Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.2
Segment Reporting
 6 Months Ended
Jun. 30, 2023
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, 2022, 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 six months ended June 30, 2023 and 2022 are as follows:
  Three Months Ended June 30, 2023
  Expedited Freight Intermodal Corporate Eliminations Consolidated
External revenues $ 337,957  $ 64,225  $ —  $ —  $ 402,182 
Intersegment revenues 39  26  —  (65) — 
Depreciation 7,761  2,245  —  —  10,006 
Amortization 1,946  2,561  —  —  4,507 
Income (loss) from operations 30,949  4,312  (5,050) —  30,211 
Purchases of property and equipment 10,399  387  —  —  10,786 
  Three Months Ended June 30, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated
External revenues $ 408,814  $ 106,405  $ —  $ —  $ 515,219 
Intersegment revenues 43  6  —  (49) — 
Depreciation 6,007  1,644  62  —  7,713 
Amortization 1,810  2,072  —  —  3,882 
Income (loss) from operations 63,107  15,249  (2,811) —  75,545 
Purchases of property and equipment 8,765  —  —  —  8,765 
  Six Months Ended June 30, 2023
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 676,861  $ 152,387  $ —  $ —  $ 829,248 
Intersegment revenues 69  33  —  (102) — 
Depreciation 14,749  4,430  —  —  19,179 
Amortization 3,847  5,122  —  —  8,969 
Income from operations 63,947  15,515  1,258  —  80,720 
Purchases of property and equipment 17,012  563  —  —  17,575 
  Six Months Ended June 30, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated - Continuing Operations
External revenues $ 785,340  $ 196,840  $ —  $ —  $ 982,180 
Intersegment revenues 108  11  —  (119) — 
Depreciation 11,679  2,984  101  —  14,764 
Amortization 3,619  4,342  —  —  7,961 
Income (loss) from operations 110,787  26,395  (4,286) —  132,896 
Purchases of property and equipment 17,721  952  —  —  18,673 
Total Assets
As of June 30, 2023 $ 737,387  $ 282,077  $ 165,198  $ (89) $ 1,184,573 
As of December 31, 2022 683,386  322,001  202,756  (67) 1,208,076 

Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2023 and 2022 are as follows:

  Three Months Ended Six Months Ended
  June 30,
2023		 June 30,
2022		 June 30,
2023		 June 30,
2022
Expedited Freight revenues:    
Network $ 205,762  $ 251,872  $ 411,693  $ 485,572 
Truckload 40,432  60,144  82,176  116,052 
Final Mile 68,560  73,028  137,917  138,786 
Other 23,242  23,813  45,144  45,038 
Total $ 337,996  $ 408,857  $ 676,930  $ 785,448