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Note 17 - Segment Information
 12 Months Ended
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.