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Note 4 - Segment Information | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
Note 4. | 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 Company's chief operating decision maker ("CODM"), 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 CODM uses operating income for each segment in the annual budget and strategic planning process. The CODM 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 CODM 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 table summarizes our total revenue by our four reportable segments, as used by our CODM in making decisions regarding allocation of resources etc., for the three months ended March 31, 2025 and 2024:
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended March 31, 2025 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight revenue |  | $ | 80,249 |  |  | $ | 82,080 |  |  | $ | 56,850 |  |  | $ | 24,040 |  |  | $ | 243,219 |
Fuel surcharge revenue(1) |  |  | 14,444 |  |  |  | 11,529 |  |  |  | - |  |  |  | 163 |  |  |  | 26,136 |
Total revenue |  | $ | 94,693 |  |  | $ | 93,609 |  |  | $ | 56,850 |  |  | $ | 24,203 |  |  | $ | 269,355 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and related expenses |  |  | 31,489 |  |  |  | 39,359 |  |  |  | 2,277 |  |  |  | 11,428 |  |  |  |  |
Fuel expense |  |  | 14,934 |  |  |  | 13,086 |  |  |  | - |  |  |  | 175 |  |  |  |  |
Operations and maintenance |  |  | 10,843 |  |  |  | 10,614 |  |  |  | (57 | ) |  |  | 1,150 |  |  |  |  |
Revenue equipment rentals and purchased transportation |  |  | 16,561 |  |  |  | 8,343 |  |  |  | 47,631 |  |  |  | 1,077 |  |  |  |  |
Operating taxes and licenses |  |  | 336 |  |  |  | 608 |  |  |  | 57 |  |  |  | 790 |  |  |  |  |
Insurance and claims |  |  | 6,574 |  |  |  | 4,993 |  |  |  | 132 |  |  |  | 207 |  |  |  |  |
Communications and utilities |  |  | - |  |  |  | 163 |  |  |  | 10 |  |  |  | 241 |  |  |  |  |
General supplies and expenses |  |  | 244 |  |  |  | 503 |  |  |  | 790 |  |  |  | 4,404 |  |  |  |  |
Depreciation and amortization |  |  | 3 |  |  |  | 4,067 |  |  |  | 22 |  |  |  | 481 |  |  |  |  |
Gain on disposition of property and equipment, net |  |  | - |  |  |  | 82 |  |  |  | - |  |  |  | - |  |  |  |  |
Total allocated overhead |  |  | 8,118 |  |  |  | 9,706 |  |  |  | 2,447 |  |  |  | 2,408 |  |  |  |  |
Segment operating expenses |  |  | 89,102 |  |  |  | 91,524 |  |  |  | 53,309 |  |  |  | 22,361 |  |  |  | 256,296 |
Segment operating income |  | $ | 5,591 |  |  | $ | 2,085 |  |  | $ | 3,541 |  |  | $ | 1,842 |  |  | $ | 13,059 |
Other operating loss (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,432 | )
Total consolidated operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,627 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended March 31, 2024 |  | Expedited |  |  | Dedicated |  |  | Managed Freight |  |  | Warehousing |  |  | Consolidated |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freight revenue |  | $ | 86,600 |  |  | $ | 72,595 |  |  | $ | 62,917 |  |  | $ | 25,573 |  |  | $ | 247,685 |
Fuel surcharge revenue(1) |  |  | 18,871 |  |  |  | 11,887 |  |  |  | - |  |  |  | 320 |  |  |  | 31,078 |
Total revenue |  | $ | 105,471 |  |  | $ | 84,482 |  |  | $ | 62,917 |  |  | $ | 25,893 |  |  | $ | 278,763 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and related expenses |  |  | 34,787 |  |  |  | 31,494 |  |  |  | 1,976 |  |  |  | 12,119 |  |  |  |  |
Fuel expense |  |  | 17,818 |  |  |  | 12,789 |  |  |  | - |  |  |  | 438 |  |  |  |  |
Operations and maintenance |  |  | 9,864 |  |  |  | 8,865 |  |  |  | 146 |  |  |  | 1,340 |  |  |  |  |
Revenue equipment rentals and purchased transportation |  |  | 16,910 |  |  |  | 7,875 |  |  |  | 54,603 |  |  |  | 1,301 |  |  |  |  |
Operating taxes and licenses |  |  | 473 |  |  |  | 243 |  |  |  | 13 |  |  |  | 537 |  |  |  |  |
Insurance and claims |  |  | 6,553 |  |  |  | 3,587 |  |  |  | 219 |  |  |  | 197 |  |  |  |  |
Communications and utilities |  |  | - |  |  |  | 76 |  |  |  | 6 |  |  |  | 226 |  |  |  |  |
General supplies and expenses |  |  | 229 |  |  |  | 572 |  |  |  | 747 |  |  |  | 3,997 |  |  |  |  |
Depreciation and amortization |  |  | 8 |  |  |  | 2,366 |  |  |  | 21 |  |  |  | 379 |  |  |  |  |
Gain on disposition of property and equipment, net |  |  | - |  |  |  | 47 |  |  |  | - |  |  |  | - |  |  |  |  |
Total allocated overhead |  |  | 8,492 |  |  |  | 17,649 |  |  |  | 2,721 |  |  |  | 2,729 |  |  |  |  |
Segment operating expenses |  |  | 95,134 |  |  |  | 85,563 |  |  |  | 60,452 |  |  |  | 23,263 |  |  |  | 264,412 |
Segment operating income |  | $ | 10,337 |  |  | $ | (1,081 | ) |  | $ | 2,465 |  |  | $ | 2,630 |  |  | $ | 14,351 |
Other operating loss (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,016 | )
Total consolidated operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,335 |
(1) | The CODM 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 CODM 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. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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