Note 5 - Segment Information

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 5. 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 accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in our Form 10-K for the year ended December 31, 2022. 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 total revenue by our four reportable segments, as used by our chief operating decision maker in making decisions regarding allocation of resources etc., for the three and nine months ended September 30, 2023 and 2022:

(in thousands)
Three Months Ended September 30, 2023	Expedited		Dedicated		Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	113,419	$	80,242	$	69,713	$	25,347	$	288,721
Intersegment revenue		1,556		-		-		-		1,556
Operating income		7,522		2,976		3,742		901		15,141

Nine Months Ended September 30, 2023	Expedited		Dedicated		Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	318,388	$	241,680	$	193,868	$	75,652	$	829,588
Intersegment revenue		9,933		-		-		-		9,933
Operating income		22,613		13,366		6,905		1,672		44,556

Three Months Ended September 30, 2022	Expedited		Dedicated		Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	117,793	$	93,423	$	78,382	$	22,241	$	311,839
Intersegment revenue		1,580		-		-		-		1,580
Operating income		30,660		19,416		8,605		378		59,059

Nine Months Ended September 30, 2022	Expedited		Dedicated		Managed Freight		Warehousing		Consolidated
Total revenue from external customers	$	338,234	$	279,136	$	244,814	$	58,617	$	920,801
Intersegment revenue		3,476		-		-		-		3,476
Operating income (loss)		54,602		24,937		28,062		2,178		109,779

(in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2023			2022			2023			2022
Total external revenues for reportable segments	$	288,721		$	311,839		$	829,588		$	920,801
Intersegment revenues for reportable segments		1,556			1,580			9,933			3,476
Elimination of intersegment revenues		(1,556	)		(1,580	)		(9,933	)		(3,476	)
Total consolidated revenues	$	288,721		$	311,839		$	829,588		$	920,801