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Segment Reporting
 9 Months Ended
Sep. 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 51,000 containers. As of September 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 September 30, 2025, our trucking transportation operation consisted of approximately 2,300 tractors, 3,100 employee drivers and 4,700 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 September 30, 2025 and September 30, 2024 (in thousands):

Three Months Ended

 

September 30, 2025

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

561,487

 

$

402,399

 

$

(29,390

)

$

934,496

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

396,632

 

 

316,125

 

 

(29,099

)

 

 

   Salaries and benefits

 

88,277

 

 

31,916

 

 

 

 

 

   Depreciation and amortization

 

17,970

 

 

8,248

 

 

 

 

 

   Insurance and claims

 

8,839

 

 

1,170

 

 

(291

)

 

 

   General and administrative

 

8,768

 

 

4,133

 

 

 

 

 

   Corporate allocations

 

25,678

 

 

17,232

 

 

 

 

 

   (Gain) / loss on sale of assets, net

 

(545

)

 

 

 

 

 

 

Total operating expenses

 

545,619

 

 

378,824

 

 

(29,390

)

 

895,053

 

 

 

 

 

 

 

 

 

 

Operating income

$

15,868

 

$

23,575

 

$

-

 

$

39,443

 

 

Three Months Ended

 

September 30, 2024

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

559,968

 

$

460,847

 

$

(33,923

)

$

986,892

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

401,482

 

 

372,185

 

 

(33,603

)

 

 

   Salaries and benefits

 

85,575

 

 

34,750

 

 

 

 

 

   Depreciation and amortization

 

17,896

 

 

8,565

 

 

 

 

 

   Insurance and claims

 

7,848

 

 

1,443

 

 

(320

)

 

 

   General and administrative

 

7,861

 

 

5,139

 

 

 

 

 

   Corporate allocations

 

26,059

 

 

19,966

 

 

 

 

 

   (Gain) / loss on sale of assets, net

 

(269

)

 

216

 

 

 

 

 

Total operating expenses

 

546,452

 

 

442,264

 

 

(33,923

)

 

954,793

 

 

 

 

 

 

 

 

 

 

Operating income

$

13,516

 

$

18,583

 

$

-

 

$

32,099

 

 

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

Nine Months Ended

 

September 30, 2025

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

1,619,693

 

$

1,217,710

 

$

(82,043

)

$

2,755,360

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

1,124,594

 

 

954,053

 

 

(81,165

)

 

 

   Salaries and benefits

 

265,524

 

 

99,329

 

 

 

 

 

   Depreciation and amortization

 

56,059

 

 

24,784

 

 

 

 

 

   Insurance and claims

 

27,162

 

 

3,629

 

 

(878

)

 

 

   General and administrative

 

25,637

 

 

14,853

 

 

 

 

 

   Corporate allocations

 

76,869

 

 

54,258

 

 

 

 

 

   (Gain) / loss on sale of assets, net

 

(477

)

 

 

 

 

 

 

Total operating expenses

 

1,575,368

 

 

1,150,906

 

 

(82,043

)

 

2,644,231

 

 

 

 

 

 

 

 

 

 

Operating income

$

44,325

 

$

66,804

 

$

-

 

$

111,129

 

 

Nine Months Ended

 

September 30, 2024

 

 

ITS

 

Logistics

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

Operating revenue

$

1,673,034

 

$

1,400,159

 

$

(100,313

)

$

2,972,880

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

   Purchased transportation and warehousing

 

1,186,816

 

 

1,120,035

 

 

(99,325

)

 

 

   Salaries and benefits

 

255,132

 

 

104,486

 

 

 

 

 

   Depreciation and amortization

 

65,999

 

 

25,406

 

 

 

 

 

   Insurance and claims

 

27,703

 

 

4,770

 

 

(988

)

 

 

   General and administrative

 

21,953

 

 

16,847

 

 

 

 

 

   Corporate allocations

 

76,397

 

 

59,853

 

 

 

 

 

   (Gain) / loss on sale of assets, net

 

(1,152

)

 

182

 

 

 

 

 

Total operating expenses

 

1,632,848

 

 

1,331,579

 

 

(100,313

)

 

2,864,114

 

 

 

 

 

 

 

 

 

 

Operating income

$

40,186

 

$

68,580

 

$

-

 

$

108,766

 

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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

$

905,799

 

 

$

986,746

 

 

$

2,674,843

 

 

$

2,972,486

 

Mexico

 

28,697

 

 

 

146

 

 

 

80,517

 

 

 

394

 

Revenue from external customers

$

934,496

 

 

$

986,892

 

 

$

2,755,360

 

 

$

2,972,880

 

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.