2025 Restructuring Program: In the second quarter of 2025, we initiated a new restructuring program (the “2025 Restructuring Program”) aimed at enhancing operational efficiency and achieving cost savings through the adoption of advanced technologies, including artificial intelligence. The program is centered around two key initiatives:

Process Optimization and Workforce Productivity - The first initiative focuses on streamlining operations by leveraging cutting-edge technological innovations to significantly enhance workforce productivity. This includes the integration of automation and AI-driven solutions to reduce manual processes and improve overall efficiency. As a result of this initiative, we anticipate incurring severance and related personnel costs associated with workforce reductions.

Facilities Consolidation and Footprint Optimization - The second initiative involves the consolidation and centralization of our facilities to align with the reduced workforce resulting from the first initiative. This effort is designed to optimize our physical footprint and support a more agile and cost-effective operating model. As a result of this initiative, the Company anticipates recognizing asset impairments related to the early termination or abandonment of certain facilities under operating leases.

These initiatives are expected to materially reduce our cost structure and better position the Company for sustainable, long-term growth in an increasingly technology-driven marketplace. The 2025 Restructuring Program is expected to span the next three years, during which we will continue to implement advanced technologies across the enterprise and review opportunities to consolidate our global facilities.

We recognized restructuring charges of $9.9 million and $13.8 million in the three and nine months ended September 30, 2025, respectively, primarily related to workforce reductions and related personnel expenses. We expect to incur restructuring charges of $50 million to $75 million in total over the next three years primarily related to severance and other personnel related costs and impairments related to the early termination or abandonment of facilities under operating leases for the 2025 Restructuring Program. The amount and timing of the restructuring charges we will recognize depend upon multiple factors, such as the implementation and integration of automation and AI-driven solutions across targeted areas of the enterprise, natural employee turnover, and our ability to consolidate our global facilities. We paid $8.6 million of cash in the nine months ended September 30, 2025 related to the 2025 Restructuring Program.

A summary of charges related to our 2025 Restructuring Program are presented below (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025		2025
Severance(1)	$	9,304	$	12,968
Other personnel expenses(1)	424		641
Other selling, general, and administrative expenses(2)	202		202
Total	$	9,930	$	13,811

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	Three Months Ended September 30, 2025
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	1,199	$	8,403	$	126	$	9,728
Other selling, general, and administrative expenses	75		127		—		202
	Nine Months Ended September 30, 2025
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	1,876	$	10,979	$	754	$	13,609
Other selling, general, and administrative expenses	75		127		—		202

The following table summarizes activity related to our 2025 Restructuring Program and liabilities included in our consolidated balance sheets (in thousands):


	Accrued Severance and Other Personnel Expenses		Accrued Other Selling, General, and Administrative Expenses		Total(1)
Balance, December 31, 2024	$	—	$	—	$	—
Restructuring charges	13,609		202		13,811
Cash payments	(8,551)		(29)		(8,580)
Settled non-cash	—		(146)		(146)
Accrual adjustments(2)	11		—		11
Balance, September 30, 2025	$	5,069	$	27	$	5,096

2024 Restructuring Program: In 2024, the Company began a restructuring program (the “2024 Restructuring Program”) to drive our enterprise strategy and reduce our cost structure. The 2024 Restructuring Program was executed in phases, focused on waste reduction, reprioritizing our product and technology teams on fewer strategic initiatives, driving synergies across our portfolio of services, and unifying the go to market strategy of our divisions.

The major initiatives of the first phase, which commenced in the first quarter of 2024, included 1) optimizing our management hierarchy, which included a reduction in workforce; 2) reprioritizing the efforts of our product and technology teams, resulting in the impairment of certain internally developed software projects. We have realigned our product and technology teams to focus on fewer strategic initiatives to accelerate the capabilities of our platform to deliver market-leading outcomes for our customers, carriers, and employees.

The primary initiatives of the second phase commenced in the second quarter of 2024. These initiatives included the rationalization of our facilities footprint including the consolidation, early termination, or abandonment of office buildings under operating leases.

Accrued restructuring reserves were $4.0 million as of December 31, 2024. We paid $3.7 million of cash in the nine months ended September 30, 2025 related to the 2024 Restructuring Program. There are no accrued liabilities or future activity remaining related to the 2024 Restructuring Program.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024		2024
Severance(1)	$	2,377	$	18,590
Other personnel expenses(1)	420		1,618
Other selling, general, and administrative expenses(2)	1,632		12,341
Total	$	4,429	$	32,549

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(2) Amounts are included within other selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income. The charges recognized in the three months ended September 30, 2024 primarily resulted from the second phase of the 2024 Restructuring Program, while the charges recognized in the nine months ended September 30, 2024, also include initiatives under the first phase of the 2024 Restructuring Program as discussed above.


	Three Months Ended September 30, 2024
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	1,238	$	461	$	1,098	$	2,797
Other selling, general, and administrative expenses	560		855		217		1,632
	Nine Months Ended September 30, 2024
	NAST		Global Forwarding		All Other and Corporate		Consolidated
Personnel expenses	$	9,022	$	5,855	$	5,331	$	20,208
Other selling, general, and administrative expenses	6,214		2,413		3,714		12,341


	Accrued Severance and Other Personnel Expenses		Accrued Other Selling, General, and Administrative Expenses		Total(1)
Balance, December 31, 2024	$	3,679	$	344	$	4,023

Cash payments	(3,405)		(342)		(3,747)

Accrual adjustments(2)	(274)		(2)		(276)
Balance, September 30, 2025	$	—	$	—	$	—

(2) Accrual adjustments primarily relate to changes in estimates for certain employee termination costs, including those settling for an amount different than originally estimated and foreign currency adjustments.