Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our chief operating decision-maker, who is our Chief Executive Officer, analyzes the results of our business through the following reportable segments: Expedited Freight, Omni Logistics, and Intermodal. Our chief operating decision-maker evaluates the operating results and performance of our segments through segment profit. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews information necessary to make decisions to meet customer demand for our services.

The accounting policies applied to each segment are the same as those described in the Operations and Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2024, 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, 2025 and 2024 are as follows:

For the Three Months Ended
March 31, 2025		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 227,196  $ 323,470  $ 62,473  $ 142  $ 613,281 
Intersegment revenues 22,185  —  19  —  22,204 
249,381  323,470  62,492  142  635,485 
Reconciliation of revenue
Elimination of intersegmental revenues (22,204)
Total consolidated revenues $ 613,281 
Less:
Purchase transportation 120,680  185,734  20,176  (124)
Salaries, wages and employee benefits 52,577  56,783  15,931  16,624 
Operating leases 15,433  27,090  5,778  491 
Depreciation and amortization 10,379  22,230  4,720  31 
Insurance and claims 10,308  2,615  2,791  (707)
Fuel expense 2,471  1,017  2,155  6 
Other operating expenses 21,899  24,626  5,399  3,609 
Segment profit (loss) 15,634  3,375  5,542  (19,788) 4,763 
Reconciliation of segment profit or loss
Interest expense, net 45,547 
Foreign exchange loss (gain) 922 
Other operations (104)
Loss before income taxes $ (41,602)
For the Three Months Ended
March 31, 2024		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 260,753  $ 224,838  $ 56,222  $ —  $ 541,813 
Intersegment revenues 12,542  —  70  —  12,612 
273,295  224,838  56,292  —  554,425 
Reconciliation of revenue
Elimination of intersegmental revenues (12,612)
Total consolidated revenues $ 541,813 
Less:
Purchase transportation 127,760  144,424  17,443  — 
Salaries, wages and employee benefits 62,553  48,775  15,082  2,457 
Operating leases 14,982  19,127  4,692  2 
Depreciation and amortization 10,290  16,869  4,627  — 
Insurance and claims 10,652  2,053  2,606  (2,430)
Fuel expense 2,581  304  2,361  — 
Other operating expenses 24,979  21,871  5,895  60,202 
Segment profit (loss) 19,498  (28,585) 3,586  (60,231) (65,732)
Reconciliation of segment profit or loss
Interest expense, net 40,753 
Foreign exchange loss (gain) 668 
Other operations (9)
Elimination of intersegment profits — 
Loss before income taxes $ (107,144)

Omni Logistics revenues and segment loss in the above table represents the period from January 25, 2024 (the date of acquisition) through March 31, 2024.

Revenue from the individual services within the Expedited Freight segment for the three months ended March 31, 2025 and 2024 are as follows:
  Three Months Ended
  March 31, 2025 March 31, 2024
Expedited Freight revenues:  
Network $ 190,162  $ 214,493 
Truckload 39,255  37,055 
Other 19,964  21,747 
Total $ 249,381  $ 273,295 


Total Assets Expedited Freight Intermodal Omni Logistics Corporate Consolidated
As of March 31, 2025 $ 688,846  $ 258,905  $ 1,733,307  $ 122,784  $ 2,803,842 
As of December 31, 2024 691,369  257,323  1,726,088  127,861  2,802,641