| Segment Reporting |
The following tables summarize key financial information by segment:
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Three months ended March 31, 2026 |
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(In thousands) |
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United States |
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Canada |
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Total |
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Revenue |
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$ |
188,608 |
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$ |
25,729 |
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$ |
214,337 |
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Elimination from intersegment revenue |
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(202 |
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Total consolidated revenue |
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$ |
214,135 |
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Less segment expenses: |
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Cost of transportation and other services |
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(140,525 |
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(17,496 |
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Operating partner commissions |
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(19,136 |
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— |
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Personnel costs |
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(15,271 |
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(4,452 |
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Other segment expenses |
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(5,013 |
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(1,868 |
) |
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Segment adjusted EBITDA |
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$ |
8,663 |
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$ |
1,913 |
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$ |
10,576 |
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Nine Months Ended March 31, 2026 |
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(In thousands) |
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United States |
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Canada |
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Total |
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Revenues |
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$ |
589,747 |
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$ |
83,595 |
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$ |
673,342 |
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Elimination from intersegment revenues |
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(422 |
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Total consolidated revenues |
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$ |
672,920 |
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Less segment expenses: |
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Cost of transportation and other services |
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(438,941 |
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(55,171 |
) |
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Operating partner commissions |
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(59,439 |
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— |
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Personnel costs |
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(46,805 |
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(13,754 |
) |
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Other segment expenses |
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(18,630 |
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(5,845 |
) |
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Segment adjusted EBITDA |
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$ |
25,932 |
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$ |
8,825 |
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$ |
34,757 |
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Three months ended March 31, 2025 |
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(In thousands) |
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United States |
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Canada |
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Total |
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Revenue |
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$ |
186,010 |
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$ |
28,085 |
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$ |
214,095 |
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Elimination from intersegment revenue |
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(88 |
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Total consolidated revenue |
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$ |
214,007 |
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Less segment expenses: |
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Cost of transportation and other services |
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(136,665 |
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(19,255 |
) |
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Operating partner commissions |
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(19,256 |
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— |
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Personnel costs |
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(14,441 |
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(4,222 |
) |
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Other segment expenses |
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(6,190 |
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(1,952 |
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Segment adjusted EBITDA |
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$ |
9,458 |
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$ |
2,656 |
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$ |
12,114 |
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Nine Months Ended March 31, 2025 |
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(In thousands) |
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United States |
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Canada |
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Total |
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Revenues |
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$ |
599,588 |
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$ |
82,745 |
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$ |
682,333 |
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Elimination from intersegment revenues |
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(217 |
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Total consolidated revenues |
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$ |
682,116 |
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Less segment expenses: |
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Cost of transportation and other services |
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(447,425 |
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(55,874 |
) |
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Operating partner commissions |
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(57,348 |
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— |
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Personnel costs |
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(42,588 |
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(13,474 |
) |
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Other segment expenses |
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(20,245 |
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(6,432 |
) |
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Segment adjusted EBITDA |
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$ |
31,982 |
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$ |
6,965 |
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$ |
38,947 |
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The following table presents a reconciliation of Segment adjusted EBITDA to income before income taxes:
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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(In thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Segment adjusted EBITDA |
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$ |
10,576 |
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$ |
12,114 |
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$ |
34,757 |
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$ |
38,947 |
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Depreciation and amortization |
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(3,614 |
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(4,936 |
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(10,706 |
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(14,893 |
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Share-based compensation |
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(577 |
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(470 |
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(1,509 |
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1,180 |
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Change in fair value of contingent consideration |
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3,700 |
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(250 |
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3,590 |
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850 |
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Change in fair value of interest rate swap contracts |
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— |
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(291 |
) |
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— |
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(1,032 |
) |
Interest income (expense), net |
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(508 |
) |
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(11 |
) |
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(1,658 |
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273 |
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Other |
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271 |
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127 |
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(35 |
) |
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336 |
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Unallocated corporate costs |
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(3,404 |
) |
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(3,138 |
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(9,436 |
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(9,275 |
) |
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Income before income taxes |
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$ |
6,444 |
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$ |
3,145 |
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$ |
15,003 |
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$ |
16,386 |
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The following table presents depreciation and amortization expense by segment:
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Three Months Ended March 31, |
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Nine Months Ended March 31, |
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(In thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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United States |
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$ |
743 |
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$ |
954 |
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$ |
2,229 |
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$ |
3,006 |
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Canada |
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1,033 |
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|
963 |
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3,059 |
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3,045 |
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Corporate/Eliminations |
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1,838 |
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3,019 |
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5,418 |
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8,842 |
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Total |
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$ |
3,614 |
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$ |
4,936 |
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$ |
10,706 |
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$ |
14,893 |
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