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Note 5 - Segment Information
 6 Months Ended
Jun. 30, 2024
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.

 

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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.

 

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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.

 

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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, 2023. 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 six months ended June 30, 2024 and 2023:

 

(in thousands)

                    

Three Months Ended June 30, 2024

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $108,010  $93,465  $60,366  $25,656  $287,497 

Intersegment revenue

  886   -   -   -   886 

Operating income

  4,768   5,450   3,330   2,029   15,577 

 

Six Months Ended June 30, 2024

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $213,481  $177,947  $123,283  $51,549  $566,260 

Intersegment revenue

  1,527   -   -   -   1,527 

Operating income

  9,552   753   5,599   4,008   19,912 

 

Three Months Ended June 30, 2023

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $104,073  $81,194  $63,281  $25,468  $274,016 

Intersegment revenue

  3,915   -   -   -   3,915 

Operating income

  5,815   3,243   1,945   780   11,783 

 

Six Months Ended June 30, 2023

 

Expedited

  

Dedicated

  

Managed Freight

  

Warehousing

  

Consolidated

 

Total revenue from external customers

 $204,969  $161,438  $124,155  $50,305  $540,867 

Intersegment revenue

  8,377   -   -   -   8,377 

Operating income

  15,091   10,390   3,163   771   29,415 

 

(in thousands)

 

For the Three Months Ended June 30,

  

For the Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 

Total external revenues for reportable segments

 $287,497  $274,016  $566,260  $540,867 

Intersegment revenues for reportable segments

  886   3,915   1,527   8,377 

Elimination of intersegment revenues

  (886)  (3,915)  (1,527)  (8,377)

Total consolidated revenues

 $287,497  $274,016  $566,260  $540,867