Acquisition (Tables)

6 Months Ended

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