Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.23.3
Segment Reporting
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022 are as follows:
  Three Months Ended September 30, 2023
  Expedited Freight Intermodal Corporate Eliminations Consolidated
External revenues $ 351,312  $ 62,135  $ —  $ —  $ 413,447 
Intersegment revenues 34  48  —  (82) — 
Depreciation 8,372  2,626  —  —  10,998 
Amortization 1,947  2,561  —  —  4,508 
Income (loss) from operations 36,351  4,744  (25,602) —  15,493 
Purchases of property and equipment 5,822  21  —  —  5,843 
  Three Months Ended September 30, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated
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 operations 56,304  16,610  (1,249) —  71,665 
Purchases of property and equipment 6,434  294  —  —  6,728 
  Nine Months Ended September 30, 2023
  Expedited Freight Intermodal Corporate Eliminations Consolidated
External revenues $ 1,028,173  $ 214,522  $ —  $ —  $ 1,242,695 
Intersegment revenues 103  81  —  (184) — 
Depreciation 23,121  7,056  —  —  30,177 
Amortization 5,794  7,683  —  —  13,477 
Income (loss) from operations 100,298  20,259  (24,344) —  96,213 
Purchases of property and equipment 22,834  584  —  —  23,418 
  Nine Months Ended September 30, 2022
  Expedited Freight Intermodal Corporate Eliminations Consolidated
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 operations 167,091  43,005  (5,535) —  204,561 
Purchases of property and equipment 24,155  1,246  —  —  25,401 
Total Assets
As of September 30, 2023 $ 811,940  $ 277,629  $ 101,082  $ (70) $ 1,190,581 
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 nine months ended September 30, 2023 and 2022 are as follows:

  Three Months Ended Nine Months Ended
  September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Expedited Freight revenues:    
Network $ 216,977  $ 240,482  $ 628,670  $ 726,054 
Truckload 38,800  55,607  120,976  171,659 
Final Mile 72,471  76,822  210,388  215,608 
Other 23,098  22,724  68,242  67,762 
Total $ 351,346  $ 395,635  $ 1,028,276  $ 1,181,083