Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 116,311 $ 104,903
Restricted cash and restricted cash equivalents 363 363
Accounts receivable, less allowance of $3,264 in 2025 and $3,269 in 2024 336,398 322,291
Prepaid expenses 29,398 29,053
Other current assets 10,895 15,890
Total current assets 493,365 472,500
Property and equipment, net of accumulated depreciation and amortization of $302,998 in 2025 and $292,855 in 2024 331,208 326,188
Operating lease right-of-use assets 408,642 410,084
Goodwill 522,712 522,712
Other acquired intangibles, net of accumulated amortization of $235,999 in 2025 and $212,905 in 2024 976,122 999,216
Other long term assets 71,793 71,941
Total assets 2,803,842 2,802,641
Current liabilities:    
Accounts payable 111,510 105,692
Accrued expenses 143,533 119,836
Other current liabilities 68,197 45,148
Current portion of debt and finance lease obligations 17,446 16,930
Current portion of operating lease liabilities 97,578 96,440
Total current liabilities 438,264 384,046
Finance lease obligations, less current portion 34,332 30,858
Long-term debt, less current portion 1,678,647 1,675,930
Liabilities under tax receivable agreement 13,295 13,295
Operating lease liabilities, less current portion 324,957 325,640
Other long-term liabilities 52,164 48,835
Deferred income taxes 35,177 38,169
Shareholders' equity:    
Preferred stock, value 0 0
Common stock, $0.01 par value: Authorized shares - 50,699,707; issued and outstanding shares - 30,413,067 in 2025 and 29,761,197 in 2024 304 298
Additional paid-in capital 546,556 542,392
Accumulated deficit (389,759) (338,230)
Accumulated other comprehensive loss (2,467) (2,732)
Total Forward Air shareholders' equity 154,634 201,728
Noncontrolling interest 72,372 84,140
Total shareholders' equity 227,006 285,868
Total liabilities and shareholders' equity 2,803,842 2,802,641
Preferred Class B    
Shareholders' equity:    
Preferred stock, value $ 0 $ 0