v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 104,903 $ 121,969
Restricted cash equivalents 363 39,604
Accounts receivable, less allowance of $3,269 in 2024 and $2,206 in 2023 322,291 153,267
Other receivables 205 5,408
Prepaid expenses 29,053 25,682
Other current assets 15,685 1,098
Total current assets 472,500 347,028
Noncurrent restricted cash equivalents 0 1,790,500
Property and equipment, net of accumulated depreciation and amortization of $292,855 in 2024 and $250,185 in 2023 326,188 258,095
Operating lease right-of-use assets 410,084 111,552
Goodwill 522,712 278,706
Other acquired intangibles, net of accumulated amortization of $212,905 in 2024 and $127,032 in 2023 999,216 134,789
Other assets 71,941 58,863
Total assets 2,802,641 2,979,533
Current liabilities:    
Accounts payable 105,692 45,430
Accrued expenses 119,836 62,948
Other current liabilities 45,148 71,727
Current portion of debt and finance lease obligations 16,930 12,645
Current portion of operating lease liabilities 96,440 44,344
Total current liabilities 384,046 237,094
Non-current liabilities:    
Finance lease obligations, less current portion 30,858 26,736
Long-term debt, less current portion and debt issuance costs 1,675,930 0
Long-term debt held in escrow 0 1,790,500
Liability from tax receivable agreement 13,295 0
Operating lease liabilities, less current portion 325,640 71,598
Other long-term liabilities 48,835 47,144
Deferred income taxes 38,169 42,200
Total non-current liabilities 2,132,727 1,978,178
Shareholders’ equity:    
Preferred stock, value 0 0
Common stock, $0.01 par value: Authorized shares - 50,699,707; issued and outstanding shares - 29,761,197 in 2024 and 25,670,663 in 2023 298 257
Additional paid-in capital 542,392 283,684
Retained (deficit) earnings (338,230) 480,320
Accumulated other comprehensive loss (2,732) 0
Total Forward Air shareholders equity 201,728 764,261
Noncontrolling interest 84,140 0
Total shareholders’ equity 285,868 764,261
Total liabilities and shareholders’ equity 2,802,641 2,979,533
Preferred Class B    
Shareholders’ equity:    
Preferred stock, value $ 0 $ 0

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