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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company has three reportable segments: Expedited Freight, Intermodal and Omni Logistics. 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, 2023, 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, 2024 and 2023 are as follows:
|  | Three Months Ended June 30, 2024
|  | Expedited Freight |  | Intermodal |  | Omni Logistics |  | Corporate |  | Eliminations |  | Consolidated
External revenues |  | $ | 272,600 |  |  | $ | 59,210 |  |  | $ | 311,856 |  |  | $ | — |  |  |  |  | $ | 643,666 |
Intersegment revenues |  | 18,682 |  |  | 89 |  |  | — |  |  | — |  |  | (18,771) |  |  | — |
Depreciation |  | 9,240 |  |  | 2,148 |  |  | 3,521 |  |  | — |  |  | — |  |  | 14,909 |
Amortization |  | 1,452 |  |  | 2,564 |  |  | 29,714 |  |  | — |  |  | — |  |  | 33,730 |
Income (loss) from operations |  | 21,946 |  |  | 5,317 |  |  | (1,105,871) |  |  | (17,147) |  |  | — |  |  | (1,095,755) |
Purchases of property and equipment |  | 7,663 |  |  | 28 |  |  | 6,735 |  |  | — |  |  | — |  |  | 14,426 |
|  | Three Months Ended June 30, 2023
|  | Expedited Freight |  | Intermodal |  | Omni Logistics |  | Corporate |  | Eliminations |  | Consolidated
External revenues |  | $ | 269,397 |  |  | $ | 64,225 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 333,622 |
Intersegment revenues |  | 39 |  |  | 26 |  |  | — |  |  | — |  |  | (65) |  |  | — |
Depreciation |  | 7,436 |  |  | 2,245 |  |  | — |  |  | — |  |  | — |  |  | 9,681 |
Amortization |  | 1,003 |  |  | 2,561 |  |  | — |  |  | — |  |  | — |  |  | 3,564 |
Income (loss) from operations |  | 27,063 |  |  | 4,312 |  |  | — |  |  | (5,050) |  |  | — |  |  | 26,325 |
Purchases of property and equipment |  | 9,930 |  |  | 387 |  |  | — |  |  | — |  |  | — |  |  | 10,317 |
Revenue from the individual services within the Expedited Freight segment for the three and six months ended June 30, 2024 and 2023 are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Expedited Freight revenues: |  |  |  |  |  |  |  |
Network |  | $ | 223,334 |  |  | $ | 205,762 |  |  | $ | 437,827 |  |  | $ | 411,693 |
Truckload |  | 44,678 |  |  | 40,432 |  |  | 81,732 |  |  | 82,176 |
Other |  | 23,270 |  |  | 23,242 |  |  | 45,018 |  |  | 45,144 |
Total |  | $ | 291,282 |  |  | $ | 269,436 |  |  | $ | 564,577 |  |  | $ | 539,013 |
|  | Six Months Ended June 30, 2024
|  | Expedited Freight |  | Intermodal |  | Omni Logistics |  | Corporate |  | Eliminations |  | Consolidated
External revenues |  | $ | 533,353 |  |  | $ | 115,432 |  |  | $ | 536,694 |  |  | $ | — |  |  |  |  | $ | 1,185,479 |
Intersegment revenues |  | 31,224 |  |  | 159 |  |  | — |  |  | — |  |  | (31,383) |  |  | — |
Depreciation |  | 18,253 |  |  | 4,215 |  |  | 6,119 |  |  |  |  |  |  | 28,587 |
Amortization |  | 2,729 |  |  | 5,124 |  |  | 43,985 |  |  |  |  |  |  | 51,838 |
Income (loss) from operations |  | 41,444 |  |  | 8,903 |  |  | (1,134,456) |  |  | (77,378) |  |  | — |  |  | (1,161,487) |
Purchases of property and equipment |  | 8,925 |  |  | 1,550 |  |  | 8,921 |  |  | — |  |  | — |  |  | 19,396 |
|  | Six Months Ended June 30, 2023
|  | Expedited Freight |  | Intermodal |  | Omni Logistics |  | Corporate |  | Eliminations |  | Consolidated
External revenues |  | $ | 538,944 |  |  | $ | 152,387 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 691,331 |
Intersegment revenues |  | 69 |  |  | 33 |  |  | — |  |  | — |  |  | (102) |  |  | — |
Depreciation |  | 14,105 |  |  | 4,430 |  |  | — |  |  | — |  |  | — |  |  | 18,535 |
Amortization |  | 1,960 |  |  | 5,122 |  |  | — |  |  | — |  |  | — |  |  | 7,082 |
Income (loss) from operations |  | 56,748 |  |  | 15,515 |  |  | — |  |  | 1,258 |  |  | — |  |  | 73,521 |
Purchases of property and equipment |  | 16,273 |  |  | 563 |  |  | — |  |  | — |  |  | — |  |  | 16,836 |
Total Assets |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2024 |  | $ | 657,434 |  |  | $ | 261,170 |  |  | $ | 1,959,593 |  |  | $ | 189,133 |  |  | $ | (14) |  |  | $ | 3,067,316 |
As of December 31, 2023 |  | 661,270 |  |  | 270,421 |  |  | — |  |  | 2,047,901 |  |  | (59) |  |  | 2,979,533 |

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