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Note 5 - Segment Information | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
Note 5. | Segment Information
We have four reportable segments:
● | Expedited: The Expedited reportable 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 reportable 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.
● | Managed Freight: The Managed Freight reportable 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 reportable 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, 2022. 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, 2023 and 2022:
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2023 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Total revenue from external customers |  | $ | 113,419 |  |  | $ | 80,242 |  |  | $ | 69,713 |  |  | $ | 25,347 |  |  | $ | 288,721 |
Intersegment revenue |  |  | 1,556 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,556 |
Operating income |  |  | 7,522 |  |  |  | 2,976 |  |  |  | 3,742 |  |  |  | 901 |  |  |  | 15,141 |
Nine Months Ended September 30, 2023 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Total revenue from external customers |  | $ | 318,388 |  |  | $ | 241,680 |  |  | $ | 193,868 |  |  | $ | 75,652 |  |  | $ | 829,588 |
Intersegment revenue |  |  | 9,933 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,933 |
Operating income |  |  | 22,613 |  |  |  | 13,366 |  |  |  | 6,905 |  |  |  | 1,672 |  |  |  | 44,556 |
Three Months Ended September 30, 2022 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Total revenue from external customers |  | $ | 117,793 |  |  | $ | 93,423 |  |  | $ | 78,382 |  |  | $ | 22,241 |  |  | $ | 311,839 |
Intersegment revenue |  |  | 1,580 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,580 |
Operating income |  |  | 30,660 |  |  |  | 19,416 |  |  |  | 8,605 |  |  |  | 378 |  |  |  | 59,059 |
Nine Months Ended September 30, 2022 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Total revenue from external customers |  | $ | 338,234 |  |  | $ | 279,136 |  |  | $ | 244,814 |  |  | $ | 58,617 |  |  | $ | 920,801 |
Intersegment revenue |  |  | 3,476 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,476 |
Operating income (loss) |  |  | 54,602 |  |  |  | 24,937 |  |  |  | 28,062 |  |  |  | 2,178 |  |  |  | 109,779 |
(in thousands) |  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total external revenues for reportable segments |  | $ | 288,721 |  |  | $ | 311,839 |  |  | $ | 829,588 |  |  | $ | 920,801 |
Intersegment revenues for reportable segments |  |  | 1,556 |  |  |  | 1,580 |  |  |  | 9,933 |  |  |  | 3,476 |
Elimination of intersegment revenues |  |  | (1,556 | ) |  |  | (1,580 | ) |  |  | (9,933 | ) |  |  | (3,476 | )
Total consolidated revenues |  | $ | 288,721 |  |  | $ | 311,839 |  |  | $ | 829,588 |  |  | $ | 920,801 |

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