Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Our principal operations are organized into three reportable segments: Warehouse, Third-party managed and Transportation. The details of these segments remain materially unchanged from those disclosed in the 2021 Form 10-K as filed with the SEC.

Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies. The accounting polices used in the preparation of our reportable segments financial information are the same as those used in the preparation of its condensed consolidated financial statements.

Our chief operating decision maker uses revenues and segment contribution to evaluate segment performance. We calculate segment contribution as earnings before interest expense, taxes, depreciation and amortization, and

exclude selling, general and administrative expense, acquisition, litigation and other, net, impairment of long-lived assets, gain or loss on sale of real estate and all components of non-operating other income and expense. Selling, general and administrative functions support all the business segments. Therefore, the related expense is not allocated to segments as the chief operating decision maker does not use it to evaluate segment performance.

Segment contribution is not a measurement of financial performance under GAAP, and may not be comparable to similarly titled measures of other companies. You should not consider our segment contribution as an alternative to operating income determined in accordance with GAAP.

The following table presents segment revenues and contributions with a reconciliation to loss before income tax for the three months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended March 31,
	2022		2021
Segment revenues:
Warehouse	$	540,925	$	485,451
Third-party managed	85,860		73,072
Transportation	78,910		76,272
Total revenues	705,695		634,795
Segment contribution:
Warehouse	146,258		146,181
Third-party managed	3,501		4,382
Transportation	8,529		6,703
Total segment contribution	158,288		157,266
Reconciling items:
Depreciation and amortization	(82,620)		(77,211)
Selling, general and administrative	(57,602)		(45,052)
Acquisition, litigation and other, net	(10,075)		(20,751)
Interest expense	(25,773)		(25,956)
Loss on debt extinguishment, modifications and termination of derivative instruments	(616)		(3,499)
Other, net	245		176
Loss before income tax benefit	$	(18,153)	$	(15,027)

The following table details our assets by reportable segments, with a reconciliation to total assets reported for each of the periods presented in the accompanying Condensed Consolidated Balance Sheets.

	March 31, 2022		December 31, 2021
	(In thousands)
Assets:
Warehouse	$	7,834,970	$	7,821,426
Managed	57,953		48,497
Transportation	219,250		218,252
Total segments assets	8,112,173		8,088,175
Reconciling items:
Corporate assets	52,170		90,564
Investments in partially owned entities	43,526		37,458
Total reconciling items	95,696		128,022
Total assets	$	8,207,869	$	8,216,197