Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

Our principal operations are organized into three reportable segments: Warehouse, Transportation and Third-party managed. The details of these segments remain materially unchanged from those disclosed in the Company’s 2022 Annual Report on 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 our 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 excluding corporate selling, general and administrative expense, acquisition, litigation and other expense, 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 U.S. 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 U.S. GAAP.

The following table presents segment revenues and contributions with a reconciliation to loss before income taxes for the three months ended March 31, 2023 and 2022 (in thousands):

	Three Months Ended March 31,
	2023		2022
Segment revenues:
Warehouse	$	595,052	$	540,925
Transportation	68,078		78,910
Third-party managed	13,359		85,860
Total revenues	676,489		705,695
Segment contribution:
Warehouse	174,827		146,258
Transportation	11,660		8,529
Third-party managed	1,079		3,501
Total segment contribution	187,566		158,288
Reconciling items:
Depreciation and amortization	(85,024)		(82,620)
Selling, general and administrative	(62,855)		(57,602)
Acquisition, litigation and other, net	(7,147)		(10,075)
Loss from sale of real estate	(191)		—
Interest expense	(34,423)		(25,773)
Loss on debt extinguishment, modifications and termination of derivative instruments	(545)		(616)
Other income, net	1,433		2,357
Loss from partially owned entities	(3,029)		(2,112)
Loss before income taxes	$	(4,215)	$	(18,153)

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 (in thousands).

	March 31, 2023		December 31, 2022
Assets:
Warehouse	$	7,717,279	$	7,736,704
Transportation	198,014		205,653
Third-party managed	23,057		25,997
Total segments assets	7,938,350		7,968,354
Reconciling items:
Investments in partially owned entities	96,717		78,926
Corporate assets	36,651		57,281
Total reconciling items	133,368		136,207
Total assets	$	8,071,718	$	8,104,561