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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

NOTE 4. Segment Reporting

Our CEO has been identified as our Chief Operating Decision Maker (“CODM”). We have two reportable segments: Intermodal and Transportation Solutions (“ITS”) and Logistics which are based primarily on the services each segment provides. Our ITS segment includes our asset-light business lines: intermodal and dedicated trucking. Our Logistics segment includes our non-asset business lines: managed transportation, truck brokerage, final mile and consolidation and fulfillment services. Our CODM uses operating income by segment to make decisions over the allocation of capital and resources and assess the performance of our segments.

Intermodal and Transportation Solutions. Our ITS segment offers high service, nationwide door-to-door intermodal transportation, providing value, visibility and reliability in both transcontinental and local lanes by combining rail transportation with local trucking. This segment includes our trucking operations which provides our customers with local pickup and delivery (referred to as “drayage”) as well as high service local and regional trucking transportation using equipment dedicated to their needs. We arrange for the movement of our customers’ freight in one of our approximately 50,000 containers. As of June 30, 2025, we operated trucking terminals at 32 locations throughout the United States and Mexico, with locations in many large metropolitan areas. We also contract for services with independent owner-operators who supply their own equipment and operate under our regulatory authority. These assets and contractual services are used to support drayage for our intermodal service offering and to serve our customers who require high service local and regional trucking transportation using equipment dedicated to their needs. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Drayage between origin or destination and rail terminals are provided by our own trucking operations and third parties with whom we contract. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer’s high service expectations. As of June 30, 2025, our trucking transportation operation consisted of approximately 2,400 tractors, 3,300 employee drivers and 4,500 trailers. We also contract for services with approximately 500 independent owner-operators.

Logistics. Our Logistics segment offers a wide range of services including transportation management, freight brokerage services, shipment optimization, load consolidation, mode selection, carrier management, load planning and execution, warehousing, fulfillment, cross-docking, consolidation services and final mile delivery. These services include a full range of trucking transportation services, including dry van, expedited, less-than-truckload, refrigerated and flatbed, all of which is provided by third party carriers with whom we contract. We also leverage proprietary technology along with collaborative relationships with third party service providers to deliver cost savings and performance-enhancing supply chain services to our clients. Our transportation management offering also serves as a source of volume for our ITS segment. Many of the customers for these solutions are consumer goods companies who sell into the retail channel. Our final mile delivery offering provides residential final mile delivery and installation of appliances and big and bulky goods. Final mile operates through a network of independent service providers in company, customer and third-party facilities throughout the continental United States. Our business operates or has access to approximately 7 million square feet of warehousing and cross-dock space across North America, to which our customers ship their goods to be stored and distributed to destinations including residences, retail stores and other commercial locations. These services offer our customers shipment visibility, transportation cost savings, high service and compliance with retailers’ increasingly stringent supply chain requirements. Logistics also includes our brokerage business which provides third-party truckload, less-than-truckload (“LTL”), flatbed and temperature-controlled needs.

The following tables summarize our financial and operating data by segment for the three months ended June 30, 2025 and June 30, 2024 (in thousands):

Three Months Ended

 

June 30, 2025

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

528,184

 

$

404,310

 

$

(26,846

)

$

905,648

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

364,048

 

 

318,409

 

 

(26,553

)

 

 

   Salaries and benefits

 

87,716

 

 

32,556

 

 

-

 

 

 

   Depreciation and amortization

 

19,140

 

 

8,250

 

 

-

 

 

 

   Insurance and claims

 

9,423

 

 

868

 

 

(293

)

 

 

   General and administrative

 

8,298

 

 

6,233

 

 

-

 

 

 

   Corporate allocations

 

25,018

 

 

18,053

 

 

-

 

 

 

   (Gain) / loss on sale of assets, net

 

134

 

 

-

 

 

-

 

 

 

Total operating expenses

 

513,777

 

 

384,369

 

 

(26,846

)

 

871,300

 

 

 

 

 

 

 

 

 

 

Operating income

$

14,407

 

$

19,941

 

$

-

 

$

34,348

 

 

Three Months Ended

 

June 30, 2024

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

561,033

 

$

459,088

 

$

(33,626

)

$

986,495

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

397,129

 

 

363,424

 

 

(33,292

)

 

 

   Salaries and benefits

 

84,157

 

 

35,029

 

 

-

 

 

 

   Depreciation and amortization

 

24,045

 

 

8,021

 

 

-

 

 

 

   Insurance and claims

 

10,012

 

 

1,542

 

 

(334

)

 

 

   General and administrative

 

7,249

 

 

5,872

 

 

-

 

 

 

   Corporate allocations

 

25,184

 

 

19,345

 

 

-

 

 

 

   (Gain) / loss on sale of assets, net

 

(382

)

 

(34

)

 

-

 

 

 

Total operating expenses

 

547,394

 

 

433,199

 

 

(33,626

)

 

946,967

 

 

 

 

 

 

 

 

 

 

Operating income

$

13,639

 

$

25,889

 

$

-

 

$

39,528

 

 

The following tables summarize our financial and operating data by segment for the six months ended June 30, 2025 and June 30, 2024 (in thousands):

Six Months Ended

 

June 30, 2025

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

1,058,206

 

$

815,311

 

$

(52,653

)

$

1,820,864

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

727,962

 

 

637,929

 

 

(52,066

)

 

 

   Salaries and benefits

 

177,247

 

 

67,412

 

 

-

 

 

 

   Depreciation and amortization

 

38,089

 

 

16,536

 

 

-

 

 

 

   Insurance and claims

 

18,323

 

 

2,460

 

 

(587

)

 

 

   General and administrative

 

16,869

 

 

10,720

 

 

-

 

 

 

   Corporate allocations

 

51,191

 

 

37,027

 

 

-

 

 

 

   (Gain) / loss on sale of assets, net

 

68

 

 

(3

)

 

-

 

 

 

Total operating expenses

 

1,029,749

 

 

772,081

 

 

(52,653

)

 

1,749,177

 

 

 

 

 

 

 

 

 

 

Operating income

$

28,457

 

$

43,230

 

$

-

 

$

71,687

 

 

Six Months Ended

 

June 30, 2024

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

1,113,066

 

$

939,312

 

$

(66,390

)

$

1,985,988

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

785,334

 

 

747,850

 

 

(65,722

)

 

 

   Salaries and benefits

 

169,558

 

 

69,737

 

 

-

 

 

 

   Depreciation and amortization

 

48,103

 

 

16,841

 

 

-

 

 

 

   Insurance and claims

 

19,855

 

 

3,327

 

 

(668

)

 

 

   General and administrative

 

14,092

 

 

11,708

 

 

-

 

 

 

   Corporate allocations

 

50,337

 

 

39,886

 

 

-

 

 

 

   (Gain) / loss on sale of assets, net

 

(883

)

 

(34

)

 

-

 

 

 

Total operating expenses

 

1,086,396

 

 

889,315

 

 

(66,390

)

 

1,909,321

 

 

 

 

 

 

 

 

 

 

Operating income

$

26,670

 

$

49,997

 

$

-

 

$

76,667

 

The “Eliminations” column primarily relates to revenues for transportation management services provided to the Logistics segment and recognized as revenues in the ITS segment, and operating expenses incurred by the Logistics segment for these intercompany services.

The following table summarizes our revenue from external customers by geographic region (in thousands):

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

$

878,479

 

 

$

986,362

 

 

$

1,769,045

 

 

$

1,985,740

 

Mexico

 

27,169

 

 

 

133

 

 

 

51,819

 

 

 

248

 

Revenue from external customers

$

905,648

 

 

$

986,495

 

 

$

1,820,864

 

 

$

1,985,988

 

Separate balance sheets are not presented by segment to our Chief Operating Decision Maker (“CODM”). Our CODM does not utilize segment asset information to evaluate performance and make resource allocation decisions, and thus such disclosures are not provided.