Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.22.2.2
Segment Reporting
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has two reportable segments: Expedited Freight and Intermodal. The Company evaluates segment performance based on income from operations. Segment results include intersegment revenues and shared costs.  Costs related to the corporate headquarters, shared services and shared assets, such as trailers, are allocated to each segment based on usage. Shared assets are not allocated to each segment, but rather the shared assets, such as trailers, are allocated to the Expedited Freight segment. Corporate includes revenues and expenses as well as assets that are not attributable to any of the Company’s reportable segments.

The accounting policies applied to each segment are the same as those described in the Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2021, except for certain self-insurance loss reserves related to vehicle liability and workers’ compensation. Each segment is allocated an insurance premium and deductible that corresponds to the self-insured retention limit for that particular segment. Any self-insurance loss exposure beyond the deductible allocated to each segment is recorded in Corporate.
Segment results from operations for the three and nine months ended September 30, 2022 and 2021 are as follows:
  Three Months Ended September 30, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 395,607  $ 114,416  $ —  $ —  $ 510,023 
Intersegment revenues 28  5  —  (33) — 
Depreciation 6,331  1,782  —  —  8,113 
Amortization 1,809  2,347  —  —  4,156 
Income (loss) from continuing operations 56,304  16,610  (1,249) —  71,665 
Purchases of property and equipment 6,434  294  —  —  6,728 
  Three Months Ended September 30, 2021
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 341,461  $ 78,164  $ —  $ —  $ 419,625 
Intersegment revenues 96  9  —  (105) — 
Depreciation 4,942  841  16  —  5,799 
Amortization 1,842  1,775  —  —  3,617 
Income (loss) from continuing operations 34,636  8,712  (872) —  42,476 
Purchases of property and equipment 13,769  671  —  —  14,440 
Nine Months Ended September 30, 2022
Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 1,180,947  $ 311,256  $ —  $ —  $ 1,492,203 
Intersegment revenues 136  16  —  (152) — 
Depreciation 18,010  4,766  101  —  22,877 
Amortization 5,428  6,689  —  —  12,117 
Income (loss) from continuing operations 167,091  43,005  (5,535) —  204,561 
Purchases of property and equipment 24,155  1,246  —  —  25,401 
Nine Months Ended September 30, 2021
Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 996,769  $ 205,786  $ —  $ —  $ 1,202,555 
Intersegment revenues 709  34  —  (800) (57)
Depreciation 14,924  2,475  42  —  17,441 
Amortization 5,437  5,189  —  —  10,626 
Income (loss) from continuing operations 93,854  21,607  (8,137) —  107,324 
Purchases of property and equipment 21,905  1,110  —  —  23,015 
Total Assets
As of September 30, 2022 $ 698,313  $ 304,378  $ 183,409  $ (41) $ 1,186,059 
As of December 31, 2021 777,987  249,467  90,588  (219) 1,117,823 

A reconciliation from the segment information to the consolidated balances for revenues is set forth below:

Three Months Ended Nine Months Ended
September 30,
2022		 September 30,
2021		 September 30,
2022		 September 30,
2021
Intersegment revenues - continuing operations $ —  $ —  $ —  $ (57)
Intersegment revenues - discontinued operation —  —  —  57 
Consolidated intersegment revenues $ —  $ —  $ —  $ — 

Revenue from the individual services within the Expedited Freight segment for the three and nine months ended September 30, 2022 and 2021 are as follows:

  Three Months Ended Nine Months Ended
  September 30,
2022		 September 30,
2021		 September 30,
2022		 September 30,
2021
Expedited Freight revenues:    
Network $ 240,482  $ 199,360  $ 726,054  $ 579,373 
Truckload 55,607  53,651  171,659  162,999 
Final Mile 76,822  71,355  215,608  203,494 
Other 22,724  17,191  67,762  51,612 
Total $ 395,635  $ 341,557  $ 1,181,083  $ 997,478