Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has two reportable segments: Expedited Freight and Intermodal. 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, 2022, 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, 2023 and 2022 are as follows:

	Three Months Ended June 30, 2023
	Expedited Freight		Intermodal		Corporate		Eliminations		Consolidated
External revenues	$	337,957	$	64,225	$	—	$	—	$	402,182
Intersegment revenues	39		26		—		(65)		—
Depreciation	7,761		2,245		—		—		10,006
Amortization	1,946		2,561		—		—		4,507
Income (loss) from operations	30,949		4,312		(5,050)		—		30,211
Purchases of property and equipment	10,399		387		—		—		10,786
	Three Months Ended June 30, 2022
	Expedited Freight		Intermodal		Corporate		Eliminations		Consolidated
External revenues	$	408,814	$	106,405	$	—	$	—	$	515,219
Intersegment revenues	43		6		—		(49)		—
Depreciation	6,007		1,644		62		—		7,713
Amortization	1,810		2,072		—		—		3,882
Income (loss) from operations	63,107		15,249		(2,811)		—		75,545
Purchases of property and equipment	8,765		—		—		—		8,765

	Six Months Ended June 30, 2023
	Expedited Freight		Intermodal		Corporate		Eliminations		Consolidated - Continuing Operations
External revenues	$	676,861	$	152,387	$	—	$	—	$	829,248
Intersegment revenues	69		33		—		(102)		—
Depreciation	14,749		4,430		—		—		19,179
Amortization	3,847		5,122		—		—		8,969
Income from operations	63,947		15,515		1,258		—		80,720
Purchases of property and equipment	17,012		563		—		—		17,575
	Six Months Ended June 30, 2022
	Expedited Freight		Intermodal		Corporate		Eliminations		Consolidated - Continuing Operations
External revenues	$	785,340	$	196,840	$	—	$	—	$	982,180
Intersegment revenues	108		11		—		(119)		—
Depreciation	11,679		2,984		101		—		14,764
Amortization	3,619		4,342		—		—		7,961
Income (loss) from operations	110,787		26,395		(4,286)		—		132,896
Purchases of property and equipment	17,721		952		—		—		18,673
Total Assets
As of June 30, 2023	$	737,387	$	282,077	$	165,198	$	(89)	$	1,184,573
As of December 31, 2022	683,386		322,001		202,756		(67)		1,208,076

Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2023 and 2022 are as follows:

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Expedited Freight revenues:
Network	$	205,762	$	251,872	$	411,693	$	485,572
Truckload	40,432		60,144		82,176		116,052
Final Mile	68,560		73,028		137,917		138,786
Other	23,242		23,813		45,144		45,038
Total	$	337,996	$	408,857	$	676,930	$	785,448