Forward Air Corporation Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

The assumptions used to calculate the estimated fair value of the earn-out under the option pricing method were as follows:

Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:


	Proficient Transport		J&P		BarOle		Edgmon
	February 28, 2021		May 30, 2021		November 30, 2021		May 31, 2022
Tangible assets:
Cash	$	—	$	—	$	—	$	—
Accounts receivable	4,171		1,940		2,657		4,963

Prepaid expenses and other current assets	—		32		—		—
Property and equipment	140		1,567		6,464		613
Other assets	24		3		—		—
Operating lease right-of-use assets	—		1,355		—		—
Total tangible assets	4,335		4,897		9,121		5,576
Intangible assets:
Customer relationships	6,060		620		11,120		13,051
Non-compete agreements	18		120		221		172
Goodwill	6,249		4,020		15,355		22,195
Total intangible assets	12,327		4,760		26,696		35,418
Total assets acquired	16,662		9,657		35,817		40,994

Liabilities assumed:
Current liabilities	323		632		381		1
Other liabilities	—		—		—		—
Finance lease obligations	—		—		—		—
Operating lease liabilities	—		1,355		—		—
Total liabilities assumed	323		1,987		381		1
Net assets acquired	$	16,339	$	7,670	$	35,436	$	40,993

The acquired intangible assets have a weighted-average useful life as follows:


Intangible Assets						Weighted-Average Useful Life
Customer relationships						14 years
Non-compete agreements						4 years
Trade names						4 years

The estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:

Estimated Useful Lives

Proficient Transport

J&P

BarOle

Edgmon

Customer relationships

8 years

12 years

9 years

Non-compete agreements

1 year

5 years