OPERATING SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2024

OPERATING SEGMENT DATA

Schedule of reportable operating segment information from continuing operations

	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023
	(in thousands)
REVENUES
Asset-Based	$	712,725	$	722,015	$	1,384,192	$	1,419,832
Asset-Light		395,817		409,816		792,180		847,908
Other and eliminations		(30,711)		(28,367)		(62,122)		(58,182)
Total consolidated revenues	$	1,077,831	$	1,103,464	$	2,114,250	$	2,209,558
OPERATING EXPENSES
Asset-Based
Salaries, wages, and benefits	$	352,678	$	344,538	$	697,677	$	680,143
Fuel, supplies, and expenses		82,938		90,897		163,982		185,185
Operating taxes and licenses		13,557		14,094		27,086		28,073
Insurance		16,964		12,889		31,446		26,162
Communications and utilities		4,412		4,553		9,211		9,857
Depreciation and amortization		26,646		25,273		53,653		50,184
Rents and purchased transportation		70,315		101,922		135,986		192,666
Shared services		72,245		74,468		137,159		139,081
(Gain) loss on sale of property and equipment		(91)		416		58		365
Innovative technology costs(1)		—		8,343		—		14,411
Other		269		1,297		1,686		2,909
Total Asset-Based		639,933		678,690		1,257,944		1,329,036
Asset-Light
Purchased transportation		339,247		343,102		683,369		713,265
Salaries, wages, and benefits(2)		31,036		32,485		61,340		67,495
Supplies and expenses(2)		2,768		2,905		5,577		6,534
Depreciation and amortization(3)		5,039		5,085		10,117		10,153
Shared services(2)		17,297		16,500		33,571		33,014
Contingent consideration(4)		3,850		(10,000)		11,170		5,040
Other(2)		6,078		6,559		11,792		13,318
Total Asset-Light		405,315		396,636		816,936		848,819
Other and eliminations		(16,262)		(13,978)		(31,910)		(31,572)
Total consolidated operating expenses	$	1,028,986	$	1,061,348	$	2,042,970	$	2,146,283

(1) Represents costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023.

(2) For the three and six months ended June 30, 2023, certain expenses have been reclassed to conform to the current year presentation, including amounts previously reported in “Shared services” that were reclassed to present “Salaries, wages, and benefits” expenses in a separate line item, and certain immaterial facility rent expenses which were reclassed between line items.

(3) Depreciation and amortization includes amortization of intangibles associated with acquired businesses.

(4) Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).

	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023
	(in thousands)
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS
Asset-Based	$	72,792	$	43,325	$	126,248	$	90,796
Asset-Light		(9,498)		13,180		(24,756)		(911)
Other and eliminations		(14,449)		(14,389)		(30,212)		(26,610)
Total consolidated operating income	$	48,845	$	42,116	$	71,280	$	63,275
OTHER INCOME (COSTS) FROM CONTINUING OPERATIONS
Interest and dividend income	$	3,241	$	3,725	$	6,556	$	6,658
Interest and other related financing costs		(2,078)		(2,205)		(4,306)		(4,532)
Other, net(1)		(781)		5,038		(28,980)		6,818
Total other income (costs)		382		6,558		(26,730)		8,944
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	49,227	$	48,674	$	44,550	$	72,219

(1) The six months ended June 30, 2024 includes a noncash impairment charge to write off the Company’s equity investment in Phantom Auto, as previously discussed. The three and six months ended June 30, 2023 include a $3.7 million fair value increase related to the Company’s investment in Phantom Auto, based on an observable price change during second quarter 2023 (see Note B).

Schedule of revenues from customers and intersegment revenues

	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023
	(in thousands)
Revenues from customers
Asset-Based	$	682,558	$	694,755	$	1,323,134	$	1,363,975
Asset-Light		394,377		407,926		789,202		843,959
Other		896		783		1,914		1,624
Total consolidated revenues	$	1,077,831	$	1,103,464	$	2,114,250	$	2,209,558
Intersegment revenues
Asset-Based	$	30,167	$	27,260	$	61,058	$	55,857
Asset-Light		1,440		1,890		2,978		3,949
Other and eliminations		(31,607)		(29,150)		(64,036)		(59,806)
Total intersegment revenues	$	—	$	—	$	—	$	—
Total segment revenues
Asset-Based	$	712,725	$	722,015	$	1,384,192	$	1,419,832
Asset-Light		395,817		409,816		792,180		847,908
Other and eliminations		(30,711)		(28,367)		(62,122)		(58,182)
Total consolidated revenues	$	1,077,831	$	1,103,464	$	2,114,250	$	2,209,558

Schedule of consolidated operating expenses by component

	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023
	(in thousands)
OPERATING EXPENSES
Salaries, wages, and benefits	$	453,283	$	449,024	$	892,806	$	886,101
Rents, purchased transportation, and other costs of services		376,137		415,712		751,456		845,317
Fuel, supplies, and expenses(1)		112,137		123,705		221,659		245,880
Depreciation and amortization(2)		36,276		35,811		73,109		70,821
Contingent consideration(3)		3,850		(10,000)		11,170		5,040
Other(1)		47,303		47,096		92,770		93,124
	$	1,028,986	$	1,061,348	$	2,042,970	$	2,146,283

(1) For the three and six months ended June 30, 2023 period, certain facility rent expenses have been reclassed between line items to conform to the current year presentation. Adjustments made are not material.

(2) Includes amortization of intangible assets.

(3) Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition (see Note B).