today, I want to commit to two things. First, as I said earlier, we are headed up from here. When we are back on this call at the end of the second quarter, I believe we will be talking about different results that show significant improvement.

正如我所提到的，我現在開始談論前鋒的數據還為時過早，但今天，我想承諾兩件事。首先，正如我之前所說，我們從這裡出發。當我們在第二季末再次進行電話會議時，我相信我們將討論顯示出顯著改善的不同結果。

I need a little bit more time before we are ready to give you targets, but I can tell you that in my first days with the team, we are focused on accelerating synergy capture and identifying opportunities to eliminate significant costs from our structure. We are going to aggressively and urgently address our profitability issues, and I fully expect us to be a category leader in our space with corresponding financial results.

在我們準備好給你們目標之前，我需要更多的時間，但我可以告訴你們，在我加入團隊的第一天，我們專注於加速協同效應的獲取，並尋找機會來消除我們結構中的重大成本。我們將積極、緊急地解決我們的獲利問題，我完全期望我們能夠成為我們領域的類別領導者，並取得相應的財務表現。

Second, we are going to enhance our investor communications to ensure that we are clear, transparent, and comprehensive with our data and communication. You should expect to see steady improvement and information flow over the next couple of quarters, providing you with the financial information that you need and want. Starting with our second quarter earnings release, we will provide full year 2024 guidance and information about our path to achievements.

其次，我們將加強投資者溝通，確保我們的數據和溝通清晰、透明和全面。您應該期望在接下來的幾個季度中看到穩定的改進和資訊流動，為您提供您需要和想要的財務資訊。從第二季收益發布開始，我們將提供 2024 年全年指導和有關我們取得成就的道路的資訊。

Why am I confident about these commitments? Because I did my own diligence before accepting the Forward opportunity. And I found a number of things that I liked and I'm excited about. First, this organization is made of great people. During these first two weeks on the job, I've been impressed with the quality and dedication of people I've met throughout the legacy Forward and Omni business. And I've been pleased to find that these businesses share a common DNA of providing excellent customer service. That will not change and the quality and commitment of our people will serve as a strong foundation for our growth.

為什麼我對這些承諾充滿信心？因為在接受轉發機會之前我已經盡了自己的努力。我發現了一些我喜歡並且令我興奮的事情。首先，這個組織是由優秀的人才組成。在工作的前兩週，我在傳統的 Forward 和 Omni 業務中遇到的人員的素質和奉獻精神給我留下了深刻的印象。我很高興地發現這些企業擁有提供卓越客戶服務的共同基因。這不會改變，我們員工的素質和承諾將成為我們發展的堅實基礎。

Second, I can't stress this enough as a result of this combination, Forward now has an incredible and unique platform for long-term growth and success and its current areas of underperformance are very addressable. Let's talk about the platform. In the Omni legacy business, we now have a true global supply chain network to add to our core LTL network. Remember, we run the best-in-class premium service LTL network in the US with an on-time percentage of 98.6% and a [cargo] claims ratio of 0.04%.

其次，我無法充分強調這一點，因為這種結合的結果是，Forward 現在擁有一個令人難以置信的獨特平台，可以實現長期成長和成功，並且其當前表現不佳的領域是可以解決的。我們來談談平台。在 Omni 傳統業務中，我們現在擁有真正的全球供應鏈網絡，可以添加到我們的核心 LTL 網路中。請記住，我們在美國經營一流的優質服務 LTL 網絡，準點率為 98.6%，[貨物]索賠率為 0.04%。

We are starting to see the power of the revenue synergies of these assets. Because of our combined capabilities, we were recently awarded a substantial volume of business from a Fortune 500 global technology company. We are finalizing the contract now and we expect the business to start in June. We have similar opportunities in the advanced stages of our sales pipeline. Also, we continue to gain new business wins from existing customers. As an example, we recently renewed a contract with one of our top 20 legacy Forward customers that will generate an annualized revenue 4 times its historical trends.

我們開始看到這些資產的收入綜效的力量。由於我們的綜合能力，我們最近獲得了一家財富 500 強全球科技公司的大量業務。我們現在正在敲定合同，預計業務將於六月開始。我們在銷售通路的後期階段也有類似的機會。此外，我們繼續從現有客戶那裡贏得新的業務。例如，我們最近與前 20 位傳統 Forward 客戶之一續簽了一份合同，該客戶的年化收入將是其歷史趨勢的 4 倍。

Additionally, in a tough rate environment, our intermodal team added 13 new logos in the first quarter. All of this makes me optimistic about the rest of the year. Another point of strength is our broad and attractive customer base spanning our three distinct commercial channels. Let me pause to say thank you to all of our customers for your business and support.

此外，在嚴峻的費率環境下，我們的多式聯運團隊在第一季增加了 13 個新標誌。所有這些都讓我對今年剩餘時間感到樂觀。另一個優勢是我們跨越三個不同商業管道的廣泛且有吸引力的客戶群。讓我停下來對我們所有客戶的業務和支援表示感謝。

Under my leadership, we plan to drive growth in all three channels. But I want to be clear. We remain committed to our legacy Forward customers, including freight forwarders, airlines, and 3PLs. We are committed to continuing to provide them with our premium LTL services to enable them to grow their business. We have honored that commitment since closing, and we will continue to provide these key customers with that same great service.

在我的領導下，我們計劃推動所有三個管道的成長。但我想澄清一下。我們仍然致力於服務傳統的 Forward 客戶，包括貨運代理、航空公司和 3PL。我們致力於繼續為他們提供優質的零擔服務，幫助他們發展業務。自交易結束以來，我們一直履行這項承諾，我們將繼續為這些主要客戶提供同樣優質的服務。

In my diligence review, I found that Omni has a strong track record with its customers and does a great job of providing them with solutions around the world. I'll name one. Omni provides critical value added warehouse services for NVIDIA. We are honored by the trust placed on us by customers like NVIDIA . In my view, there is much to be excited about that forward. Those are my initial high-level thoughts, and I naturally will provide more detailed comments on next quarter's call.

在我的盡職調查中，我發現 Omni 與客戶有著良好的往績記錄，並且在為世界各地的客戶提供解決方案方面做得非常出色。我會說出一個。Omni 為 NVIDIA 提供關鍵的加值倉庫服務。我們很榮幸能夠得到 NVIDIA 等客戶的信任。在我看來，這項進展有很多值得興奮的地方。這些是我最初的高層想法，我自然會在下個季度的電話會議上提供更詳細的評論。

Right now addressing the business and financial performance will be the focus of all my energy and time. Rebecca will update you on some progress made so far this year, and I look forward to providing additional updates soon as we make even more headway. Hopefully, the slides we filed along with the press release demonstrate our renewed commitment to providing enhanced disclosure of our performance and integration of Omni.

現在，解決業務和財務績效將是我所有精力和時間的重點。麗貝卡將向您通報今年迄今為止取得的一些進展，我期待著在我們取得更大進展後儘快提供更多最新資訊。希望我們隨新聞稿一起提交的幻燈片能夠體現我們對增強績效揭露和 Omni 整合的新承諾。

With that, let me turn it over to Rebecca to run through the quarter and provide an update on Omni integration. Rebecca?

接下來，讓我將其交給 Rebecca，讓她負責整個季度的運行並提供有關 Omni 整合的最新資訊。麗貝卡？

Thanks, Shawn, and good morning, everyone. Let's start by reviewing the fourth-quarter results for 2024. I'm not going to read through slide by slide, but we'll reference certain slides by number one when helpful. Before I dive into the numbers, I want to reiterate a point that Shawn made in his remarks. We do not believe that our first quarter results are indicative of what we expect for the remainder of 2024. Those numbers don't tell the full story about the potential earnings power of the combined company.

謝謝肖恩，大家早安。讓我們先回顧一下2024年第四季的業績。我不會逐張閱讀投影片，但如果有幫助，我們會以第一順序引用某些投影片。在深入研究這些數字之前，我想重申肖恩在演講中提出的一個觀點。我們認為第一季的業績並不代表我們對 2024 年剩餘時間的預期。這些數字並不能全面說明合併後公司的潛在獲利能力。

Let me highlight a few of the reasons why, some of which Shawn has already touched on. First, the first quarter is always the slowest quarter of the year for business based on historical seasonal trends. Next, these results continue to be impacted by challenging market conditions that persisted throughout the quarter, particularly in the intermodal, truckload brokerage, and Omni lines of businesses. The challenging market conditions led to decreased customer demand for those services, a pattern that we have seen since the second quarter of the prior year.

讓我強調一些原因，其中一些肖恩已經提到過。首先，根據歷史季節性趨勢，第一季始終是一年中業務最慢的季度。接下來，這些業績繼續受到整個季度持續存在的充滿挑戰的市場條件的影響，特別是在聯運、卡車經紀和 Omni 業務領域。充滿挑戰的市場條件導致客戶對這些服務的需求下降，這是我們自去年第二季以來看到的模式。

As we continue to execute our revenue growth strategies in the first quarter, we saw positive trends in our less-than-truckload business with weight per shipment growth of 7.4% and shipments per day growth of 1.4% over the same period last year. We have experienced solid retention levels with our legacy Forward customers, which has been positive for revenue growth.

隨著我們在第一季繼續執行收入成長策略，零擔業務呈現出積極的趨勢，與去年同期相比，每批貨物的重量增長了 7.4%，日發運量增長了 1.4%。我們與傳統的 Forward 客戶保持了穩定的保留水平，這對收入成長產生了積極的影響。

During the first quarter, we also saw a 0.7% increase in our revenue per shipment excluding fuel and a 6.2% decrease in revenue per hundredweight, excluding fuel over the prior year period. The decline in revenue per hundredweight, excluding fuel, was driven primarily by the shift of the business mix as we execute on the expansion of our door-to-door solution. Finally, our Q1 results reflect minimal synergy impact. We expect to see a steady increase in the subsequent quarters until the synergies are fully realized by the end of 2025.

第一季度，我們還發現，與去年同期相比，不包括燃料的每批貨物收入增加了 0.7%，不包括燃料的每英擔收入下降了 6.2%。每英擔收入（不包括燃料）的下降主要是由於我們執行送貨上門解決方案擴展時業務組合的轉變所致。最後，我們第一季的結果反映了最小的協同影響。我們預計後續幾季將穩定成長，直到 2025 年底充分實現綜效。

From a liquidity standpoint, at the end of March, we had a $340 million capacity on our revolver and $172 million of cash on hand. We are taking all actions to improve liquidity, and we do not foresee the need to draw on the revolver. We look forward to sharing more details about our path to deleveraging in the context of our 2024 full year guidance during our second quarter earnings call.

從流動性的角度來看，截至 3 月底，我們的左輪手槍容量為 3.4 億美元，手頭現金為 1.72 億美元。我們正在採取一切行動來改善流動性，我們預計不需要動用左輪手槍。我們期待在第二季財報電話會議上，在 2024 年全年指引的背景下分享更多關於去槓桿化道路的細節。

Before we look at the numbers, I want to point out that the only results are reflected in our first quarter results from the closing of the acquisition. That would be January 25 through the end of the quarter. Our first quarter revenue was $542 million, an increase of 52% or $184 million as compared to the first quarter in the prior year. This increase of $184 million over the prior year period was driven by $225 million of revenue generated by our Omni segment and $4 million of incremental revenue generated by our expedited freight segment, partially offset by an incremental decline of $32 million from our Intermodal segment.

在我們查看這些數字之前，我想指出，唯一的結果反映在收購完成後的第一季業績中。那是從 1 月 25 日到季度末。我們第一季的營收為 5.42 億美元，比去年第一季成長 52%，即 1.84 億美元。與去年同期相比增加1.84 億美元，是由我們的Omni 部門產生的2.25 億美元收入和我們的加急貨運部門產生的400 萬美元增量收入推動的，但部分被我們的多式聯運部門增量下降3200 萬美元所抵銷。

Our adjusted EBITDA was $29 million, a decline of 51% or $30 million as compared to the first quarter in the prior year. This decrease of $30 million was driven by an adjusted EBITDA loss in the Omni segment of $6 million, incremental EBITDA loss of $7 million in our expedited freight segment, an incremental EBITDA loss of $8 million in our Intermodal segment, and incremental EBITDA loss of $9 million in other operations. For other operations in the first quarter of 2023, we recorded a onetime benefit of $9 million from the substantial reversal of an accrual from an incentive plan established for employees in 2021. A similar benefit was not reported in the first quarter of 2024.

調整後的 EBITDA 為 2,900 萬美元，比去年第一季下降 51%，即 3,000 萬美元。減少 3000 萬美元的原因是 Omni 部門調整後 EBITDA 損失 600 萬美元、加急貨運部門 EBITDA 增量損失 700 萬美元、多式聯運部門 EBITDA 增量損失 800 萬美元以及 EBITDA 增量損失 9 美元萬元用於其他業務。對於 2023 年第一季的其他業務，我們記錄了 900 萬美元的一次性福利，這是由於 2021 年為員工製定的激勵計劃的應計費用大幅逆轉所致。2024 年第一季沒有報告類似的收益。

We saw adjusted operating income of $13 million, excluding acquisition amortization, compared to $47 million in the prior year. Acquisition amortization is the amortization related to the allocation of the purchase price of Omni to intangible assets. We reported adjusted net loss per diluted share on a continuing operations basis, excluding acquisition amortization of $0.64 compared to net income per diluted share on a continuing operation basis of $1.27 in the prior year. Our operating cash flows for the fourth quarter was a negative $52 million compared to a positive $61 million for the prior year period.

我們看到調整後的營業收入為 1300 萬美元（不包括收購攤銷），而前一年為 4700 萬美元。收購攤銷是與將 Omni 的購買價格分配給無形資產相關的攤銷。我們報告了持續經營基礎上的調整後每股攤薄淨虧損，不包括收購攤銷 0.64 美元，而上一年持續經營基礎上的每股攤薄淨利潤為 1.27 美元。我們第四季的營運現金流為負 5,200 萬美元，而去年同期為正 6,100 萬美元。

Our operating cash flow for the first quarter includes the payment of transaction and integration costs of $40 million. We consider the payment of transaction and integration costs to be one-time only costs that are not expected to reoccur in the second half of the year. We project our liquidity to be at a lower point in the first half of the year as a result of these one-time only costs. Looking ahead to April, our shipments per day increased approximately 4% and our revenue per shipment, excluding fuel, increased 2% over the same period last year in our less-than-truckload line of business.

我們第一季的營運現金流包括支付 4,000 萬美元的交易和整合成本。我們認為交易和整合成本的支付只是一次性成本，預計下半年不會再發生。由於這些一次性成本，我們預計今年上半年我們的流動性將處於較低水準。展望 4 月份，我們的零擔業務線每日出貨量成長了約 4%，每次出貨的收入（不含燃料）比去年同期成長了 2%。

Additionally, on a consolidated basis, our revenue grew sequentially from March to April by 6%, a period that historically has shown contraction versus growth based on seasonality. The 5.9% general rate increase we announced in December went into effect in February and will enable us to continue to serve our customers with the same precision execution in an environment with rising operating costs. To capture rate was higher than 2022 and the rate increase is comparable with the increase in operating costs expected for 2024.

此外，在綜合基礎上，我們的收入從 3 月到 4 月連續增長了 6%，這段時期在歷史上一直顯示出季節性收縮與成長的情況。我們在 12 月宣布的總體費率上漲 5.9% 已於 2 月生效，這將使我們能夠在營運成本不斷上升的環境中繼續以同樣精確的執行力為客戶提供服務。捕獲率高於 2022 年，且成長率與 2024 年預計營運成本的成長相當。

Now turning to the integration of Omni. On slide 6, we outline some key metrics from fourth business and on slide 7 at [Omni], which we hope is helpful historical context. So what we're really excited about is what these companies look like together and the opportunity for value creation we see from the emerging -- emerging from the combination. We are pleased with the progress we are making on integration. As you will see on slide 10, we have provided updated cost synergy targets.

現在轉向 Omni 的整合。在投影片 6 中，我們概述了第四家企業的一些關鍵指標，在投影片 7 中概述了 [Omni]，我們希望這對歷史背景有所幫助。因此，我們真正感到興奮的是這些公司在一起的樣子，以及我們從合併中看到的價值創造機會。我們對整合方面的進展感到高興。正如您將在投影片 10 中看到的，我們提供了更新的成本協同目標。

We now expect to deliver full run rate cost synergies of $73 million by the end of 2025, which is very much in line with the initial cost synergy targets provided in August 2023. We have adjusted the initial estimate of $75 million by less than $2 million due to volumes associated with the LTL and pipe synergies. We are pleased to report that we've already delivered synergies of $7.5 million in the first quarter. We expect to realize $55 million on an annualized basis.

我們現在預計到 2025 年底實現 7,300 萬美元的全額運行成本協同效應，這與 2023 年 8 月提供的初始成本協同目標非常一致。由於零擔運輸和管道協同效應相關的交易量，我們將最初估計的 7500 萬美元調整了不到 200 萬美元。我們很高興地報告，第一季我們已經實現了 750 萬美元的協同效應。我們預計年化收入將達到 5500 萬美元。

We expect to derive the rest of the synergies of $18 million from incremental actions in the area of network optimization, facilities consolidation, SG&A, technology, and brokerage. With regards to our capital position, as you will see on slide 10, as of March 31, the combined entity had more than $512 million of liquidity. Last quarter, we outlined relevant terms of our existing credit facilities. So I will not go into that detail again here, but I will highlight that we have headroom in our financial covenants as we continue to focus on our integration and realize the cost synergy opportunities. We remain compliant with our bank covenants at the end of the first quarter.

我們預計剩餘的 1,800 萬美元協同效應將來自網路優化、設施整合、SG&A、技術和經紀領域的增量行動。至於我們的資本狀況，正如您在投影片 10 中看到的那樣，截至 3 月 31 日，合併後的實體擁有超過 5.12 億美元的流動資金。上個季度，我們概述了現有信貸安排的相關條款。因此，我不會在這裡再次討論這個細節，但我要強調的是，隨著我們繼續專注於整合並實現成本協同機會，我們的財務契約還有空間。在第一季末，我們仍然遵守我們的銀行契約。

In terms of our capital allocation priorities, we are committed to de-risking our capital structure and we are already undertaking several initiatives to deleverage. We intend to return to net leverage of 4.5 times by the end of 2025. Key steps include a focus on profitability of the combined entity in the realization of the cost synergies to generate cash from operations, as well as an accelerated portfolio review to identify potential divestitures. We are actively reviewing our portfolio. We plan to take swift action to monetize on those assets.

就我們的資本配置優先事項而言，我們致力於降低資本結構的風險，並且我們已經採取了多項去槓桿化措施。我們計劃在 2025 年底前將淨槓桿率恢復到 4.5 倍。關鍵步驟包括專注於合併後實體的獲利能力，實現成本協同效應，從營運中產生現金，以及加速投資組合審查，以確定潛在的資產剝離。我們正在積極審查我們的投資組合。我們計劃迅速採取行動，將這些資產貨幣化。

With that, I will now turn the call back to the operator to take comments and questions. Operator?

現在，我將把電話轉回給接線員以聽取意見和問題。操作員？

(Operator Instructions) Bruce Chan, Stifel.

（操作員說明）Bruce Chan，Stifel。

Yes, sorry, guys. Good morning. This is Andrew Cox on for Bruce. Shawn (multiple speakers) We know it's early, Shawn, but we did want to square up what you feel your mandate here at Forward is? What have you take this position, what you bring to the organization, and what do you feel you can get done in relation to those areas of improvement you found to be very attainable in your diligence? Thank you.

是的，對不起，夥計們。早安.這是布魯斯的安德魯·考克斯。肖恩（多名演講者） 我們知道現在還為時過早，肖恩，但我們確實想確定您認為您在 Forward 的職責是什麼？你擔任這個職位有什麼好處，你為組織帶來了什麼，以及你認為在那些你認為透過你的努力很容易實現的改進領域中你可以做些什麼？謝謝。

Thank you, Andrew, for the question. Well, to be honest with you, I love this business. And when I looked at the opportunity of two great companies that are respected from my past coming together, I saw the true potential of that. Obviously also was the bumpiness of the transaction.

謝謝安德魯提出的問題。好吧，說實話，我喜歡這個行業。當我看到兩家我過去所尊敬的偉大公司走到一起的機會時，我看到了其中的真正潛力。顯然，交易過程也充滿坎坷。

And secondly, Andrew, I love challenge. So for sure, it's going to be a great challenge. But one that I'm extremely excited about -- ready for. And I know we can bring this together and draw the true potential of this merger -- or acquisition together. So that's why I took the opportunity.

其次，安德魯，我喜歡挑戰。所以可以肯定的是，這將是一個巨大的挑戰。但我對此感到非常興奮——已經準備好了。我知道我們可以將這些整合在一起，並發揮這次合併或收購的真正潛力。這就是我抓住這個機會的原因。

Great, Shawn. We look forward to seeing what you're capable of achieving here. And Rebecca, if I could just follow-up with a quick one. I know you guys are within the realm of the debt covenants this quarter. But I just wanted to know if you've had any response from creditors? How much runway they may be willing to give you moving forward? Thank you.

太棒了，肖恩。我們期待看到您能夠在這裡取得什麼成就。還有麗貝卡，如果我能快速跟進就好了。我知道你們本季都在債務契約的範圍內。但我只是想知道債權人是否有任何回應？他們願意為你提供多少前進的跑道？謝謝。

Yeah, Andrew, thanks for the question. We've looked, as we talked about, we'll come back in our second quarter and give full year guidance for 2024. But we talked about the levers we're going to pull in terms of profitability, in terms of cost reduction, in terms of asset divestitures. And so when we look at all of that, which is on the table, we believe that will continue to be within our bank covenants.

是的，安德魯，謝謝你的提問。正如我們所討論的，我們已經看到，我們將在第二季度回來並給出 2024 年全年指導。但我們討論了我們將在獲利能力、降低成本和資產剝離方面採取的槓桿措施。因此，當我們審視擺在桌面上的所有這些內容時，我們相信這將繼續符合我們的銀行契約。

And so there will be no need for us to go back and talk with our creditors. So we just feel confident in the plan that we have in place and with now Shawn onboard, we're very focused on working through those levers. And we believe that that will help us in terms of having continuing to have the headroom from now until it becomes a maintenance covenant.

因此，我們無需回去與債權人交談。因此，我們對我們已經制定的計劃充滿信心，現在肖恩加入，我們非常專注於利用這些槓桿。我們相信，這將有助於我們從現在開始繼續擁有空間，直到它成為維護契約。

Okay, good to hear. I'll hop back in queue. Thank you.

好的，很高興聽到。我會跳回隊列。謝謝。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Thanks for taking my questions. Can you talk a little bit about the results of the Omni [Auto] and anything you learned out of that? And did any of the historical figures change, and why? Thank you.

感謝您回答我的問題。您能談談 Omni [Auto] 的結果以及您從中學到的東西嗎？歷史人物有變化嗎？謝謝。

Yes, that's a great question. Good morning. In terms of the preliminary numbers that we talked about on our fourth quarter earnings call, we mentioned that the audit was in progress at that time. We did not have any number changes from that preliminary estimate from our fourth quarter earnings call. It was more of getting through the audit process to get it complete.

是的，這是一個很好的問題。早安.就我們在第四季財報電話會議上討論的初步數據而言，我們提到當時正在進行審計。我們在第四季財報電話會議上的初步估計沒有任何數字變化。更多的是透過審計過程來完成它。

And on the last earnings call, you talked -- yes, we can see the quarterly cash flow in the statement, but there's a lot of noise from the deal and working capital there. On the last call, you talked about being cash flow positive relative to debt service for the first four or five weeks of ownership. How has that played out now that now that you're several months? Are you pretty comfortable about that and how much breathing room do you have? Thank you.

在上次財報電話會議上，您談到了——是的，我們可以在報表中看到季度現金流，但交易和營運資金中有很多噪音。在上次電話會議上，您談到在所有權的前四到五週內，相對於償債而言，現金流為正。現在你已經幾個月了，效果如何？你對此感到滿意嗎？謝謝。

Yes, Bascome, we you're right. We did talk a bit about first of four to five weeks of what we saw from a liquidity standpoint and being able to generate cash to service the debt. As I talked about earlier, we have had quite a bit of one-time only costs in the first quarter. We expect there to be some additional one-time only costs in the second quarter, but when we look at the second half of the year, we believe that noise will be gone and we got to a normalization.

是的，巴斯科姆，我們你是對的。我們確實從流動性的角度以及能夠產生現金來償還債務的角度討論了四到五週的第一周的情況。正如我之前談到的，我們在第一季有相當多的一次性成本。我們預計第二季會出現一些額外的一次性成本，但當我們展望下半年時，我們相信噪音將會消失，我們將會正常化。

And so I do think that when you strip out those one-time-only costs -- I do think that we are free cash flow positive and we feel pretty good about that. We just got to get some of these one-time costs behind us get to the second half to have a normalization.

因此，我確實認為，當你剔除那些一次性成本時，我確實認為我們的自由現金流為正，我們對此感覺非常好。我們只需在下半年消除一些一次性成本即可正常化。

And I know you don't want to guide the second quarter at this point, but do you have any sense of the magnitude of those one-time costs and how they will compare as a cash flow drag to what you experienced in the last few months here?

我知道您現在不想指導第二季度，但是您是否了解這些一次性成本的規模以及它們將如何作為現金流拖累與您在過去幾年中經歷的情況進行比較幾個月在這裡？

I certainly think you're right that we're not guiding to the second quarter, but I think there were the largest ones coming out of the closing of the acquisition are in the first quarter. So I think the height of them are in the first quarter and they will taper down into the second quarter.

我當然認為你是對的，我們不會指導第二季度，但我認為收購完成後最大的變化是在第一季。所以我認為他們的高度在第一季度，他們將在第二季度逐漸下降。

You talked about normal seasonality, March to April, typically being negative. So it's good to hear that that's headed in a more positive direction. Could you quantify that and just give a range around how super seasonal we are here?

您談到了正常的季節性，即三月至四月，通常為負值。因此，很高興聽到這正朝著更積極的方向發展。您能否量化這一點並給出一個關於我們這裡的超級季節性的範圍？

Yes, I think from our standpoint we know that it's positive. If you look back to last year and there was a bit of some noise in terms of where the market was in second quarter from March to April of last year. So I think you can probably reference back to there in terms of where we are this year. It's a little more -- I would say normalization in terms of where the market conditions are.

是的，我認為從我們的角度來看，我們知道這是正面的。如果你回顧去年，你會發現去年 3 月至 4 月第二季的市場狀況有些噪音。所以我想你可以參考一下我們今年的情況。我想說的是市場狀況的正常化。

So we like to see this as a favorable in terms of the sequential growth from March to April, given that those market conditions are now somewhat the same between March and April. And so that gives us a lot of confidence in terms of our ability -- as we talked about, become profitable and have the revenue growth and the synergy capture and between the [Q1 season].

因此，考慮到 3 月和 4 月之間的市場狀況現在有些相同，我們認為這對 3 月到 4 月的環比增長是有利的。因此，這讓我們對自己的能力充滿信心——正如我們所說，實現盈利並實現收入成長和捕捉協同效應。[第一季]。

And last for me, just to clarify that point you talked about revenue being super seasonal month over month with the growth. Does operating income or profit follow that shape as well? Or has that been different?

最後，我想澄清一下您所說的收入逐月呈現超季節性成長的觀點。營業收入或利潤也遵循這種形狀嗎？或情況有所不同？

Yeah, we're just not in a position on this call to be able to speak to the bottom line for that revenue. Generally one would think that revenues up in terms of being able to cover off on those fixed costs. Generally you would expect for there to be the profitability to follow the revenue. But we're not just in a position on this call to be able to (inaudible) the numbers.

是的，我們只是無法在這次電話會議上談論該收入的底線。一般來說，人們會認為收入的增加意味著能夠抵消這些固定成本。一般來說，您會期望盈利能力跟隨收入而變化。但我們不僅能夠在這次電話會議上獲得（聽不清楚）這些數字。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. Good morning. Nice to speak with you, Shawn. So one thing I just want to clarify, I wasn't following. The slides say that there's been $55 million of synergies realized to date. But sounds like, Rebecca, you're talking about a much different number. So could you just clarify that?

嘿，謝謝。早安.很高興與你交談，肖恩。所以我想澄清一件事，我沒有關注。幻燈片顯示，迄今已實現了 5500 萬美元的協同效應。但麗貝卡，聽起來你說的是截然不同的數字。那你能澄清一下嗎？

Yes, sure. Scott, good question. If we look at this slide, I just wanted to -- maybe it's helpful to kind of walk through some of these numbers. So the $55 million is what we've already achieved. That's the annualized run rate. We recognized $7.5 million in our P&L in the first quarter. So that would be over 12 months, is the $55 million in the $7.5 million is what we reported in the first quarter. For the first 12 months of this year of 2024, we expect that number to be $47 million. Does that help to clarify?

是的，當然。斯科特，好問題。如果我們看這張投影片，我只是想——也許瀏覽其中一些數字會有所幫助。所以 5500 萬美元是我們已經實現的。這就是年化運行率。第一季我們在損益表中確認了 750 萬美元。因此，這將超過 12 個月，即我們第一季報告的 750 萬美元中的 5500 萬美元。2024 年的前 12 個月，我們預計這一數字將達到 4,700 萬美元。這有助於澄清嗎？

Yes, that's helpful. So I know we're not getting specific guidance, but do you think Omni gets back to positive EBITDA in Q2 as these synergies ramp and given the revenue up-tick you're talking about?

是的，這很有幫助。所以我知道我們沒有得到具體的指導，但您認為隨著這些協同效應的增強以及您所說的收入增長，Omni 在第二季度會恢復正 EBITDA 嗎？

Yes, Scott, as you mentioned, we're not going to give guidance for Q2, but we recognize that this is a top priority for us. And we are focused on the levers that we can pull in terms of generating profitability for the combined entity, really focusing on revenue growth, focusing on the cost structure and being able to align that cost structure.

是的，斯科特，正如您所提到的，我們不會為第二季度提供指導，但我們認識到這是我們的首要任務。我們專注於為合併後的實體創造獲利能力的槓桿，真正專注於收入成長，專注於成本結構並能夠調整該成本結構。

And so I think here between those two as well as our synergies. So I think between the profitability of the revenue growth -- I think looking at the cost structure and as well as the synergies, I think those are all levers that we are actively working to be able to generate profitability not only for Omni, but also for the combined entity.

所以我認為這兩者之間以及我們的協同作用。因此，我認為在收入成長的獲利能力之間——我認為從成本結構和協同效應來看，我認為這些都是我們正在積極努力的槓桿，以便不僅能夠為Omni 創造盈利，而且還能為Omni創造盈利。

Okay. Maybe I'm trying to ask it a little differently. So you said that you expect to stay within the covenants. And obviously there's a lot of noise and a lot of add-backs. How much EBITDA do you need to generate in Q2 to stay within the -- stay under the 6 times covenant?

好的。也許我想以不同的方式問這個問題。所以你說你希望遵守聖約。顯然有很多噪音和很多附加內容。您需要在第二季度產生多少 EBITDA 才能保持在 6 倍契約之內？

Yes, Scott. I think as we said, we're not going to give the guidance, but we will give you more full year guidance when we get on the second quarter call. But we've obviously have projected out what we believe and we foresee -- the earnings potential of the combined entity to be. So looking at those numbers and being able to run the calculation, we believe we'll still have the headroom as we go into the second quarter.

是的，斯科特。我認為正如我們所說，我們不會提供指導，但當我們接到第二季度電話會議時，我們會為您提供更多的全年指導。但我們顯然已經預測了我們的信念和預見——合併後實體的獲利潛力。因此，看看這些數字並能夠進行計算，我們相信進入第二季度時我們仍然有空間。

And just as a reminder, the second quarter is the first time that we officially have to test for that financial covenant. It will only allow us access to that revolver. But we feel really -- we run the numbers and we feel like there's the headroom and we'll in compliance as we look ahead and we look forward to sharing and more about that full year guidance on our next earnings call.

提醒一下，第二季是我們第一次正式測試該財務契約。它只允許我們使用那把左輪手槍。但我們真的感覺——我們計算了數據，我們覺得還有空間，展望未來，我們會遵守規定，我們期待在下一次財報電話會議上分享更多有關全年指引的信息。

Okay. And then the March to April commentary, did you see that at -- expedited intermodal Omni, where are you seeing the sequential improvement? Is it everywhere?

好的。然後是 3 月至 4 月的評論，您是否在加急多式聯運 Omni 上看到了這一點，您在哪裡看到了連續的改進？到處都是嗎？

Yes, that's a consolidated number, but we have seen growth in our -- in all lines of business.

是的，這是一個綜合數字，但我們已經看到了所有業務領域的成長。

Okay. And then maybe just last question. So the way that you guys reported today in terms of -- Omni has its own revenue and earnings line and then adding back the purchase amortization, which I think is something you haven't done before. Is this the new reporting structure? Just so we have for our models.

好的。也許只是最後一個問題。所以你們今天報道的方式是——Omni 有自己的收入和盈利線，然後加上購買攤銷，我認為這是你們以前沒有做過的事情。這是新的報告結構嗎？我們的模型也是如此。

Yes, I think you know, Scott, with Shawn on board, we're certainly going to evaluate our segment reporting and as Shawn sees fit in terms of how he views the business this segments potentially could change. Right now, we're not able to speak to what that may or may not look like. I will say from an acquisition amortization standpoint, we do plan to add that back going forward. I think you can count that in your model. But I think in terms of the reportable segments, those may or may not just depending on how Shawn views the business on a go-forward basis.

是的，我想你知道，斯科特，隨著肖恩的加入，我們肯定會評估我們的分部報告，並且肖恩認為他認為該分部可能改變的業務的方式是合適的。目前，我們無法判斷這可能會是什麼樣子，也可能不會。我想說，從收購攤銷的角度來看，我們確實計劃在未來將其增加。我認為你可以在你的模型中計算它。但我認為就可報告部分而言，這些可能或可能不僅僅取決於肖恩如何看待未來的業務。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning. Thank you. Shawn, I wanted to touch on a comment that you made about some of the early revenue synergy capture that you're seeing and just the opportunity there. So maybe you could talk a little bit about the genesis of some of those synergies (technical difficulty) demand from your current customers? And just thoughts on kind of revenue synergies now with you at the helm and obviously, the integration in place?

早安.謝謝。肖恩，我想談談您對您所看到的一些早期收入協同捕獲以及那裡的機會發表的評論。那麼也許您可以談談當前客戶的一些協同效應（技術難度）需求的起源？只是想一下現在由您掌舵的收入協同效應，顯然，整合到位了嗎？

Thank you, Stephanie. So what I see here is obviously the legacy Omni the business utilizing the asset of Forward as a big piece. And when you start looking at the potential future, it's important to -- when people look at and they make decisions on, do you have your own assets or not? And so I would say there is two major segments here of the domestic [14] moving into the network and to how we leverage -- how we're leveraging our international business utilizing the network on a pre and post international business.

謝謝你，斯蒂芬妮。所以我在這裡看到的顯然是遺留的 Omni 業務，利用 Forward 的資產作為一個大塊。當你開始審視潛在的未來時，重要的是──當人們審視並做出決定時，你是否擁有自己的資產？因此，我想說，這裡有兩個主要部分：國內 [14] 進入網路以及我們如何利用——我們如何在國際業務之前和之後利用網路來利用我們的國際業務。

Got it. Thank you. I guess maybe taking this -- I guess one point of clarification and maybe you said this before, but just trying to get a sense of it. The historical monthly seasonality between March and April, what is that normally? (technical difficulty) total company or tonnage or best way for you to break that out?

知道了。謝謝。我想也許可以接受這一點——我想需要澄清一點，也許你之前說過這一點，但只是想了解一下。3 月至 4 月之間的歷史每月季節性，通常是什麼？（技術難度）總公司或總噸位或解決這個問題的最佳方法？

Yeah, I think, Stephanie, what we said in our earnings release is that if you just look at last year, it was a contraction. It was a 15% and that was on a pro forma basis between the two companies. So that wasn't just us buying Omni to increase that number that was on a pro forma basis. So it's negative 15% last year versus a 6% growth this year.

是的，我想，史蒂芬妮，我們在財報中所說的是，如果你看看去年，你會發現這是一個收縮。兩家公司之間的比例為 15%。因此，我們購買 Omni 不僅僅是為了增加預估的數字。因此，去年的負成長為 15%，而今年則成長了 6%。

And then just I guess last one for me, you talked about this the continued focus on a product portfolio overview. Any color there in terms of which assets within the business do you think might be not helpful or not part of the strategic plan of the combined entity with the legacy expedited and Omni businesses? A little bit more color on what might not be part of the long-term strategy.

然後我想對我來說最後一個，你談到了對產品組合概述的持續關注。您認為業務中的哪些資產可能沒有幫助，或者不屬於與傳統加急業務和 Omni 業務合併後的實體的策略計劃的一部分？對可能不屬於長期策略的內容進行更多的描述。

Hey, Stephanie, this is Michael. Great question. And we are actioning a plan to divest non-core assets in 2024. But really, we can't give specifics beyond that. But that we are working that plan aggressively.

嘿，史蒂芬妮，這是邁克爾。很好的問題。我們正在實施一項計劃，在 2024 年剝離非核心資產。但實際上，我們無法提供除此之外的細節。但我們正在積極實施該計劃。

Okay. But in 2024, I got it. That's helpful. And then lastly for me, I think it will certainly be helpful to get some more color on 2024 guidance when you report 2Q. That being said, at that point, we'll probably -- at that point, we probably will be eight months into the year and as you can imagine, we're all going to be focused on 2025 as well and in some respects. So any chance of updating maybe kind of the long-term potential -- or not long term but provide a multiyear view of what the combined entity can be or at least maybe update some of those original numbers that were provided when the acquisition was announced?

好的。但到了 2024 年，我明白了。這很有幫助。最後對我來說，我認為在報告第二季度時獲得有關 2024 年指導的更多資訊肯定會有所幫助。話雖這麼說，到那時，我們可能會——到那時，我們可能會進入今年八個月，正如你可以想像的那樣，我們也將在某些方面關注 2025 年。因此，任何更新的機會可能是長期潛力——或者不是長期潛力，但提供了合併後實體的多年視角，或者至少可能更新宣布收購時提供的一些原始數據？

Yes, Stephanie. I think as Shawn mentioned in his opening remarks that we are looking to give transparency to the investor community. And so I think there certainly could be an opportunity for us to be able to give a longer-term view because you are correct. By that time, we'll be through the large portion of 2024. So it's certainly not off the table and we want to give the right view to the shareholder and analyst community to better understand the value that we see with the combined entity.

是的，史蒂芬妮。我認為正如肖恩在開場白中提到的那樣，我們希望為投資者群體提供透明度。所以我認為我們肯定有機會提出更長遠的觀點，因為你是對的。到那時，我們將度過 2024 年的大部分時間。因此，這當然不是不可能的，我們希望向股東和分析師群體提供正確的觀點，以更好地理解我們在合併後的實體中看到的價值。

Got it. And we'll leave it at that. Thank you.

知道了。我們就這樣吧。謝謝。

Christopher Combe, Benchmark.

克里斯托弗·庫姆，基準。

Yes, hi, good morning. Thanks for taking the question and Shawn, welcome. Welcome to Forward.

是的，嗨，早安。感謝您提出問題，肖恩，歡迎。歡迎來到轉發。

Thank you, sir.

謝謝你，先生。

Rebecca, I think you said the historical EBITDA figures didn't change, but I mean, it does look like maybe some of the adjustments might have from the presentation you gave last year. So the presentation you have this morning. Can you just help me understand that?

麗貝卡，我認為您說過歷史 EBITDA 數據沒有變化，但我的意思是，看起來確實可能與您去年的演示相比進行了一些調整。今天早上的演講。你能幫我理解一下嗎？

Yes. So maybe, Chris, just to make sure that I understand, I think you're referring back to the presentation, the investor presentation we gave in August of 2023. Is that correct?

是的。所以，克里斯，也許只是為了確保我理解，我認為您正在回顧我們在 2023 年 8 月進行的投資者演示。那是對的嗎？

Mm-hm.

嗯嗯。

Yes, there's only just a handful of adjustments that were excluded from the presentation. More so did conform with non-GAAP reporting for a public company. And so there's just a handful. It's really just the pro forma EBITDA adjustments that were removed from that presentation and carried forward. Otherwise, everything is the exact same.

是的，只有少數調整被排除在簡報之外。更重要的是符合上市公司的非公認會計準則報告。所以只有少數。實際上，這只是從該簡報中刪除並結轉的預計 EBITDA 調整。否則，一切都完全相同。

Okay. And to that end, there's $65 million of EBITDA add-backs in the quarter. You broke that out a little bit more in the quarter-to-date numbers for -- can you maybe break out that $65 million so just we can understand what's in there? I know that there's transaction costs, but maybe what's in that number?

好的。為此，本季有 6500 萬美元的 EBITDA 回加。您在季度至今的數字中進一步透露了這一點——您能否透露一下 6500 萬美元，以便我們能夠了解其中的內容？我知道有交易成本，但也許這個數字是多少？

Yes, that's right. The $65 million is really it's broken out into two numbers on the largest of which, as you have pointed out, is going to be those transaction and integration costs and then severance costs is the other piece that we have in there. So this transaction and integration costs would be anything that's related to this acquisition that the combined entity incurred during the quarter. That's in our P&L and then the severance cost, obviously, our reduction in force actions that were taken. And so it's the costs associated with those. We consider those to be onetime only, non-reoccurring costs.

恩，那就對了。6500 萬美元實際上分為兩個數字，正如您所指出的，其中最大的數字將是交易和整合成本，然後遣散費是我們的另一部分。因此，交易和整合成本將是合併後的實體在本季發生的與此收購相關的任何成本。這在我們的損益表中，然後是遣散費，顯然，我們減少了所採取的武力行動。這就是與這些相關的成本。我們認為這些只是一次性的、非經常性的成本。

Okay. Okay. And then just -- did you mentioned during the during the call how that core LTL network business did? I know the brokerage business and the intermodal business hurt the EBITDA, but I'm just wondering how the core LTL business did or in terms of your expectations.

好的。好的。然後，您在通話期間是否提到了核心零擔網路業務的表現？我知道經紀業務和聯運業務損害了 EBITDA，但我只是想知道核心零擔業務的表現或您的期望如何。

Yes. Certainly from an our Less Than Truckload line of business, our core business, as you've called, from an operating [Scott's] standpoint, we saw some favorability in terms of the volume growth and we certainly saw from a revenue per shipment standpoint, [ex fuel].

是的。當然，從我們的零擔業務線，我們的核心業務，正如你所說，從運營[斯科特]的角度來看，我們在數量增長方面看到了一些有利的情況，而且從每批貨物的收入的角度來看，我們當然也看到了，[前燃料]。

We also saw some positive growth there. That would reflect staggered GRI coming in into the revenue throughout the quarter. But we did see some green shoots in our Less Than Truckload line of business. So we feel really good about that in terms of the first quarter.

我們在那裡也看到了一些正面的成長。這將反映 GRI 交錯地計入整個季度的收入。但我們確實在零擔業務領域看到了一些萌芽。所以我們對第一季的情況感覺非常好。

Yeah, I'm wondering about the EBITDA. I know you don't break that out, but I'm just wondering how the EBITDA did on that core business, just compared to your expectations?

是的，我想知道 EBITDA 的情況。我知道您沒有透露這一點，但我只是想知道與您的預期相比，該核心業務的 EBITDA 表現如何？

Yes, we didn't break that out. We talked about that from an expedited freight segment, but certainly I think -- just I think what we're seeing from a positive nature on the operating stats, I think certainly would reflect the positivity from an EBITDA standpoint.

是的，我們沒有打破這一點。我們從加急貨運部門談到了這一點，但我當然認為 - 只是我認為我們從營運統計數據的積極性質中看到的，我認為肯定會反映從 EBITDA 角度來看的積極性。

Okay. And then just lastly, you had talked about the freight market being weak in the first quarter. But what if that persists into the rest of the year? How you feel comfortable in terms of your covenants reducing the leverage and hitting your cost synergy targets?

好的。最後，您談到第一季貨運市場疲軟。但如果這種情況持續到今年剩餘時間怎麼辦？您對降低槓桿率和實現成本協同目標的承諾感覺如何？

Yes, certainly, Chris, as we're thinking ahead to those covenants, certainly. What we can speak about is what we can control. And so what we can control are taking out of cost and so rightsizing the costs for the combined entity. We can control and in some respects right kind of asset dispositions and then obviously continuing to grow from a revenue and profitability.

是的，當然，克里斯，因為我們正在考慮這些契約，當然。我們能談論的就是我們能控制的。因此，我們可以控制的是降低成本，以合理調整合併後實體的成本。我們可以在某些方面控制正確的資產配置，然後顯然可以繼續從收入和獲利能力中成長。

It is, as you pointed out. It will be a bit difficult from the revenue profitability in this environment based. We've seen already April being positive. We now have Shawn that's onboard. And so we see all of that as being some good signs as we head into the second quarter.

正如您所指出的。在這種環境下從營收獲利來看會有點困難。我們已經看到四月是積極的。現在肖恩就在船上了。因此，當我們進入第二季度時，我們認為所有這些都是一些好的跡象。

Okay. Thank you.

好的。謝謝。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Hey, team. Thanks for letting me squeeze back in here to Andrew again. I just wanted to address attrition, both on the customer side and on the Omni sales force side. Last quarter, you said you guys weren't seeing any material customer attrition. I just wanted to know if anything has changed there?

嘿，團隊。謝謝你讓我再次擠到安德魯身邊。我只是想解決客戶方面和 Omni 銷售人員的人員流失問題。上個季度，你們說你們沒有看到任何實質的客戶流失。我只是想知道那裡有什麼改變嗎？

And then also, what's the attrition been like at Omni sales force and what's the plan to integrate the team? And then as a follow-up, Shawn, what are some of the things that that you can bring and what you can do to defend against both customer attrition and attrition of the omni sales force? Thank you.

另外，Omni 銷售團隊的人員流動如何？然後，肖恩，作為後續跟進，您可以帶來哪些東西以及您可以採取哪些措施來防止客戶流失和全方位銷售團隊的流失？謝謝。

Hey, Andrew, happy to answer. This is Michael. I'll start and then pass it to Shawn. I'm pleased to report that the answers on customer attrition and salespeople attrition is still positive. I've had many interactions with our customers over the past several months. And as Shawn said on the call in his opening remarks, they are looking for us to continue to provide them with the same great service that enables them to win, and we are committed to doing that and have continued to do that. And so we have not seen customer attrition.

嘿，安德魯，很高興回答。這是麥可.我先開始，然後把它交給肖恩。我很高興地報告，關於客戶流失和銷售人員流失的答案仍然是正面的。在過去的幾個月裡，我與客戶進行了許多互動。正如肖恩在電話會議的開場白中所說，他們希望我們繼續為他們提供同樣優質的服務，使他們能夠獲勝，我們致力於這樣做，並將繼續這樣做。因此，我們沒有看到客戶流失。

And with respect to the sales team, we have a great sales team and they are laser focused on winning in this tough environment, and we're grateful for that. And there are as part of one of our integration work streams is -- sort of working out how to integrate from a commercial side and sales side, and that's fully engaged and ongoing and I think with Shawn now to handle, he'll be speaking into that and directing it and steering it, and you'll hear more about that in days ahead. But Shawn, I'll pass the mic to you on that.

就銷售團隊而言，我們擁有一支出色的銷售團隊，他們專注於在這個艱難的環境中獲勝，我們對此表示感謝。我們整合工作流程之一的一部分是——研究如何從商業方面和銷售方面進行整合，這是完全參與和持續的，我認為現在由肖恩來處理，他會講話深入研究並指導它和操縱它，未來幾天你會聽到更多關於這方面的資訊。但肖恩，我會把麥克風交給你。

So thanks for the question, Andrew. In full transparency, if you're not growing your debt in this business -- and I like to spend a large majority of my time personally involved with customers. So obviously, I've got a lot of work to do ahead of me with the team to get the most optimal out of this venture quickly. But I will segment my time over this next quarter to split those time capsules, if you will, between direct interaction with customers with the sales team to ensure that we continue to give that confidence and listening to understanding what solutions we can bring to their supply chain throughout this combined network.

謝謝你的提問，安德魯。在完全透明的情況下，如果你在這項業務中的債務沒有增加——我喜歡花大部分時間親自與客戶打交道。顯然，我和團隊還有很多工作要做，以便快速從這次​​冒險中獲得最佳收益。但如果你願意的話，我將在下個季度劃分我的時間，將這些時間膠囊分為與銷售團隊與客戶直接互動以確保我們繼續給予這種信心和傾聽了解我們可以為他們的供應提供哪些解決方案貫穿這個聯合網絡的鏈條。

And Andrew, if I could just jump back in. I'm not doing justice because I've had the great pleasure of sitting with our sales leaders and working with them closely over the past several months. And I just can't tell you how impressed I am with them and how dedicated they are to delivering that great service to our customers.

安德魯，如果我能跳回來就好了。我這樣做並不公平，因為在過去的幾個月裡，我很高興與我們的銷售領導坐在一起並與他們密切合作。我無法告訴你他們給我留下了多麼深刻的印象，以及他們為我們的客戶提供優質服務的奉獻精神。

I have been so many meetings where they get kudos from the customer because our people are just so committed. So I think that that is a great asset for us and something that, as Shawn said in his remarks, that great people are the foundation for which we're going to build on. And so I just want to call that out specifically and say thank you again to those folks who are listening on the call.

我參加過很多次會議，他們都得到了客戶的稱讚，因為我們的員工非常忠誠。因此，我認為這對我們來說是一筆巨大的財富，正如肖恩在演講中所說，優秀的人才是我們發展的基礎。因此，我只想特別指出這一點，並再次向那些正在收聽電話會議的人們表示感謝。

Thank you.

謝謝。

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

Hey, good morning. Good morning. Hey.

嗨，早安。早安.嘿。

Hey, Tyler.

嘿，泰勒。

Hey, Rebecca. So just so I have it, on the EBITDA calculation for the debt covenant, is it basically you just take the last four quarters of pro forma EBITDA and then they add kind of the run rate synergies? Is that effectively correct?

嘿，麗貝卡。所以我知道，在債務契約的 EBITDA 計算中，基本上是不是只採用最後四個季度的預期 EBITDA，然後再加入某種運行率綜效？這實際上是正確的嗎？

Yeah, Tyler. In our GAAP, we did give -- in the appendix, we gave a reconciliation for the trailing 12 months. But you're right in terms of just the performance of the last four quarters and there's adjustments that we add back, the largest of which would be our due diligence transaction and integration costs. But then you're right on the run rate of the cost synergies. That's right. It is the $75 million obviously adjusted for any that we realize within our NP&L or wins that we've achieved. But in implicit terms, that's correct.

是的，泰勒。在我們的 GAAP 中，我們確實在附錄中給出了過去 12 個月的調整表。但就過去四個季度的業績而言，你是對的，我們又添加了一些調整，其中最大的調整是我們的盡職調查交易和整合成本。但你對成本綜效的運作率是正確的。這是正確的。這 7500 萬美元顯然是根據我們在 NP&L 中實現的任何目標或我們取得的勝利進行調整的。但從隱含的角度來看，這是正確的。

Okay. So if I come back to Scott's question and even kind of another different way, but what was the bank applicable pro forma EBITDA in the second half of '23? Do you have by chance maybe for Q3 and Q4? Because it's very hard to do the calculation.

好的。因此，如果我回到斯科特的問題，甚至以另一種不同的方式，那麼銀行在 23 年下半年適用的預計 EBITDA 是多少？Q3 和 Q4 是否有機會？因為計算起來非常困難。

Yeah, we just provided the -- the bank calculation is on a trailing 12 months. And so we wanted to be transparent in terms of what that looked like. And so we provided the trailing 12 months versus breaking it out between the quarters to get there.

是的，我們剛剛提供了——銀行的計算是過去 12 個月的。因此，我們希望在外觀上保持透明。因此，我們提供了過去 12 個月的數據，並在各季度之間進行了細分，以達到這一目標。

Okay. Well, obviously cash flow is going to be super important here. And based on the comments again, because I think on the last quarter call, you said that February was cash flow positive, which implies that March was a big burn. I mean, can you commit to having positive operating cash flow in Q2? Are you just not ready to do that?

好的。嗯，顯然現金流在這裡非常重要。再次根據評論，因為我認為在上個季度的電話會議上，您說 2 月現金流為正，這意味著 3 月是一個大燒錢。我的意思是，您能否承諾在第二季度擁有正的營運現金流？你還沒準備好這樣做嗎？

Yeah, I don't think we're ready to speak to Q2. But Tyler, I can assure you that this is -- as you've said, this is a top priority for the company. We are very focused on liquidity. We are very focused on deleveraging. We will acknowledge that there are some one-time-only costs in the second quarter and we have some lingering expenses to be paid from this acquisition. But once you get to the second half of the year, it's more in a normalized environment.

是的，我認為我們還沒有準備好討論第二季。但是泰勒，我可以向你保證，正如你所說，這是公司的首要任務。我們非常注重流動性。我們非常注重去槓桿。我們承認，第二季度存在一些一次性成本，我們需要從這次收購中支付一些揮之不去的費用。但一旦進入下半年，情況就更處於正常化的環境。

We also believe that the synergies that we've talked about, we've already proven that $7.5 million are in our P&L for the first quarter, and we believe that there is more yet to come in the second quarter and in the second half of the year. Also as we talked about in the cost reduction, we have some programs that are underway as we speak. We'll give you more clarity of those on our second quarter earnings call.

我們也相信，我們已經討論過的協同效應，我們已經證明第一季的損益表中有 750 萬美元，我們相信第二季和下半年還會有更多的結果。正如我們在降低成本方面所談到的，我們正在製定一些計劃。我們將在第二季財報電話會議上為您提供更清晰的資訊。

But all the actions that we are taking sets us up to be able to be cash flow positive as you have asked your question, and that's what our focus is, and that's what we're working -- to be able to provide you on our second quarter earnings call. But hopefully that gives you just some context about how we're viewing liquidity and the action steps that we're taking.

但是，正如您所問的那樣，我們正在採取的所有行動都使我們能夠實現正現金流，這就是我們的重點，這就是我們正在努力的目標 - 能夠為您提供我們的第二季度財報電話會議。但希望這能讓您了解我們如何看待流動性以及我們正在採取的行動步驟。

Okay. A couple of more. So I think on the cash flow statement, you also paid out a $12 million earn-out. What was that for?

好的。還有幾個。所以我認為在現金流量表上，您還支付了 1200 萬美元的盈餘。那是做什麼用的？

Yes, that's right. It's down in the financing section. There was a legacy Omni acquisition where we were -- an earn-out was earned and due in payable. It was split between Q1 and Q2. So the $12 million that you see down in the financing, that's one piece of it. There will be a second piece in the second quarter.

恩，那就對了。它位於融資部分。我們當時進行了一項傳統的 Omni 收購——賺取了應付款項。它分為第一季和第二季。因此，您在融資中看到的 1200 萬美元只是其中的一部分。第二季還會有第二部。

Okay. Equal size?

好的。大小相等嗎？

No, it's just smaller. A larger portion was paid in the first quarter. It's a smaller portion in the second quarter.

不，只是變小了而已。較大一部分是在第一季支付的。第二季度的比例較小。

Okay. And my last one. So on the leverage ratio calculation, I thought that the cash cap was saved $50 million. It seems like you were added -- you're able to add back $155 million in the count this quarter. Am I just misunderstanding how the calculation is done?

好的。還有我的最後一張。所以在槓桿率計算上，我認為現金上限節省了5000萬美元。看來您已被添加 - 您可以在本季度的計數中添加 1.55 億美元。我只是誤解了計算是如何完成的嗎？

No, Tyler, after a further review, we are able to add back unrestricted cash, which essentially is our domestic cash. And so that is correct. That's why the $155 million is a tieback to our balance sheet, because we were able to take a larger portion of that as long as it's not restricted cash down to the dot netting against the debt credit.

不，泰勒，經過進一步審查，我們可以加回不受限制的現金，這本質上是我們的國內現金。所以這是正確的。這就是為什麼這 1.55 億美元是我們資產負債表上的回扣，因為只要現金不限於債務信用的點淨額，我們就能夠提取其中的更大一部分。

All right. Thank you.

好的。謝謝。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Thanks for the follow up time here. Just to go back to Tyler and Scott's angle, as we look at the trailing 4Q lender EBITDA, you're going to lose the second quarter of last year, which will obviously be challenging even with sequential improvement versus the first quarter of this year. Is there any way to frame the lender number of EBITDA on an adjusted basis for the second quarter last year? Just so we can think about the risk of losing that going forward.

在此感謝您的關注。回到泰勒和斯科特的角度，當我們查看第四季度貸款機構的EBITDA 數據時，你將失去去年第二季度的業績，即使與今年第一季相比連續有所改善，這顯然也將具有挑戰性。有什麼辦法可以確定去年第二季調整後的貸款人 EBITDA 數據嗎？這樣我們就可以考慮未來失去這一點的風險。

Yes, I think, Bascome, again, you're right that we will drop off as we move into the second quarter. You're right we will drop off one quarter. I think as we've kind of started the call, I'll go back to what we had -- Shawn and I both have said, is that we just don't believe that the first quarter is really representative for the remainder of the year.

是的，我認為，巴斯科姆，你說得對，當我們進入第二季時，我們的成績將會下降。你說得對，我們將放棄四分之一。我想，當我們開始通話時，我會回到我們的觀點——肖恩和我都說過，我們只是不相信第一季真正能代表剩餘的時間年。

And so while we do, we will drop off that quarter, as you mentioned, I think as we think ahead to second quarter, I think it's a misnomer to believe that Q1 will be reflective of Q2 results and we have actions that are underway in terms of all the things that we've talked about. And so with that we do believe that we'll be in compliance. And so even with dropping off of less quarter and picking up our second quarter results.

因此，儘管我們這樣做，但正如您所提到的，我們將在該季度下降，我認為，當我們展望第二季度時，我認為認為第一季將反映第二季度業績的說法是錯誤的，而且我們正在採取行動就我們所討論的所有事情而言。因此，我們確實相信我們會遵守這項規定。因此，即使季度業績下降，第二季業績有所回升。

Okay. And Shawn, maybe for you, I know you've been here days not months quarters or years, but you spent a career at a business that was acquired and owned by in a highly levered state for a long time. Can you talk a little bit about the leverage crisis type experience that you learn from that?

好的。肖恩，也許對你來說，我知道你在這裡待了幾天，而不是幾個月、幾個季度或幾年，但你在一家長期被高槓桿狀態收購和擁有的企業中度過了職業生涯。您能談談您從中學到的槓桿危機類型的經驗嗎？

And how that skill set of both running a business while managing a challenging debt load and cash flow situation has led you to this opportunity here at Forward Air? And what you've learned from that that will enable you to create value for equity holders here over the next few years? Thank you.

既經營業務又管理具有挑戰性的債務負擔和現金流狀況的技能組合如何讓您在 Forward Air 獲得這個機會？您從中學到了什麼，將使您能夠在未來幾年內為這裡的股東創造價值？謝謝。

Sure. Appreciate the question. I would say at just to maybe a high level. What I learned is that you don't win the game playing defense and you don't win the game just playing offense. It's how you play both of them at the same time to bring a situation that's not so good into something that's really positive. And so my approach to this opportunity of being here is that we are completely focused on both of those at the same time, and that will take us to the optimal situation that we need to be in at the quickest rate.

當然。感謝這個問題。我想說，也許只是一個高水準。我學到的是，防守是贏不了比賽的，進攻也贏不了比賽。這就是你如何同時發揮這兩種作用，將不太好的情況轉變為真正積極的情況。因此，我對這次來到這裡的機會的態度是，我們同時完全專注於這兩件事，這將使我們以最快的速度達到我們需要處於的最佳情況。

Thank you for the time.

謝謝你的時間。

Thank you.

謝謝。

And that will end our Q&A session. And this will conclude today's Forward Air first quarter 2024 earnings conference call. Please disconnect your lines at this time.

我們的問答環節就到此結束。今天的 Forward Air 2024 年第一季財報電話會議到此結束。此時請斷開您的線路。