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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocations of Purchase Price | The sources of the preliminary purchase price consideration are as follows:
| Omni
Cash | $ | 100,499 |
Liabilities under tax receivable agreement | 13,270 |
Common shares | 32,795 |
Series B preferred shares (each issued with a corresponding Opco class B unit) | 207,880 |
Series C preferred shares | 56,713 |
Opco C-2 preferred units | 359,493 |
Extinguishment of Omni's indebtedness | 1,543,003 |
Preliminary purchase price | $ | 2,313,653 |
Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:
|  | Land Air |  | Omni
|  | January 31, 2023 |  | January 25, 2024
Tangible assets: |  |  |  |
Cash |  | $ | — |  |  | $ | 78,260 |
Accounts receivable |  | — |  |  | 181,570 |
Property and equipment |  | 738 |  |  | 75,292 |
Other assets |  | — |  |  | 35,639 |
Operating lease right-of-use assets |  | — |  |  | 234,025 |
Total tangible assets |  | 738 |  |  | 604,786 |
Intangible assets: |  |  |  |
Customer relationships |  | 35,200 |  |  | 1,062,729 |
Non-compete agreements |  | — |  |  | 42,509 |
Trademarks and other |  | — |  |  | 42,510 |
Goodwill |  | 20,629 |  |  | 1,100,474 |
Total intangible assets |  | 55,829 |  |  | 2,248,222 |
Total assets acquired |  | 56,567 |  |  | 2,853,008 |
Liabilities assumed: |  |  |  |
Current liabilities |  | — |  |  | 156,408 |
Finance lease obligations |  | — |  |  | 14,606 |
Operating lease liabilities |  | — |  |  | 234,025 |
Other liabilities |  | — |  |  | 643 |
Deferred income taxes |  | — |  |  | 133,673 |
Total liabilities assumed |  | — |  |  | 539,355 |
Net assets acquired |  | $ | 56,567 |  |  | $ | 2,313,653 |
Schedule of Acquired Finite-Lived Intangible Assets | The preliminary estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
| Estimated Useful Lives
| Land Air |  | Omni
Customer relationships | 15 years |  | 12 years
Non-compete agreements | — |  | 5 years
Trademarks and other | — |  | 5 years
Schedule of Pro Forma Information | The following table represents the pro forma financial information as if Omni had been included in the consolidated results of the Company since January 1, 2023 (unaudited and in thousands):
| Three Months Ended
| March 31, 2024 | March 31, 2023
Pro forma revenue | $ | 623,813 |  | $ | 701,600 |
Pro forma net loss from continuing operations | (154,345) |  | (41,436) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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