Note

Segment Information

We have

two

reportable segments, Truckload, which is comprised of our truckload services, and Managed Freight, which provides freight brokerage and logistics services.

The Truckload segment consists of

four

service offerings that are aggregated because they have similar economic characteristics and meet the aggregation criteria. The

four

service offerings that comprise our Truckload segment are as follows: (i) Expedited, provided primarily by Covenant Transport, our historical flagship operation; (ii) Dedicated, provided by all of our operating fleets; (iii) Refrigerated, provided primarily through our Southern Refrigerated Transport, Inc. ("SRT") subsidiary; and (iv) over-the-road ("OTR"), provided primarily by our Landair Transport, Inc. subsidiary.

In addition, our Managed Freight segment has service offerings ancillary to our Truckload services, including: freight brokerage, transportation management services ("TMS"), and shuttle and switching services. These service offerings are aggregated due to similar margins and customers. Also included within Managed Freight are our warehousing and accounts receivable factoring businesses, neither of which meets the quantitative or qualitative reporting thresholds individually or in the aggregate.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our

2018

Annual Report on Form

-K. Substantially all intersegment sales prices are market based. We evaluate performance based on operating income of the respective business units.

The following table summarizes our revenue by our

two

reportable segments, Truckload and Managed Freight, disaggregated to the operating fleet level as used by our chief operating decision maker in making decisions regarding allocation of resources and assets, organized

first

by reportable segment (i.e. Truckload and Managed Freight) and then by operating fleet for the

three

and

nine

months ended

September 30, 2019

and

2018

(in thousands)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Total Revenues:

Truckload Segment:
Expedited	$	68,306	$	84,202	$	197,557	$	250,553
Dedicated		82,692		74,493		243,436		164,966
Refrigerated		19,368		33,672		68,107		102,107
OTR		4,592		4,686		13,926		4,686
Truckload Revenues		174,958		197,053		523,026		522,312

Managed Freight Segment:
Brokerage		24,016		26,159		68,601		68,741
TMS		9,323		6,991		27,124		6,991
Shuttle & Switching		3,693		3,451		10,990		3,451
Warehouse		8,469		8,258		25,091		8,258
Factoring		2,455		1,391		6,561		3,434
Managed Freight Revenues		47,956		46,250		138,367		90,875

Total	$	222,914	$	243,303	$	661,393	$	613,187