Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation

Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:

	January 26, 2024 Opening Balance Sheet as Reported at March 31, 2024		Adjustments		January 26, 2024 Opening Balance Sheet as Reported at December 31, 2024
Consideration Transferred
Cash consideration paid	$	100,499	$	—	$	100,499
Liabilities under tax receivable agreement	13,270		—		13,270
Common shares	32,795		(1,967)		30,828
Series B preferred shares	207,880		(12,473)		195,407
Series C preferred shares	56,713		(3,403)		53,310
Opco C-2 preferred units	359,493		(21,570)		337,923
Extinguishment of Omni's indebtedness	1,543,003		—		1,543,003
Total purchase price (fair value of consideration)	2,313,653		(39,413)		2,274,240
Fair Value of Assets Acquired and Liabilities Assumed
Cash and cash equivalents acquired	78,260		(10,977)		67,283
Accounts receivable	181,570		10,441		192,011
Property and equipment	75,292		14,082		89,374
Other assets	35,639		(3,084)		32,555
Operating lease right-of-use assets	234,025		13,665		247,690
Customer relationships	1,062,729		(158,929)		903,800
Non-compete agreements	42,509		(19,109)		23,400
Trademarks and other	42,510		(19,410)		23,100
Total assets acquired	1,752,534		(173,321)		1,579,213
Current liabilities	156,408		(368)		156,040
Finance lease obligations	14,606		2,977		17,583
Operating lease liabilities	234,025		13,844		247,869
Other liabilities	643		(559)		84
Deferred income taxes	133,673		22,127		155,800
Total liabilities assumed	539,355		38,021		577,376
Goodwill	$	1,100,474	$	171,929	$	1,272,403

The associated goodwill has been included in the Company’s Expedited Freight reportable segment.

	Land Air
	January 31, 2023
Tangible assets:
Property and equipment	$	738
Total tangible assets	738
Intangible assets:
Customer relationships 1	35,200
Goodwill	20,629
Total intangible assets	55,829
Total assets acquired	56,567
Net assets acquired 2	$	56,567
1 Estimated useful life of 15 years
2 No liabilities were assumed in relation to the Land Air transaction.

Schedule of Weighted-Average Useful Life of Acquired Intangible Assets

The acquired intangible assets have a weighted-average useful life as follows:

Intangible Assets	Weighted-Average Useful Life
Customer relationships	14 years
Non-compete agreements	4 years
Trade names	5 years

The estimated useful life of Omni acquired intangible assets as of the acquisition date are summarized in the following table:

	Years
Customer relationships	14 years
Non-compete agreements	4 years
Trademarks and other	5 years

Schedule of Pro Forma Information

The following table represents the pro forma financial information as if Omni had been included in the consolidated results of the Company since January 1, 2023 (unaudited and in thousands):

	Year Ended
		December 31, 2024		December 31, 2023
Pro forma revenue		$	2,556,262	$	2,659,431
Pro forma net loss from continuing operations		(1,190,392)		(159,425)