FWRD Stock Balance Sheets

Forward Air Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Cash and Cash Eq

Account Payables

Forward Air Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2005-09-30	2005-06-30	2005-03-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-03-31

assets
current assets:
cash and cash equivalents	95,128,000	116,311,000	104,903,000	136,616,000	84,886,000	152,042,000	121,969,000	18,843,000	18,281,000	32,028,000	45,822,000	46,846,000	47,386,000	61,630,000	37,316,000	51,930,000	50,844,000	24,396,000	40,254,000	42,990,000	80,916,000	77,245,000	64,749,000	34,824,000	14,777,000	42,165,000	25,657,000	28,911,000			3,893,000				8,511,000				33,312,000				41,429,000				127,367,000				112,182,000				58,801,000																						100,336,000	93,866,000	87,349,000	83,539,000	73,660,000	60,705,000	50,827,000	33,642,000	23,706,000
restricted cash and restricted cash equivalents	179,000	363,000		1,540,000	19,769,000	20,228,000
accounts receivables	335,716,000	336,398,000	322,291,000	361,003,000	368,927,000	351,813,000	153,267,000	191,758,000	175,968,000	201,385,000	221,028,000	247,730,000	246,006,000	236,666,000	208,085,000	205,165,000	209,187,000	186,504,000	156,490,000	153,070,000	130,759,000	143,234,000	150,197,000	157,494,000	154,715,000	150,623,000	156,359,000	148,464,000	152,393,000	146,191,000	143,041,000	132,100,000	123,535,000	116,473,000	116,602,000	115,327,000	109,256,000	104,317,000	109,165,000	114,674,000	122,356,000	120,473,000	95,326,000	100,016,000	97,560,000	93,651,000	76,500,000	83,224,000	76,280,000	78,092,000	75,262,000	74,878,000	77,557,000	75,376,000	70,922,000	69,574,000	69,779,000	68,387,000	62,438,000	63,541,000	58,425,000	52,993,000	50,039,000	48,441,000	72,263,000	76,018,000	64,080,000	55,665,000	51,876,000	48,908,000		51,292,000	46,216,000	48,137,000	40,217,000	35,685,000		33,829,000	32,468,000
prepaid expenses	33,182,000	29,398,000	29,053,000	31,174,000	39,186,000	39,512,000	25,682,000				24,774,000				22,283,000				21,410,000
other current assets	10,402,000	10,895,000	15,685,000	13,053,000	44,379,000	4,299,000	1,098,000	27,129,000	21,538,000	24,381,000	12,691,000	18,391,000	22,260,000	22,468,000	7,026,000	17,948,000	19,982,000	20,239,000	6,740,000	22,062,000	23,745,000	20,710,000		23,393,000	23,580,000	9,283,000		23,692,000	21,010,000	11,147,000		13,319,000	14,526,000	8,394,000		17,321,000	32,696,000	25,582,000		23,579,000	28,455,000	21,767,000		14,057,000	14,655,000	10,430,000		18,849,000	19,900,000	14,796,000		13,607,000	15,709,000	10,669,000		11,836,000	10,053,000	9,541,000	11,484,000	10,859,000	7,688,000	14,145,000	17,667,000	12,627,000	8,113,000	8,067,000	5,946,000	6,073,000	7,568,000	10,247,000		7,960,000	10,478,000	7,026,000	7,884,000	7,143,000	8,503,000	6,570,000	4,641,000		6,601,000	8,215,000	6,082,000		4,611,000
total current assets	474,607,000	493,365,000	472,500,000	545,081,000	558,623,000	569,433,000	347,028,000	237,730,000	215,787,000	257,794,000	304,315,000	312,967,000	315,756,000	325,252,000	282,807,000	289,261,000	297,012,000	247,986,000	245,896,000	235,047,000	247,291,000	241,189,000	236,318,000	215,711,000	193,072,000	202,071,000	201,082,000	201,067,000	193,505,000	170,073,000	162,742,000	157,842,000	148,151,000	139,202,000	136,270,000	143,960,000	163,631,000	167,936,000	173,457,000	185,697,000	193,342,000	196,735,000	149,955,000	138,646,000	137,158,000	145,125,000	220,360,000	200,624,000	177,281,000	164,518,000	198,396,000	181,473,000	162,098,000	155,442,000	139,717,000	168,877,000	175,951,000	163,609,000	137,141,000	122,316,000	110,725,000	94,368,000	91,778,000	92,309,000	97,967,000	86,208,000	76,259,000	80,644,000	80,355,000	106,665,000	127,563,000	124,408,000	150,011,000	133,494,000	142,050,000	159,690,000	150,600,000	140,265,000	130,458,000	123,166,000	113,212,000	102,796,000	95,367,000	88,774,000	82,349,000
property and equipment, net of accumulated depreciation and amortization of 305,267 in 2025 and 292,855 in 2024	321,329,000
operating lease right-of-use assets	419,531,000	408,642,000	410,084,000	355,139,000	323,821,000	334,262,000	111,552,000	134,726,000	144,847,000	150,282,000	141,865,000	147,283,000	154,277,000	153,337,000	148,198,000	142,623,000	148,651,000	130,859,000	123,338,000	115,551,000	123,925,000	171,242,000	151,657,000	158,977,000	149,544,000	133,361,000
goodwill	522,712,000	522,712,000	522,712,000	716,071,000	545,380,000	1,379,180,000	278,706,000	356,763,000	356,763,000	356,627,000	306,184,000	288,496,000	287,597,000	265,639,000	266,752,000	254,776,000	254,993,000	250,736,000	244,982,000	240,933,000	240,933,000	242,639,000	221,105,000	220,423,000	218,373,000	199,092,000	199,092,000	193,625,000	191,671,000	191,671,000	191,671,000	191,535,000	191,535,000	184,675,000	184,675,000	184,675,000	179,301,000	206,517,000	205,609,000	206,899,000	206,530,000	202,909,000	144,412,000	140,678,000	138,839,000	131,217,000	88,496,000	88,404,000	87,771,000	87,860,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	43,332,000	54,957,000	45,045,000	53,939,000	15,588,000	15,588,000	15,588,000	15,588,000	15,588,000	15,588,000
other acquired intangibles, net of accumulated amortization of 259,154 in 2025 and 212,905 in 2024	952,967,000
other long term assets	70,089,000	71,793,000
total assets	2,761,235,000	2,803,842,000	2,802,641,000	3,055,840,000	3,067,316,000	3,959,260,000	2,979,533,000	1,190,581,000	1,184,573,000	1,226,566,000	1,208,076,000	1,186,059,000	1,197,143,000	1,166,806,000	1,117,823,000	1,070,508,000	1,081,841,000	1,015,901,000	1,047,393,000	1,048,210,000	1,072,499,000	1,066,236,000	990,878,000	980,633,000	936,557,000	885,577,000	760,215,000	743,141,000	711,292,000	690,207,000	687,716,000	669,168,000	659,687,000	635,868,000	641,291,000	641,513,000	644,427,000	689,053,000	700,171,000	698,665,000	709,360,000	715,387,000	541,805,000	529,945,000	532,489,000	534,567,000	506,269,000	490,802,000	468,192,000	446,206,000	399,187,000	386,618,000	370,776,000	364,760,000	341,151,000	374,813,000	382,979,000	368,102,000	341,813,000	330,497,000	320,623,000	306,686,000	305,383,000	300,988,000	304,922,000	274,023,000	264,545,000	215,964,000	199,976,000	212,852,000	213,014,000	207,192,000	225,527,000	199,658,000	206,818,000	213,035,000	201,256,000	192,128,000	183,694,000	175,087,000	166,637,000	157,944,000	150,881,000	145,511,000	141,498,000
liabilities and shareholders' equity
current liabilities:
accounts payable	115,123,000	111,510,000	105,692,000	157,230,000	143,455,000	130,646,000	45,430,000	45,702,000	37,085,000	42,994,000	54,601,000	50,666,000	42,058,000	54,430,000	44,837,000	42,885,000	43,655,000	40,676,000	38,371,000	32,581,000	27,682,000	26,565,000	29,986,000	32,599,000	30,585,000	31,124,000	34,630,000	35,110,000	32,036,000	30,004,000	24,704,000	22,377,000	17,642,000	15,800,000	18,012,000	18,415,000	13,815,000	17,810,000	23,334,000	27,435,000	27,616,000	21,567,000	20,572,000	21,395,000	21,421,000	22,164,000	16,267,000	17,067,000	12,189,000	14,285,000	11,168,000	12,896,000	12,278,000	16,563,000	12,392,000	14,603,000	15,354,000	11,804,000	11,383,000	9,697,000	9,837,000	8,509,000	9,477,000	7,841,000	11,175,000	13,512,000	14,354,000	9,689,000	6,439,000	6,777,000	7,949,000	9,529,000	7,219,000	12,552,000	12,568,000	5,338,000	9,350,000	6,906,000	6,833,000		5,587,000	5,372,000	5,951,000	6,695,000	5,046,000
accrued expenses	115,605,000	143,533,000	119,836,000	135,590,000	117,431,000	118,955,000	62,948,000	56,552,000	53,265,000	52,807,000	54,291,000	67,980,000	64,355,000	66,467,000	61,621,000	63,577,000	70,894,000	74,625,000		52,454,000	48,041,000	52,168,000		51,412,000	50,414,000	41,434,000		40,073,000	37,337,000	35,976,000		35,354,000	34,921,000	34,007,000		30,843,000	31,210,000	31,153,000		29,691,000	33,191,000	36,364,000		23,356,000	21,956,000	21,529,000		19,490,000	17,220,000	18,131,000		16,475,000	19,726,000	23,163,000		18,035,000	17,933,000	21,900,000	23,326,000	21,864,000	20,745,000	16,057,000	16,471,000	16,124,000	16,212,000	16,688,000	12,939,000	10,780,000	9,889,000	9,905,000		12,990,000	10,343,000	13,722,000	13,243,000	12,760,000	13,207,000	13,984,000	14,088,000		12,475,000	11,672,000	11,647,000		10,577,000
other current liabilities	48,072,000	68,197,000	45,148,000	49,571,000	53,064,000	73,461,000	71,727,000	21,619,000	12,112,000	6,207,000	3,956,000	4,411,000	4,044,000	12,479,000	4,614,000	4,155,000	6,813,000	6,817,000	10,580,000	4,277,000	3,784,000	5,661,000		7,049,000	6,069,000
current portion of debt and finance lease obligations	16,877,000	17,446,000	16,930,000	16,741,000	16,875,000	28,134,000	12,645,000	15,053,000	13,963,000	11,619,000	9,444,000	7,891,000	7,505,000	6,069,000	6,088,000	1,841,000	1,867,000	1,908,000		1,557,000	1,445,000	1,433,000		1,578,000	197,000	264,000
current portion of operating lease liabilities	101,008,000	97,578,000	96,440,000	89,566,000	89,188,000	93,645,000	44,344,000	51,515,000	52,801,000	52,143,000	47,106,000	48,611,000	49,498,000	48,499,000	47,532,000	46,008,000	46,042,000	45,107,000	43,680,000
total current liabilities	396,685,000	438,264,000	384,046,000	448,698,000	420,013,000	444,841,000	237,094,000	190,441,000	169,226,000	165,770,000	169,398,000	179,559,000	167,460,000	187,944,000	164,692,000	158,466,000	169,271,000	169,133,000	171,620,000	157,133,000	146,852,000	143,328,000	137,164,000	139,775,000	136,635,000	116,646,000	74,723,000	75,519,000	69,717,000	66,331,000	60,132,000	58,197,000	54,654,000	58,485,000	77,927,000	91,124,000	100,738,000	118,748,000	109,044,000	113,024,000	116,713,000	114,013,000	43,431,000	45,031,000	43,671,000	44,011,000	34,611,000	36,649,000	29,530,000	32,598,000	27,920,000	29,757,000	32,478,000	40,247,000	33,930,000	33,199,000	33,870,000	34,307,000	35,381,000	32,340,000	31,417,000	25,638,000	27,179,000	25,398,000	30,810,000	30,792,000	27,994,000	21,328,000	16,370,000	16,723,000	19,133,000	22,559,000	17,601,000	27,715,000	25,854,000	18,139,000	22,587,000	20,919,000	20,950,000		18,173,000	17,277,000	17,950,000	18,690,000	16,555,000
finance lease obligations, less current portion	29,191,000	34,332,000	30,858,000	32,731,000	34,957,000	34,306,000	26,736,000	23,387,000	23,461,000	18,328,000	15,844,000	11,134,000	10,759,000	8,767,000	9,571,000				5,010,000				4,909,000
long-term debt, less current portion	1,681,468,000	1,678,647,000		1,673,292,000	1,677,315,000	1,664,107,000																	67,340,000				47,281,000				40,223,000								27,782,000																																														325,000
liabilities under tax receivable agreement	20,158,000	13,295,000		36,797,000	13,270,000	13,270,000
operating lease liabilities, less current portion	334,318,000	324,957,000	325,640,000	275,843,000	243,217,000	246,956,000	71,598,000	87,938,000	96,799,000	102,697,000	98,865,000	102,889,000	106,552,000	105,773,000	101,409,000	97,181,000	103,280,000	86,212,000	80,346,000
other long-term liabilities	49,725,000	52,164,000	48,835,000	42,423,000	43,126,000	45,536,000	47,144,000	50,966,000	48,437,000	50,507,000	59,044,000	57,476,000	55,374,000	52,376,000	49,624,000	57,354,000	55,741,000	57,131,000	54,129,000	61,536,000	58,194,000	60,299,000	58,816,000	51,316,000	51,365,000	40,257,000	47,739,000	43,073,000	25,678,000	24,118,000	24,104,000	22,681,000	22,148,000	21,440,000	21,699,000	14,726,000	14,071,000	14,049,000	12,340,000	12,198,000	13,511,000	17,628,000	8,356,000	8,148,000	7,729,000	8,292,000	8,940,000	9,129,000	8,985,000	9,138,000	7,098,000	6,805,000	6,883,000	9,470,000	8,860,000	8,079,000	7,782,000	8,371,000	6,159,000	6,047,000	4,623,000	3,749,000	3,602,000	2,918,000	3,319,000	2,740,000	4,605,000	3,370,000	3,193,000	2,345,000	1,271,000
deferred income taxes	33,449,000	35,177,000	38,169,000	209,522,000	271,201,000	177,806,000	42,200,000	53,292,000	53,275,000	52,950,000	51,093,000	45,369,000	45,369,000	45,050,000	43,407,000	40,659,000	41,471,000	41,538,000	41,986,000	45,532,000	45,883,000	45,488,000	43,942,000	43,106,000	40,452,000	38,010,000	37,174,000	35,756,000	33,574,000	32,793,000	29,403,000	42,004,000	42,665,000	41,786,000	41,871,000	39,007,000	39,227,000	44,907,000	39,876,000	38,257,000	33,726,000	35,835,000	2,496,000	28,838,000	29,013,000	27,405,000	1,145,000	26,576,000	25,899,000	23,986,000	1,282,000	12,991,000	12,499,000	10,058,000	2,011,000	12,169,000	7,980,000	6,408,000	5,116,000	4,885,000	4,889,000	6,136,000	6,572,000	6,947,000	7,786,000	8,138,000	8,005,000	7,457,000	7,392,000	7,558,000	1,178,000	6,760,000	8,142,000	6,226,000	6,617,000	6,925,000	8,878,000	8,022,000	7,000,000	2,102,000	9,176,000	8,629,000	8,035,000	2,118,000	8,043,000
shareholders' equity:
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued or outstanding in 2025 and 2024
preferred stock, class b, 0.01 par value: authorized shares - 15,000; issued and outstanding shares - 9,423 in 2025 and 10,088 in 2024
common stock	306,000	304,000	298,000	287,000	277,000	265,000	257,000	257,000	258,000	261,000	265,000	266,000	269,000	269,000	270,000	270,000	271,000	273,000	273,000	273,000	277,000	277,000	279,000	279,000	280,000	284,000	285,000	288,000	291,000	290,000	295,000	295,000	301,000	300,000	301,000	303,000	302,000	304,000	305,000	306,000	308,000	308,000	303,000	302,000	306,000	310,000	305,000	304,000	303,000	300,000	292,000	292,000	289,000	289,000	285,000
additional paid-in capital	551,845,000	546,556,000	542,392,000	528,255,000	512,638,000	508,675,000	283,684,000	280,640,000	277,593,000	274,007,000	270,855,000	267,809,000	265,129,000	261,444,000	258,474,000	255,071,000	252,466,000	247,678,000	242,916,000	237,497,000	233,086,000	230,135,000	226,869,000	221,629,000	218,080,000	214,173,000	210,296,000	206,790,000	201,373,000	197,607,000	195,346,000	191,352,000	188,663,000	182,999,000	179,512,000	174,450,000	166,363,000	163,726,000	160,855,000	152,700,000	150,812,000	147,445,000	130,107,000	126,516,000	123,688,000	119,852,000	107,726,000	102,465,000	98,915,000	86,393,000	64,644,000	62,971,000	54,104,000	52,212,000	42,212,000	12,552,000	35,231,000	30,668,000	22,130,000	20,259,000	18,436,000	15,139,000	13,527,000	11,802,000	8,565,000	6,106,000	2,855,000	1,896,000					2,877,000		12,016,000	33,700,000	34,389,000	36,788,000	37,846,000		35,886,000	34,921,000	34,160,000	33,983,000	45,017,000
accumulated deficit	-402,451,000	-389,759,000
accumulated other comprehensive income	2,094,000																																																																									1,000	1,000	1,000	1,000	2,000	1,000		1,000	38,000	1,000	-9,000	-3,000
total forward air shareholders' equity	151,794,000	154,634,000		226,084,000	283,764,000	926,071,000
noncontrolling interest	64,447,000	72,372,000	84,140,000	110,450,000	80,453,000	406,367,000
total shareholders' equity	216,241,000	227,006,000		336,534,000	364,217,000	1,332,438,000																																																														182,826,000
total liabilities and shareholders' equity	2,761,235,000	2,803,842,000		3,055,840,000	3,067,316,000	3,959,260,000																																																														215,964,000
property and equipment, net of accumulated depreciation and amortization of 302,998 in 2025 and 292,855 in 2024		331,208,000
other acquired intangibles, net of accumulated amortization of 235,999 in 2025 and 212,905 in 2024		976,122,000
preferred stock, class b, 0.01 par value: authorized shares - 15,000; issued and outstanding shares - 9,511 in 2025 and 10,088 in 2024
accumulated other comprehensive loss		-2,467,000	-2,732,000	-824,000	-1,000,000	-151,000
restricted cash equivalents			363,000				39,604,000
other receivables			205,000	1,695,000	1,476,000	1,539,000	5,408,000							4,488,000	8,097,000	14,218,000	16,999,000	16,847,000
noncurrent restricted cash equivalents							1,790,500,000
property and equipment, net of accumulated depreciation and amortization of 292,855 in 2024 and 250,185 in 2023			326,188,000
other acquired intangibles, net of accumulated amortization of 212,905 in 2024 and 127,032 in 2023			999,216,000
other assets			71,941,000	81,415,000	79,859,000	84,251,000	58,863,000	56,404,000	55,295,000	53,205,000	51,831,000	51,228,000	50,077,000	47,880,000	46,254,000	45,433,000	48,385,000	51,708,000	45,181,000	43,266,000	42,710,000	43,277,000	40,969,000	34,641,000	40,244,000	33,047,000	36,485,000	31,923,000	15,132,000	15,925,000	15,944,000	14,448,000	14,211,000	13,795,000	13,491,000	6,603,000	6,530,000	5,948,000	6,017,000	3,037,000	3,029,000	3,027,000	2,244,000	2,347,000	2,551,000	2,540,000	2,540,000	2,551,000	2,537,000	2,550,000	1,800,000	1,825,000	1,891,000	1,858,000	1,566,000	1,533,000	1,535,000	1,523,000	1,595,000	1,625,000	1,534,000	1,582,000	1,655,000	2,124,000	2,029,000	1,955,000	1,389,000	1,438,000	1,199,000	2,705,000	5,817,000	5,800,000	1,062,000	920,000	16,522,000	17,857,000	17,846,000	19,093,000	19,067,000	3,421,000	19,121,000	19,286,000	19,451,000	3,498,000	17,359,000
liabilities and shareholders’ equity
non-current liabilities:
long-term debt, less current portion and debt issuance costs			1,675,930,000					118,857,000	119,766,000	150,681,000	106,588,000	106,934,000	147,279,000	155,125,000	155,466,000				112,398,000
long-term debt held in escrow							1,790,500,000
liability from tax receivable agreement			13,295,000
total non-current liabilities			2,132,727,000
shareholders’ equity:
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued or outstanding in 2024 and 2023
preferred stock, class b, 0.01 par value: authorized shares - 15,000; issued and outstanding shares - 10,088 in 2024 and none in 2023
retained (deficit) earnings			-338,230,000	-301,634,000	-228,151,000
total forward air shareholders equity			201,728,000
total shareholders’ equity			285,868,000				764,261,000	665,700,000	673,609,000	685,633,000	707,244,000	682,698,000	664,350,000	611,771,000	593,654,000	555,536,000	550,349,000	544,731,000	547,329,000	552,196,000	566,292,000	565,841,000	577,182,000	561,145,000	550,042,000	553,437,000	553,244,000	548,410,000	541,870,000	526,443,000	533,489,000	505,590,000	519,237,000	500,628,000	499,069,000	495,842,000	489,482,000	510,570,000	510,055,000	492,356,000	488,484,000	477,014,000	463,563,000	446,582,000	450,661,000	453,382,000	435,865,000	418,444,000	403,755,000	380,447,000	351,671,000	336,977,000	318,777,000	304,757,000	286,902,000	270,893,000	282,736,000	268,269,000	244,134,000	235,406,000	227,702,000	218,759,000	215,397,000	212,857,000	208,442,000	195,912,000	182,582,000		172,246,000	185,440,000	185,227,000	177,066,000	198,967,000	164,871,000	173,498,000	187,113,000	168,907,000	162,295,000	154,845,000		138,374,000	131,117,000	123,968,000	118,346,000	112,673,000
total liabilities and shareholders’ equity			2,802,641,000				2,979,533,000	1,190,581,000	1,184,573,000	1,226,566,000	1,208,076,000	1,186,059,000	1,197,143,000	1,166,806,000	1,117,823,000	1,070,508,000	1,081,841,000	1,015,901,000	1,047,393,000	1,048,210,000	1,072,499,000	1,066,236,000	990,878,000	980,633,000	936,557,000	885,577,000	760,215,000	743,141,000	711,292,000	690,207,000	687,716,000	669,168,000	659,687,000	635,868,000	641,291,000	641,513,000	644,427,000	689,053,000	700,171,000	698,665,000	709,360,000	715,387,000	541,805,000	529,945,000	532,489,000	534,567,000	506,269,000	490,802,000	468,192,000	446,206,000	399,187,000	386,618,000	370,776,000	364,760,000	341,151,000	374,813,000	382,979,000	368,102,000	341,813,000	330,497,000	320,623,000	306,686,000	305,383,000	300,988,000	304,922,000	274,023,000	264,545,000		199,976,000	212,852,000	213,014,000	207,192,000	225,527,000	199,658,000	206,818,000	213,035,000	201,256,000	192,128,000	183,694,000		166,637,000	157,944,000	150,881,000	145,511,000	141,498,000
property and equipment, net of accumulated depreciation and amortization of 281,636 in 2024 and 250,185 in 2023				324,782,000
other acquired intangibles, net of accumulated amortization of 190,369 in 2024 and 127,032 in 2023				1,033,352,000
preferred stock, class b, 0.01 par value: authorized shares - 15,000; issued and outstanding shares - 11,130 in 2024 and none in 2023
property and equipment, net of accumulated depreciation and amortization of 279,027 in 2024 and 250,185 in 2023					328,934,000
other acquired intangibles, net of accumulated amortization of 178,870 in 2024 and 127,032 in 2023					1,230,699,000
preferred stock, class b, 0.01 par value: authorized shares - 15,000; issued and outstanding shares - 12,105 in 2024 and none in 2023
property and equipment, net of accumulated depreciation and amortization of 263,856 in 2024 and 250,185 in 2023						327,706,000
other acquired intangibles, net of accumulated amortization of 145,141 in 2024 and 127,032 in 2023						1,264,428,000
preferred stock, class b, 0.01 par value: authorized shares - 15,000; issued and outstanding shares - 4,435 in 2024 and none in 2023
preferred stock, class c, 0.01 par value: authorized shares - 10,000; issued and outstanding shares - 1,210 in 2024 and none in 2023
retained earnings						417,282,000	480,320,000	384,803,000	395,758,000	411,365,000	436,124,000	414,623,000	398,952,000	350,058,000	334,910,000	300,195,000	297,612,000	296,780,000	304,140,000	314,426,000	332,929,000	335,429,000	350,034,000	339,237,000	331,682,000	338,980,000	342,663,000	341,332,000	340,206,000	328,546,000	337,848,000	313,943,000	330,273,000	317,329,000	319,256,000	321,089,000	322,817,000	346,540,000	348,895,000	339,350,000	337,364,000	329,261,000	333,153,000	319,764,000	326,667,000	333,220,000	327,834,000	315,675,000	304,537,000	293,754,000	286,735,000	273,714,000	264,384,000	252,256,000	244,405,000	258,056,000	247,211,000	237,309,000	221,714,000	214,857,000	208,976,000	203,331,000	201,581,000	200,766,000	199,588,000	189,518,000	179,440,000	180,635,000	171,952,000	185,138,000	184,923,000	176,761,000	195,775,000	164,559,000	161,165,000	153,089,000	134,302,000	125,290,000	116,783,000		102,273,000	95,945,000	89,595,000	84,160,000	67,441,000
current assets held for sale																			21,002,000	16,925,000	11,871,000
property and equipment, net of accumulated depreciation and amortization of 250,185 in 2023 and 218,145 in 2022							258,095,000
other acquired intangibles, net of accumulated amortization of 127,032 in 2023 and 110,993 in 2022							134,789,000
noncurrent assets held for sale																			53,097,000	78,063,000	74,593,000
current liabilities held for sale																			25,924,000	26,006,000	23,792,000
noncurrent liabilities held for sale																			34,575,000	39,227,000	36,325,000
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued or outstanding in 2023 and 2022
property and equipment, net of accumulated depreciation and amortization of 243,032 in 2023 and 220,669 in 2022								258,248,000
other acquired intangibles, net of accumulated amortization of 136,802 in 2023 and 123,325 in 2022								146,710,000
property and equipment, net of accumulated depreciation and amortization of 233,153 in 2023 and 220,669 in 2022									260,663,000
other acquired intangibles, net of accumulated amortization of 132,294 in 2023 and 123,325 in 2022									151,218,000
property and equipment, net of accumulated depreciation and amortization of 226,026 in 2023 and 220,669 in 2022										252,932,000
other acquired intangibles, net of accumulated amortization of 127,786 in 2023 and 123,325 in 2022										155,726,000
other receivables, less allowance of — in 2022 and — in 2021
property and equipment, net of accumulated depreciation and amortization of 220,669 in 2022 and 200,867 in 2021											249,080,000
other acquired intangibles, net of accumulated amortization of 123,325 in 2022 and 107,337 in 2021											154,801,000
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued or outstanding in 2022 and 2021
other receivables, less allowance of 235 in 2022 and — in 2021
property and equipment, net of accumulated depreciation and amortization of 214,039 in 2022 and 200,867 in 2021												230,924,000
other acquired intangibles, net of accumulated amortization of 119,453 in 2022 and 107,336 in 2021												155,161,000
other receivables, less allowance of 900 in 2022 and — in 2021													104,000
property and equipment, net of accumulated depreciation and amortization of 207,225 in 2022 and 200,867 in 2021													229,220,000
other acquired intangibles, net of accumulated amortization of 115,297 in 2022 and 107,336 in 2021													160,216,000
property and equipment, net of accumulated depreciation and amortization of 206,980 in 2022 and 200,867 in 2021														224,060,000
other acquired intangibles, net of accumulated amortization of 111,415 in 2022 and 107,337 in 2021														150,638,000
property and equipment															219,095,000	396,094,000	383,155,000	379,566,000		379,306,000	381,834,000	426,375,000		438,656,000	422,968,000	417,606,000		409,465,000	401,507,000	402,688,000		383,890,000	375,069,000	376,623,000		369,582,000	355,124,000	344,931,000		322,681,000	317,835,000	310,814,000		303,755,000	303,449,000	292,364,000		270,113,000	266,811,000	254,066,000		238,704,000	237,256,000	235,138,000		224,278,000	221,715,000	217,560,000	210,954,000	211,696,000	208,654,000	203,383,000	199,819,000	190,384,000	174,263,000	160,988,000	161,982,000	152,044,000	143,368,000	126,356,000		96,961,000	92,583,000	82,849,000	82,617,000	81,071,000	75,114,000	73,381,000	73,145,000		70,032,000	70,808,000	69,369,000		68,507,000
other acquired intangibles, net of accumulated amortization of 107,337 in 2021 and 93,009 in 2020															154,717,000
commitments and contingencies
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued or outstanding in 2021 and 2020
less accumulated depreciation and amortization																199,875,000	196,168,000	192,622,000	190,652,000	189,042,000	187,239,000	216,621,000	213,706,000	217,813,000	214,126,000	210,750,000	204,005,000	199,166,000	197,264,000	199,088,000	193,123,000	192,109,000	185,510,000	182,686,000	178,816,000	172,348,000	166,868,000	162,172,000	155,859,000	150,180,000	144,638,000	138,287,000	132,699,000	127,259,000	124,068,000	121,135,000	116,287,000	112,514,000	109,346,000	107,439,000	105,581,000	101,941,000	98,174,000	96,531,000	93,267,000	91,023,000	88,517,000	88,033,000	83,615,000	82,026,000	78,323,000	72,976,000	69,345,000	66,453,000	60,247,000	57,240,000	58,121,000	52,675,000	51,086,000	49,374,000		46,615,000	45,086,000	45,518,000	47,015,000	45,583,000	42,304,000	40,611,000	38,976,000		35,728,000	34,946,000	-33,306,000		26,992,000
total property and equipment																196,219,000	186,987,000	186,944,000	380,519,000	190,264,000	194,595,000	209,754,000	426,737,000	220,843,000	208,842,000	206,856,000	413,900,000	210,299,000	204,243,000	203,600,000	399,235,000	191,781,000	189,559,000	193,937,000	379,021,000	197,234,000	188,256,000	182,759,000	343,147,000	172,501,000	173,197,000	172,527,000	305,188,000	176,496,000	179,381,000	171,229,000	271,050,000	157,599,000	157,465,000	146,627,000	239,138,000	136,763,000	139,082,000	138,607,000	223,135,000	133,255,000	133,198,000	129,527,000	127,339,000	129,670,000	130,331,000	130,407,000	130,474,000	123,931,000	114,016,000	103,748,000	103,861,000	99,369,000	92,282,000	76,982,000	101,190,000	50,346,000	47,497,000	37,331,000	35,602,000	35,488,000	32,810,000
other acquired intangibles, net of accumulated amortization of 103,635 in 2021 and 93,009 in 2020																142,196,000
long-term debt and finance lease obligations, less current portion and debt issuance costs																161,312,000	161,729,000	117,156,000
other acquired intangibles, net of accumulated amortization of 100,018 in 2021 and 93,009 in 2020																	145,813,000
other acquired intangibles, net of accumulated amortization of 96,451 in 2021 and 93,009 in 2020																		147,668,000
the accompanying notes are an integral part of the condensed consolidated financial statements.
property and equipment:
land																			26,365,000				16,928,000				16,928,000				16,928,000				16,928,000				16,998,000				16,998,000				16,998,000				16,928,000				16,928,000																2,611,000									2,611,000				2,611,000
buildings																			65,923,000				65,919,000				65,919,000				65,870,000				65,857,000				66,502,000				66,477,000				66,474,000				65,727,000				65,457,000																12,367,000									7,961,000				7,961,000
equipment																			270,429,000				322,029,000				311,573,000				291,181,000				273,463,000				241,391,000				212,216,000				178,752,000				149,571,000				134,275,000																82,646,000									57,336,000				56,382,000
leasehold improvements																			13,747,000				16,852,000				14,165,000				12,604,000				10,694,000				9,228,000				7,957,000				6,263,000				5,973,000				5,778,000																3,566,000									2,323,000				1,865,000
construction in progress																			4,055,000				5,009,000				5,315,000				12,652,000				12,079,000				9,028,000				1,540,000				2,563,000				939,000				697,000
net property and equipment																			189,867,000				213,031,000				209,895,000				206,112,000				200,205,000				187,288,000				172,489,000				154,763,000				133,557,000				129,868,000																53,315,000
other acquired intangibles, net of accumulated amortization of 93,009 in 2020 and 79,520 in 2019																			145,032,000
forward air corporation
consolidated balance sheets
accrued payroll and related items																			18,545,000				16,210,000				16,959,000				13,230,000				11,522,000				10,051,000				8,122,000				6,325,000				5,623,000				7,739,000																3,117,000													1,988,000
insurance and claims accruals																			17,994,000				16,366,000				12,648,000				11,999,000				10,122,000				8,935,000				6,042,000				5,105,000				5,475,000				4,806,000																3,265,000													4,322,000
payables to leased capacity providers																			14,725,000
current portion of finance lease obligations																			1,801,000				1,421,000
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued or outstanding in 2020 and 2019
goodwill and other acquired intangibles:
other acquired intangibles, net of accumulated amortization of 89,540 in 2020 and 79,250 in 2019																				145,086,000
total goodwill and other acquired intangibles																				386,019,000	389,385,000	400,774,000		350,461,000	344,855,000	310,242,000		299,852,000	298,412,000	300,609,000																										71,148,000	72,295,000	73,443,000	75,738,000	76,886,000	78,033,000	80,329,000	81,476,000	82,624,000	90,910,000	82,112,000	83,036,000	34,513,000	26,140,000	26,500,000		26,638,000	26,957,000
current portion of operating lease obligations																				40,258,000	42,108,000	57,501,000	50,615,000	47,137,000	49,370,000	43,824,000
debt and finance lease obligations, less current portion																				116,583,000	136,549,000	136,900,000		72,738,000	57,311,000	47,312,000
operating lease obligations, less current portion																				76,003,000	82,404,000	114,380,000	101,525,000	112,553,000	100,752,000	89,915,000
preferred stock
the accompanying notes are an integral part of the financial statements.
other acquired intangibles, net of accumulated amortization of 86,174 in 2020 and 79,250 in 2019																					148,452,000
other acquired intangibles, net of accumulated amortization of 95,492 in 2020 and 91,879 in 2019																						158,135,000
inventories																							2,132,000				2,240,000				1,425,000				1,306,000				1,310,000				1,056,000				1,052,000				901,000				881,000																501,000									399,000				403,000
prepaid expenses and other current assets																							15,418,000				11,763,000				9,955,000				9,851,000				10,794,000				9,648,000				14,296,000				8,769,000				7,102,000																4,114,000									2,669,000				2,027,000
income tax receivable																							3,822,000				5,063,000				4,428,000								18,876,000
other acquired intangibles, net of accumulated amortization of 91,879 in 2019 and 80,666 in 2018																							127,798,000
total net goodwill and other acquired intangibles																							348,903,000				312,753,000				302,918,000	305,097,000	307,766,000	288,934,000	291,325,000	293,716,000	286,010,000	332,410,000	333,409,000	337,430,000	339,792,000	343,098,000	217,117,000	212,456,000	213,399,000	215,673,000	128,606,000	130,028,000	130,909,000	132,511,000	65,434,000	66,557,000	67,705,000	68,853,000	70,000,000																26,319,000
payables to owner-operators																							14,246,000				7,424,000				6,322,000				5,597,000				7,901,000				4,182,000				4,710,000				3,978,000				3,197,000																2,128,000
collections on behalf of customers																							315,000				261,000				329,000				349,000				517,000				374,000				416,000				457,000				473,000																1,347,000
other accrued expenses																							2,685,000				2,492,000				2,869,000				4,243,000				2,419,000				2,571,000				1,719,000				943,000				385,000																1,287,000													5,215,000
current portion contingent consideration																							5,320,000
preferred stock, 0.01 par value: authorized shares - 5,000,000; no shares issued
other acquired intangibles, net of accumulated amortization of 88,839 in 2019 and 80,666 in 2018																								130,038,000
other acquired intangibles, net of accumulated amortization of 85,845 in 2019 and 80,666 in 2018																									126,482,000
other acquired intangibles, net of accumulated amortization of 83,177 in 2019 and 80,666 in 2018																										111,150,000
other acquired intangibles, net of accumulated amortization of 80,666 in 2018 and 71,527 in 2017																											113,661,000
income taxes payable																															320,000		1,629,000	8,326,000	70,000								1,292,000												4,386,000										1,007,000
current portion of capital lease obligations																											309,000				359,000				347,000				331,000				276,000				69,000				276,000				552,000														42,000	41,000	40,000	40,000	39,000	37,000	43,000	41,000	30,000	29,000	29,000		28,000	28,000	27,000	27,000	473,000
capital lease obligations, less current portion																											54,000				365,000				725,000				1,074,000				1,275,000				3,000				58,000				333,000														775,000	786,000	796,000	807,000	817,000	846,000	849,000	858,000	884,000	892,000	899,000		914,000	921,000	928,000	935,000	3,902,000
other acquired intangibles, net of accumulated amortization of 78,250 in 2018 and 71,527 in 2017																												106,227,000
current portion of debt and capital lease obligations																												336,000	344,000	351,000		466,000	462,000	352,000		41,866,000	55,713,000	69,785,000		55,898,000	55,906,000	56,082,000		280,000	294,000	318,000		92,000	121,000	182,000		386,000	474,000	521,000		561,000	583,000	603,000	672,000	779,000	835,000	1,072,000	1,231,000	1,433,000	2,416,000	592,000	701,000	859,000
long-term debt and capital lease obligations, less current portion																												40,383,000	40,453,000	40,522,000		40,696,000	20,983,000	13,529,000		814,000	909,000	779,000		42,830,000	56,926,000	70,897,000		1,346,000	1,415,000	1,477,000		4,000	23,000	37,000		88,000	139,000	228,000		50,473,000	50,611,000	50,747,000	51,023,000	51,819,000	51,992,000	52,404,000	52,633,000	52,868,000	54,565,000	36,441,000
cash																													20,102,000	12,735,000		12,423,000	10,090,000	14,335,000		11,312,000	21,679,000	38,037,000		47,444,000	42,531,000	54,495,000		24,573,000	24,943,000	41,044,000		98,551,000	81,101,000	71,630,000		92,988,000	68,832,000	69,397,000		87,467,000	96,119,000	85,681,000	63,219,000	47,916,000	44,612,000	27,230,000	24,072,000	31,241,000	17,591,000	1,082,000	3,235,000	8,306,000	10,336,000	5,435,000	8,231,000	4,356,000	13,022,000	141,000	8,178,000	5,012,000
other acquired intangibles, net of accumulated amortization of 76,033 in 2018 and 71,527 in 2017																													106,741,000
other acquired intangibles, net of accumulated amortization of 73,837 in 2018 and 71,527 in 2017																														108,938,000
other acquired intangibles, net of accumulated amortization of 71,527 in 2017 and 61,334 in 2016																															111,247,000
current portion of long-term debt																																			27,665,000				55,556,000																																										83,000	205,000	325,000	443,000	459,000
other acquired intangibles, net of accumulated amortization of 68,971 in 2017 and 61,334 in 2016																																113,562,000
other acquired intangibles, net of accumulated amortization of 66,303 in 2017 and 61,334 in 2016																																	116,231,000
other acquired intangibles, net of accumulated amortization of 63,725 in 2017 and 61,334 in 2016																																		104,259,000
other acquired intangibles, net of accumulated amortization of 61,334 in 2016 and 51,212 in 2015																																			106,650,000
other acquired intangibles, net of accumulated amortization of 58,943 in 2016 and 51,212 in 2015																																				109,041,000
other acquired intangibles, net of accumulated amortization of 56,593 in 2016 and 51,212 in 2015																																					106,709,000
other acquired intangibles, net of accumulated amortization of 53,911 in 2016 and 51,212 in 2015																																						125,893,000
other acquired intangibles, net of accumulated amortization of 51,212 in 2015 and 40,307 in 2014																																							127,800,000
other acquired intangibles, net of accumulated amortization of 48,481 in 2015 and 40,307 in 2014																																								130,531,000
other acquired intangibles, net of accumulated amortization of 45,750 in 2015 and 40,307 in 2014																																									133,262,000
other acquired intangibles, net of accumulated amortization of 42,823 in 2015 and 40,307 in 2014																																										140,189,000
other acquired intangibles, net of accumulated amortization of 40,307 in 2014 and 31,790 in 2013																																											72,705,000
other acquired intangibles, net of accumulated amortization of 38,100 in 2014 and 31,790 in 2013																																												71,778,000
other acquired intangibles, net of accumulated amortization of 35,970 in 2014 and 31,790 in 2013																																													74,560,000
other acquired intangibles, net of accumulated amortization of 33,304 in 2014 and 31,790 in 2013																																														84,456,000
other acquired intangibles, net of accumulated amortization of 31,790 in 2013 and 26,028 in 2012																																															40,110,000
other acquired intangibles, net of accumulated amortization of 30,276 in 2013 and 26,028 in 2012																																																41,624,000
other acquired intangibles, net of accumulated amortization of 28,763 in 2013 and 26,028 in 2012																																																	43,138,000
other acquired intangibles, net of accumulated amortization of 27,249 in 2013 and 26,028 in 2012																																																		44,651,000
other acquired intangibles, net of accumulated amortization of 26,028 in 2012 and 21,462 in 2011																																																			22,102,000
other acquired intangibles, net of accumulated amortization of 24,905 in 2012 and 21,462 in 2011																																																				23,225,000
other acquired intangibles, net of accumulated amortization of 23,757 in 2012 and 21,462 in 2011																																																					24,373,000
other acquired intangibles, net of accumulated amortization of 22,609 in 2012 and 21,462 in 2011																																																						25,521,000
other acquired intangibles, net of accumulated amortization of 21,462 in 2011 and 16,871 in 2010																																																							26,668,000
other acquired intangibles, net of accumulated amortization of 20,314 in 2011 and 16,871 in 2010																																																								27,816,000
authorized shares – 50,000,000
issued and outstanding shares – 28,476,942 in 2011 and 29,030,919 in 2010																																																								285,000
(a) taken from audited financial statements, which are not presented in their entirety.
other acquired intangibles, net of accumulated amortization of 19,167 in 2011 and 16,871 in 2010																																																									28,963,000
issued and outstanding shares – 29,377,550 in 2011 and 29,030,919 in 2010																																																									294,000
other acquired intangibles, net of accumulated amortization of 18,019 in 2011 and 16,871 in 2010																																																										30,111,000
issued and outstanding shares – 29,243,051 in 2011 and 29,030,919 in 2010																																																										292,000
other acquired intangibles, net of accumulated amortization of 15,724 in 2010 and 12,281 in 2009																																																											32,406,000
issued and outstanding shares – 29,002,375 in 2010 and 28,950,391 in 2009																																																											290,000
other acquired intangibles, net of accumulated amortization of 14,576 in 2010 and 12,281 in 2009																																																												33,554,000
issued and outstanding shares – 28,988,000 in 2010 and 28,950,391 in 2009																																																												290,000
other acquired intangibles, net of accumulated amortization of 13,429 in 2010 and 12,281 in 2009																																																													34,701,000
issued and outstanding shares – 28,952,441 in 2010 and 28,950,391 in 2009																																																													290,000
other acquired intangibles, net of accumulated amortization of 11,134 in 2009
and 8,103 in 2008																																																														36,997,000	38,144,000
issued and outstanding shares – 28,942,882 in 2009 and 28,893,850 in 2008																																																														289,000
other acquired intangibles, net of accumulated amortization of 9,986 in 2009
issued and outstanding shares – 28,941,829 in 2009 and 28,893,850 in 2008																																																															289,000
other acquired intangibles, net of accumulated amortization of 8,838 in 2009 and 8,103 in 2008																																																																39,292,000
issued and outstanding shares – 28,916,313 in 2009 and 28,893,850 in 2008																																																																289,000
other acquired intangibles, net of accumulated amortization of 6,858 in 2008 and
3,740 in 2007																																																																	35,953,000	37,067,000
issued and outstanding shares – 28,888,238 in 2008 and 28,648,068 in 2007																																																																	289,000
income taxes receivable																																																																		1,041,000	2,476,000				3,403,000													1,472,000
other acquired intangibles, net of accumulated amortization of 5,744 in 2008 and
issued and outstanding shares – 28,842,841 in 2008 and 28,648,068 in 2007																																																																		288,000
short-term investments																																																																			522,000	10,600,000	10,575,000	42,075,000	61,650,000	60,800,000	80,295,000	78,190,000	85,771,000	111,850,000	4,000,000	6,000,000	6,000,000	3,000,000	3,000,000	6,060,000	8,271,000	20,274,000	25,305,000
other acquired intangibles, net of accumulated amortization of 4,634 in 2008 and 3,740 in 2007																																																																			29,097,000
debt and capital lease obligations, less current portion																																																																			41,359,000	983,000
issued and outstanding shares – 28,756,065 in 2008 and 28,648,068 in 2007																																																																			287,000
other acquired intangibles, net of accumulated amortization of 3,211 in 2007 and 2,019 in 2006																																																																				18,925,000
authorized shares - 50,000,000
issued and outstanding shares - 29,483,257 in 2007 and 30,372,082 in 2006																																																																				295,000
other acquired intangibles, net of accumulated amortization of 2,698 in 2007 and 2,019 in 2006																																																																					10,552,000
issued and outstanding shares – 29,445,634 in 2007 and 30,372,082 in 2006																																																																					294,000
other acquired intangibles, net of accumulated amortization of 2,338 in 2007 and 2,019 in 2006																																																																						10,912,000
preferred stock, 0.01 par value:
authorized shares - 5,000,000
no shares issued
issued and outstanding shares - 30,167,408 in 2007 and 30,372,082 in 2006																																																																						302,000
accounts receivable, less allowances																																																																							48,486,000
accumulated depreciation and amortization																																																																							47,875,000									37,319,000				31,646,000
other acquired intangibles, net of accumulated amortization of 2,019 in 2006 and 744 in 2005																																																																							10,731,000
short-term debt
issued and outstanding shares - 30,372,082 in 2006 and 31,360,842 in 2005																																																																							304,000
other acquired intangibles, net of accumulated amortization of 1,700 in 2006 and 744 in 2005																																																																								11,050,000
issued and outstanding shares - 30,461,491 in 2006 and 31,360,842 in 2005																																																																								305,000
other acquired intangibles, net of accumulated amortization of 1,381 in 2006 and 744 in 2005																																																																									11,369,000
issued and outstanding shares - 31,499,871 in 2006 and 31,360,842 in 2005																																																																									315,000
goodwill and other acquired intangibles, net of accumulated amortization of 2,356 in 2005 and 1,931 in 2004																																																																										27,913,000
line of credit																																																																										1,404,000
issued and outstanding shares – 31,114,664 in 2005 and 32,397,747 in 2004																																																																										311,000
acquired intangibles, less accumulated amortization of 106																																																																											12,644,000
issued and outstanding shares – 31,562,787 in 2005 and 32,397,747 in 2004																																																																											316,000
issued and outstanding shares – 32,317,617 in 2005 and 32,397,747 in 2004																																																																												323,000
issued and outstanding shares – 21,478,384 in 2004 and 21,496,885 in 2003																																																																														215,000
issued and outstanding shares - 21,510,775 in 2004 and 21,496,885 in 2003																																																																															215,000
goodwill, net of accumulated amortization of 1,931 in 2003 and 2002																																																																																15,588,000
other intangible assets																																																																																				478,000
operating revenue																																																																																241,517,000
operating expenses:
purchased transportation																																																																																102,063,000
salaries, wages and employee benefits																																																																																54,267,000
operating leases																																																																																13,102,000
depreciation and amortization																																																																																7,263,000
insurance and claims																																																																																5,153,000
other operating expenses																																																																																19,487,000
income from operations																																																																																40,182,000
other income:
interest expense																																																																																-71,000
other																																																																																600,000
income before income taxes																																																																																40,711,000
income taxes																																																																																14,896,000
net income																																																																																25,815,000
basic net income per share																																																																																1,210
diluted net income per share																																																																																1,190
software development in progress
long-term investments																																																																																					275,000
goodwill, net of accumulated amortization of 1,931 in 2002 and 2001																																																																																				15,588,000
preferred stock, .01 par value:

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