| Quarterly Results of Operations (Unaudited) |
Quarterly Results of Operations (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2024 and 2023:
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2024 |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
| Operating revenue |
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$ |
541,813 |
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$ |
643,666 |
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$ |
655,937 |
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$ |
632,846 |
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| Net income (loss) from continuing operations |
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$ |
(88,794) |
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$ |
(966,471) |
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$ |
(34,198) |
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$ |
(35,378) |
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| Income from discontinued operations, net of tax |
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— |
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(4,876) |
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(1,137) |
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(374) |
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| Net (loss) income attributable to noncontrolling interest |
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$ |
(27,082) |
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$ |
(325,914) |
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$ |
38,073 |
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$ |
664 |
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| Net (loss) income attributable to Forward Air |
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$ |
(61,712) |
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$ |
(645,433) |
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$ |
(73,408) |
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$ |
(36,416) |
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| Basic net income (loss) per share: |
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| Continuing operations |
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$ |
(2.81) |
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$ |
(23.29) |
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$ |
(2.62) |
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$ |
(1.23) |
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| Discontinued operations |
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— |
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(0.18) |
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(0.04) |
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(0.01) |
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Net income per share1
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$ |
(2.81) |
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$ |
(23.47) |
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$ |
(2.66) |
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$ |
(1.24) |
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| Diluted net income (loss) per share: |
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| Continuing operations |
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$ |
(2.81) |
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$ |
(23.29) |
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$ |
(2.62) |
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$ |
(1.23) |
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| Discontinued operations |
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— |
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(0.18) |
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(0.04) |
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(0.01) |
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Net income per share1
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$ |
(2.81) |
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$ |
(23.47) |
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$ |
(2.66) |
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$ |
(1.24) |
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The Company’s December 31, 2024 interim period includes an immaterial correction of an error that increases net loss from continuing operations by $30,300, primarily as a result of recording a decrease to recorded goodwill impairment of $44,900 and a decrease in the recorded tax benefit of $65,500. These amounts relate to correcting adjustments made to the acquired Omni deferred tax liabilities as of January 25, 2024 and the related impact on the June 30th goodwill impairment charge. Additionally, the net loss from continuing operations includes a correction of an error related to increased amortization expense for certain software service agreements.
The Company has evaluated the effects of the corrections described above, in accordance with guidance in ASC 250, "Accounting Change and Error Correction". The Company concluded such corrections to be immaterial to previously issued interim financial statements.
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2023 |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
| Operating revenue |
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$ |
357,709 |
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$ |
333,622 |
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$ |
340,976 |
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$ |
338,428 |
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| Net income from continuing operations |
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$ |
33,904 |
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$ |
17,127 |
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$ |
6,493 |
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$ |
(14,721) |
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| Income from discontinued operations, net of tax |
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2,464 |
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2,824 |
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2,795 |
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116,465 |
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| Net income and comprehensive income |
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$ |
36,368 |
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$ |
19,951 |
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$ |
9,288 |
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$ |
101,744 |
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| Basic net income per share: |
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| Continuing operations |
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$ |
1.28 |
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$ |
0.66 |
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$ |
0.25 |
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$ |
(0.58) |
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| Discontinued operations |
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0.09 |
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0.11 |
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0.11 |
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4.51 |
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| Net income per share1 |
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$ |
1.37 |
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$ |
0.76 |
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$ |
0.36 |
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$ |
3.93 |
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| Diluted net income per share: |
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| Continuing operations |
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$ |
1.27 |
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$ |
0.65 |
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$ |
0.25 |
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$ |
(0.58) |
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| Discontinued operations |
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0.09 |
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0.11 |
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0.11 |
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4.51 |
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Net income per share1
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$ |
1.37 |
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$ |
0.76 |
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$ |
0.36 |
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$ |
3.93 |
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1 Rounding may impact summation of amounts.
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