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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Forward Air Final Mile Acquisition [Member]

Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):

	December 20, 2023
Accounts receivable trade	$	28,574
Prepaid expenses and other current assets		2,305
Property and equipment		2,793
Right-of-use assets - operating leases		15,003
Other intangibles		134,456
Goodwill		105,687
Other assets		173
Total assets acquired	$	288,991
Accounts payable trade	$	155
Accounts payable other		2,177
Accrued payroll		1,271
Accrued other		9,449
Lease liability - operating leases short-term		6,145
Other long-term liabilities		19
Lease liability - operating leases long-term		8,857
Total liabilities assumed	$	28,073
Total consideration	$	260,918
Cash paid	$	260,918

Schedule of Components of Other Intangibles Acquired

The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated based on prior final mile acquisitions as follows (in thousands):

												Estimated
					Accumulated				Balance at			Useful
	Amount				Amortization				March 31, 2024			Life
Customer relationships	$	127,733			$	2,484			$	125,249		15 years
Developed technology	$	6,723			$	490			$	6,233		4 years

Schedule of Amortization Expense

Amortization expense related to FAFM for the next five years is as follows (in thousands):

	Total
2024 (Remainder of year)	$	7,647
2025		10,196
2026		10,196
2027		10,126
2028		8,516

Choptank Transport, LLC [Member]

Schedule of Unaudited Pro forma Condensed Consolidated Results of Operations

The following unaudited pro forma condensed consolidated results of operations present the effects of FAFM as though it had been acquired as of January 1, 2023 (in thousands, except for per share amounts):

	Three Months Ended
	March 31, 2023
Revenue	$	1,221,622
Net income	$	61,814
Earnings per share
Basic	$	0.95
Diluted	$	0.94

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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