Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

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Acquisitions (Tables)
6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Allocations of Purchase Price
The acquisition-date fair value sources of the consideration transferred consists of the followings:
Omni
Cash $ 100,499 
Liabilities under tax receivable agreement 13,270 
Common shares 32,795 
Series B preferred shares (each issued with a corresponding Opco class B unit) 207,880 
Series C preferred shares 56,713 
Opco C-2 preferred units 359,493 
Extinguishment of Omni's indebtedness 1,543,003 
Preliminary consideration transferred $ 2,313,653 
Assets acquired and liabilities assumed as of the acquisition date are presented in the following table:
Land Air Omni
January 31, 2023 January 25, 2024
Tangible assets:
Cash $ —  $ 78,260 
Accounts receivable —  181,570 
Property and equipment 738  75,292 
Other assets —  35,639 
Operating lease right-of-use assets —  234,025 
Total tangible assets 738  604,786 
Intangible assets:
Customer relationships 35,200  1,062,729 
Non-compete agreements —  42,509 
Trademarks and other —  42,510 
Goodwill 20,629  1,359,388 
Total intangible assets 55,829  2,507,136 
Total assets acquired 56,567  3,111,922 
Liabilities assumed:
Current liabilities —  156,408 
Finance lease obligations —  14,606 
Operating lease liabilities —  234,025 
Other liabilities —  643 
Deferred income taxes —  392,587 
Total liabilities assumed —  798,269 
Net assets acquired $ 56,567  $ 2,313,653 
Schedule of Acquired Finite-Lived Intangible Assets
The preliminary estimated useful life of acquired intangible assets as of the acquisition date are summarized in the following table:
Estimated Useful Lives
Land Air Omni
Customer relationships 15 years 12 years
Non-compete agreements 5 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):

Six Months Ended
June 30, 2024 June 30, 2023
Pro forma revenue $ 1,267,479  $ 1,355,921 
Pro forma net loss from continuing operations (1,293,405) (71,355)