FORWARD AIR CORP
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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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Item 1. Condensed Consolidated Statements of Cash Flows –
| Forward Air Corporation | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows | ||
| (unaudited and in thousands) | ||
| Nine Months Ended | ||
| September 30, 2025 | September 30, 2024 | |
| Operating activities: | ||
| Net loss from continuing operations | $(105,312) | $(1,089,463) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 111,914 | 106,321 |
| Impairment of goodwill | — | 1,107,465 |
| Share-based compensation expense | 11,049 | 8,088 |
| Provision for revenue adjustments | 2,319 | 2,761 |
| Deferred income tax benefit | (523) | (197,156) |
| Other | 11,011 | 4,296 |
| Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses: | ||
| Accounts receivable | (15,891) | (34,050) |
| Other receivables | (273) | 6,159 |
| Other current and noncurrent assets | 4,382 | (18,215) |
| Accounts payable and accrued expenses | 48,436 | 58,024 |
| Net cash provided by (used in) operating activities of continuing operations | 67,112 | (45,770) |
| Investing activities: | ||
| Proceeds from sale of property and equipment | 1,789 | 2,493 |
| Purchases of property and equipment | (20,765) | (29,810) |
| Purchase of a business, net of cash acquired | — | (1,565,242) |
| Other | — | (319) |
| Net cash used in investing activities of continuing operations | (18,976) | (1,592,878) |
| Financing activities: | ||
| Repayments of finance lease obligations | (12,986) | (15,339) |
| Proceeds from credit facility | 85,000 | — |
| Payments on credit facility | (85,000) | (80,000) |
| Payment of debt issuance costs | — | (60,591) |
| Payment of earn-out liability | — | (12,247) |
| Proceeds from common stock issued under employee stock purchase plan | 434 | 355 |
| Payment of minimum tax withholdings on share-based awards | (1,053) | (1,572) |
| Net cash used in financing activities of continuing operations | (13,605) | (169,394) |
| Effect of exchange rate changes on cash | 557 | 138 |
| Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents from continuing operations | 35,088 | (1,807,904) |
| Cash from discontinued operation: | ||
| Net cash used in operating activities of discontinued operations | — | (6,013) |
| Net increase (decrease) in cash and cash equivalents, and restricted cash and restricted cash equivalents | 35,088 | (1,813,917) |
| Cash and cash equivalents, and restricted cash and restricted cash equivalents at beginning of period | 105,266 | 1,952,073 |
| Cash and cash equivalents, and restricted cash and restricted cash equivalents at end of period | $140,354 | $138,156 |
| Forward Air Corporation | ||
|---|---|---|
| Condensed Consolidated Statements of Cash Flows | ||
| (unaudited and in thousands) | ||
| Nine Months Ended | ||
| September 30, 2025 | September 30, 2024 | |
| Reconciliation of cash and cash equivalents, and restricted cash and restricted cash equivalents | ||
| Cash and cash equivalents | $140,354 | $136,616 |
| Restricted cash and restricted cash equivalents | — | 1,540 |
| Total cash and cash equivalents, and restricted cash and restricted cash equivalents shown in the condensed consolidated statement of cash flows: | $140,354 | $138,156 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.