| Segment Information |
The Company reports the results of two operating segments: the transportation logistics segment and the insurance segment. The Company’s chief operating decision maker (“CODM”) is our Chief Executive Officer. The CODM evaluates each segment’s performance and makes decisions about resource allocations primarily based on operating income, which is the principal financial metric utilized to monitor budgeted versus actual results by segment of the Company. Asset information by segment is not typically provided to the CODM for purposes of evaluating performance or allocating resources, and therefore such information has not been presented. The following tables summarize information about the Company’s reportable business segments as of and for the and thirteen-week periods ended June 28, 2025 and June 29, 2024 (in thousands):
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External revenue |
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$ |
2,334,432 |
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$ |
29,453 |
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$ |
2,363,885 |
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$ |
2,363,607 |
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$ |
32,441 |
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$ |
2,396,048 |
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Internal revenue |
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53,093 |
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53,093 |
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53,346 |
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53,346 |
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Total revenue |
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2,334,432 |
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82,546 |
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2,416,978 |
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2,363,607 |
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85,787 |
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2,449,394 |
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Investment income |
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7,327 |
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7,327 |
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7,066 |
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7,066 |
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Purchased transportation |
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1,839,289 |
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1,839,289 |
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1,855,579 |
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1,855,579 |
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Commissions to agents |
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192,836 |
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192,836 |
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197,098 |
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197,098 |
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Other operating costs, net of gains on asset sales/dispositions |
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31,424 |
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31,424 |
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28,994 |
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28,994 |
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Insurance and claims |
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63,373 |
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60,021 |
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123,394 |
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54,837 |
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51,941 |
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106,778 |
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Selling, general and administrative |
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111,985 |
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5,303 |
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117,288 |
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105,017 |
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6,344 |
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111,361 |
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Depreciation and amortization |
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24,375 |
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24,375 |
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28,630 |
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28,630 |
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Operating income |
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71,150 |
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24,549 |
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95,699 |
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93,452 |
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34,568 |
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128,020 |
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Goodwill |
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41,399 |
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41,399 |
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41,607 |
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41,607 |
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Operating income |
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95,699 |
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128,020 |
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Interest and debt expense (income) (1) |
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539 |
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(3,286 |
) |
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Income before income taxes |
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95,160 |
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131,306 |
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External revenue |
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$ |
1,196,687 |
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$ |
14,696 |
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$ |
1,211,383 |
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$ |
1,209,075 |
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$ |
15,930 |
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$ |
1,225,005 |
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Internal revenue |
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41,514 |
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41,514 |
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41,277 |
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41,277 |
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Total revenue |
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1,196,687 |
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56,210 |
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1,252,897 |
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1,209,075 |
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57,207 |
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1,266,282 |
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Investment income |
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3,729 |
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3,729 |
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3,654 |
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3,654 |
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Purchased transportation |
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941,411 |
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941,411 |
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950,058 |
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950,058 |
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Commissions to agents |
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99,522 |
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99,522 |
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99,816 |
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99,816 |
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Other operating costs, net of gains on asset sales/dispositions |
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19,595 |
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19,595 |
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14,135 |
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14,135 |
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Insurance and claims |
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29,517 |
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42,446 |
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71,963 |
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27,984 |
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40,457 |
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68,441 |
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Selling, general and administrative |
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52,559 |
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3,147 |
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55,706 |
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51,823 |
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3,116 |
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54,939 |
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Depreciation and amortization |
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12,149 |
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12,149 |
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14,488 |
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14,488 |
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Operating income |
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41,934 |
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14,346 |
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56,280 |
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50,771 |
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17,288 |
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68,059 |
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Operating income |
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56,280 |
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68,059 |
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Interest and debt expense (income) (1) |
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698 |
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(1,675 |
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Income before income taxes |
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55,582 |
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69,734 |
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(1) |
Interest and debt expense (income) includes (i) interest income earned on cash balances held by the transportation logistics segment of $2,409 and $5,045 in the 2025 and 2024 periods, respectively, and $741 and $2,545 in the 2025 and 2024 thirteen-week periods, respectively, and (ii) consolidated total interest expense of $2,948 and $1,759 in the 2025 and 2024 periods, respectively, and $1,439 and $870 in the 2025 and 2024 thirteen-week periods, respectively. | In the periods ended June 28, 2025 and June 29, 2024, no single customer accounted for more than 10% of the Company’s consolidated revenue.
|