Segment Reporting

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment reporting

12. Segment Reporting

The Company determines its operating segments based on the information utilized by the chief operating decision maker, the Company’s Chief Executive Officer, to allocate resources and assess performance. Based on this information, the Company has determined that it has three operating segments, which are also its reportable segments: TL, LTL, and TMS.

These reportable segments are strategic business units through which the Company offers different services. The Company evaluates the performance of the segments primarily based on their respective revenues and operating income. Accordingly, interest expense and other non-operating items are not reported in segment results. In addition, the Company has disclosed a corporate segment, which is not an operating segment and includes acquisition transaction expenses, corporate salaries, and share-based compensation expense.

The following table reflects certain financial data of the Company’s reportable segments for the three and six months ended June 30, 2015 and 2014 and as of June 30, 2015 and December 31, 2014 (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2015			2014			2015			2014
Revenues:
TL	$	295,465		$	230,789		$	577,663		$	424,674
LTL	138,943			150,162			270,588			285,163
TMS	89,706			81,829			171,735			138,455
Eliminations	(6,184		)	(2,599		)	(13,086		)	(6,081		)
Total	517,930			460,181			1,006,900			842,211
Operating income:
TL	$	20,538		$	16,061		$	36,443		$	28,026
LTL	8,367			7,931			17,026			14,676
TMS	7,680			6,089			13,511			9,565
Corporate	(5,343		)	(3,128		)	(8,936		)	(6,075		)
Total operating income	31,242			26,953			58,044			46,192
Interest expense	4,373			2,859			8,982			5,109
Income before provision for income taxes	$	26,869		$	24,094		$	49,062		$	41,083
Depreciation and amortization:
TL	$	5,465		$	3,602		$	10,178		$	6,784
LTL	737			962			1,572			1,619
TMS	996			749			1,997			1,467
Corporate	337			413			665			599
Total	$	7,535		$	5,726		$	14,412		$	10,469
Capital expenditures(1) (2):
TL	$	7,457		$	6,842		$	21,619		$	16,259
LTL	3,447			468			4,271			2,179
TMS	287			814			448			1,017
Corporate	7,166			1,156			7,852			2,026
Total	$	18,357		$	9,280		$	34,190		$	21,481

(1) The total capital expenditures for the three and six months ended June 30, 2015 and June 30, 2014 includes both cash and non-cash portions as reflected in the Condensed Consolidated Statements of Cash Flows.

(2) Certain capital expenditures were reclassified between segments to conform with current period presentation.  This change in presentation had no effect on our prior year condensed consolidated results of operations, financial condition, or cash flows.

	June 30, 2015			December 31, 2014
Assets:
TL	$	749,635		$	691,096
LTL	744,880			782,268
TMS	255,636			242,512
Corporate	12,082			4,919
Eliminations	(468,748		)	(462,975		)
	$	1,293,485		$	1,257,820