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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our operating segments are aggregated into three reportable segments: Warehouse, Transportation, and Third-party managed.
•Warehouse. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. We collect rent and storage fees to store customer’s frozen and perishable food and other products. Our handling services optimize our customer’s product movement through the cold chain, including placement, case-picking, blast freezing, e-commerce fulfillment, and other recurring handling services.
Significant warehouse segment expenses include labor, power, other facilities costs, and other service costs.
Labor - Labor, the most significant part of warehouse expenses, covers wages, benefits, workers' compensation.
Power - The cost of power, also a significant cost of operations, fluctuates based on the price of power in the regions that our facilities operate and the required temperature zone or freezing required.
Other Facilities Costs - Other facilities costs include utilities other than power, property taxes and insurance, sanitation, repairs and maintenance, operating lease rent charges, security, and other related facilities costs.
Other Services Costs - Other services costs include equipment costs, warehouse consumables (e.g. shrink-wrap), employee protective equipment, warehouse administration and other related services costs.
•Transportation. In our transportation segment, we broker, manage or operate transportation of frozen and perishable food and other products for our customers. Our services include consolidation (i.e., combining products for efficient shipment), freight under management services (i.e., arranging and overseeing transportation of customer inventory) and dedicated transportation, each designed to improve efficiency and reduce transportation and logistics costs to our customers.
Transportation services cost of operations are primarily affected by third-party carrier costs, which are influenced by carrier factors like driver and equipment availability. In select markets, we use our drivers and assets, incurring costs like wages, fuel, tolls, insurance, and maintenance to operate these assets.
•Third-party managed. Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities.
Third-party managed services cost of operations, which are recognized on a pass-through basis, primarily consist of labor charges similar to those described above as a component of warehouse costs of operations.
The accounting policies 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 is our Chief Executive Officer, who uses segment contribution to evaluate segment performance and to allocate resources.
Segment contribution metrics help investors understand revenues, costs, and earnings among service types. Segment contribution is calculated as earnings before interest expense, taxes, depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net gain from 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 and to allocate resources. Segment contribution is not a measurement of financial performance under U.S. GAAP and should not be considered an alternative to operating income. The Company has not disclosed assets by reportable segments, as asset information is not used by our chief operating decision maker to facilitate resource allocations.
The following table presents segment revenues, significant segment expenses and segment contribution with a reconciliation to Income (loss) before income taxes for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Segment revenues:
Warehouse$594,070 $600,387 $1,169,427 $1,198,097 
Transportation48,097 50,637 92,090 107,490 
Third-party managed8,581 9,931 18,211 20,348 
Total revenues650,748 660,955 1,279,728 1,325,935 
Significant Segment Expenses:
Warehouse:
Power35,544 37,082 67,253 70,415 
Other facilities costs59,675 62,385 117,225 127,980 
Labor248,241 245,626 489,153 493,799 
Other services costs49,605 50,763 98,206 104,241 
Total Warehouse Cost of Operations393,065 395,856 771,837 796,435 
Transportation services cost of operations39,355 41,787 76,094 87,118 
Third-party managed services cost of operations6,672 7,829 14,293 16,063 
Total segment expenses $439,092 $445,472 $862,224 $899,616 
Segment contribution:
Warehouse201,005 204,531 397,590 401,662 
Transportation8,742 8,850 15,996 20,372 
Third-party managed1,909 2,102 3,918 4,285 
Total segment contribution211,656 215,483 417,504 426,319 
Depreciation and amortization expense(90,462)(89,649)(179,444)(181,744)
Selling, general, and administrative expense(66,907)(59,453)(136,142)(124,879)
Acquisition, cyber incident, and other, net(23,226)(3,013)(48,640)(18,011)
Impairment of long-lived assets(5,226)— (5,226)— 
Net gain from sale of real estate11,760 — 11,760 3,514 
Interest expense(38,245)(33,180)(74,362)(66,610)
Loss on debt extinguishment and termination of derivative instruments— (110,682)— (115,864)
Loss from investments in partially owned entities(335)(1,034)(1,698)(1,983)
Other, net5,775 14,623 7,071 24,149 
Income (loss) before income taxes$4,790 $(66,905)$(9,177)$(55,109)