Forward Air Corporation (NASDAQ:FWRD) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET

Company Participants

Thomas Schmitt - President, CEO & Chairman

Rebecca Garbrick - CFO & Treasurer

Conference Call Participants

Jack Atkins - Stephens Inc.

Unidentified Analyst -

Unidentified Analyst - Wolfe Research

Chris Kuhn - Benchmark Securities

Operator

Thank you for joining Forward Air Corporation's First Quarter 2023 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, Rebecca Garbrick.

By now, you should have received the press release announcing our first quarter 2023 results, which was furnished to the SEC on Form 8-K and on the wire yesterday after the market closed. Please be aware that certain statements in the company's earnings press release announcement and on this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, which are based on expectations, intentions, and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts, including statements regarding our expected second quarter 2023 and fiscal year 2023. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such 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. During the call, there may also be discussion of financial metrics that do not conform to U.S. Generally Accepted Accounting Principles or GAAP. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release issued, which is available on the Investors tab of our website. And now I'll turn the call over to Tom Schmitt, CEO of Forward Air.

Thomas Schmitt

Thank you, Alan and good morning to all of you on the call. I want to take you back to a three statements I made on the earnings call three months ago. The first statement was I said Q1 will be tough also, it was. Secondly, I did finish the call last time saying we still expect 2023 PS to top 2022. At this point I have to say this will not happen. Third statement was our drive to be the best in high value freight holds and that is very much still the case.