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Forward Air Corporation (FWRD+7.69%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the acquisition of Omni Newco LLC, completed on January 25, 2024, for approximately $2.3 billion. The acquisition was financed through a combination of cash, stock, and debt.
Omni Newco LLC, now part of Forward Air's Omni Logistics segment, contributed $1,196,841 in revenue for the year. The acquisition aimed to expand Forward Air's logistics capabilities and geographic reach.
Forward Air reported a net loss of $1,131,228 for the year, primarily due to a $1,028,397 goodwill impairment charge related to the Omni acquisition.
Operating revenue increased by 80.5% to $2,474,262, driven by the inclusion of Omni's revenue and growth in the Expedited Freight segment.
The company incurred significant expenses related to the Omni acquisition, including $81,467 in transaction and integration costs.
Forward Air's total debt as of December 31, 2024, was $1,675,930, primarily from financing related to the Omni acquisition.
The company did not repurchase any shares during the year and does not anticipate paying dividends in the near future.
Forward Air's management identified a material weakness in internal controls over financial reporting related to the Omni acquisition, which they are in the process of addressing.
The company is exploring strategic alternatives to maximize shareholder value, including potential sales or mergers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Forward Air Corporation annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.