Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 152,042 $ 121,969
Restricted cash and restricted cash equivalents 20,228 39,604
Accounts receivable, less allowance of $3,644 in 2024 and $2,206 in 2023 351,813 153,267
Other receivables 1,539 5,408
Prepaid expenses 39,512 25,682
Other current assets 4,299 1,098
Total current assets 569,433 347,028
Noncurrent restricted cash equivalents 0 1,790,500
Property and equipment, net of accumulated depreciation and amortization of $263,856 in 2024 and $250,185 in 2023 327,706 258,095
Operating lease right-of-use assets 334,262 111,552
Goodwill 1,379,180 278,706
Other acquired intangibles, net of accumulated amortization of $145,141 in 2024 and $127,032 in 2023 1,264,428 134,789
Other assets 84,251 58,863
Total assets 3,959,260 2,979,533
Current liabilities:    
Accounts payable 130,646 45,430
Accrued expenses 118,955 62,948
Other current liabilities 73,461 71,727
Current portion of debt and finance lease obligations 28,134 12,645
Current portion of operating lease liabilities 93,645 44,344
Total current liabilities 444,841 237,094
Finance lease obligations, less current portion 34,306 26,736
Long-term debt, less current portion 1,664,107 0
Long-term debt held in escrow 0 1,790,500
Operating lease liabilities, less current portion 246,956 71,598
Liabilities under tax receivable agreement 13,270 0
Other long-term liabilities 45,536 47,144
Deferred income taxes 177,806 42,200
Shareholders' equity:    
Common stock, $0.01 par value: Authorized shares - 50,000,000; issued and outstanding shares - 26,438,420 in 2024 and 25,670,663 in 2023 265 257
Additional paid-in capital 508,675 283,684
Retained earnings 417,282 480,320
Accumulated other comprehensive loss (151) 0
Total Forward Air shareholders' equity 926,071 764,261
Noncontrolling interest 406,367 0
Total shareholders' equity 1,332,438 764,261
Total liabilities and shareholders' equity 3,959,260 2,979,533
Preferred Stock    
Shareholders' equity:    
Preferred stock, value 0 0
Preferred Class B    
Shareholders' equity:    
Preferred stock, value 0 0
Preferred Class C    
Shareholders' equity:    
Preferred stock, value $ 0 $ 0