FORWARD AIR CORP
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
FWRD$18.33+3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets — December 31, 202 and
| Forward Air Corporation | ||
|---|---|---|
| Consolidated Balance Sheets | ||
| (In thousands, except share data) | ||
| December 31, 2023 | December 31, 2022 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $121,969 | $45,822 |
| Restricted cash equivalents | 39,604 | — |
| Accounts receivable, less allowance of $2,206 in 2023 and $3,129 in 2022 | 153,267 | 188,229 |
| Other receivables | 5,408 | — |
| Prepaid expenses | 25,682 | 24,769 |
| Other current assets | 1,098 | 10,553 |
| Current assets held for sale | — | 34,942 |
| Total current assets | 347,028 | 304,315 |
| Noncurrent restricted cash equivalents | 1,790,500 | — |
| Property and equipment, net of accumulated depreciation and amortization of $250,185 in 2023 and $218,145 in 2022 | 258,095 | 246,329 |
| Operating lease right-of-use assets | 111,552 | 131,097 |
| Goodwill | 278,706 | 257,987 |
| Other acquired intangibles, net of accumulated amortization of $127,032 in 2023 and $110,993 in 2022 | 134,789 | 115,582 |
| Other assets | 58,863 | 51,739 |
| Noncurrent assets held for sale | — | 101,027 |
| Total assets | $2,979,533 | $1,208,076 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $45,430 | $50,094 |
| Accrued expenses | 62,948 | 49,918 |
| Other current liabilities | 71,727 | 3,944 |
| Current portion of debt and finance lease obligations | 12,645 | 9,315 |
| Current portion of operating lease liabilities | 44,344 | 42,266 |
| Current liabilities held for sale | — | 13,861 |
| Total current liabilities | 237,094 | 169,398 |
| Finance lease obligations, less current portion | 26,736 | 15,711 |
| Long-term debt, less current portion and debt issuance costs | — | 106,588 |
| Long-term debt held in escrow | 1,790,500 | — |
| Operating lease liabilities, less current portion | 71,598 | 92,903 |
| Other long-term liabilities | 47,144 | 59,044 |
| Deferred income taxes | 42,200 | 51,093 |
| Noncurrent liabilities held for sale | — | 6,095 |
| Shareholders’ equity: | ||
| Preferred stock, $0.01 par value: Authorized shares - 5,000,000; no shares issued or outstanding in 2023 and 2022 | — | — |
| Common stock, $0.01 par value: Authorized shares - 50,000,000; issued and outstanding shares - 25,670,663 in 2023 and 26,461,293 in 2022 | 257 | 265 |
| Additional paid-in capital | 283,684 | 270,855 |
| Retained earnings | 480,320 | 436,124 |
| Total shareholders’ equity | 764,261 | 707,244 |
| Total liabilities and shareholders’ equity | $2,979,533 | $1,208,076 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.