Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

Our principal operations are organized into three reportable segments: Warehouse, Transportation and Third-party managed. Our reportable segments are strategic business units separated by service offerings. Each reportable segment is managed separately and requires different operational and marketing strategies.

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, cyber incident 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. Therefore, segment contribution should not be considered 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 and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Segment revenues:
Warehouse	$	581,170	$	564,379	$	1,176,222	$	1,105,304
Transportation	58,072		81,891		126,150		160,801
Third-party managed	10,368		83,486		23,727		169,346
Total revenues	649,610		729,756		1,326,099		1,435,451
Segment contribution:
Warehouse	172,842		150,985		347,669		297,243
Transportation	9,809		13,585		21,469		22,114
Third-party managed	1,400		3,721		2,479		7,222
Total segment contribution	184,051		168,291		371,617		326,579
Reconciling items:
Depreciation and amortization	(84,892)		(82,690)		(169,916)		(165,310)
Selling, general and administrative	(53,785)		(56,273)		(116,640)		(113,875)
Acquisition, cyber incident and other, net	(27,235)		(5,663)		(34,382)		(15,738)
Gain from sale of real estate	2,528		—		2,337		—
Interest expense	(36,431)		(26,545)		(70,854)		(52,318)
Loss on debt extinguishment, modifications and termination of derivative instruments	(627)		(627)		(1,172)		(1,244)
Other, net	(415)		(962)		1,018		1,396
Loss from investments in partially owned entities	(709)		(359)		(1,357)		(823)
Impairment of related party receivable	(21,972)		—		(21,972)		—
Loss on put option	(56,576)		—		(56,576)		—
Loss from continuing operations before income taxes	$	(96,063)	$	(4,828)	$	(97,897)	$	(21,333)