Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Amortization Expense

Amortization expense for the next five years is as follows (in thousands):

	Total
Year 1	$	25,329
Year 2		23,284
Year 3		21,126
Year 4		20,089
Year 5		17,389

Choptank Transport, LLC Member

Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):

	October 19, 2021
Cash and cash equivalents	$	5,596
Accounts receivable trade		71,576
Prepaid expenses and other current assets		419
Property and equipment		169
Right of use assets - operating leases		872
Goodwill, net		54,553
Other intangibles		60,500
Total assets acquired	$	193,685
Accounts payable trade	$	60,970
Accrued payroll		3,458
Accrued other		519
Lease liability - operating leases short-term		311
Lease liability - operating leases long-term		561
Total liabilities assumed	$	65,819
Total consideration	$	127,866
Cash paid, net	$	122,270

Schedule of Components of Other Intangibles Acquired

The components of “Other intangibles” listed in the above table as of the acquisition date are preliminarily estimated as follows (in thousands):

			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		December 31, 2021		Life
Customer relationships	$	36,300	$	605	$	35,695	15 years
Carrier network	$	14,400	$	900	$	13,500	4 years
Developed technology	$	6,500	$	232	$	6,268	7 years
Trade name	$	3,300	$	550	$	2,750	18 months

Schedule of Amortization Expense

Amortization expense related to Choptank for the next five years is as follows (in thousands):

	Total
Year 1	$	9,149
Year 2		7,499
Year 3		6,949
Year 4		6,049
Year 5		3,349

Nonstop Delivery ,LLC [Member]

Summarizes the Preliminary Allocation of Total Consideration to Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the total consideration to the assets acquired and liabilities assumed as of the date of the acquisition (in thousands):

	December 9, 2020
Cash and cash equivalents	$	4,775
Accounts receivable trade		25,927
Prepaid expenses and other current assets		207
Property and equipment		1,018
Right of use assets - operating leases		1,295
Goodwill, net		38,156
Other intangibles		47,700
Other assets		14
Total assets acquired	$	119,092
Accounts payable trade	$	9,972
Accrued payroll		1,324
Accrued other		578
Lease liability - operating leases short-term		373
Lease liability - operating leases long-term		922
Total liabilities assumed	$	13,169
Total consideration	$	105,923
Cash paid, net	$	84,989

Schedule of Components of Other Intangibles Acquired

The components of “Other intangibles” listed in the above table as of the acquisition date are estimated as follows (in thousands):

			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		December 31, 2021		Life
Customer relationships	$	46,200	$	3,337	$	42,863	15 years
Trade name	$	900	$	650	$	250	18 months
Agent relationships	$	600	$	163	$	437	4 years

Schedule of Unaudited Pro forma Consolidated Results of Operations

The following unaudited pro forma consolidated results of operations presents the effects of Choptank as though it had been acquired as of January 1, 2020 and NSD as though it had been acquired as of January 1, 2019 (in thousands, except for per share amounts):

			Years Ended
	December 31, 2021		December 31, 2020		December 31, 2019
Revenue	$	4,624,385	$	3,887,189	$	3,733,507
Net income	$	173,254	$	79,578	$	107,998
Earnings per share
Basic	$	5.18	$	2.40	$	3.24
Diluted	$	5.11	$	2.37	$	3.23