Forward Air Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operation

Discontinued Operation

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

As previously disclosed, in December 2023, the Company made a decision to divest of the Final Mile business and the sale was completed on December 20, 2023. As a result, the results of operations of Final Mile, have been presented under the caption “(Loss) income from discontinued operations, net of tax” in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2023.

Summarized Discontinued Operation Financial Information

A summary of the results of operations classified as a discontinued operation, net of tax, in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2023 is as follows:


	Three Months Ended		Six Months Ended
	June 30, 2023		June 30, 2023
Operating revenue	$	68,560	$	137,917

Operating expenses:
Purchased transportation	39,676		79,722
Salaries, wages and employee benefits	12,723		25,596
Operating leases	3,288		6,463
Depreciation and amortization	1,268		2,531
Insurance and claims	599		1,123
Fuel expense	72		170
Other operating expenses	7,048		15,113

Total operating expenses	64,674		130,718
Income from discontinued operation before income taxes	3,886		7,199
Income tax expense	1,062		1,911
Income from discontinued operation, net of tax	$	2,824	$	5,288