Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 84,886 $ 121,969
Restricted cash and restricted cash equivalents 19,769 39,604
Accounts receivable, less allowance of $2,780 in 2024 and $2,206 in 2023 368,927 153,267
Other receivables 1,476 5,408
Prepaid expenses 39,186 25,682
Other current assets 44,379 1,098
Total current assets 558,623 347,028
Noncurrent restricted cash equivalents 0 1,790,500
Property and equipment, net of accumulated depreciation and amortization of $279,027 in 2024 and $250,185 in 2023 328,934 258,095
Operating lease right-of-use assets 323,821 111,552
Goodwill 545,380 278,706
Other acquired intangibles, net of accumulated amortization of $178,870 in 2024 and $127,032 in 2023 1,230,699 134,789
Other assets 79,859 58,863
Total assets 3,067,316 2,979,533
Current liabilities:    
Accounts payable 143,455 45,430
Accrued expenses 117,431 62,948
Other current liabilities 53,064 71,727
Current portion of debt and finance lease obligations 16,875 12,645
Current portion of operating lease liabilities 89,188 44,344
Total current liabilities 420,013 237,094
Finance lease obligations, less current portion 34,957 26,736
Long-term debt, less current portion 1,677,315 0
Long-term debt held in escrow 0 1,790,500
Operating lease liabilities, less current portion 243,217 71,598
Liabilities under tax receivable agreement 13,270 0
Other long-term liabilities 43,126 47,144
Deferred income taxes 271,201 42,200
Shareholders' equity:    
Common stock, $0.01 par value: Authorized shares - 50,000,000; issued and outstanding shares - 27,698,891 in 2024 and 25,670,663 in 2023 277 257
Additional paid-in capital 512,638 283,684
Retained (deficit) earnings (228,151) 480,320
Accumulated other comprehensive loss (1,000) 0
Total Forward Air shareholders' equity 283,764 764,261
Noncontrolling interest 80,453 0
Total shareholders' equity 364,217 764,261
Total liabilities and shareholders' equity 3,067,316 2,979,533
Preferred Stock    
Shareholders' equity:    
Preferred stock, value 0 0
Preferred Class B    
Shareholders' equity:    
Preferred stock, value $ 0 $ 0