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

9 Months Ended

Sep. 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 nine months ended September 30, 2023. Settlement payment of $6,013 have been incurred in the nine months ended September 30, 2024 in relation to this disposal.

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 nine months ended September 30, 2023 is as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2023
Operating revenue	$	72,471	$	210,388

Operating expenses:
Purchased transportation	42,060		121,782
Salaries, wages and employee benefits	12,786		38,382
Operating leases	3,126		9,589
Depreciation and amortization	1,297		3,828
Insurance and claims	657		1,780
Fuel expense	72		242
Other operating expenses	8,669		23,782

Total operating expenses	68,667		199,385
Income from discontinued operation before income taxes	3,804		11,003
Income tax expense	1,009		2,920
Income from discontinued operation, net of tax	$	2,795	$	8,083