XML 28 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Reporting
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our chief operating decision-maker, who is our Chief Executive Officer, analyzes the results of our business through the following reportable segments: Expedited Freight, Omni Logistics, and Intermodal. Our chief operating decision-maker evaluates the operating results and performance of our segments through segment profit. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews information necessary to make decisions to meet customer demand for our services.

The accounting policies applied to each segment are the same as those described in the Operations and Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2024, 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 months ended March 31, 2025 and 2024 are as follows:

For the Three Months Ended
March 31, 2025
Expedited FreightOmni LogisticsIntermodalCorporateConsolidated
External revenues$227,196 $323,470 $62,473 $142 $613,281 
Intersegment revenues22,185 — 19 — 22,204 
249,381 323,470 62,492 142 635,485 
Reconciliation of revenue
Elimination of intersegmental revenues(22,204)
Total consolidated revenues$613,281 
Less:
Purchase transportation120,680 185,734 20,176 (124)
Salaries, wages and employee benefits52,577 56,783 15,931 16,624 
Operating leases15,433 27,090 5,778 491 
Depreciation and amortization10,379 22,230 4,720 31 
Insurance and claims10,308 2,615 2,791 (707)
Fuel expense2,471 1,017 2,155 
Other operating expenses21,899 24,626 5,399 3,609 
Segment profit (loss)15,634 3,375 5,542 (19,788)4,763 
Reconciliation of segment profit or loss
Interest expense, net45,547 
Foreign exchange loss (gain)922 
Other operations(104)
Loss before income taxes$(41,602)
For the Three Months Ended
March 31, 2024
Expedited FreightOmni LogisticsIntermodalCorporateConsolidated
External revenues$260,753 $224,838 $56,222 $— $541,813 
Intersegment revenues12,542 — 70 — 12,612 
273,295 224,838 56,292 — 554,425 
Reconciliation of revenue
Elimination of intersegmental revenues(12,612)
Total consolidated revenues$541,813 
Less:
Purchase transportation127,760 144,424 17,443 — 
Salaries, wages and employee benefits62,553 48,775 15,082 2,457 
Operating leases14,982 19,127 4,692 
Depreciation and amortization10,290 16,869 4,627 — 
Insurance and claims10,652 2,053 2,606 (2,430)
Fuel expense2,581 304 2,361 — 
Other operating expenses24,979 21,871 5,895 60,202 
Segment profit (loss)19,498 (28,585)3,586 (60,231)(65,732)
Reconciliation of segment profit or loss
Interest expense, net40,753 
Foreign exchange loss (gain)668 
Other operations(9)
Elimination of intersegment profits— 
Loss before income taxes$(107,144)

Omni Logistics revenues and segment loss in the above table represents the period from January 25, 2024 (the date of acquisition) through March 31, 2024.

Revenue from the individual services within the Expedited Freight segment for the three months ended March 31, 2025 and 2024 are as follows:
 Three Months Ended
 March 31, 2025March 31, 2024
Expedited Freight revenues: 
Network$190,162 $214,493 
Truckload39,255 37,055 
Other19,964 21,747 
Total$249,381 $273,295 


Total AssetsExpedited FreightIntermodalOmni LogisticsCorporateConsolidated
As of March 31, 2025$688,846 $258,905 $1,733,307 $122,784 $2,803,842 
As of December 31, 2024691,369 257,323 1,726,088 127,861 2,802,641