On this page of StockholderLetter.com we present the latest annual shareholder letter from FORWARD AIR CORP — ticker symbol FWRD. Reading current and past FWRD letters to shareholders can bring important insights into the investment thesis.

 •  5/13/2025 Letter Continued (Full PDF)
 •  4/21/2023 FWRD Stockholder Letter
 •  5/20/2024 FWRD Stockholder Letter
 •  More "Airlines" Category Stockholder Letters
 •  FWRD Benford's Law Stock Score = 93

FWRD Shareholder/Stockholder Letter Transcript:

Notice of 2025 Annual Meeting
of Shareholders,
Proxy Statement and
2024 Annual Report


May 13, 2025
Dear fellow owners,
Since joining the Company as Chief Executive Officer in late April of last year, I have been impressed by
the focus and commitment of our team across the organization in the face of a challenging industry
environment and in our work to come together as one company following completion of the Omni
Logistics acquisition in January 2024.
I have spent over 30 years in the transportation and logistics space, and I am incredibly excited about our
future. Our team is focused on executing our transformation while remaining the reliable and trustworthy
partner to our customers as Forward Air has always been. However, before we look toward our future, I
would like to share with you some of the progress in our first year as one company, as well as some
highlights from 2024.
One Year with Omni
Over the year, we committed to stabilizing Forward Air and effectively executing on our integration plans
for Omni. As in many cases with integrations and turnarounds of this scale and complexity, there are
bumps along the way. However, we remained focused and delivered more than the targeted $75 million of
integration synergies. Combining the integration synergy savings with additional cost remediation actions
and other efficiency initiatives executed through the year, we delivered more than $100 million in
annualized savings.
Our integration efforts focused on strengthening existing capabilities across the legacy Forward Air and
Omni networks. This included aligning our efforts around service offerings, differing from the traditional
approach based on legal entities or brands. We expect this change to enhance operations and future
segmentation reporting. Additionally, we established a global shared services organization to support the
integration and management of our back-office operations.
With the integration completed, we are shifting the focus to our transformation strategy aimed at
rationalizing information technology systems, enhancing the quality of our data and improving decisionmaking. Moving forward as a unified company, we plan to grow the company by offering an expanded
range of global, vertically integrated services to better serve our customers' needs.
2024 Highlights
Outside of the integration work, I am pleased to share with you some highlights from 2024, during which:

We delivered full year 2024 Consolidated EBITDA results of $308 million near the top end of our
guidance range;

We kept our focus on the customer by maintaining our best-in-class solutions, leveraging the known
capabilities of both Forward Air and Omni   s global footprint;


We made several key additions with deep industry experience to our leadership team;

We amended our senior secured term loan credit agreement to provide additional financial flexibility
until the facility matures in five years;

We focused on collaborating across legacy entities, eliminating previously unidentified redundancies,
automating and digitizing repetitive processes and unifying with a common purpose, mission and values;
and

We were recognized as a Top 100 Third-Party Logistics Provider, identifying the Company as reliable
and adept at customizing solutions and streamlining logistics operations for their customers.
I am proud of what our team accomplished in 2024. We also know that we have more work to do to
achieve the results that we know we are capable of delivering.
Looking Ahead
As we make progress across the entire business, we also remain committed to maximizing value for
shareholders. To that end, in January 2025, our Board of Directors announced that it initiated a
comprehensive review of strategic alternatives. This process is underway and the Board is considering a
range of options, including a potential sale, merger or other strategic or financial transaction relative to the
long-term value potential of the Company on a standalone basis.
As we navigate through the uncertain broader macroeconomic backdrop, I am confident that we have a
powerful platform to drive sustainable growth. Our success could never be possible without the support of
our dedicated teammates, independent contractor drivers and business partners. Together, we remain
committed to delivering measurable value for our customers, creating opportunities for our team and
realizing long-term value for shareholders.
We are excited to keep working tirelessly to ensure Forward Air thrives in 2025 and beyond.
Sincerely,
Shawn Stewart
Chief Executive Officer

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 5/13/2025 Letter Continued (Full PDF)