Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024 are as follows:
For the Three Months Ended
June 30, 2025		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 231,823  $ 328,316  $ 58,847  $ (142) $ 618,844 
Intersegment revenues 25,873  —  299  —  26,172 
257,696  328,316  59,146  (142) 645,016 
Reconciliation of revenue
Elimination of intersegmental revenues (26,172)
Total consolidated revenues $ 618,844 
Less:
Purchase transportation 124,448  185,040  20,049  (65)
Salaries, wages and employee benefits 53,938  61,584  15,385  14,583 
Operating leases 17,355  25,686  5,336  1,128 
Depreciation and amortization 10,357  22,419  4,502  (472)
Insurance and claims 10,693  1,248  3,147  448 
Fuel expense 2,518  888  1,857  15 
Other operating expenses 18,892  24,265  4,455  (4,205)
Segment profit (loss) 19,495  7,186  4,415  (11,574) 19,522 
Reconciliation of segment profit or loss
Interest expense, net (45,326)
Foreign exchange loss (gain) (4,653)
Other (expense) income, net (6,656)
Loss before income taxes $ (37,113)
For the Three Months Ended
June 30, 2024		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 272,600  $ 311,856  $ 59,210  $ —  $ 643,666 
Intersegment revenues 18,682  —  89  —  18,771 
291,282  311,856  59,299  —  662,437 
Reconciliation of revenue
Elimination of intersegmental revenues (18,771)
Total consolidated revenues $ 643,666 
Less:
Purchase transportation 142,512  178,674  19,173  (1)
Salaries, wages and employee benefits 63,845  57,536  14,899  7,720 
Operating leases 14,730  26,751  4,776  1 
Depreciation and amortization 10,692  33,235  4,712  — 
Insurance and claims 10,969  2,845  2,619  (1,735)
Fuel expense 2,434  1,182  2,243  — 
Other operating expenses 24,154  24,790  5,560  11,162 
Impairment of goodwill —  1,092,714  —  — 
Segment profit (loss) 21,946  (1,105,871) 5,317  (17,147) (1,095,755)
Reconciliation of segment profit or loss
Interest expense, net (47,265)
Foreign exchange loss (gain) 1,567 
Other (expense) income, net 40 
Loss before income taxes $ (1,141,413)

Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2025 and 2024 are as follows:

Three Months Ended Six Months Ended
  June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Expedited Freight revenues:    
Network $ 193,829  $ 223,334  $ 383,991  $ 437,827 
Truckload 42,636  44,678  81,891  81,732 
Other 21,231  23,270  41,195  45,018 
Total $ 257,696  $ 291,282  $ 507,077  $ 564,577 
For the Six Months Ended
June 30, 2025		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 459,019  $ 651,786  $ 121,320  $ —  $ 1,232,125 
Intersegment revenues 48,058  —  318  —  48,376 
507,077  651,786  121,638  —  1,280,501 
Reconciliation of revenue
Elimination of intersegmental revenues (48,376)
Total consolidated revenues $ 1,232,125 
Less:
Purchase transportation 245,128  370,774  40,225  (189)
Salaries, wages and employee benefits 106,515  118,367  31,316  31,207 
Operating leases 32,788  52,776  11,114  1,620 
Depreciation and amortization 20,736  44,649  9,222  (441)
Insurance and claims 21,001  3,863  5,938  (260)
Fuel expense 4,989  1,905  4,012  21 
Other operating expenses 40,791  48,891  9,854  (596)
Segment profit (loss) 35,129  10,561  9,957  (31,362) 24,285 
Reconciliation of segment profit or loss
Interest expense, net (90,873)
Foreign exchange loss (gain) (5,575)
Other (expense) income, net (6,552)
Loss before income taxes $ (78,715)
For the Six Months Ended
June 30, 2024		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 533,353  $ 536,694  $ 115,432  $ —  $ 1,185,479 
Intersegment revenues 31,224  —  159  —  31,383 
564,577  536,694  115,591  —  1,216,862 
Reconciliation of revenue
Elimination of intersegmental revenues (31,383)
Total consolidated revenues $ 1,185,479 
Less:
Purchase transportation 270,272  323,098  36,616  (1)
Salaries, wages and employee benefits 126,398  106,311  29,981  10,177 
Operating leases 29,712  45,878  9,468  3 
Depreciation and amortization 20,982  50,104  9,339  — 
Insurance and claims 21,621  4,898  5,225  (4,165)
Fuel expense 5,015  1,486  4,604  — 
Other operating expenses 49,133  46,661  11,455  71,364 
Impairment of goodwill —  1,092,714  —  — 
Segment profit (loss) 41,444  (1,134,456) 8,903  (77,378) (1,161,487)
Reconciliation of segment profit or loss
Interest expense, net (88,018)
Foreign exchange loss (gain) 899 
Other (expense) income, net 49 
Loss before income taxes $ (1,248,557)

Omni Logistics revenues and segment loss in the above table represents the period from January 25, 2024 (the date of
acquisition) through June 30, 2024.

Total Assets Expedited Freight Omni Logistics Intermodal Corporate
Consolidated
As of June 30, 2025 $ 703,437  $ 1,697,613  $ 254,631  $ 105,554  $ 2,761,235 
As of December 31, 2024 691,369  1,726,088  257,323  127,861  2,802,641