Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has three reportable segments: Expedited Freight, Intermodal and Omni Logistics. 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, 2023, 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 months ended March 31, 2024 and 2023 are as follows:

  Three Months Ended March 31, 2024
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 260,753  $ 56,222  $ 224,838  $ —  $ —  $ 541,813 
Intersegment revenues 12,542  70  —  —  (12,612) — 
Depreciation 9,013  2,066  2,598  —  —  13,677 
Amortization 1,277  2,561  14,271  —  —  18,109 
Income (loss) from operations 19,498  3,586  (28,585) (60,231) —  (65,732)
Purchases of property and equipment 1,262  1,522  2,186  —  —  4,970 
  Three Months Ended March 31, 2023
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 269,547  $ 88,162  $ —  $ —  $ —  $ 357,709 
Intersegment revenues 30  7  —  —  (37) — 
Depreciation 6,668  2,186  —  —  —  8,854 
Amortization 958  2,560  —  —  —  3,518 
Income (loss) from operations 29,685  11,203  —  6,308  —  47,196 
Purchases of property and equipment 6,343  176  —  —  —  6,519 

Total Assets Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
As of March 31, 2024 $ 661,183  $ 264,203  $ 2,799,145  $ 234,740  $ (11) $ 3,959,260 
As of December 31, 2023 661,270  270,421  —  2,047,901  (59) 2,979,533 
Revenue from the individual services within the Expedited Freight segment for the three months ended March 31, 2024 and 2023 are as follows:

  Three Months Ended
  March 31, 2024 March 31, 2023
Expedited Freight revenues:  
Network $ 214,493  $ 205,931 
Truckload 37,055  41,744 
Other 21,747  21,902 
Total $ 273,295  $ 269,577