Historical
|
Pro Forma Adjustments
|
|||||||||||||||||||||||||||
Forward
|
Omni
|
Acquisition Accounting Adjustments
|
Financing Adjustments
|
Pro Forma Combined
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
18,281
|
$
|
86,330
|
$
|
(150,000
|
)
|
2a.
|
$
|
162,091
|
3a.
|
$
|
116,702
|
|||||||||||||||
Accounts receivable, net
|
175,968
|
192,924
|
(2,942
|
)
|
2f.
|
365,950
|
||||||||||||||||||||||
Other current assets
|
21,538
|
33,359
|
54,897
|
|||||||||||||||||||||||||
Total current assets
|
215,787
|
312,613
|
(152,942
|
)
|
162,091
|
537,549
|
||||||||||||||||||||||
Property and equipment, net of accumulated depreciation and amortization
|
260,663
|
77,121
|
337,784
|
|||||||||||||||||||||||||
Operating lease right-of-use assets
|
144,847
|
200,249
|
(36,541
|
)
|
2b.
|
308,555
|
||||||||||||||||||||||
Goodwill
|
356,763
|
529,727
|
741,294
|
2c.
|
1,627,784
|
|||||||||||||||||||||||
Other acquired intangibles, net of accumulated amortization
|
151,218
|
769,450
|
575,454
|
2c.
|
1,496,122
|
|||||||||||||||||||||||
Other assets
|
55,295
|
13,401
|
68,696
|
|||||||||||||||||||||||||
Total assets
|
$
|
1,184,573
|
$
|
1,902,561
|
$
|
1,127,265
|
$
|
162,091
|
$
|
4,376,490
|
||||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Accounts payable
|
$
|
37,085
|
$
|
31,068
|
$
|
(2,942
|
)
|
2f.
|
$
|
65,211
|
||||||||||||||||||
Accrued expenses
|
53,265
|
68,403
|
93,829
|
2e.
|
(74,750
|
)
|
3a.
|
140,747
|
||||||||||||||||||||
Other current liabilities
|
12,112
|
705
|
12,817
|
|||||||||||||||||||||||||
Current portion of debt and finance lease obligations
|
13,963
|
16,837
|
(363
|
)
|
2b.
|
(14,727
|
)
|
3b.
|
15,710
|
|||||||||||||||||||
Current portion of operating lease liabilities
|
52,801
|
39,968
|
(10,827
|
)
|
2b.
|
81,942
|
||||||||||||||||||||||
Current portion of contingent consideration
|
-
|
65,621
|
65,621
|
|||||||||||||||||||||||||
Total current liabilities
|
169,226
|
222,602
|
79,697
|
(89,477
|
)
|
382,048
|
||||||||||||||||||||||
Finance lease obligations, less current portion
|
23,461
|
9,613
|
(736
|
)
|
2b.
|
32,338
|
||||||||||||||||||||||
Long term debt, less current portion and debt issuance costs
|
119,766
|
1,397,060
|
(25,997 |
) |
251,927
|
3b.
|
1,794,750
|
|||||||||||||||||||||
Operating lease liabilities, less current portion
|
96,799
|
184,566
|
(49,999
|
)
|
2b.
|
|
231,366
|
|||||||||||||||||||||
Contingent consideration liability, less current portion
|
-
|
1,284
|
12,670
|
2a.
|
13,954
|
|||||||||||||||||||||||
Other long-term liabilities
|
48,437
|
2,860
|
51,297
|
|||||||||||||||||||||||||
Deferred income taxes
|
53,275
|
25,540
|
125,361
|
2g.
|
204,176
|
|||||||||||||||||||||||
Shareholders’ equity
|
||||||||||||||||||||||||||||
Preferred Stock, $0.01 par value
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Class B Convertible Preferred Stock, $10.00 par value
|
-
|
-
|
44
|
2b.
|
44
|
|||||||||||||||||||||||
Class C Contingently Convertible Preferred Stock, $10.00 par value
|
-
|
-
|
16
|
2b.
|
16
|
|||||||||||||||||||||||
Common stock, $0.01 par value
|
258
|
-
|
8
|
2b.
|
266
|
|||||||||||||||||||||||
Additional paid-in capital
|
277,593
|
-
|
518,281
|
2b.
|
795,874
|
|||||||||||||||||||||||
Members’ equity
|
-
|
153,272
|
(153,272
|
)
|
2b.
|
-
|
||||||||||||||||||||||
Accumulated other comprehensive loss
|
-
|
(4,783
|
)
|
4,783
|
2b.
|
-
|
||||||||||||||||||||||
Retained earnings
|
395,758
|
(89,453
|
)
|
(4,376
|
)
|
2b.
|
(359
|
)
|
3b.
|
301,570
|
||||||||||||||||||
Total shareholders’ equity attributable to Forward Air Corporation
|
673,609
|
59,036
|
365,484
|
(359
|
)
|
1,071,773
|
||||||||||||||||||||||
Noncontrolling interest
|
594,788
|
2d.
|
594,788
|
|||||||||||||||||||||||||
Total shareholders’ equity
|
673,609
|
59,036
|
960,272
|
(359
|
)
|
1,666,561
|
||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
1,184,573
|
$
|
1,902,561
|
$
|
1,127,265
|
$
|
162,091
|
$
|
4,376,490
|
Historical
|
Pro Forma Adjustments
|
|||||||||||||||||||||||||||
Forward
|
Omni
|
Acquisition Accounting Adjustments
|
Financing Adjustments
|
Pro Forma Combined
|
||||||||||||||||||||||||
Operating revenues
|
$
|
829,248
|
$
|
682,442
|
$
|
(17,578
|
)
|
2f.
|
$
|
1,494,112
|
||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||
Purchased transportation
|
366,860
|
409,572
|
(17,578
|
)
|
2f.
|
758,854
|
||||||||||||||||||||||
Salaries, wages and employee benefits
|
166,206
|
145,510
|
311,716
|
|||||||||||||||||||||||||
Operating leases
|
53,432
|
50,850
|
104,282
|
|||||||||||||||||||||||||
Depreciation and amortization
|
28,148
|
30,016
|
38,625
|
2c.
|
96,789
|
|||||||||||||||||||||||
Insurance and claims
|
27,142
|
-
|
27,142
|
|||||||||||||||||||||||||
Fuel expense
|
11,058
|
-
|
11,058
|
|||||||||||||||||||||||||
Change in fair value of contingent consideration
|
-
|
12,320
|
12,320
|
|||||||||||||||||||||||||
Other operating expenses
|
95,682
|
57,690
|
153,372
|
|||||||||||||||||||||||||
Total operating expenses
|
748,528
|
705,958
|
21,047
|
1,475,533
|
||||||||||||||||||||||||
Income (loss) from operations
|
80,720
|
(23,516
|
)
|
(38,625
|
)
|
18,579
|
||||||||||||||||||||||
Other expense:
|
||||||||||||||||||||||||||||
Interest expense, net
|
(4,940
|
)
|
(79,345
|
)
|
1,838
|
3c.
|
(82,447
|
)
|
||||||||||||||||||||
Other income
|
-
|
607
|
607
|
|||||||||||||||||||||||||
Foreign exchange gain (loss)
|
-
|
(1,240
|
)
|
(1,240
|
)
|
|||||||||||||||||||||||
Total other expense
|
(4,940
|
)
|
(79,978
|
)
|
1,838
|
(83,080
|
)
|
|||||||||||||||||||||
Income (loss) before income taxes
|
75,780
|
(103,494
|
)
|
(38,625
|
)
|
1,838
|
(64,501
|
)
|
||||||||||||||||||||
Income tax expense (benefit)
|
19,461
|
(674
|
)
|
(32,096
|
)
|
2g.
|
369 |
2g. |
(12,940
|
)
|
||||||||||||||||||
Net income (loss) from operations
|
56,319
|
(102,820
|
)
|
(6,529
|
)
|
1,469
|
(51,561
|
)
|
||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest
|
-
|
-
|
(16,619
|
)
|
2d.
|
(16,619
|
)
|
|||||||||||||||||||||
Net income (loss) attributable to Forward Air Corporation common shareholders
|
$
|
56,319
|
$
|
(102,820
|
)
|
$
|
10,090
|
$
|
1,469
|
$
|
(34,942
|
)
|
||||||||||||||||
Net income per share
|
||||||||||||||||||||||||||||
Basic
|
$
|
2.14
|
$
|
(1.30
|
)
|
|||||||||||||||||||||||
Diluted
|
$
|
2.13
|
$
|
(1.30
|
)
|
|||||||||||||||||||||||
Weighted average number of common shares outstanding
|
||||||||||||||||||||||||||||
Basic
|
26,144
|
26,914
|
||||||||||||||||||||||||||
Diluted
|
26,258
|
26,914
|
Historical
|
Pro Forma Adjustments
|
|||||||||||||||||||||||||||
Forward
|
Omni
|
Acquisition Accounting Adjustments
|
Financing Adjustments
|
Pro Forma Combined
|
||||||||||||||||||||||||
Operating revenues
|
$
|
982.180
|
$
|
927,932
|
$
|
(17,159
|
)
|
2f.
|
$
|
1,892,953
|
||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||
Purchased transportation
|
464,322
|
635,136
|
(17,159
|
)
|
2f.
|
1,082,299
|
||||||||||||||||||||||
Salaries, wages and employee benefits
|
172,439
|
125,684
|
298,123
|
|||||||||||||||||||||||||
Operating leases
|
46,132
|
31,319
|
77,451
|
|||||||||||||||||||||||||
Depreciation and amortization
|
22,725
|
23,313
|
42,777
|
2c.
|
88,815
|
|||||||||||||||||||||||
Insurance and claims
|
25,164
|
-
|
25,164
|
|||||||||||||||||||||||||
Fuel expense
|
14,179
|
-
|
14,179
|
|||||||||||||||||||||||||
Change in fair value of contingent consideration
|
-
|
7,299
|
7,299
|
|||||||||||||||||||||||||
Other operating expenses
|
104,323
|
51,375
|
93,829
|
2e.
|
249,527
|
|||||||||||||||||||||||
Total operating expenses
|
849,284
|
874,126
|
119,447
|
1,842,857
|
||||||||||||||||||||||||
Income (loss) from operations
|
132,896
|
53,806
|
(136,606
|
)
|
50,096
|
|||||||||||||||||||||||
Other expense:
|
||||||||||||||||||||||||||||
Interest expense, net
|
(1,977)
|
(35,817
|
)
|
(45,976
|
)
|
3c.
|
(83,770
|
)
|
||||||||||||||||||||
Other income
|
-
|
715
|
715
|
|||||||||||||||||||||||||
Foreign exchange gain (loss)
|
-
|
3,603
|
3,603
|
|||||||||||||||||||||||||
Total other expense
|
(1,977
|
)
|
(31,499
|
)
|
(45,976
|
)
|
(79,452
|
)
|
||||||||||||||||||||
Income (loss) before income taxes
|
130,919
|
22,307
|
(136,606
|
)
|
(45,976
|
)
|
(29,356
|
)
|
||||||||||||||||||||
Income tax expense (benefit)
|
32,803
|
3,301
|
(33,165
|
)
|
2g.
|
(8,129 |
) |
2g. |
(5,190
|
)
|
||||||||||||||||||
Net income (loss) from operations
|
98,116
|
19,006
|
(103,441
|
)
|
(37,847
|
)
|
(24,166
|
)
|
||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest
|
-
|
-
|
(7,789
|
)
|
2d.
|
(7,789
|
)
|
|||||||||||||||||||||
Net income (loss) attributable to Forward Air Corporation common shareholders
|
$
|
98,116
|
$
|
19,006
|
$
|
(95,652
|
)
|
$
|
(37,847
|
)
|
$
|
(16,377
|
)
|
|||||||||||||||
Net income per share
|
||||||||||||||||||||||||||||
Basic
|
$
|
3.63
|
$
|
(0.59
|
)
|
|||||||||||||||||||||||
Diluted
|
$
|
3.61
|
$
|
(0.59
|
)
|
|||||||||||||||||||||||
Weighted average number of common shares outstanding
|
||||||||||||||||||||||||||||
Basic
|
26,911
|
27,681
|
||||||||||||||||||||||||||
Diluted
|
27,047
|
27,681
|
Historical
|
Pro Forma Adjustments
|
|||||||||||||||||||||||||||
Forward
|
Omni
|
Acquisition Accounting Adjustments
|
Financing Adjustments
|
Pro Forma Combined
|
||||||||||||||||||||||||
Operating revenues
|
$
|
1,973,403
|
$
|
1,872,269
|
$
|
(37,851
|
)
|
2f.
|
$
|
3,807,821
|
||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||||||||||
Purchased transportation
|
906,549
|
1,242,341
|
(37,851
|
)
|
2f.
|
2,111,039
|
||||||||||||||||||||||
Salaries, wages and employee benefits
|
347,970
|
278,916
|
626,886
|
|||||||||||||||||||||||||
Operating leases
|
97,094
|
82,862
|
179,956
|
|||||||||||||||||||||||||
Depreciation and amortization
|
47,386
|
53,016
|
80,960
|
2c.
|
181,362
|
|||||||||||||||||||||||
Insurance and claims
|
49,759
|
-
|
49,759
|
|||||||||||||||||||||||||
Fuel expense
|
27,583
|
-
|
27,583
|
|||||||||||||||||||||||||
Change in fair value of contingent consideration
|
-
|
(17,814
|
)
|
(17,814
|
)
|
|||||||||||||||||||||||
Other operating expenses
|
231,086
|
116,239
|
93,829
|
2e.
|
441,154
|
|||||||||||||||||||||||
Total operating expenses
|
1,707,427
|
1,755,560
|
136,938
|
3,599,925
|
||||||||||||||||||||||||
Income (loss) from operations
|
265,976
|
116,709
|
(174,789
|
)
|
207,896
|
|||||||||||||||||||||||
Other expense:
|
||||||||||||||||||||||||||||
Interest expense, net
|
(5,138
|
)
|
(102,208
|
)
|
(61,040
|
)
|
3c.
|
(168,386
|
)
|
|||||||||||||||||||
Other income
|
-
|
4,517
|
4,517
|
|||||||||||||||||||||||||
Foreign exchange gain (loss)
|
-
|
2,638
|
2,638
|
|||||||||||||||||||||||||
Total other expense
|
(5,138
|
)
|
(95,053
|
)
|
-
|
(61,040
|
)
|
(161,231
|
)
|
|||||||||||||||||||
Income (loss) before income taxes
|
260,838
|
21,656
|
(174,789
|
)
|
(61,040
|
)
|
46,665
|
|||||||||||||||||||||
Income tax expense (benefit)
|
67,647
|
5,657
|
(53,699
|
)
|
2g.
|
(11,039 | ) |
2g. |
8,566
|
|
||||||||||||||||||
Net income (loss) from operations
|
193,191
|
15,999
|
(121,090
|
)
|
(50,001
|
)
|
38,099
|
|||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest
|
-
|
-
|
12,280
|
2d.
|
|
12,280
|
||||||||||||||||||||||
Net income (loss) attributable to Forward Air Corporation common shareholders
|
$
|
193,191
|
$
|
15,999
|
(133,370
|
)
|
$
|
(50,001
|
)
|
$
|
25,819
|
|||||||||||||||||
Net income per share
|
||||||||||||||||||||||||||||
Basic
|
$
|
7.17
|
$
|
0.93
|
||||||||||||||||||||||||
Diluted
|
$
|
7.14
|
$
|
0.89
|
||||||||||||||||||||||||
Weighted average number of common shares outstanding
|
||||||||||||||||||||||||||||
Basic
|
26,783
|
27,553
|
||||||||||||||||||||||||||
Diluted
|
26,926
|
42,533
|
1. |
The Transactions
|
2. |
Acquisition Accounting Adjustments
|
a. |
Estimated Purchase Price
|
Cash consideration
|
$
|
150,000
|
||
Contingent consideration(1)
|
$
|
12,670
|
||
Forward Common Stock issued
|
770
|
|||
Forward Series B Preferred Units issued and Opco Class B Units issued
|
4,365
|
|||
Forward Series C Preferred Units issued
|
1,592
|
|||
Opco Series C-2 Preferred Units issued
|
9,023
|
|||
Total shares of Forward Common Stock issued on an as-converted and as-exchanged basis
|
15,750
|
|||
Forward’s share price(2)
|
$
|
69.84
|
||
Equity portion of purchase price
|
$
|
1,100,010
|
||
Extinguishment of Existing Omni Credit Facilities
|
1,435,159
|
|||
Less: cash acquired
|
(86,330
|
)
|
||
Total estimated purchase price consideration, net of cash acquired
|
$
|
2,611,509
|
b. |
Preliminary Purchase Price Allocation
|
Accounts receivable
|
$
|
192,924
|
||
Other current and noncurrent assets
|
46,760
|
|||
Property and equipment(1)
|
77,121
|
|||
Operating lease right-of-use assets(1)
|
163,708
|
|||
Identifiable intangible assets
|
1,344,904
|
|||
Goodwill
|
1,271,021
|
|||
Total assets acquired
|
3,096,438
|
|||
Accounts payable and accrued expenses
|
99,471
|
|||
Other current and noncurrent liabilities
|
3,565
|
|||
Finance lease obligations(1)
|
13,249
|
|||
Operating lease liabilities (1)
|
163,708
|
|||
Contingent consideration(2)(3)
|
79,575
|
|||
Deferred income taxes
|
125,361
|
|||
Total liabilities assumed
|
484,929
|
|||
Net assets acquired
|
$
|
2,611,509
|
As of June 30, 2023
|
||||||||||||||||
(in thousands)
|
Eliminate Historical Omni Equity (1)
|
Record the Combination Consideration
|
Other Equity Adjustments (2)
|
Total Pro Forma Adjustment
|
||||||||||||
Preferred stock
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
||||||||
Series B Preferred units
|
–
|
44
|
–
|
44
|
||||||||||||
Series C Preferred units
|
–
|
16
|
–
|
16
|
||||||||||||
Common stock
|
–
|
8
|
–
|
8
|
||||||||||||
Additional paid-in capital
|
–
|
492,284
|
–
|
492,284
|
||||||||||||
Members’ equity
|
(153,272
|
)
|
–
|
–
|
(153,272
|
)
|
||||||||||
Accumulated other comprehensive loss
|
4,783
|
–
|
–
|
4,783
|
||||||||||||
(Accumulated deficit) retained earnings
|
89,453
|
–
|
(93,829
|
)
|
(4,376
|
)
|
||||||||||
Subtotal–shareholders’ (deficit) equity
|
$
|
(59,036
|
)
|
$
|
492,352
|
$
|
(93,829
|
)
|
$
|
339,487 |
c. |
Intangible Assets and Amortization Expense
|
Estimated Amortization Expense
|
||||||||||||||||
Preliminary Estimated Fair Value
|
Year ended December 31, 2022
|
Six months ended June 30, 2023
|
Six months ended June 30, 2022
|
|||||||||||||
Acquired identifiable intangible assets(1)
|
$
|
1,344,904
|
$
|
123,698
|
$
|
61,849
|
$
|
61,849
|
||||||||
Goodwill
|
1,421,021
|
|||||||||||||||
Less: Omni’s historical identifiable intangible assets
|
(769,450
|
)
|
(42,738
|
)
|
(23,224
|
)
|
(19,072
|
)
|
||||||||
Less: Omni’s historical goodwill
|
(529,727
|
)
|
||||||||||||||
Pro forma adjustment
|
$
|
1,466,748
|
|
$
|
80,960
|
$
|
38,625
|
$
|
42,777
|
d. |
Noncontrolling Interest Adjustment
|
e. |
Transaction Cost Adjustment
|
f. |
Intercompany Pro Forma Adjustments
|
g. |
Income Tax Adjustments
|
h. |
Reclassifications
|
As of June 30, 2023
|
|||||||||||||
(in thousands)
|
|||||||||||||
Before Reclassification
|
Reclassification
|
After Reclassification
|
|||||||||||
Accrued expenses and other
|
$
|
69,108
|
$
|
(69,108
|
)
|
(i)
|
$
|
-
|
|||||
Accrued expenses
|
-
|
68,403
|
(i)
|
68,403
|
|||||||||
Other current liabilities
|
-
|
705
|
(i)
|
705
|
|||||||||
Long-term debt, less current portion
|
1,406,673
|
(1,406,673
|
)
|
(ii)
|
-
|
||||||||
Finance lease obligations, less current portion
|
-
|
9,613
|
(ii)
|
9,613
|
|||||||||
Long term debt, less current portion and debt issuance costs
|
-
|
1,397,060
|
(ii)
|
1,397,060
|
Six Months Ended June 30, 2023
|
|||||||||||||
(in thousands)
|
|||||||||||||
Before Reclassification
|
Reclassification
|
After Reclassification
|
|||||||||||
Selling, general and administrative
|
$
|
251,804
|
$
|
(251,804
|
)
|
(iii)
|
$
|
-
|
|||||
Salaries, wages and employee benefits
|
-
|
145,510
|
(iii)
|
145,510
|
|||||||||
Operating leases
|
-
|
50,850
|
(iii), (iv)
|
50,850
|
|||||||||
Depreciation and amortization
|
32,262
|
(2,246
|
)
|
(iii), (iv)
|
30,016
|
||||||||
Other operating expenses
|
-
|
57,690
|
(iii)
|
57,690
|
Six Months Ended June 30, 2022
|
|||||||||||||
(in thousands)
|
|||||||||||||
Before Reclassification
|
Reclassification
|
After Reclassification
|
|||||||||||
Selling, general and administrative
|
$
|
208,378
|
$
|
(208,378
|
)
|
(v)
|
$
|
-
|
|||||
Salaries, wages and employee benefits
|
-
|
125,684
|
(v)
|
125,684
|
|||||||||
Operating leases
|
-
|
31,319
|
(v)
|
31,319
|
|||||||||
Other operating expenses
|
-
|
51,375
|
(v)
|
51,375
|
Year Ended December 31, 2022
|
|||||||||||||
(in thousands)
|
|||||||||||||
Before Reclassification
|
Reclassification
|
After Reclassification
|
|||||||||||
Selling, general and administrative
|
$
|
474,850
|
$
|
(474,850
|
)
|
(vi)
|
$
|
-
|
|||||
Salaries, wages and employee benefits
|
-
|
278,916
|
(vi)
|
278,916
|
|||||||||
Operating leases
|
-
|
82,862
|
(vi), (vii)
|
82,862
|
|||||||||
Depreciation and amortization
|
56,183
|
(3,167
|
)
|
(vi), (vii)
|
53,016
|
||||||||
Other operating expenses
|
-
|
116,239
|
(vi)
|
116,239
|
3. |
Financing Adjustments
|
As of June 30, 2023
|
||||
Repayment of Existing Omni Credit Facilities
|
$
|
(1,435,159
|
)
|
|
Repayment of Existing Forward Credit Facilities
|
(122,750
|
)
|
||
Amount of notes offered hereby(1)
|
925,000
|
|||
Amounts borrowed under the New Term Facility
|
925,000
|
|||
Cash paid for fees related to the notes offered hereby, New Term Facility and New Revolving Credit Facility
|
(55,250
|
)
|
||
Cash paid for transaction costs
|
(74,750
|
)
|
||
Total adjustment to cash
|
$
|
162,091
|
As of June 30, 2023
|
||||
Current portion of debt:
|
||||
Extinguishment of Existing Omni Credit Facilities
|
$
|
(12,102
|
)
|
|
Extinguishment of Existing Forward Credit Facilities
|
(2,625
|
)
|
||
Total adjustments to current portion of debt
|
$
|
(14,727
|
)
|
|
Debt, net of current portion:
|
||||
Extinguishment of Existing Omni Credit Facilities
|
(1,423,057
|
)
|
||
Extinguishment of Existing Forward Credit Facilities
|
(120,125
|
)
|
||
Record noncurrent portion of the notes offered hereby(1)
|
925,000
|
|||
Record noncurrent portion of the New Term Facility(1)
|
925,000
|
|||
Less: debt issuance costs(2)
|
(28,894
|
)
|
||
Total adjustment to debt, net current portion
|
$
|
277,924
|
Year ended December 31, 2022
|
Six months ended June 30, 2023
|
Six months ended June 30, 2022
|
||||||||||
Interest expense for the notes offered hereby, New Term Facility and New Revolving Credit Facility(1)
|
$
|
159,250
|
$
|
79,625
|
$
|
79,625
|
||||||
Amortization of debt issuance costs(2)
|
7,951
|
3,976
|
3,976
|
|||||||||
Total interest expense
|
167,201
|
83,601
|
83,601
|
|||||||||
Less: Omni’s historical interest expense and amortization of debt issuance costs
|
(101,371
|
)
|
(79,303
|
)
|
(35,865
|
)
|
||||||
Less: Forward’s historical interest expense and amortization of debt issuance costs
|
(4,790
|
)
|
(6,136
|
)
|
(1,760
|
)
|
||||||
Pro forma adjustment to interest expense
|
$
|
61,040
|
$
|
(1,838
|
)
|
$
|
45,976
|