Forward Air Corporation (NASDAQ:FWRD) has updated its non-GAAP financial measures for the twelve months ended March 31, 2024, increasing Consolidated EBITDA from $300 million to $324 million.
This revision follows a thorough assessment of all allowable addbacks under the company's credit agreement.
As a result, Forward's revised Consolidated First Lien Net Leverage Ratio stands at 5.1x.
Additionally, Forward Air has implemented additional cost reduction strategies that are expected to contribute an incremental $20 million to the Consolidated EBITDA for the second quarter of 2024.