FWRD FORWARD AIR CORP

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2024: $14M, Q2 2024: $29M, Q1 2024: $50M, Q3 2023: $30M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $14M vs trailing avg $37M (-62%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-1.8B), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,421,000 shares = 8.1% of 29,761,197 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

2 open-market purchases by 1 insiders

• Cetus Capital VI, L.P. () bought 215,000 shares at $17.89 on 2025-10-20
• Cetus Capital VI, L.P. () bought 10,000 shares at $18.86 on 2025-10-20

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $4M, sold $7M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected