Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Amortization Expense

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

	Total
Year 1	$	34,448
Year 2		33,345
Year 3		30,645
Year 4		30,287
Year 5		27,385

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		3,241
Right-of-use assets - operating leases		15,003
Other intangibles		134,456
Goodwill		103,922
Other assets		173
Total assets acquired	$	287,674
Accounts payable trade	$	155
Accounts payable other		2,177
Accrued payroll		1,271
Accrued other		8,132
Lease liability - operating leases short-term		6,145
Other long term liabilities		19
Lease liability - operating leases long-term		8,857
Total liabilities assumed	$	26,756
Total consideration	$	260,918
Cash paid, net	$	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):

			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		December 31, 2023		Life
Customer relationships	$	127,733	$	355	$	127,378	15 years
Developed technology	$	6,723	$	70	$	6,653	4 years

Schedule of Amortization Expense

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

	Total
2024	$	10,196
2025		10,196
2026		10,196
2027		10,126
2028		8,516

Choptank Transport, LLC Member

Schedule of Unaudited Pro forma 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, 2022 (in thousands, except for per share amounts):

	Twelve Months Ended		Twelve Months Ended
	December 31, 2023		December 31, 2022
Revenue	$	4,476,469	$	5,634,259
Net income	$	192,371	$	381,895
Earnings per share
Basic	$	3.04	$	5.75
Diluted	$	3.01	$	5.69