FORWARD AIR CORPORATION
Cash Flow Statement
| Line Item | FY2009 | FY2008 |
|---|---|---|
| Operating Activities | ||
| Net Income | $9.8M | $42.5M |
| Depreciation & Amortization | $19.7M | $-16.6M |
| Depreciation | $15.1M | — |
| Amortization | — | — |
| Stock-Based Compensation | $6.8M | $6.3M |
| Net Cash from Operating Activities | $50.2M | $59.1M |
| Investing Activities | ||
| Capital Expenditures | $20.8M | $26.7M |
| Business Acquisitions | $0 | $29.6M |
| Net Cash from Investing Activities | $-20.2M | $-56.2M |
| Financing Activities | ||
| Dividends Paid | $8.1M | $8.1M |
| Stock Repurchases | $0 | — |
| Net Cash from Financing Activities | $-10.0M | $14.3M |
| Net Change in Cash | $19.9M | $17.2M |
| Free Cash Flow | $29.3M | $32.4M |