Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

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Segment Reporting
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and 2023 are as follows:

  Three Months Ended June 30, 2024
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 272,600  $ 59,210  $ 311,856  $ —  $ 643,666 
Intersegment revenues 18,682  89  —  —  (18,771) — 
Depreciation 9,240  2,148  3,521  —  —  14,909 
Amortization 1,452  2,564  29,714  —  —  33,730 
Income (loss) from operations 21,946  5,317  (1,105,871) (17,147) —  (1,095,755)
Purchases of property and equipment 7,663  28  6,735  —  —  14,426 
  Three Months Ended June 30, 2023
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 269,397  $ 64,225  $ —  $ —  $ —  $ 333,622 
Intersegment revenues 39  26  —  —  (65) — 
Depreciation 7,436  2,245  —  —  —  9,681 
Amortization 1,003  2,561  —  —  —  3,564 
Income (loss) from operations 27,063  4,312  —  (5,050) —  26,325 
Purchases of property and equipment 9,930  387  —  —  —  10,317 

Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2024 and 2023 are as follows:

  Three Months Ended Six Months Ended
  June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Expedited Freight revenues:    
Network $ 223,334  $ 205,762  $ 437,827  $ 411,693 
Truckload 44,678  40,432  81,732  82,176 
Other 23,270  23,242  45,018  45,144 
Total $ 291,282  $ 269,436  $ 564,577  $ 539,013 
  Six Months Ended June 30, 2024
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 533,353  $ 115,432  $ 536,694  $ —  $ 1,185,479 
Intersegment revenues 31,224  159  —  —  (31,383) — 
Depreciation 18,253  4,215  6,119  28,587 
Amortization 2,729  5,124  43,985  51,838 
Income (loss) from operations 41,444  8,903  (1,134,456) (77,378) —  (1,161,487)
Purchases of property and equipment 8,925  1,550  8,921  —  —  19,396 
  Six Months Ended June 30, 2023
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 538,944  $ 152,387  $ —  $ —  $ —  $ 691,331 
Intersegment revenues 69  33  —  —  (102) — 
Depreciation 14,105  4,430  —  —  —  18,535 
Amortization 1,960  5,122  —  —  —  7,082 
Income (loss) from operations 56,748  15,515  —  1,258  —  73,521 
Purchases of property and equipment 16,273  563  —  —  —  16,836 
Total Assets
As of June 30, 2024 $ 657,434  $ 261,170  $ 1,959,593  $ 189,133  $ (14) $ 3,067,316 
As of December 31, 2023 661,270  270,421  —  2,047,901  (59) 2,979,533