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Acquisition (Tables)

9 Months Ended

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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