Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Amortization Expense

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

	Total
Year 1	$	26,810
Year 2		24,251
Year 3		23,149
Year 4		20,449
Year 5		20,160

TAGG Logistics, LLC Acquisition [Member]

Schedule of Total Purchase Price Allocated to Net Assets Acquired and Liabilities Assumed

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

	August 22, 2022
Cash and cash equivalents	$	839
Accounts receivable trade		24,409
Prepaid expenses and other current assets		2,024
Property and equipment		6,453
Right of use assets - operating leases		56,689
Other intangibles		27,300
Goodwill		52,062
Other assets		1,705
Total assets acquired	$	171,481
Accounts payable trade	$	9,497
Accrued payroll		2,500
Accrued other		1,373
Lease liability - operating leases short-term		14,465
Lease liability - operating leases long-term		40,254
Total liabilities assumed	$	68,089
Total consideration	$	103,392
Cash paid, net	$	102,661

Schedule of Components of Other Intangibles Acquired

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

			Accumulated		Balance at		Estimated Useful
	Amount		Amortization		December 31, 2022		Life
Customer relationships	$	22,600	$	801	$	21,799	10 years
Developed technology	$	4,000	$	288	$	3,712	5 years
Trade name	$	700	$	168	$	532	18 months

Schedule of Amortization Expense

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

	Total
2023	$	3,527
2024		3,125
2025		3,060
2026		3,060
2027		2,772

Choptank Transport, LLC Member

Schedule of Total Purchase Price Allocated to Net 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):

	October 19, 2021
Cash and cash equivalents	$	5,596
Accounts receivable trade		70,989
Prepaid expenses and other current assets		419
Property and equipment		169
Right of use assets - operating leases		922
Other intangibles		60,500
Goodwill		54,980
Total assets acquired	$	193,575
Accounts payable trade	$	60,970
Accrued payroll		3,458
Accrued other		359
Lease liability - operating leases short-term		309
Lease liability - operating leases long-term		613
Total liabilities assumed	$	65,709
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, 2022		Life
Customer relationships	$	36,300	$	3,025	$	33,275	15 years
Carrier network	$	14,400	$	4,500	$	9,900	4 years
Developed technology	$	6,500	$	1,161	$	5,339	7 years
Trade name	$	3,300	$	2,750	$	550	18 months

Schedule of Amortization Expense

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

	Total
2023	$	7,499
2024		6,949
2025		6,049
2026		3,349
2027		3,349

Nonstop Delivery ,LLC [Member]

Schedule of Total Purchase Price Allocated to Net 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, 2022		Life
Customer relationships	$	46,200	$	6,417	$	39,783	15 years
Trade name	$	900	$	900	$	-	18 months
Agent relationships	$	600	$	313	$	287	4 years

Schedule of Unaudited Pro forma Consolidated Results of Operations

and Choptank and NSD as though they had been acquired as of January 1, 2020 (in thousands, except for per share amounts):

			Years Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Revenue	$	5,470,840	$	4,796,521	$	3,887,189
Net income	$	358,054	$	172,977	$	79,578
Earnings per share
Basic	$	10.78	$	5.17	$	2.40
Diluted	$	10.67	$	5.10	$	2.37