XML 41 R28.htm IDEA: XBRL DOCUMENT

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

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

	Total
2019	$	13,822
2020		13,316
2021		12,742
2022		12,700
2023		12,555

Estenson Logistics, LLC [Member]

Summary of Total Purchase Price Allocated to Net Assets Acquired

The following table summarizes the total purchase price allocated to the net assets acquired (in thousands):

Cash paid	$	165,945
Consideration payable		1,366
Contingent consideration, fair value		4,703
Total consideration		172,014
Equipment debt assumed		112,677
Total base purchase price	$	284,691

Preliminary Allocation of Total Consideration to 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):

	July 1, 2017
Cash and cash equivalents	$	12
Accounts receivable trade		26,830
Other receivables		165
Prepaid expenses and other current assets		1,500
Property and equipment		128,477
Other intangibles		66,400
Goodwill		86,504
Other assets		64
Total assets acquired	$	309,952

Accounts payable trade	$	4,542
Accrued payroll		5,661
Accrued other		15,058
Equipment debt		112,677
Total liabilities assumed	$	137,938

Total consideration	$	172,014

CaseStack, Inc. [Member]

Summary of Total Purchase Price Allocated to Net Assets Acquired

The following table summarizes the total purchase price allocated to the net assets acquired (in thousands):

Cash paid	$	248,656
Deferred purchase consideration		3,469
Total consideration	$	252,125

Preliminary Allocation of Total Consideration to 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 3, 2018
Accounts receivable trade	$	32,057
Prepaid expenses and other current assets		694
Property and equipment		3,247
Deferred tax assets		6,433
Goodwill, net		164,976
Other intangibles		75,600
Other assets		120
Total assets acquired	$	283,127

Accounts payable trade	$	24,541
Accrued payroll		2,811
Accrued other		3,650
Total liabilities assumed	$	31,002

Total consideration	$	252,125

Components of Other Intangibles Acquired

The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands):

			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		December 31, 2018		Life
Customer relationships - logistics services	$	65,600	$	547	$	65,053	10 years
Customer relationships - transportation services	$	8,700	$	145	$	8,555	5 years
Trade name	$	1,300	$	72	$	1,228	18 months

Amortization Expense

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

	Total
2019	$	9,167
2020	$	8,661
2021	$	8,300
2022	$	8,300
2023	$	8,155

CaseStack, Inc. and Hub Group Dedicated [Member]

Unaudited Pro forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations presents the effects of CaseStack as though it had been acquired as of January 1, 2017 and Dedicated as though it had been acquired as of January 1, 2016 (in thousands, except for per share amounts):

	Twelve Months Ended
	December 31, 2018		December 31, 2017		December 31, 2016
Revenue	$	3,912,745	$	3,449,373	$	2,965,032
Income from continuing operations	$	133,310	$	122,532	$	64,825
Earnings per share (1)
Basic	$	2.81	$	3.69	$	1.91
Diluted	$	2.79	$	3.67	$	1.90

(1)

Earnings per share is from continuing operations.