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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | Segment results from operations for the three and nine months ended September 30, 2025 and 2024 are as follows:
For the Three Months Ended September 30, 2025 |  | Expedited Freight |  | Omni Logistics |  | Intermodal |  | Corporate |  | Consolidated
External revenues |  | $ | 234,383 |  |  | $ | 339,584 |  |  | $ | 57,796 |  |  | $ | — |  |  | $ | 631,763 |
Intersegment revenues |  | 24,171 |  |  | — |  |  | 536 |  |  | — |  |  | 24,707 |
|  | 258,554 |  |  | 339,584 |  |  | 58,332 |  |  | — |  |  | 656,470 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |
Elimination of intersegmental revenues |  |  |  |  |  |  |  |  |  | (24,707) |
Total consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 631,763 |
Less: |  |  |  |  |  |  |  |  |  |
Purchase transportation |  | 125,265 |  |  | 196,312 |  |  | 19,331 |  |  | 189 |  |  |
Salaries, wages and employee benefits |  | 54,403 |  |  | 58,373 |  |  | 14,198 |  |  | 4,935 |  |  |
Operating leases |  | 15,797 |  |  | 29,979 |  |  | 6,288 |  |  | 86 |  |  |
Depreciation and amortization |  | 10,160 |  |  | 22,832 |  |  | 4,382 |  |  | 374 |  |  |
Insurance and claims |  | 10,415 |  |  | (59) |  |  | 2,900 |  |  | (537) |  |  |
Fuel expense |  | 2,155 |  |  | 874 |  |  | 1,999 |  |  | 1 |  |  |
Other operating expenses |  | 20,914 |  |  | 21,524 |  |  | 5,132 |  |  | 13,241 |  |  |
Segment profit (loss) |  | 19,445 |  |  | 9,749 |  |  | 4,102 |  |  | (18,289) |  |  | 15,007 |
Reconciliation of segment profit or loss |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  | (44,775) |
Foreign exchange loss (gain) |  |  |  |  |  |  |  |  |  | (539) |
Other (expense) income, net |  |  |  |  |  |  |  |  |  | 6,935 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (23,372) |
For the Three Months Ended September 30, 2024 |  | Expedited Freight |  | Omni Logistics |  | Intermodal |  | Corporate |  | Consolidated
External revenues |  | $ | 264,129 |  |  | $ | 334,538 |  |  | $ | 57,270 |  |  | $ | — |  |  | $ | 655,937 |
Intersegment revenues |  | 20,578 |  |  | — |  |  | 142 |  |  | — |  |  | 20,720 |
|  | 284,707 |  |  | 334,538 |  |  | 57,412 |  |  | — |  |  | 676,657 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |
Elimination of intersegmental revenues |  |  |  |  |  |  |  |  |  | (20,720) |
Total consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 655,937 |
Less: |  |  |  |  |  |  |  |  |  |
Purchase transportation |  | 140,035 |  |  | 194,853 |  |  | 18,300 |  |  | 2 |  |  |
Salaries, wages and employee benefits |  | 59,426 |  |  | 55,151 |  |  | 14,506 |  |  | 4,432 |  |  |
Operating leases |  | 15,556 |  |  | 27,586 |  |  | 5,668 |  |  | — |  |  |
Depreciation and amortization |  | 10,481 |  |  | 10,830 |  |  | 4,582 |  |  | — |  |  |
Insurance and claims |  | 11,672 |  |  | 3,488 |  |  | 2,528 |  |  | (306) |  |  |
Fuel expense |  | 2,113 |  |  | 800 |  |  | 1,942 |  |  | — |  |  |
Other operating expenses |  | 26,155 |  |  | 25,943 |  |  | 5,795 |  |  | (2,329) |  |  |
Impairment of goodwill |  | — |  |  | 14,751 |  |  | — |  |  | — |  |  |
Segment profit (loss) |  | 19,269 |  |  | 1,136 |  |  | 4,091 |  |  | (1,799) |  |  | 22,697 |
Reconciliation of segment profit or loss |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  | (52,770) |
Foreign exchange loss (gain) |  |  |  |  |  |  |  |  |  | (2,812) |
Other (expense) income, net |  |  |  |  |  |  |  |  |  | (11) |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (32,896) |
Revenue from the individual services within the Expedited Freight segment for the three and nine months ended September 30, 2025 and 2024 are as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Expedited Freight revenues: |  |  |  |  |  |  |  |
Network |  | $ | 194,035 |  |  | $ | 217,289 |  |  | $ | 578,026 |  |  | $ | 655,116 |
Truckload |  | 42,401 |  |  | 43,635 |  |  | 124,292 |  |  | 125,368 |
Other |  | 22,118 |  |  | 23,783 |  |  | 63,313 |  |  | 68,800 |
Total |  | $ | 258,554 |  |  | $ | 284,707 |  |  | $ | 765,631 |  |  | $ | 849,284 |
For the Nine Months Ended September 30, 2025 |  | Expedited Freight |  | Omni Logistics |  | Intermodal |  | Corporate |  | Consolidated
External revenues |  | $ | 693,402 |  |  | $ | 991,370 |  |  | $ | 179,116 |  |  | $ | — |  |  | $ | 1,863,888 |
Intersegment revenues |  | 72,229 |  |  | — |  |  | 854 |  |  | — |  |  | 73,083 |
|  | 765,631 |  |  | 991,370 |  |  | 179,970 |  |  | — |  |  | 1,936,971 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |
Elimination of intersegmental revenues |  |  |  |  |  |  |  |  |  | (73,083) |
Total consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 1,863,888 |
Less: |  |  |  |  |  |  |  |  |  |
Purchase transportation |  | 370,393 |  |  | 567,086 |  |  | 59,556 |  |  |  |  |
Salaries, wages and employee benefits |  | 160,918 |  |  | 176,740 |  |  | 45,514 |  |  | 36,142 |  |  |
Operating leases |  | 48,585 |  |  | 82,755 |  |  | 17,402 |  |  | 1,706 |  |  |
Depreciation and amortization |  | 30,896 |  |  | 67,481 |  |  | 13,604 |  |  | (67) |  |  |
Insurance and claims |  | 31,416 |  |  | 3,804 |  |  | 8,838 |  |  | (797) |  |  |
Fuel expense |  | 7,144 |  |  | 2,779 |  |  | 6,011 |  |  | 22 |  |  |
Other operating expenses |  | 61,705 |  |  | 70,415 |  |  | 14,986 |  |  | 12,645 |  |  |
Segment profit (loss) |  | 54,574 |  |  | 20,310 |  |  | 14,059 |  |  | (49,651) |  |  | 39,292 |
Reconciliation of segment profit or loss |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  | (135,648) |
Foreign exchange loss (gain) |  |  |  |  |  |  |  |  |  | (6,114) |
Other (expense) income, net |  |  |  |  |  |  |  |  |  | 383 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (102,087) |
For the Nine Months Ended September 30, 2024 |  | Expedited Freight |  | Omni Logistics |  | Intermodal |  | Corporate |  | Consolidated
External revenues |  | $ | 797,483 |  |  | $ | 871,232 |  |  | $ | 172,701 |  |  | $ | — |  |  | $ | 1,841,416 |
Intersegment revenues |  | 51,801 |  |  | — |  |  | 302 |  |  | — |  |  | 52,103 |
|  | 849,284 |  |  | 871,232 |  |  | 173,003 |  |  | — |  |  | 1,893,519 |
Reconciliation of revenue |  |  |  |  |  |  |  |  |  |
Elimination of intersegmental revenues |  |  |  |  |  |  |  |  |  | (52,103) |
Total consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 1,841,416 |
Less: |  |  |  |  |  |  |  |  |  |
Purchase transportation |  | 410,307 |  |  | 517,951 |  |  | 54,916 |  |  | 1 |  |  |
Salaries, wages and employee benefits |  | 185,824 |  |  | 161,462 |  |  | 44,487 |  |  | 14,609 |  |  |
Operating leases |  | 45,268 |  |  | 73,464 |  |  | 15,136 |  |  | 3 |  |  |
Depreciation and amortization |  | 31,463 |  |  | 60,937 |  |  | 13,921 |  |  | — |  |  |
Insurance and claims |  | 33,293 |  |  | 8,386 |  |  | 7,753 |  |  | (4,471) |  |  |
Fuel expense |  | 7,128 |  |  | 2,286 |  |  | 6,546 |  |  | — |  |  |
Other operating expenses |  | 75,288 |  |  | 72,604 |  |  | 17,250 |  |  | 69,033 |  |  |
Impairment of goodwill |  | — |  |  | 1,107,465 |  |  | — |  |  | — |  |  |
Segment profit (loss) |  | 60,713 |  |  | (1,133,323) |  |  | 12,994 |  |  | (79,175) |  |  | (1,138,791) |
Reconciliation of segment profit or loss |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  | (140,788) |
Foreign exchange loss (gain) |  |  |  |  |  |  |  |  |  | (1,912) |
Other (expense) income, net |  |  |  |  |  |  |  |  |  | 38 |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (1,281,453) |
Omni Logistics revenues and segment loss in the above table represents the period from January 25, 2024 (the date of acquisition) through September 30, 2024. Total assets by segment are as follows:
Total Assets |  | Expedited Freight |  | Omni Logistics |  | Intermodal |  | Corporate |  | Consolidated
As of September 30, 2025 |  | $ | 705,267 |  |  | $ | 1,707,867 |  |  | $ | 252,744 |  |  | $ | 128,320 |  |  | $ | 2,794,198 |
As of December 31, 2024 |  | 691,369 |  |  | 1,726,088 |  |  | 257,323 |  |  | 127,861 |  |  | 2,802,641 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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