Forward Air Corp Files Q1 2024 10-Q

Ticker: FWRD · Form: 10-Q · Filed: May 15, 2024 · CIK: 912728

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: FWRD

TL;DR

**FWRD filed its 10-Q for Q1 2024. All good on filings.**

AI Summary

Forward Air Corporation reported its quarterly results for the period ending March 31, 2024. The company, trading under the symbol FWRD on the Nasdaq, filed its 10-Q report detailing its financial performance. As a large accelerated filer, Forward Air has met its filing obligations for the preceding 12 months and the past 90 days.

Why It Matters

This filing provides investors with the latest financial performance data for Forward Air Corporation, crucial for understanding the company's current operational health and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Players & Entities

FAQ

What is the Commission File Number for Forward Air Corporation?

The Commission File Number for Forward Air Corporation is 000-22490.

On which exchange is Forward Air Corporation's common stock traded?

Forward Air Corporation's common stock is traded on The Nasdaq Stock Market LLC.

What is the par value of Forward Air Corporation's common stock?

The par value of Forward Air Corporation's common stock is $0.01.

Has Forward Air Corporation filed all required reports for the preceding 12 months?

Yes, Forward Air Corporation has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has Forward Air Corporation submitted electronically all Interactive Data Files required?

Yes, Forward Air Corporation has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,599 words · 18 min read · ~15 pages · Grade level 18.9 · Accepted 2024-05-15 16:28:16

Key Financial Figures

Filing Documents

: Financial Information

Part I: Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets – March 31 , 202 4 and December 31, 20 23 3 Condensed Consolidated Statements of Comprehensive ( L oss) Income - Three Months Ended March 3 1 , 202 4 and 20 23 4 Condensed Consolidated Statements of Cash Flows – Three Months Ended March 3 1 , 202 4 and 20 23 5 Condensed Consolidated Statements of Shareholders' Equity – Three Months Ended March 3 1 , 202 4 and 20 23 7 Notes to Condensed Consolidated Financial Statements – March 3 1 , 20 2 4 8

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 47

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 48

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49

Signatures

Signatures 50 2 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited). Forward Air Corporation Condensed Consolidated Balance Sheets (unaudited and in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 152,042 $ 121,969 Restricted cash and restricted cash equivalents 20,228 39,604 Accounts receivable, less allowance of $ 3,644 in 2024 and $ 2,206 in 2023 351,813 153,267 Other receivables 1,539 5,408 Prepaid expenses 39,512 25,682 Other current assets 4,299 1,098 Total current assets 569,433 347,028 Noncurrent restricted cash equivalents — 1,790,500 Property and equipment, net of accumulated depreciation and amortization of $ 263,856 in 2024 and $ 250,185 in 2023 327,706 258,095 Operating lease right-of-use assets 334,262 111,552 Goodwill 1,379,180 278,706 Other acquired intangibles, net of accumulated amortization of $ 145,141 in 2024 and $ 127,032 in 2023 1,264,428 134,789 Other assets 84,251 58,863 Total assets $ 3,959,260 $ 2,979,533 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 130,646 $ 45,430 Accrued expenses 118,955 62,948 Other current liabilities 73,461 71,727 Current portion of debt and finance lease obligations 28,134 12,645 Current portion of operating lease liabilities 93,645 44,344 Total current liabilities 444,841 237,094 Finance lease obligations, less current portion 34,306 26,736 Long-term debt, less current portion 1,664,107 — Long-term debt held in escrow — 1,790,500 Operating lease liabilities, less current portion 246,956 71,598 Liabilities under tax receivable agreement 13,270 — Other long-term liabilities 45,536 47,144 Deferred income taxes 177,806 42,200 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 - 4,435 in 2024

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