Former McDonald's Supply Chain Leader Bob Stewart Joins FourKites' Strategic Advisory Council
Bob's experience leading McDonald's supply chain transformation and his deep understanding of global logistics challenges will be invaluable as we continue to evolve our platform and expand our market leadership.
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During his tenure at McDonald's, Stewart oversaw supply chain strategy for more than 15,000 restaurants across the U.S. and Canada, managing nearly $14 billion in food, beverage, equipment, packaging, and distribution resources. As SVP & Chief Supply Chain Officer for North America, he led digital transformation initiatives that enhanced transparency and operational efficiency across the company's supplier and distribution network.
"AI-powered automation is fundamentally changing how global enterprises approach supply chain management," said Stewart. "FourKites has moved beyond traditional tracking to create systems that can understand, decide and act autonomously. I look forward to helping advance technologies that orchestrate complex logistics operations with minimal human intervention."
FourKites' Strategic Advisory Council brings together accomplished supply chain executives with decades of hands-on experience. The Council represents FourKites' commitment to understanding the practical realities supply chain leaders face, ensuring the company's solutions address genuine market needs.
"Bob brings a unique combination of operational expertise and strategic vision to our Council," said Mathew Elenjickal, Founder and CEO of FourKites. "His experience leading McDonald's supply chain transformation and his deep understanding of global logistics challenges will be invaluable as we continue to evolve our platform and expand our market leadership."
Stewart will bring his transformation expertise directly to supply chain leaders at FourKites Summit 2025, where he'll lead a panel that explores how supply chain partners can share data and generate insights that individual companies cannot achieve independently, transforming linear supply chains into collaborative systems. The August 26-27 Chicago conference features hands-on workshops and case studies from executives who've successfully deployed AI-driven supply chain strategies, with limited seats available for the executive-focused format.
Stewart's appointment follows FourKites' evolution beyond real-time visibility to offer the industry's only Intelligent Control Tower™. This platform combines supply chain network data with digital twins and a Digital Workforce of AI agents that autonomously act on visibility data, preventing disruptions before they occur and orchestrating complex supply chain operations.
About FourKites
FourKites®, the leader in AI-driven supply chain transformation for global enterprises and pioneer of advanced real-time visibility, turns supply chain data into automated action. FourKites' Intelligent Control Tower™ breaks down enterprise silos by creating a real-time digital twin of orders, shipments, inventory and assets. This comprehensive view, combined with AI-powered digital workers, enables companies to prevent disruptions, automate routine tasks, and optimize performance across their supply chain. FourKites processes over 3.2 million supply chain events daily — from purchase orders to final delivery — helping 1,600+ global brands prevent disruptions, make faster decisions and move from reactive tracking to proactive supply chain orchestration.
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GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ:FWRD) (the 'Company', 'we', 'our', or 'us') today reported financial results for the three months ended June 30, 2025, as presented in the tables below. 'We posted yet another solid quarter; even in this challenging environment, our team continues to deliver,' said Shawn Stewart, Chief Executive Officer. 'Operationally, we remained focused on the customer and executed well in our linehaul and terminal operations. By tightly managing costs and improving most of our operating KPIs, we have improved margins in our Expedited Freight segment. Sequentially, on a consolidated basis second quarter income from operations increased by $15 million to $20 million and Consolidated EBITDA increased by $5 million to $74 million compared to the first quarter of the year. Our team has done an exceptional job managing through a very challenging freight recession, and given our expense management discipline and operational improvements, I believe that we are equally well positioned to improve both EBITDA and cash flow from operations once the freight environment normalizes. It takes a lot of discipline, but we are not focused on the next three months or even the next three quarters, but the next three plus years. 'At the Expedited Freight segment, we are seeing the benefits from maintaining rigorous cost controls and addressing pricing actions to more closely align with the quality of service we provide. Following corrective pricing actions completed in February of this year, the second quarter revenue per hundredweight, excluding fuel surcharge, increased sequentially for the second consecutive quarter. The improvements contributed to the highest reported EBITDA margin at the Expedited Freight segment since the fourth quarter of 2023. The Expedited Freight segment encompasses one of the largest expedited LTL networks in North America and is a recognized industry leader in time-critical, high-value freight. We believe our commitment to service excellence is key to sustainable growth and long-term profitability,' concluded Stewart. Jamie Pierson, Chief Financial Officer added, 'We reported consolidated revenue of $619 million in the second quarter 2025 compared to $644 million in the second quarter of 2024. Sequentially, consolidated revenue increased by $6 million compared to $613 million in the first quarter of this year. Income from operations improved to $20 million in the second quarter compared to a loss from operations of $3 million, excluding an impairment of goodwill, a year ago. On a sequential basis, that same $20 million income from operations improved by $15 million compared to $5 million reported in the first quarter 2025. 'For the second quarter, Consolidated EBITDA ("Consolidated EBITDA"), a non-GAAP measure calculated pursuant to our Senior Secured Term Loan Credit Agreement (the "Credit Agreement"), was $74 million. Correspondingly, the last twelve months Consolidated EBITDA as of June 30, 2025, was $298 million. 'Liquidity at the end of the second quarter was $368 million compared to $393 million at the end of the first quarter 2025. The $25 million decrease during the quarter includes the $34 million semi-annual interest on the Senior Secured Notes paid every April and October. Year-to-date through June 30, cash provided by operating activities is $14 million which is a $111 million improvement compared to the $97 million used by operations in the first half of 2024,' concluded Pierson. Review of Financial Results Forward will hold a conference call to discuss second quarter 2025 results on Monday, August 11, 2025 at 4:30 p.m. ET. The Company's conference call will be available online on the Investor Relations portion of the Company's website at or by dialing (800) 267-6316, Access Code: FWRDQ225. A replay of the conference call will be available on the Investor Relations portion of the Company's website at which we use as a primary mechanism to communicate with our investors. Investors are urged to monitor the Investor Relations portion of the Company's website to easily find or navigate to current and pertinent information about us. About Forward Air Corporation Forward is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first- and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward is a single resource for your shipping needs. For more information, visit our website at Expedited Freight Segment Information (In thousands) (Unaudited) Three Months Ended June 30, 2025 Percent of Revenue June 30, 2024 Percent of Revenue Change Percent Change Operating revenues: Network 1 $ 193,829 75.2 % $ 223,334 76.7 % $ (29,505 ) (13.2 )% Truckload 42,636 16.5 44,678 15.3 (2,042 ) (4.6 ) Other 21,231 8.3 23,270 8.0 (2,039 ) (8.8 ) Total operating revenues 257,696 100.0 291,282 100.0 (33,586 ) (11.5 ) Operating expenses: Purchased transportation 124,448 48.3 142,512 48.9 (18,064 ) (12.7 ) Salaries, wages and employee benefits 53,938 20.9 63,845 21.9 (9,907 ) (15.5 ) Operating leases 17,355 6.7 14,730 5.1 2,625 17.8 Depreciation and amortization 10,357 4.0 10,692 3.7 (335 ) (3.1 ) Insurance and claims 10,693 4.1 10,969 3.8 (276 ) (2.5 ) Fuel expense 2,518 1.0 2,434 0.8 84 3.5 Other operating expenses 18,892 7.4 24,154 8.3 (5,262 ) (21.8 ) Total operating expenses 238,201 92.4 269,336 92.5 (31,135 ) (11.6 ) Income from operations $ 19,495 7.6 % $ 21,946 7.5 % $ (2,451 ) (11.2 )% 1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue. Expand Omni Logistics Segment Information (In thousands) (Unaudited) Three Months Ended Operating revenue $ 328,316 100.0 % 311,856 100.0 % 16,460 5.3 % Operating expenses: Purchased transportation 185,040 56.4 178,674 57.3 6,366 3.6 Salaries, wages and employee benefits 61,584 18.8 57,536 18.4 4,048 7.0 Operating leases 25,686 7.8 26,751 8.6 (1,065 ) (4.0 ) Depreciation and amortization 22,419 6.8 33,235 10.7 (10,816 ) (32.5 ) Insurance and claims 1,248 0.4 2,845 0.9 (1,597 ) (56.1 ) Fuel expense 888 0.3 1,182 0.4 (294 ) (24.9 ) Other operating expenses 24,265 7.4 24,790 7.9 (525 ) (2.1 ) Impairment of goodwill — — 1,092,714 350.4 (1,092,714 ) (100.0 ) Total operating expenses 321,130 97.8 1,417,727 454.6 (1,096,597 ) (77.3 ) Income (loss) from operations 7,186 2.2 % (1,105,871 ) (354.6 )% 1,113,057 100.6 % Expand Intermodal Segment Information (In thousands) (Unaudited) Three Months Ended Operating revenue $ 59,146 100.0 % $ 59,299 100.0 % $ (153 ) (0.3 )% Operating expenses: Purchased transportation 20,049 33.9 19,173 32.3 876 4.6 Salaries, wages and employee benefits 15,385 26.0 14,899 25.1 486 3.3 Operating leases 5,336 9.0 4,776 8.1 560 11.7 Depreciation and amortization 4,502 7.6 4,712 7.9 (210 ) (4.5 ) Insurance and claims 3,147 5.3 2,619 4.4 528 20.2 Fuel expense 1,857 3.1 2,243 3.8 (386 ) (17.2 ) Other operating expenses 4,455 7.6 5,560 9.4 (1,105 ) (19.9 ) Total operating expenses 54,731 92.5 53,982 91.0 749 1.4 Income from operations $ 4,415 7.5 % $ 5,317 9.0 % $ (902 ) (17.0 )% Expand Intermodal Operating Statistics Three Months Ended June 30, 2025 June 30, 2024 Percent Change Drayage shipments 62,313 64,877 (4.0 )% Drayage revenue per shipment $ 862 $ 826 4.4 % Expand Forward Air Corporation Condensed Consolidated Balance Sheets (In thousands) (Unaudited) December 31, 2024 Assets Current assets: Cash and cash equivalents $ 95,128 $ 104,903 Restricted cash and restricted cash equivalents 179 363 Accounts receivable, net 335,716 322,291 Prepaid expenses 33,182 29,053 Other current assets 10,402 15,890 Total current assets 474,607 472,500 Property and equipment, net of accumulated depreciation and amortization of $305,267 in 2025 and $292,855 in 2024 321,329 326,188 Operating lease right-of-use assets 419,531 410,084 Goodwill 522,712 522,712 Other acquired intangibles, net of accumulated amortization of $259,154 in 2025 and $212,905 in 2024 952,967 999,216 Other long term assets 70,089 71,941 Total assets $ 2,761,235 $ 2,802,641 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 115,123 $ 105,692 Accrued expenses 115,605 119,836 Other current liabilities 48,072 45,148 Current portion of debt and finance lease obligations 16,877 16,930 Current portion of operating lease liabilities 101,008 96,440 Total current liabilities 396,685 384,046 Finance lease obligations, less current portion 29,191 30,858 Long-term debt, less current portion 1,681,468 1,675,930 Liabilities under tax receivable agreement 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share-based awards (107 ) (33 ) Net cash used in financing activities of continuing operations (4,618 ) (4,231 ) Effect of exchange rate changes on cash 353 646 Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations (21,367 ) (62,739 ) Cash from discontinued operations: Net cash used in operating activities of discontinued operations — (4,876 ) Net decrease in cash and cash equivalents, and restricted cash and restricted cash equivalents (21,367 ) (67,615 ) Expand Forward Air Corporation Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2025 June 30, 2024 Operating activities: Net loss from continuing operations $ (81,555 ) $ (1,055,265 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 74,166 80,425 Impairment of goodwill — 1,092,714 Share-based compensation expense 7,669 5,187 Provision for revenue 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The Company believes that meaningful analysis of its financial performance requires an understanding of the factors underlying that performance, including an understanding of items that are non-operational. Management uses these non-GAAP financial measures in making financial, operating, compensation and planning decisions as well as evaluating the Company's performance. For the three and six months ended June 30, 2025 and 2024, this press release contains the following non-GAAP financial measures: earnings before interest, taxes, depreciation and amortization ('EBITDA'), and free cash flow. All non-GAAP financial measures are presented on a continuing operations basis. The Company believes that EBITDA improves comparability from period to period by removing the impact of its capital structure (interest and financing expenses), asset base (depreciation and amortization) and tax impacts. The Company believes that free cash flow is an important measure of its ability to repay maturing debt or fund other uses of capital that it believes will enhance shareholder value. The Company is also providing Consolidated EBITDA calculated in accordance with our credit agreement as we believe it provides investors with important information regarding our financial condition and compliance with our obligations under our credit agreement. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, the Company's financial results prepared in accordance with GAAP. The Company has included, for the periods indicated, a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors and other readers are encouraged to review the related U.S. GAAP financial measures and the reconciliations of the non-GAAP measures to their most directly comparable U.S. GAAP measures set forth below. With respect to the 2025 Consolidated EBITDA guidance, please note that the Company is not providing a quantitative reconciliation of Consolidated EBITDA to Net Income because it is not available without unreasonable efforts. The Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation, or to quantify the probable significance of these items. The adjustments required for any such reconciliation of the Company's forward-looking non-GAAP financial measures cannot be accurately forecast by the Company, and therefore the reconciliation has been omitted. The following is a reconciliation of net income to Consolidated EBITDA for the three and six months ended June 30, 2025 and 2024 (in thousands): The following is a reconciliation of net cash provided by operating activities to free cash flow for the three and six months ended June 30, 2025 and 2024 (in thousands): Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Forward-looking statements included in this press release relate to expectations regarding the Company's long-term growth; ability to achieve and accelerate synergy capture and eliminate costs from our structure; expectations regarding the Company's expedited freight business; ability to achieve the intended benefits of the acquisition of Omni Logistics, including any revenue and cost synergies; the Company's expectations regarding the Company's financial performance, including Consolidated EBITDA, and the impact it may have on the business and results of operations; the Company's beliefs regarding the key drivers of sustainable growth and long-term profitability and expectations regarding the Company's revenue growth strategies, including with respect to operational efficiency and cost control. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as tariffs, recessions, inflation, higher interest rates and downturns in customer business cycles, the Company's ability to achieve the expected strategic, financial and other benefits of the acquisition of Omni Logistics, including the realization of expected synergies and the achievement of deleveraging targets within the expected timeframes or at all, the risk that the businesses will not be integrated successfully or that integration may be more difficult, time-consuming or costly than expected, the risk that operating costs, customer loss, management and employee retention and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) as a result of the acquisition of Omni Logistics may be greater than expected, continued weakening of the freight environment, future debt and financing levels, our ability to deleverage, including, without limitation, through capital allocation or divestitures of non-core businesses, our ability to secure terminal facilities in desirable locations at reasonable rates, more limited liquidity than expected which limits our ability to make key investments, the creditworthiness of our customers and their ability to pay for services rendered, our inability to maintain our historical growth rate because of a decreased volume of freight or decreased average revenue per pound of freight moving through our network, the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers' transportation needs, our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network, the occurrence of cybersecurity risks and events, market acceptance of our service offerings, claims for property damage, personal injuries or workers' compensation, enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters, the handling of hazardous materials, changes in fuel prices, loss of a major customer, increasing competition, and pricing pressure, our dependence on our senior management team and the potential effects of changes in employee status, seasonal trends, the occurrence of certain weather events, restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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Ayres said that polls show voters increasingly view the economy as Trump's economy, a perception that took hold after Trump announced sweeping reciprocal tariffs on most countries on April 2, 'Liberation Day.' 'Polls show increasingly that the status of the economy is due to policies adopted during the Trump administration rather than those adopted in the Biden administration. That has been the case ever since Liberation Day on April 2 with the tariff announcement,' he said. A Gallup poll of 1,002 adults nationwide last month found that Trump's job approval rating has dipped to 37 percent and that his approval rating on the economy has dropped from 41 percent in March to 37 percent last month. A University of Massachusetts Amherst poll of 1,000 respondents conducted from July 25-30 also found Trump with a 38 percent job approval rating and a 58 percent disapproval rating. Respondents in that poll gave Trump a 37 percent approval rating on 'jobs' and a 31 percent approval rating on 'tariffs.' That has Republican lawmakers on Capitol Hill feeling nervous about the latest round of tariffs Trump imposed on foreign trading partners last week. A new analysis by the Yale Budget Lab projects Trump's tariffs could increase prices by 1.8 percent in the short term and cost the average American household $2,400 a year. The nonpartisan research group calculates that consumers face an average effective tariff rate of 18.6 percent, the highest since 1933. This has some Republicans in Congress worried about a political backlash. Sen. Josh Hawley (R-Mo.) late last month unveiled a proposal to send a $600 rebate check to every American — man, woman and child — to help offset higher costs from tariffs. His bill would allow for higher rebates if tariff revenues exceed projections. A family of four would receive $2,400 in economic assistance under his plan. Sen. Rand Paul (R-Ky.) warned colleagues in April that the enactment of the 1930 Smoot-Hawley act, which raised tariffs substantially, led to the defeat of the Republican authors of the legislation in the 1932 election, and lost Republicans control of Congress for decades. 'The economics of tariffs are bad, the politics, if anything, are worse,' he warned at the time. Congressional Democrats, who are struggling with their own dismal job approval ratings, see the high costs of daily living as an issue that can help them win back control of the Senate and House. Senate Democratic Leader Chuck Schumer (N.Y.) traveled across upstate New York on Tuesday to highlight how the administration is raising costs and hurting the economy. Appearing at an event in Niagara Falls, he called Trump's 35 percent tariff rate on Canada 'destructive' and tariffs more generally as 'a dagger aimed at the heart of Upstate New York.' Democrats are hoping to flip several Republican-held seats in New York, and state lawmakers are discussing legislation to allow New York to redraw its congressional lines mid-decade. A group of Democratic senators from New England sent a letter to Environmental Protection Agency Administrator Lee Zeldin on Thursday slamming him over rising energy prices after Trump signed into law the One Big, Beautiful Bill Act, which drastically cut tax incentives for renewable energy. 'While energy demand surges, your policies are strangling America's cheapest and quickest-to-deploy sources of energy — solar and wind — by hiking costs, creating insurmountable permitting hurdles and injecting uncertainty into the market,' they wrote. The signatories included Sens. Ed Markey (D-Mass.), Sheldon Whitehouse (D-R.I.), Jeanne Shaheen (D-N.H.), Richard Blumenthal (D-Conn.), and Angus King (Maine), an independent who caucuses with Democrats. Ron Bonjean, a GOP strategist and former Senate and House leadership aide, said 'voters vote with their wallets and that's why they voted Trump in.' But he questioned whether Democrats will have credibility on the issue of the economy and inflation after voters came away from Biden's four years in office with a strongly negative view of his handling of those issues. 'The Democrats are having a really difficult time seizing on a number of opportunities because they lack the organization and the message,' he said. 'They just seem so disorganized. 'We're 15 months out' from the election and 'while historically the Republicans would likely lose the House, it doesn't feel that way. It feels it could go in any direction,' he added. 'We'll see what the economy is looking like a few months before the election,' Bonjean said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
