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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price Allocation | Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | January 26, 2024 Opening Balance Sheet as Reported at March 31, 2024 |  | Adjustments |  | January 26, 2024 Opening Balance Sheet as Reported at December 31, 2024
Consideration Transferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash consideration paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 100,499 |  |  | $ | — |  |  | $ | 100,499 |
Liabilities under tax receivable agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13,270 |  |  | — |  |  | 13,270 |
Common shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,795 |  |  | (1,967) |  |  | 30,828 |
Series B preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 207,880 |  |  | (12,473) |  |  | 195,407 |
Series C preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,713 |  |  | (3,403) |  |  | 53,310 |
Opco C-2 preferred units |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 359,493 |  |  | (21,570) |  |  | 337,923 |
Extinguishment of Omni's indebtedness |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,543,003 |  |  | — |  |  | 1,543,003 |
Total purchase price (fair value of consideration) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,313,653 |  |  | (39,413) |  |  | 2,274,240 |
Fair Value of Assets Acquired and Liabilities Assumed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents acquired |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78,260 |  |  | (10,977) |  |  | 67,283 |
Accounts receivable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 181,570 |  |  | 10,441 |  |  | 192,011 |
Property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,292 |  |  | 14,082 |  |  | 89,374 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,639 |  |  | (3,084) |  |  | 32,555 |
Operating lease right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 234,025 |  |  | 13,665 |  |  | 247,690 |
Customer relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,062,729 |  |  | (158,929) |  |  | 903,800 |
Non-compete agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,509 |  |  | (19,109) |  |  | 23,400 |
Trademarks and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42,510 |  |  | (19,410) |  |  | 23,100 |
Total assets acquired |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,752,534 |  |  | (173,321) |  |  | 1,579,213 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 156,408 |  |  | (368) |  |  | 156,040 |
Finance lease obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,606 |  |  | 2,977 |  |  | 17,583 |
Operating lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 234,025 |  |  | 13,844 |  |  | 247,869 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 643 |  |  | (559) |  |  | 84 |
Deferred income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 133,673 |  |  | 22,127 |  |  | 155,800 |
Total liabilities assumed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 539,355 |  |  | 38,021 |  |  | 577,376 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,100,474 |  |  | $ | 171,929 |  |  | $ | 1,272,403 |
The associated goodwill has been included in the Company’s Expedited Freight reportable segment.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Land Air |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | January 31, 2023 |  |
Tangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 738 |  |  |
Total tangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 738 |  |  |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,200 |  |  |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,629 |  |  |
Total intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55,829 |  |  |
Total assets acquired |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,567 |  |  |
Net assets acquired 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 56,567 |  |  |
1 Estimated useful life of 15 years |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2 No liabilities were assumed in relation to the Land Air transaction. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Weighted-Average Useful Life of Acquired Intangible Assets | The acquired intangible assets have a weighted-average useful life as follows:
Intangible Assets |  | Weighted-Average Useful Life
Customer relationships |  | 14 years
Non-compete agreements |  | 4 years
Trade names |  | 5 years
The estimated useful life of Omni acquired intangible assets as of the acquisition date are summarized in the following table:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Years
Customer relationships |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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):
|  | Year Ended
|  |  |  |  | December 31, 2024 |  | December 31, 2023
Pro forma revenue |  |  |  |  | $ | 2,556,262 |  |  | $ | 2,659,431 |
Pro forma net loss from continuing operations |  |  |  |  | (1,190,392) |  |  | (159,425) |

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