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Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2024
Forward Air Final Mile Acquisition [Member] |
Business Acquisition [Line Items] |
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 | $ | 28,355 |
Prepaid expenses and other current assets |  | 2,305 |
Property and equipment |  | 2,792 |
Right-of-use assets - operating leases |  | 15,258 |
Other intangibles |  | 94,700 |
Goodwill |  | 142,122 |
Other assets |  | 173 |
Total assets acquired | $ | 285,705 |
Accounts payable trade | $ | 155 |
Accounts payable other |  | 2,298 |
Accrued payroll |  | 1,271 |
Accrued other |  | 9,488 |
Lease liability - operating leases short-term |  | 5,697 |
Other long-term liabilities |  | 19 |
Lease liability - operating leases long-term |  | 9,560 |
Total liabilities assumed | $ | 28,488 |
Total consideration, net | $ | 257,217 |
Cash paid, net | $ | 257,217 |
Schedule of Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the table above as of the acquisition date are preliminary and are pending finalization of the fair market valuations of the acquired intangibles. Amounts for these components are as follows (in thousands):
|  |  |  |  |  |  |  |  | Estimated
|  |  |  | Accumulated |  |  | Balance at |  | Useful
| Amount |  |  | Amortization |  |  | June 30, 2024 |  | Life
Customer relationships | $ | 92,500 |  |  | $ | 3,854 |  |  | $ | 88,646 |  | 13 years
Developed technology | $ | 1,200 |  |  | $ | 325 |  |  | $ | 875 |  | 2 years
Independent service provider network | $ | 1,000 |  |  | $ | 542 |  |  | $ | 458 |  | 1 year
Schedule of Amortization Expense | Amortization expense related to FAFM for the next five years is expected to be as follows (in thousands):
| Total |
2024 (Remainder of year) | $ | 4,316 |
2025 |  | 7,690 |
2026 |  | 7,115 |
2027 |  | 7,115 |
2028 |  | 7,115 |
Choptank Transport, LLC [Member] |
Business Acquisition [Line Items] |
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 |  |  | Six Months Ended |
| June 30, 2023 |  |  | June 30, 2023 |
Revenue | $ | 1,109,022 |  |  | $ | 2,330,644 |
Net income | $ | 46,953 |  |  | $ | 108,767 |
Earnings per share |  |  |  |  |
Basic | $ | 0.73 |  |  | $ | 1.68 |
Diluted | $ | 0.73 |  |  | $ | 1.67 |

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