FORWARD AIR CORP
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 24, 2025
FWRD$18.33+3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets — December 31, 202 and
| Forward Air Corporation | ||
|---|---|---|
| Consolidated Balance Sheets | ||
| (In thousands, except share data) | ||
| December 31, 2024 | December 31, 2023 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $104,903 | $121,969 |
| Restricted cash equivalents | 363 | 39,604 |
| Accounts receivable, less allowance of $3,269 in 2024 and $2,206 in 2023 | 322,291 | 153,267 |
| Other receivables | 205 | 5,408 |
| Prepaid expenses | 29,053 | 25,682 |
| Other current assets | 15,685 | 1,098 |
| Total current assets | 472,500 | 347,028 |
| Noncurrent restricted cash equivalents | — | 1,790,500 |
| Property and equipment, net of accumulated depreciation and amortization of $292,855 in 2024 and $250,185 in 2023 | 326,188 | 258,095 |
| Operating lease right-of-use assets | 410,084 | 111,552 |
| Goodwill | 522,712 | 278,706 |
| Other acquired intangibles, net of accumulated amortization of $212,905 in 2024 and $127,032 in 2023 | 999,216 | 134,789 |
| Other assets | 71,941 | 58,863 |
| Total assets | $2,802,641 | $2,979,533 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $105,692 | $45,430 |
| Accrued expenses | 119,836 | 62,948 |
| Other current liabilities | 45,148 | 71,727 |
| Current portion of debt and finance lease obligations | 16,930 | 12,645 |
| Current portion of operating lease liabilities | 96,440 | 44,344 |
| Total current liabilities | 384,046 | 237,094 |
| Non-current liabilities: | ||
| Finance lease obligations, less current portion | 30,858 | 26,736 |
| Long-term debt, less current portion and debt issuance costs | 1,675,930 | — |
| Long-term debt held in escrow | — | 1,790,500 |
| Liability from tax receivable agreement | 13,295 | — |
| Operating lease liabilities, less current portion | 325,640 | 71,598 |
| Other long-term liabilities | 48,835 | 47,144 |
| Deferred income taxes | 38,169 | 42,200 |
| Total non-current liabilities | 2,132,727 | 1,978,178 |
| Shareholders’ equity: | ||
| Preferred stock, $0.01 par value: Authorized shares - 5,000,000; no shares issued or outstanding in 2024 and 2023 | — | — |
| Preferred stock, Class B, $0.01 par value: Authorized shares - 15,000; issued and outstanding shares - 10,088 in 2024 and none in 2023 | — | — |
| Common stock, $0.01 par value: Authorized shares - 50,699,707; issued and outstanding shares - 29,761,197 in 2024 and 25,670,663 in 2023 | 298 | 257 |
| Additional paid-in capital | 542,392 | 283,684 |
| Retained (deficit) earnings | (338,230) | 480,320 |
| Accumulated other comprehensive loss | (2,732) | — |
| Total Forward Air shareholders equity | 201,728 | 764,261 |
| Noncontrolling interest | 84,140 | — |
| Total shareholders’ equity | 285,868 | 764,261 |
| Total liabilities and shareholders’ equity | $2,802,641 | $2,979,533 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.