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v3.22.2.2

Acquisition (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Acquisition [Line Items] |
Schedule of Carrying Amount of Goodwill | The following table presents the total carrying amount of goodwill (in thousands):
| Total |
Balance at December 31, 2021 | $ | 576,913 |
Acquisition |  | 51,180 |
Balance at September 30, 2022 | $ | 628,093 |
Summary of Total Purchase Price Allocated to Net Assets Acquired | While TAGG's actual results are included since August 22, 2022 and Choptank's actual results are included since October 19, 2021, the following unaudited pro forma consolidated results of operations present the effects of TAGG and Choptank as though they had been acquired as of January 1, 2021 (in thousands, except for per share amounts):
| Three Months Ended |  |  | Nine Months Ended |
| September 30, 2022 |  |  | September 30, 2022 |
Revenue | $ | 1,397,880 |  |  | $ | 4,185,337 |
Net income | $ | 87,439 |  |  | $ | 278,780 |
Earnings per share |  |  |  |  |
Basic | $ | 2.64 |  |  | $ | 8.33 |
Diluted | $ | 2.61 |  |  | $ | 8.25 |
| Three Months Ended |  |  | Nine Months Ended |
| September 30, 2021 |  |  | September 30, 2021 |
Revenue | $ | 1,251,863 |  |  | $ | 3,452,175 |
Net income | $ | 43,073 |  |  | $ | 86,364 |
Earnings per share |  |  |  |  |
Basic | $ | 1.29 |  |  | $ | 2.58 |
Diluted | $ | 1.27 |  |  | $ | 2.55 |
Choptank Transport LLC [Member] |
Business Acquisition [Line Items] |
Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed | The following table summarizes the total purchase consideration to the net assets acquired and liabilities assumed as of the date of the acquisition (in thousands):
| October 19, 2021 |
Cash and cash equivalents | $ | 5,596 |
Accounts receivable trade |  | 70,989 |
Prepaid expenses and other current assets |  | 419 |
Property and equipment |  | 169 |
Right of use assets - operating leases |  | 922 |
Other intangibles |  | 60,500 |
Goodwill |  | 54,980 |
Total assets acquired | $ | 193,575 |
Accounts payable trade | $ | 60,970 |
Accrued payroll |  | 3,458 |
Accrued other |  | 359 |
Lease liability - operating leases short-term |  | 309 |
Lease liability - operating leases long-term |  | 613 |
Total liabilities assumed | $ | 65,709 |
Total consideration | $ | 127,866 |
Cash paid, net | $ | 122,270 |
Schedule of Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands):
|  |  |  | Accumulated |  |  | Balance at |  |  | Estimated Useful
| Amount |  |  | Amortization |  |  | September 30, 2022 |  |  | Life
Customer relationships | $ | 36,300 |  |  | $ | 2,420 |  |  | $ | 33,880 |  |  | 15 years
Carrier network | $ | 14,400 |  |  | $ | 3,600 |  |  | $ | 10,800 |  |  | 4 years
Developed technology | $ | 6,500 |  |  | $ | 929 |  |  | $ | 5,571 |  |  | 7 years
Trade name | $ | 3,300 |  |  | $ | 2,200 |  |  | $ | 1,100 |  |  | 18 months
Schedule of Amortization Expense | Amortization expense related to Choptank for the next five years is as follows (in thousands):
|  | Total |
Remainder of 2022 |  | $ | 2,287 |
2023 |  |  | 7,499 |
2024 |  |  | 6,949 |
2025 |  |  | 6,049 |
2026 |  |  | 3,349 |
TAGG Logistics 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 purchase consideration to the net assets acquired and liabilities assumed as of the date of the acquisition (in thousands):
| August 22, 2022 |
Cash and cash equivalents | $ | 839 |
Accounts receivable trade |  | 24,841 |
Prepaid expenses and other current assets |  | 1,685 |
Property and equipment |  | 6,893 |
Right of use assets - operating leases |  | 56,689 |
Other intangibles |  | 27,300 |
Goodwill |  | 50,754 |
Other assets |  | 1,705 |
Total assets acquired | $ | 170,706 |
Accounts payable trade | $ | 9,193 |
Accrued payroll |  | 2,536 |
Accrued other |  | 758 |
Lease liability - operating leases short-term |  | 14,465 |
Lease liability - operating leases long-term |  | 40,254 |
Total liabilities assumed | $ | 67,206 |
Total consideration | $ | 103,500 |
Cash paid, net | $ | 102,661 |
Schedule of Components of Other Intangibles Acquired | The components of “Other intangibles” listed in the above table as of the acquisition date are summarized as follows (in thousands):
|  |  |  | Accumulated |  |  | Balance at |  |  | Estimated Useful
| Amount |  |  | Amortization |  |  | September 30, 2022 |  |  | Life
Customer relationships | $ | 22,600 |  |  | $ | 249 |  |  | $ | 22,351 |  |  | 10 years
Developed technology | $ | 4,000 |  |  | $ | 88 |  |  | $ | 3,912 |  |  | 5 years
Trade name | $ | 700 |  |  | $ | 52 |  |  | $ | 648 |  |  | 18 months
Schedule of Amortization Expense | Amortization expense related to TAGG for the next five years is as follows (in thousands):
|  | Total |
Remainder of 2022 |  | $ | 882 |
2023 |  |  | 3,527 |
2024 |  |  | 3,125 |
2025 |  |  | 3,060 |
2026 |  |  | 3,060 |

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