Forward Air Corp. Files Q2 2024 10-Q

Ticker: FWRD · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 912728

Sentiment: neutral

Topics: 10-Q, financials, transportation

Related Tickers: FWRD

TL;DR

**FWRD Q2 10-Q filed. Financials out.**

AI Summary

Forward Air Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at Forward Air's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the transportation industry can be subject to economic fluctuations and competitive pressures.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Forward Air Corp?

Forward Air Corp. is primarily engaged in the arrangement of transportation of freight and cargo, as indicated by its SIC code 4731.

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 9, 2024.

What is the company's state of incorporation?

Forward Air Corp. is incorporated in Tennessee (TN).

What was the company's former name?

The company's former name was Landair Services Inc., with a date of name change on September 28, 1993.

Filing Stats: 4,676 words · 19 min read · ~16 pages · Grade level 18.6 · Accepted 2024-08-09 10:33:53

Key Financial Figures

Filing Documents

: Financial Information

Part I: Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets – June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive (Loss) Income - Three Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income - Six Months Ended June 30, 202 4 and 202 3 5 Condensed Consolidated Statements of Cash Flows – Six Months Ended June 3 0 , 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity – Six Months Ended June 3 0 , 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements – June 3 0 , 2024 9

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 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 55

Controls and Procedures

Item 4. Controls and Procedures 55

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57

Signatures

Signatures 58 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 84,886 $ 121,969 Restricted cash and restricted cash equivalents 19,769 39,604 Accounts receivable, less allowance of $ 2,780 in 2024 and $ 2,206 in 2023 368,927 153,267 Other receivables 1,476 5,408 Prepaid expenses 39,186 25,682 Other current assets 44,379 1,098 Total current assets 558,623 347,028 Noncurrent restricted cash equivalents — 1,790,500 Property and equipment, net of accumulated depreciation and amortization of $ 279,027 in 2024 and $ 250,185 in 2023 328,934 258,095 Operating lease right-of-use assets 323,821 111,552 Goodwill 545,380 278,706 Other acquired intangibles, net of accumulated amortization of $ 178,870 in 2024 and $ 127,032 in 2023 1,230,699 134,789 Other assets 79,859 58,863 Total assets $ 3,067,316 $ 2,979,533 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 143,455 $ 45,430 Accrued expenses 117,431 62,948 Other current liabilities 53,064 71,727 Current portion of debt and finance lease obligations 16,875 12,645 Current portion of operating lease liabilities 89,188 44,344 Total current liabilities 420,013 237,094 Finance lease obligations, less current portion 34,957 26,736 Long-term debt, less current portion 1,677,315 — Long-term debt held in escrow — 1,790,500 Operating lease liabilities, less current portion 243,217 71,598 Liabilities under tax receivable agreement 13,270 — Other long-term liabilities 43,126 47,144 Deferred income taxes 271,201 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 - 12,105 in 2024 an

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