Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment revenues:
Warehouse	$	612,181	$	602,605	$	1,810,278	$	1,778,827
Transportation	51,764		55,642		159,254		181,792
Third-party managed	10,226		9,692		30,574		33,419
Total revenues	674,171		667,939		2,000,106		1,994,038
Segment contribution:
Warehouse	198,624		177,832		600,286		525,501
Transportation	8,441		9,659		28,813		31,128
Third-party managed	2,153		1,629		6,438		4,108
Total segment contribution	209,218		189,120		635,537		560,737
Reconciling items:
Depreciation and amortization	(89,362)		(89,728)		(271,106)		(259,644)
Selling, general, and administrative	(63,663)		(52,383)		(188,542)		(169,023)
Acquisition, cyber incident, and other, net	(26,014)		(13,931)		(44,025)		(48,313)
(Loss) gain from sale of real estate	—		(78)		3,514		2,259
Interest expense	(34,255)		(35,572)		(100,865)		(106,426)
Loss on debt extinguishment and termination of derivative instruments	(218)		(683)		(116,082)		(1,855)
Loss from investments in partially owned entities	(1,037)		(259)		(3,020)		(1,616)
Impairment of related party loan receivable	—		—		—		(21,972)
Loss on put option	—		—		—		(56,576)
Other, net	770		723		24,919		1,741
Loss from continuing operations before income taxes	$	(4,561)	$	(2,791)	$	(59,670)	$	(100,688)