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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Amortization Expense | Amortization expense for the next five years is expected to be as follows (in thousands):
| Total |
Year 1 | $ | 34,260 |
Year 2 |  | 30,985 |
Year 3 |  | 30,697 |
Year 4 |  | 29,406 |
Year 5 |  | 22,696 |
EASO Transaction [Member] |
Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary purchase price allocation to the assets acquired and liabilities assumed as of the date of the investment agreement (in thousands):
| October 23, 2024 |
Cash and cash equivalents | $ | 2,018 |
Accounts receivable trade, net |  | 15,138 |
Other receivables |  | 8,258 |
Prepaid taxes |  | 1,174 |
Prepaid expenses and other current assets |  | 1,790 |
Property and equipment, net |  | 15,770 |
Right-of-use assets - operating leases |  | 1,647 |
Other intangibles |  | 36,661 |
Goodwill |  | 43,398 |
Other non-current assets |  | 243 |
Total assets acquired | $ | 126,096 |
Accounts payable trade | $ | 9,976 |
Accounts payable other |  | 6,047 |
Accrued payroll |  | 526 |
Accrued other |  | 841 |
Lease liability - operating leases (current) |  | 336 |
Current portion of long-term debt |  | 1,031 |
Long-term debt |  | 2,017 |
Lease liability - operating leases (non-current) |  | 1,311 |
Deferred taxes |  | 300 |
Total liabilities assumed | $ | 22,384 |
Total purchase price allocation | $ | 103,712 |
Less: non-controlling interests |  | 48,996 |
Consideration transferred for 51% ownership |  | 54,716 |
Less: contingent consideration due to sellers |  | 3,721 |
Cash contributed for 51% ownership |  | 50,995 |
Less: cash and cash equivalents acquired |  | 2,018 |
Less: deferred cash consideration |  | 30,639 |
Cash paid, net | $ | 18,338 |
Schedule of Preliminary Estimated Acquisition Date Fair Value of Consideration Transferred And Purchase Price Allocation | The following table summarizes the preliminary estimated acquisition date fair value of consideration transferred and purchase price allocation.
| October 23, 2024 |
Cash | $ | 20,356 |
Deferred cash consideration |  | 30,639 |
Contingent consideration |  | 3,721 |
Total consideration transferred |  | 54,716 |
Non-controlling interests |  | 48,996 |
Total purchase price allocation | $ | 103,712 |
Schedule of Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the transaction date are preliminarily estimated based on prior acquisitions as follows (in thousands):
| Closing Date |  |  | Accumulated |  |  | Balance at |  | Estimated Useful
| Amount |  |  | Amortization |  |  | December 31, 2024 |  | Life
Customer relationships | $ | 31,661 |  |  | $ | 510 |  |  | $ | 31,151 |  | 10 years
Trade name |  | 5,000 |  |  |  | 56 |  |  |  | 4,944 |  | 15 years
Subtotal | $ | 36,661 |  |  | $ | 566 |  |  |  | 36,095 |  |
Effect of translation |  |  |  |  |  |  |  | (1,094 | ) |
Ending Balance |  |  |  |  |  |  | $ | 35,001 |  |
Schedule of Amortization Expense | Amortization expense related to EASO investment agreement for the next five years is estimated as follows (in thousands):
|  | Total |
2025 |  | $ | 3,390 |
2026 |  |  | 3,390 |
2027 |  |  | 3,390 |
2028 |  |  | 3,390 |
2029 |  |  | 3,390 |
Forward Air Final Mile Acquisition [Member] |
Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed | The following table summarizes the 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 | $ | 28,086 |
Prepaid expenses and other current assets |  | 2,305 |
Property and equipment |  | 2,424 |
Right-of-use assets - operating leases |  | 15,258 |
Other intangibles |  | 95,100 |
Goodwill |  | 142,433 |
Other assets |  | 173 |
Total assets acquired | $ | 285,779 |
Accounts payable trade | $ | 155 |
Accounts payable other |  | 2,298 |
Accrued payroll |  | 1,271 |
Accrued other |  | 9,562 |
Lease liability - operating leases short-term |  | 5,697 |
Other long-term liabilities |  | 19 |
Lease liability - operating leases long-term |  | 9,560 |
Total liabilities assumed | $ | 28,562 |
Total consideration | $ | 257,217 |
Cash paid, net | $ | 257,217 |
Schedule of Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the acquisition date are based on fair market valuations with amounts as follows (in thousands):
| Closing Date |  |  | Accumulated |  |  | Balance at |  | Estimated Useful
| Amount |  |  | Amortization |  |  | December 31, 2024 |  | Life
Customer relationships | $ | 92,900 |  |  | $ | 7,444 |  |  | $ | 85,456 |  | 13 years
Developed technology | $ | 1,200 |  |  | $ | 625 |  |  | $ | 575 |  | 2 years
Independent service provider network relationships | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | - |  | 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 |
2025 |  | $ | 7,721 |
2026 |  |  | 7,146 |
2027 |  |  | 7,146 |
2028 |  |  | 7,146 |
2029 |  |  | 7,146 |
Choptank Transport, LLC [Member] |
Schedule of Unaudited Pro forma Condensed Consolidated Results of Operations | The following unaudited pro forma 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):
|  | Twelve Months Ended |
|  | December 31, 2023 |
Revenue |  | $ | 4,476,469 |
Net income |  | $ | 192,371 |
Earnings per share |  |  |
Basic |  | $ | 3.04 |
Diluted |  | $ | 3.01 |

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