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Note 5 - Segment Information
 3 Months Ended
Mar. 31, 2022
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.

 

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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.

 

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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.

 

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Warehousing: The Warehousing segment provides day-to-day warehouse management services to customers who have chosen to outsource this function. We also provide shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses.

 

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in our Form 10-K for the year ended December 31, 2021. 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 months ended March 31, 2022 and 2021:

 

(in thousands)

                                        

Three Months Ended March 31, 2022

  

Expedited

    

Dedicated

    

Managed Freight

    

Warehousing

    

Consolidated

  

Total revenue from external customers

   $ 98,797     $ 88,947     $ 86,151     $ 17,690     $ 291,585  

Intersegment revenue

     891       -       -       -       891  

Operating income

     9,331       2,641       10,831       1,044       23,847  

 

Three Months Ended March 31, 2021

  

Expedited

    

Dedicated

    

Managed Freight

    

Warehousing

    

Consolidated

  

Total revenue from external customers

   $ 78,481     $ 75,446     $ 51,397     $ 15,565     $ 220,889  

Intersegment revenue

     446       -       -       -       446  

Operating income (loss)

     6,237       (1,770 )     4,887       1,155       10,509  

 

(in thousands)

  

For the Three Months Ended March 31,

  
   

2022

    

2021

  

Total external revenues for reportable segments

   $ 291,585     $ 220,889  

Intersegment revenues for reportable segments

     891       446  

Elimination of intersegment revenues

     (891 )     (446 )

Total consolidated revenues

   $ 291,585     $ 220,889