OPERATING SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2024

OPERATING SEGMENT DATA

Schedule of reportable operating segment information from continuing operations

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
REVENUES
Asset-Based	$	671,467	$	697,817
Asset-Light		396,363		438,092
Other and eliminations		(31,411)		(29,815)
Total consolidated revenues	$	1,036,419	$	1,106,094
OPERATING EXPENSES
Asset-Based
Salaries, wages, and benefits	$	344,999	$	335,605
Fuel, supplies, and expenses		81,044		94,288
Operating taxes and licenses		13,529		13,979
Insurance		14,482		13,273
Communications and utilities		4,799		5,304
Depreciation and amortization		27,007		24,911
Rents and purchased transportation		65,671		90,744
Shared services		64,914		64,613
(Gain) loss on sale of property and equipment		149		(51)
Innovative technology costs(1)		—		6,068
Other		1,417		1,612
Total Asset-Based		618,011		650,346
Asset-Light
Purchased transportation		344,122		370,163
Salaries, wages, and benefits(2)		30,304		34,894
Supplies and expenses(2)		2,809		3,629
Depreciation and amortization(3)		5,078		5,068
Shared services(2)		16,274		16,535
Contingent consideration(4)		7,320		15,040
Other(2)		5,714		6,854
Total Asset-Light		411,621		452,183
Other and eliminations		(15,648)		(17,594)
Total consolidated operating expenses	$	1,013,984	$	1,084,935

(1) Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.

(2) For the 2023 period, certain expenses have been reclassed to conform to the current year presentation, including amounts previously reported in “Shared services” that were reclassed to present “Salaries, wages, and benefits” expenses in a separate line item, and certain immaterial facility rent expenses which were reclassed between line items.

(3) Depreciation and amortization includes amortization of intangibles associated with acquired businesses.

(4) Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS
Asset-Based	$	53,456	$	47,471
Asset-Light		(15,258)		(14,091)
Other and eliminations		(15,763)		(12,221)
Total consolidated operating income	$	22,435	$	21,159
OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS
Interest and dividend income	$	3,315	$	2,933
Interest and other related financing costs		(2,228)		(2,327)
Other, net(1)		(28,199)		1,780
Total other income (costs)		(27,112)		2,386
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	(4,677)	$	23,545

(1) The 2024 period includes a noncash impairment charge to write off the Company’s equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024.

Schedule of revenues from customers and intersegment revenues

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
Revenues from customers
Asset-Based	$	640,576	$	669,220
Asset-Light		394,825		436,033
Other		1,018		841
Total consolidated revenues	$	1,036,419	$	1,106,094
Intersegment revenues
Asset-Based	$	30,891	$	28,597
Asset-Light		1,538		2,059
Other and eliminations		(32,429)		(30,656)
Total intersegment revenues	$	—	$	—
Total segment revenues
Asset-Based	$	671,467	$	697,817
Asset-Light		396,363		438,092
Other and eliminations		(31,411)		(29,815)
Total consolidated revenues	$	1,036,419	$	1,106,094

Schedule of consolidated operating expenses by component

	Three Months Ended
	March 31
	2024		2023
	(in thousands)
OPERATING EXPENSES
Salaries, wages, and benefits	$	439,523	$	436,982
Rents, purchased transportation, and other costs of services		375,319		429,605
Fuel, supplies, and expenses(1)		109,522		122,175
Depreciation and amortization(2)		36,833		35,010
Contingent consideration(3)		7,320		15,040
Other(1)		45,467		46,123
	$	1,013,984	$	1,084,935

(1) For the 2023 period, certain facility rent expenses have been reclassed between line items to conform to the current year presentation. Adjustments made are not material.

(2) Includes amortization of intangible assets.

(3) Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).