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Note 5 - Segment Information
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 5.

Segment Information

 

We have four reportable segments:

 

●

Expedited: The Expedited segment primarily provides truckload services to customers with high service freight and delivery standards, such as 1,000 miles in 22 hours, or 15-minute delivery windows. Expedited services generally require two-person driver teams on equipment either owned or leased by the Company.

 

●

Dedicated: The Dedicated segment provides customers with committed truckload capacity over contracted periods with the goal of three to five years in length. Equipment is either owned or leased by the Company. Many of our Dedicated contract customers are automotive companies or shippers of produce, where the nature of the product we ship requires high service standards.

 

●

Managed Freight: The Managed Freight segment includes our brokerage and transport management services (“TMS”). Brokerage services provide logistics capacity by outsourcing the carriage of customers’ freight to third parties. TMS provides comprehensive logistics services on a contractual basis to customers who prefer to outsource their logistics needs.

 

●

Warehousing: The Warehousing segment provides day-to-day warehouse management services to customers who have chosen to outsource this function.

 

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in our 2020 Form 10-K. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units.

 

The following table summarizes our total revenue by our four reportable segments, as used by our chief operating decision maker in making decisions regarding allocation of resources etc., for the three and nine months ended September 30, 2021 and 2020:

 

(in thousands)

                    

Three Months Ended September 30, 2021

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $85,289  $83,477  $90,072  $15,723  $274,561 

Intersegment revenue

  2,494   -   -   -   2,494 

Operating income (loss)

  11,064   (659)  9,251   427   20,083 

 

Nine Months Ended September 30, 2021

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $251,139  $240,791  $213,104  $46,741  $751,775 

Intersegment revenue

  4,674   -   -   -   4,674 

Operating income (loss)

  27,479   (2,629)  21,510   2,565   48,925 

 

Three Months Ended September 30, 2020

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $78,410  $71,104  $47,595  $13,721  $210,830 

Intersegment revenue

  2,610   -   -   -   2,610 

Operating (loss) income

  2,521   926   2,079   1,285   6,811 

 

Nine Months Ended September 30, 2020

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $244,347  $218,833  $112,695  $37,458  $613,333 

Intersegment revenue

  10,213   -   -   -   10,213 

Operating (loss) income

  (11,845)  (13,796)  (893)  2,940   (23,594)

 

(in thousands)

 

For the Three Months Ended September 30,

  

For the Nine Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Total external revenues for reportable segments

 $274,561  $210,830  $751,775  $613,333 

Intersegment revenues for reportable segments

  2,494   2,610   4,674   10,213 

Elimination of intersegment revenues

  (2,494)  (2,610)  (4,674)  (10,213)

Total consolidated revenues

 $274,561  $210,830  $751,775  $613,333