Segment Information

6 Months Ended

Jun. 30, 2024

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 Net loss from continuing operations before income taxes for the three and six months ended June 30, 2024 and 2023 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Segment revenues:
Warehouse	$	600,387	$	581,170	$	1,198,097	$	1,176,222
Transportation	50,637		58,072		107,490		126,150
Third-party managed	9,931		10,368		20,348		23,727
Total revenues	660,955		649,610		1,325,935		1,326,099
Segment contribution:
Warehouse	204,531		172,842		401,662		347,669
Transportation	8,850		9,809		20,372		21,469
Third-party managed	2,102		1,400		4,285		2,479
Total segment contribution	215,483		184,051		426,319		371,617
Reconciling items:
Depreciation and amortization	(89,649)		(84,892)		(181,744)		(169,916)
Selling, general, and administrative	(59,453)		(53,785)		(124,879)		(116,640)
Acquisition, cyber incident, and other, net	(3,013)		(27,235)		(18,011)		(34,382)
Gain from sale of real estate	—		2,528		3,514		2,337
Interest expense	(33,180)		(36,431)		(66,610)		(70,854)
Other, net	14,623		(415)		24,149		1,018
Impairment of related party loan receivable	—		(21,972)		—		(21,972)
Loss on put option	—		(56,576)		—		(56,576)
Loss on debt extinguishment and termination of derivative instruments	(110,682)		(627)		(115,864)		(1,172)
Loss from investments in partially owned entities	(1,034)		(709)		(1,983)		(1,357)
Loss from continuing operations before income taxes	$	(66,905)	$	(96,063)	$	(55,109)	$	(97,897)