Forward Air Corp. (NASDAQ:FWRD) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 09:00 am ET
Thank you for joining Forward Air Corporation's Second Quarter 2020 Earnings Release Conference Call. Before we begin, I'd like to point out that both the press release and webcast presentation for this call are accessible on the Investor Relations section of Forward Air's website at www.forwardaircorp.com. With us this morning are CEO, Tom Schmitt; and CFO, Mike Morris. By now, you should have received the press release announcing our second quarter 2020 results, which was furnished to the SEC on Form 8-K and on the wire yesterday after the market closed. Please be aware that during this conference call, we will be making forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995, including statements, among others, about the effects of our business efforts and response to the COVID-19, including the impacts on each of our businesses.
The future plans for our approval business, steps to bolster our liquidity, steps to expand our operations organically and inorganically, the company's outlook for the third quarter and fiscal year of 2020, including expectations for revenues, tonnage and free cash flows, the expected impact of growth and strategic initiatives and those other forward-looking statements identified in the presentation. These statements are based on current information and our current expectations. As such, they are subject to risks and other factors that may cause actual operations and results to differ materially from the results discussed in the forward-looking statements. For additional information concerning these risks and factors, please refer to our filings with the Securities and Exchange Commission and the press release and webcast presentation relating to this earnings call. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. And now
I'll turn the call over to Tom Schmitt, CEO of Forward Air.
Thank you, Greg, and good morning to all of you on the call. Our last call was less than three months ago, and it feels like an eternity. Some things are the same. In fact, they are steadfast. The first and foremost is our commitment to our people's safety and the safety of all those around us at CDC plus levels. And the second thing that's steadfast and firm is our execution of our Beyond 2019 strategy, the same strategy that we unveiled last year in June in New York: Precision execution for when it matters and speed within the box, think forward, Two Rock Star segments, expedited freight and intermodal drayage and profitable organic and inorganic growth with a medium-term double-double destination. Other things our Forward-Tough team, and that's a term that one of our teammates coined, advanced a lot since our call in May. And I mean a lot. Mike and I discussed in our call at the time how we flexed down cost very quickly, how we raised liquidity and how we made smart adjustments. We've gotten closer to customers the last three months than ever. In fact, I personally have talked to more