Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.24.3
Segment Reporting
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023 are as follows:

  Three Months Ended September 30, 2024
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 264,129  $ 57,270  $ 334,538  $ —  $ —  $ 655,937 
Intersegment revenues 20,578  142  —  —  (20,720) — 
Depreciation 9,029  2,020  3,346  —  —  14,395 
Amortization 1,452  2,562  7,484  —  —  11,498 
Income (loss) from operations 19,269  4,091  1,136  (1,799) —  22,697 
Purchases of property and equipment 7,577  79  2,758  —  —  10,414 
  Three Months Ended September 30, 2023
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 278,841  $ 62,135  $ —  $ —  $ —  $ 340,976 
Intersegment revenues 34  48  —  —  (82) — 
Depreciation 8,018  2,626  —  —  —  10,644 
Amortization 1,004  2,561  —  —  —  3,565 
Income (loss) from operations 32,547  4,744  —  (25,602) —  11,689 
Purchases of property and equipment 5,223  21  —  —  —  5,244 

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

  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Expedited Freight revenues:    
Network $ 217,289  $ 216,977  $ 655,116  $ 628,670 
Truckload 43,635  38,800  125,368  120,976 
Other 23,783  23,098  68,800  68,242 
Total $ 284,707  $ 278,875  $ 849,284  $ 817,888 
  Nine Months Ended September 30, 2024
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 797,483  $ 172,701  $ 871,232  $ —  $ —  $ 1,841,416 
Intersegment revenues 51,801  302  —  —  (52,103) — 
Depreciation 27,282  6,234  9,468  —  —  42,984 
Amortization 4,181  7,687  51,469  —  —  63,337 
Income (loss) from operations 60,713  12,994  (1,133,323) (79,175) —  (1,138,791)
Purchases of property and equipment 16,502  1,629  11,679  —  —  29,810 
  Nine Months Ended September 30, 2023
  Expedited Freight Intermodal Omni Logistics Corporate Eliminations Consolidated
External revenues $ 817,785  $ 214,522  $ —  $ —  $ —  $ 1,032,307 
Intersegment revenues 103  81  —  —  (184) — 
Depreciation 22,123  7,056  —  —  —  29,179 
Amortization 2,964  7,683  —  —  —  10,647 
Income (loss) from operations 89,295  20,259  —  (24,344) —  85,210 
Purchases of property and equipment 21,496  584  —  —  —  22,080 
Total Assets
As of September 30, 2024 $ 674,896  $ 261,081  $ 1,971,503  $ 148,378  $ (18) $ 3,055,840 
As of December 31, 2023 661,270  270,421  —  2,047,901  (59) 2,979,533