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Note 17 - Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
17. | SEGMENT INFORMATION
Our four reportable segments are (i) Expedited, (ii) Dedicated, (iii) Managed Freight, and (iv) Warehousing. Refer to Note 1, for a description of each of our reportable segments. The Company's chief operating decision maker, the Chief Executive Officer, evaluates the operating results through reportable segment operating income, which includes certain corporate overhead allocations directly attributable to each of the segments. We do not report our intersegment revenues by segment to our CODM and do not believe they are a meaningful metric for evaluating the performance of our reportable segments. Each segment uses certain shared infrastructure and each segment is presented with its direct costs and an allocation of shared overhead costs. Insurance and claims expense is charged to the segments based on their historic claims experience and an allocation of current insurance premiums. The chief operating decision maker uses operating income for each segment in the annual budget and strategic planning process. The chief operating decision maker considers budget-to-actual variances on a quarterly basis as well as month-over-month variances when making decisions about the allocation of operating and capital resources to each segment. The chief operating decision maker also uses segment operating income for evaluating pricing strategy, to assess the performance of each segment by comparing the results of each segment with one another, and in determining the compensation of certain employees. The following tables summarize our reportable segment information as used by our chief operating decision maker in making decisions regarding allocation of resources, etc., for 2024, 2023, and 2022:
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended December 31, 2024 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight revenue |  | $ | 346,697 |  |  | $ | 317,787 |  |  | $ | 248,939 |  |  | $ | 100,518 |  |  | $ | 1,013,941 |
Fuel surcharge revenue(1) |  |  | 69,764 |  |  |  | 46,627 |  |  |  | - |  |  |  | 1,144 |  |  |  | 117,535 |
Total revenue |  | $ | 416,461 |  |  | $ | 364,414 |  |  | $ | 248,939 |  |  | $ | 101,662 |  |  | $ | 1,131,476 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and related expenses |  |  | 136,453 |  |  |  | 141,051 |  |  |  | 9,180 |  |  |  | 46,299 |  |  |  |  |
Fuel expense |  |  | 64,661 |  |  |  | 50,063 |  |  |  | - |  |  |  | 1,473 |  |  |  |  |
Operations and maintenance |  |  | 39,651 |  |  |  | 36,983 |  |  |  | 1,421 |  |  |  | 5,419 |  |  |  |  |
Revenue equipment rentals and purchased transportation |  |  | 65,594 |  |  |  | 29,890 |  |  |  | 209,236 |  |  |  | 4,864 |  |  |  |  |
Operating taxes and licenses |  |  | 1,498 |  |  |  | 1,648 |  |  |  | 45 |  |  |  | 2,351 |  |  |  |  |
Insurance and claims |  |  | 26,321 |  |  |  | 15,882 |  |  |  | 913 |  |  |  | 792 |  |  |  |  |
Communications and utilities |  |  | 2 |  |  |  | 459 |  |  |  | 40 |  |  |  | 882 |  |  |  |  |
General supplies and expenses |  |  | 987 |  |  |  | 2,243 |  |  |  | 3,041 |  |  |  | 16,816 |  |  |  |  |
Depreciation and amortization |  |  | 23 |  |  |  | 12,238 |  |  |  | 84 |  |  |  | 1,759 |  |  |  |  |
Gain on disposition of property and equipment, net |  |  | - |  |  |  | (107 | ) |  |  | - |  |  |  | - |  |  |  |  |
Total allocated overhead |  |  | 35,465 |  |  |  | 40,750 |  |  |  | 11,788 |  |  |  | 10,640 |  |  |  |  |
Segment operating expenses |  |  | 370,655 |  |  |  | 331,100 |  |  |  | 235,748 |  |  |  | 91,295 |  |  |  | 1,028,798 |
Segment operating income |  | $ | 45,806 |  |  | $ | 33,314 |  |  | $ | 13,191 |  |  | $ | 10,367 |  |  | $ | 102,678 |
Other operating loss (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (57,918 | )
Total consolidated operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 44,760 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended December 31, 2023 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight revenue |  | $ | 343,779 |  |  | $ | 268,465 |  |  | $ | 258,903 |  |  | $ | 99,362 |  |  | $ | 970,509 |
Fuel surcharge revenue(1) |  |  | 80,041 |  |  |  | 51,822 |  |  |  | - |  |  |  | 1,201 |  |  |  | 133,064 |
Total revenue |  | $ | 423,820 |  |  | $ | 320,287 |  |  | $ | 258,903 |  |  | $ | 100,563 |  |  | $ | 1,103,573 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and related expenses |  |  | 138,897 |  |  |  | 116,383 |  |  |  | 8,534 |  |  |  | 49,495 |  |  |  |  |
Fuel expense |  |  | 75,671 |  |  |  | 55,686 |  |  |  | - |  |  |  | 1,544 |  |  |  |  |
Operations and maintenance |  |  | 45,836 |  |  |  | 32,061 |  |  |  | 1,228 |  |  |  | 5,658 |  |  |  |  |
Revenue equipment rentals and purchased transportation |  |  | 55,064 |  |  |  | 30,492 |  |  |  | 221,535 |  |  |  | 5,974 |  |  |  |  |
Operating taxes and licenses |  |  | 1,679 |  |  |  | 927 |  |  |  | 45 |  |  |  | 2,107 |  |  |  |  |
Insurance and claims |  |  | 25,500 |  |  |  | 14,929 |  |  |  | 2,812 |  |  |  | 1,699 |  |  |  |  |
Communications and utilities |  |  | 65 |  |  |  | 272 |  |  |  | 9 |  |  |  | 927 |  |  |  |  |
General supplies and expenses |  |  | 1,072 |  |  |  | 2,173 |  |  |  | 2,282 |  |  |  | 17,141 |  |  |  |  |
Depreciation and amortization |  |  | 2,074 |  |  |  | 5,187 |  |  |  | 388 |  |  |  | 765 |  |  |  |  |
Gain on disposition of property and equipment, net |  |  | (17 | ) |  |  | (94 | ) |  |  | - |  |  |  | - |  |  |  |  |
Total allocated overhead |  |  | 32,969 |  |  |  | 35,805 |  |  |  | 11,617 |  |  |  | 9,467 |  |  |  |  |
Segment operating expenses |  |  | 378,810 |  |  |  | 293,821 |  |  |  | 248,450 |  |  |  | 94,777 |  |  |  | 1,015,858 |
Segment operating income |  | $ | 45,010 |  |  | $ | 26,466 |  |  | $ | 10,453 |  |  | $ | 5,786 |  |  | $ | 87,715 |
Other operating loss (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28,892 | )
Total consolidated operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 58,823 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended December 31, 2022 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight revenue |  | $ | 355,360 |  |  | $ | 291,199 |  |  | $ | 320,985 |  |  | $ | 78,852 |  |  | $ | 1,046,396 |
Fuel surcharge revenue(1) |  |  | 97,353 |  |  |  | 71,798 |  |  |  | - |  |  |  | 1,311 |  |  |  | 170,462 |
Total revenue |  | $ | 452,713 |  |  | $ | 362,997 |  |  | $ | 320,985 |  |  | $ | 80,163 |  |  | $ | 1,216,858 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and related expenses |  |  | 139,950 |  |  |  | 126,625 |  |  |  | 10,671 |  |  |  | 44,553 |  |  |  |  |
Fuel expense |  |  | 88,574 |  |  |  | 76,254 |  |  |  | 9 |  |  |  | 1,660 |  |  |  |  |
Operations and maintenance |  |  | 46,747 |  |  |  | 37,416 |  |  |  | 207 |  |  |  | 3,620 |  |  |  |  |
Revenue equipment rentals and purchased transportation |  |  | 52,122 |  |  |  | 45,606 |  |  |  | 259,177 |  |  |  | 4,711 |  |  |  |  |
Operating taxes and licenses |  |  | 1,474 |  |  |  | 564 |  |  |  | 41 |  |  |  | 956 |  |  |  |  |
Insurance and claims |  |  | 23,069 |  |  |  | 20,867 |  |  |  | 1,712 |  |  |  | 865 |  |  |  |  |
Communications and utilities |  |  | 140 |  |  |  | 172 |  |  |  | 9 |  |  |  | 399 |  |  |  |  |
General supplies and expenses |  |  | 783 |  |  |  | 1,791 |  |  |  | 1,916 |  |  |  | 10,212 |  |  |  |  |
Depreciation and amortization |  |  | 895 |  |  |  | 22 |  |  |  | 71 |  |  |  | 672 |  |  |  |  |
Gain on disposition of property and equipment, net |  |  | 230 |  |  |  | 67 |  |  |  | 35 |  |  |  | 19 |  |  |  |  |
Total allocated overhead |  |  | 34,286 |  |  |  | 30,624 |  |  |  | 8,564 |  |  |  | 8,169 |  |  |  |  |
Segment operating expenses |  |  | 388,270 |  |  |  | 340,008 |  |  |  | 282,412 |  |  |  | 75,836 |  |  |  | 1,086,526 |
Segment operating income |  | $ | 64,443 |  |  | $ | 22,989 |  |  | $ | 38,573 |  |  | $ | 4,327 |  |  | $ | 130,332 |
Other operating loss (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9,650 | )
Total consolidated operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 120,682 |
(1) | The chief operating decision maker does not receive fuel surcharge revenue and fuel expense individually, but is provided with fuel expense less fuel surcharge revenue (other than the fuel surcharge revenue we reimburse to independent contractors and other third parties which is included in purchased transportation), which we refer to as net fuel expense. The chief operating decision maker uses net fuel expense to measure the effectiveness of our fuel surcharge program.
(2) | Other operating loss is attributable to unallocated corporate expenses.
Balance sheet data by reportable segment is not maintained by the Company.

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- Definition The entire disclosure for reporting segments including data and tables. 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