XML 34 R20.htm IDEA: XBRL DOCUMENT

Note 11 - Goodwill, Intangibles, and Other Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

Note 11.

Goodwill, Intangibles, and Other Assets

During the quarter ended March 31, 2025 we acquired a $10.4 million customer relationship for the Dedicated reportable segment through the Asset Acquisition.

The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million.

Amortization expense of $2.4 million for each of the three months ended March 31, 2025 and 2024, was included in depreciation and amortization in the condensed consolidated statements of operations.

A summary of other intangible assets as of March 31, 2025 and December 31, 2024 is as follows:

(in thousands)	March 31, 2025
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	4,502	$	(2,532	)	$	1,970
Managed Freight		1,089		(915	)		174
Warehousing		999		(885	)		114
Total trade name		6,590		(4,332	)		2,258		95
Non-compete agreement:
Dedicated		4,670		(2,238	)		2,432
Managed Freight		380		(150	)		230
Total non-compete agreement		5,050		(2,388	)		2,662		25
Customer relationships:
Dedicated		70,574		(13,111	)		57,463
Managed Freight		7,312		(2,223	)		5,089
Warehousing		12,436		(6,995	)		5,441
Total customer relationships:		90,322		(22,329	)		67,993		143
Credentialing:
Expedited		32,000		(6,756	)		25,244
Total credentialing		32,000		(6,756	)		25,244		142
Total other intangible assets	$	133,962	$	(35,805	)	$	98,157		138

(in thousands)	December 31, 2024
	Gross intangible assets		Accumulated amortization			Net intangible assets		Remaining life (months)
Trade name:
Dedicated	$	4,502	$	(2,479	)	$	2,023
Managed Freight		1,089		(910	)		179
Warehousing		999		(885	)		114
Total trade name		6,590		(4,274	)		2,316		98
Non-compete agreement:
Dedicated		4,670		(1,946	)		2,724
Managed Freight		380		(127	)		253
Total non-compete agreement		5,050		(2,073	)		2,977		28
Customer relationships:
Dedicated		60,172		(12,142	)		48,030
Managed Freight		7,312		(1,987	)		5,325
Warehousing		12,436		(6,736	)		5,700
Total customer relationships:		79,920		(20,865	)		59,055		149
Credentialing:
Expedited		32,000		(6,222	)		25,778
Total credentialing		32,000		(6,222	)		25,778		145
Total other intangible assets	$	123,560	$	(33,434	)	$	90,126		142

The expected amortization of these assets for the next five successive years is as follows:

	(in thousands)
2025 ⁽¹⁾		7,983
2026		10,529
2027		9,719
2028		9,260
2029		9,248
Thereafter		50,918

⁽¹⁾ Excludes the three months ended March 31, 2025.

There were no changes to the carrying amount of goodwill from $78.9 million at December 31, 2024. A summary of the carrying amount of goodwill is as follows:

(in thousands)	March 31, 2025
	Expedited		Dedicated		Managed Freight		Warehousing
Balance at December 31, 2024	$	15,699	$	32,575	$	8,917	$	21,750
Current period changes to goodwill		-		-		-		-
Goodwill	$	15,699	$	32,575	$	8,917	$	21,750