Note 15 - Segment Information

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

15. SEGMENT INFORMATION

Until the second quarter of 2020, we had four reportable segments, Highway Services, Dedicated, Managed Freight, and Factoring. As discussed in Note 2, our Factoring reportable segment was classified as discontinued operations as of June 30, 2020. As of September 30, 2020, the segment formerly known as Highway Services is now reflected as Expedited, given the change in business mix surrounding the exit of the majority of the solo-refrigerated business in the second quarter of 2020. In addition, given management changes and growth, we have reported Warehousing as a separate reportable segment from Managed Freight. We believe the updated reportable segments reflect our service offerings, strategic directions, and how management, including our chief operating decision maker, monitors our performance.

Our four reportable segments are:

● Expedited: The Expedited reportable operating 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 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. Many of our Dedicated contract customers are automotive companies or shippers of produce, where the nature of the product we ship requires high service standards.

● Managed Freight: The Managed Freight 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 segment provides day-to-day warehouse management services to customers who have chosen to outsource this function.

These changes impacted the Company’s reportable segments but did not impact the Company’s Consolidated Financial Statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. 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 segment information for 2020, 2019, and 2018:

(in thousands)
Year Ended December 31, 2020	Expedited			Dedicated			Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	320,202		$	288,652		$	177,579	$	52,128	$	838,561
Intersegment revenue		11,630			-			-		-		11,630
Operating (loss) income		(7,038	)		(15,534	)		4,482		4,063		(14,027	)
Depreciation and amortization		31,969			29,610			829		3,064		65,472
Year Ended December 31, 2019	Expedited			Dedicated			Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	356,521		$	342,473		$	138,616	$	47,777	$	885,387
Intersegment revenue		10,302			-			-		-		10,302
Operating income		(1,260	)		1,188			3,323		5,518		8,769
Depreciation and amortization		39,371			38,716			418		1,997		80,502
Year Ended December 31, 2018	Expedited			Dedicated			Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	469,308		$	257,739		$	129,790	$	23,580	$	880,417
Intersegment revenue		7,298			-			-		-		7,298
Operating income		32,693			12,699			7,150		2,874		55,416
Depreciation and amortization		44,564			30,604			286		389		75,843

(in thousands)	For the years ended December 31,
	2020			2019			2018
Total external revenues for reportable segments	$	838,561		$	885,387		$	880,417
Intersegment revenues for reportable segments		11,630			10,302			7,298
Elimination of intersegment revenues		(11,630	)		(10,302	)		(7,298	)
Total consolidated revenues	$	838,561		$	885,387		$	880,417

Balance sheet data by reportable segment is not maintained by the Company.