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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Allocations of Purchase Price

The acquisition-date fair value sources of the consideration transferred consists of the followings:

			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 consideration transferred			$	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						915,400
Non-compete agreements						—						23,400
Trademarks and other						—						23,100
Goodwill						20,629						1,544,830
Total intangible assets						55,829						2,506,730
Total assets acquired						56,567						3,111,516
Liabilities assumed:
Current liabilities						—						156,002
Finance lease obligations						—						14,606
Operating lease liabilities						—						234,025
Other liabilities						—						643
Deferred income taxes						—						392,587
Total liabilities assumed						—						797,863
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						14 years
Non-compete agreements			—						4 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):

			Nine Months Ended
			September 30, 2024			September 30, 2023
Pro forma revenue			$	1,923,416		$	2,002,935
Pro forma net loss from continuing operations			(1,155,014)			(133,216)

X

- 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

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-Section 50
-Paragraph 2
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1

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