ArcBest Announces Second Quarter 2023 Results

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Well-positioned to serve customers in a rapidly changing market

Increased focus on efficient and effective operations

• Second quarter 2023 net income of $40.4 million, or $1.64 per diluted share.
• Second quarter 2023 net income from continuing operations of $39.6 million, or $1.60 per diluted share. On a non-GAAP basis, second quarter 2023 net income from continuing operations of $38.0 million, or $1.54 per diluted common share.

FORT SMITH, Ark., July 28, 2023 — ArcBest^® (Nasdaq: ARCB), a leader in supply chain logistics, today reported second quarter 2023 revenue from continuing operations of $1.1 billion, compared to $1.3 billion in the second quarter of 2022. Second quarter 2023 net income was $40.4 million, or $1.64 per diluted share, compared to $102.5 million, or $4.00 per diluted share, in the second quarter of 2022.

ArcBest’s second quarter 2023 operating income from continuing operations was $42.1 million, compared to $136.0 million in the second quarter of 2022, and net income from continuing operations was $39.6 million, or $1.60 per diluted share, compared to $101.5 million, or $3.97 per diluted share, in the prior-year period.

Excluding certain items in both periods as identified in the attached reconciliation tables, second quarter 2023 non‑GAAP operating income from continuing operations was $50.1 million, compared to $149.2 million in the prior‑year period. On a non-GAAP basis, net income from continuing operations was $38.0 million, or $1.54 per diluted share, compared to $109.1 million, or $4.26 per diluted share, in second quarter 2022.

“ArcBest is uniquely positioned to meet customers’ needs, especially in a market that is rapidly changing,” said Judy R. McReynolds, ArcBest chairman, president and CEO. “We serve as trusted advisors – ready to keep customer supply chains moving with a full suite of logistics solutions, including a nationwide network of asset-based LTL capacity.”

ArcBest recognizes the importance of operating in the most efficient and effective way possible, which enables growth and creates value. In its Asset-Based segment, ArcBest has seen productivity and service improvements from deploying highly-experienced teams to train managers and employees on operational best practices in certain locations. Based on this success, ArcBest is redeploying resources to expand these training efforts. ArcBest also sees the opportunity to improve Asset-Based profitability by prioritizing network capacity to serve core customers that value long-term partnerships. In its Asset-Light segment, ArcBest is focused on aligning costs with business levels and achieved the $3 million of previously announced cost reductions for second quarter 2023.

Second Quarter Results of Operations Comparisons

Asset-Based

Second Quarter 2023 Versus Second Quarter 2022

• Revenue of $722.0 million compared to $802.6 million, a per-day decrease of 10.0 percent.
• Total tonnage per day increased 0.9 percent; LTL-rated weight per shipment decreased 1.5 percent.
• Total shipments per day increased 4.2 percent.
• Total billed revenue per hundredweight decreased 11.0 percent. Revenue per hundredweight on LTL-rated business, excluding fuel surcharge, decreased by a percentage in the mid-single digits.
• Operating income of $43.3 million and an operating ratio of 94.0 percent compared to operating income of $116.7 million and an operating ratio of 85.5 percent. On a non-GAAP basis, operating income of $51.7 million and an operating ratio of 92.8 percent compared to operating income of $124.6 million and an operating ratio of 84.5 percent.

The decrease in second quarter total revenue for ArcBest’s Asset-Based business compared to the prior-year period was primarily due to a general slowing of core customer order frequency, smaller average shipment quantities related to a weaker economy and less fuel surcharge revenue based on lower diesel fuel prices. ArcBest maintained more consistent business and labor levels during the second quarter by using its tech-enabled, dynamic LTL-rated pricing program to secure incrementally profitable shipments to more effectively utilize available ABF Freight network capacity. As a result, LTL-rated shipments and tonnage in ArcBest’s Asset-Based business increased compared to the prior-year period. On a sequential basis compared to the first quarter, LTL-rated tonnage increased while shipments were flat, which is weaker than normal, seasonal expectations.

The pricing environment continues to be rational as pricing on core LTL-rated business, excluding fuel surcharges, increased by a percentage in the high-single digits in second quarter 2023. On a sequential basis, compared to the first quarter, revenue per hundredweight, excluding fuel surcharge, on core LTL-rated business increased by a percentage in the low-single digits. The decrease in the second quarter 2023 revenue per hundredweight pricing measure was driven by the change in mix associated with a decrease in core LTL-rated shipments and an increase in dynamic, market-priced LTL-rated shipments as well as an increase in heavier-weighted truckload-rated shipments compared to the prior-year period. The year-over-year total revenue per hundredweight decrease in second quarter 2023 followed a 17.7 percent increase in second quarter 2022 versus second quarter 2021. In addition, lower diesel fuel prices, and the resulting decrease in fuel surcharge revenue, meaningfully impacted year-over-year and sequential comparisons of revenue per hundredweight statistics.

Asset-Light^‡

Second Quarter 2023 Versus Second Quarter 2022

• Revenue of $409.8 million compared to $549.7 million, a per-day decrease of 25.4 percent.
• Operating income of $13.2 million compared to operating income of $27.5 million. On a non‑GAAP basis, operating income of $6.4 million compared to $30.3 million.
• Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) of $8.3 million compared to $32.5 million, as detailed in the attached non-GAAP reconciliation tables.

Current year second quarter revenue results were impacted by lower average revenue per shipment as a result of a softer market environment. Despite the increase in daily shipments resulting from growth in the truckload business, lower shipment rates and related shipment margins drove reduced second quarter profitability. During last year’s second quarter, as purchased transportation buy rates steadily decreased, Asset-Light benefited from higher market rates on committed business, which resulted in record profitability.

During the second quarter, employee-related and outside services cost reductions were implemented to better align resources with business levels. As a result, excluding purchased transportation and the impact of the change in fair value of contingent consideration, operating expenses were managed lower by $3 million, or 5 percent, compared to first quarter 2023.

NOTE ‡ - Asset-Light represents the reportable segment previously named ArcBest. Asset-Light financial results previously included the ArcBest segment and FleetNet, which was sold on February 28, 2023.

Share Repurchase Program

Year-to-date through the end of the second quarter, ArcBest has returned $41.2 million of capital to shareholders through common stock share repurchases and $83.8 million remains available under the current repurchase authorization for future common stock purchases.

Conference Call

ArcBest will host a conference call with company executives to discuss the second quarter 2023 results. The call will be today, Friday, July 28 at 9:30 a.m. EDT (8:30 a.m. CDT). Interested parties are invited to listen by calling (800) 757-9216 or by joining the webcast which can be found on ArcBest’s website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on July 28, 2023, will be posted and available to download on the company’s website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on September 15, 2023. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 22027510. The conference call and playback can also be accessed, through September 15, 2023, on ArcBest’s website at arcb.com.

About ArcBest

ArcBest^® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with over 15,000 employees across nearly 250 campuses and service centers, the company is a logistics powerhouse, fueled by the simple notion of finding a way to get the job done. Through innovative thinking, agility and trust, ArcBest leverages its full suite of shipping and logistics solutions to meet customers’ critical needs, each and every day. For more information, visit arcb.com.

The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release concerning results for the three months ended June 30, 2023, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “may,” “plan,” “predict,” “project,” “scheduled,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: the effects of a widespread outbreak of an illness or disease, including the COVID-19 pandemic, or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, acts of war or terrorism, or military conflicts; data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems or licenses; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes, including the Vaux freight handling pilot test program at ABF Freight and our customer pilot offering of Vaux, including human-centered remote operation software; the loss or reduction of business from large customers; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of any recent or future acquisitions, including the acquisition of MoLo Solutions, LLC, and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; maintaining our corporate reputation and intellectual property rights; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; governmental regulations; environmental laws and regulations, including emissions-control regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims and insurance premium costs; potential impairment of goodwill and intangible assets; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; increasing costs due to inflation and rising interest rates; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).

For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10‑Q, and Current Reports on Form 8‑K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest^® and its reportable segments.

 

 

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

 

		Three Months Ended						Six Months Ended
		June 30						June 30
		2023			2022			2023			2022
		(Unaudited)
		($ thousands, except share and per share data)
REVENUES		$	1,103,464		$	1,321,692		$	2,209,558		$	2,589,783
OPERATING EXPENSES			1,061,348			1,185,654			2,146,283			2,360,802
OPERATING INCOME			42,116			136,038			63,275			228,981
OTHER INCOME (COSTS)
Interest and dividend income			3,725			353			6,658			452
Interest and other related financing costs			(2,205)			(1,863)			(4,532)			(3,803)
Other, net			5,038			(2,807)			6,818			(3,633)
			6,558			(4,317)			8,944			(6,984)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			48,674			131,721			72,219			221,997
INCOME TAX PROVISION			9,074			30,179			13,772			52,447
NET INCOME FROM CONTINUING OPERATIONS			39,600			101,542			58,447			169,550
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX(1)			843			919			53,279			2,480
NET INCOME		$	40,443		$	102,461		$	111,726		$	172,030
BASIC EARNINGS PER COMMON SHARE(2)
Continuing operations		$	1.65		$	4.13		$	2.42		$	6.88
Discontinued operations(1)			0.04			0.04			2.20			0.10
		$	1.68		$	4.16		$	4.62		$	6.98
DILUTED EARNINGS PER COMMON SHARE(2)
Continuing operations		$	1.60		$	3.97		$	2.35		$	6.58
Discontinued operations(1)			0.03			0.04			2.14			0.10
		$	1.64		$	4.00		$	4.49		$	6.68
AVERAGE COMMON SHARES OUTSTANDING
Basic			24,064,882			24,607,362			24,175,893			24,658,739
Diluted			24,672,948			25,596,031			24,864,691			25,756,314

1. Discontinued operations represents the FleetNet segment, which sold on February 28, 2023. The six months ended June 30, 2023 includes net gain on sale of FleetNet of $52.3 million after-tax, or $2.16 basic earnings per share and $2.10 diluted earnings per share.
2. Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.

 

3.  

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS

 

		June 30			December 31
		2023			2022
		(Unaudited)
		($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	187,286		$	158,264
Short-term investments			153,116			167,662
Accounts receivable, less allowances (2023 - $11,318; 2022 - $13,892)			429,570			517,494
Other accounts receivable, less allowances (2023 - $721; 2022 - $713)			11,160			11,016
Prepaid expenses			33,244			39,484
Prepaid and refundable income taxes			39,230			19,239
Current assets of discontinued operations			—			64,736
Other			11,584			11,888
TOTAL CURRENT ASSETS			865,190			989,783
PROPERTY, PLANT AND EQUIPMENT
Land and structures			421,821			401,840
Revenue equipment			1,062,854			1,038,832
Service, office, and other equipment			309,952			298,234
Software			167,292			167,164
Leasehold improvements			26,240			23,466
			1,988,159			1,929,536
Less allowances for depreciation and amortization			1,159,626			1,129,366
			828,533			800,170
GOODWILL			304,753			304,753
INTANGIBLE ASSETS, NET			107,467			113,733
OPERATING RIGHT-OF-USE ASSETS			194,597			166,515
DEFERRED INCOME TAXES			6,918			6,342
LONG-TERM ASSETS OF DISCONTINUED OPERATIONS			—			11,097
OTHER LONG-TERM ASSETS			106,644			101,893
TOTAL ASSETS		$	2,414,102		$	2,494,286
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	245,998		$	269,854
Income taxes payable			—			16,017
Accrued expenses			299,339			338,457
Current portion of long-term debt			64,882			66,252
Current portion of operating lease liabilities			31,047			26,225
Current liabilities of discontinued operations			—			51,665
TOTAL CURRENT LIABILITIES			641,266			768,470
LONG-TERM DEBT, less current portion			168,105			198,371
OPERATING LEASE LIABILITIES, less current portion			174,145			147,828
POSTRETIREMENT LIABILITIES, less current portion			12,169			12,196
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS			—			781
CONTINGENT CONSIDERATION			117,040			112,000
OTHER LONG-TERM LIABILITIES			37,314			42,745
DEFERRED INCOME TAXES			52,702			60,494
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2023: 30,007,634 shares; 2022: 29,758,716 shares			300			298
Additional paid-in capital			335,397			339,582
Retained earnings			1,194,610			1,088,693
Treasury stock, at cost, 2023: 5,982,679 shares; 2022: 5,529,383 shares			(325,515)			(284,275)
Accumulated other comprehensive income			6,569			7,103
TOTAL STOCKHOLDERS’ EQUITY			1,211,361			1,151,401
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	2,414,102		$	2,494,286

 

 

 

 

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		Six Months Ended
		June 30
		2023			2022
		(Unaudited)
		($ thousands)
OPERATING ACTIVITIES
Net income		$	111,726		$	172,030
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			64,804			63,690
Amortization of intangibles			6,398			6,463
Share-based compensation expense			5,585			6,641
Provision for losses on accounts receivable			2,257			3,583
Change in deferred income taxes			(8,228)			(6,371)
(Gain) loss on sale of property and equipment			1,188			(4,073)
Gain on sale of subsidiary			—			(402)
Pre-tax gain on sale of discontinued operations			(70,215)			—
Change in fair value of contingent consideration			5,040			810
Change in fair value of equity investment			(3,739)			—
Changes in operating assets and liabilities:
Receivables			83,542			(87,092)
Prepaid expenses			6,353			7,477
Other assets			759			72
Income taxes			(35,968)			4,211
Operating right-of-use assets and lease liabilities, net			3,059			114
Accounts payable, accrued expenses, and other liabilities			(68,804)			17,470
NET CASH PROVIDED BY OPERATING ACTIVITIES			103,757			184,623
INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings			(83,171)			(49,682)
Proceeds from sale of property and equipment			2,853			9,115
Proceeds from sale of discontinued operations			100,949			—
Business acquisition, net of cash acquired(1)			—			2,279
Proceeds from sale of subsidiary			—			475
Purchases of short-term investments			(46,858)			(64,330)
Proceeds from sale of short-term investments			63,693			35,840
Capitalization of internally developed software			(7,010)			(8,541)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			30,456			(74,844)
FINANCING ACTIVITIES
Borrowings under credit facilities			—			58,000
Proceeds from notes payable			—			7,280
Payments on long-term debt			(35,114)			(84,905)
Net change in book overdrafts			(13,171)			6,085
Deferred financing costs			57			—
Payment of common stock dividends			(5,809)			(4,927)
Purchases of treasury stock			(41,240)			(31,237)
Payments for tax withheld on share-based compensation			(10,022)			(9,637)
NET CASH USED IN FINANCING ACTIVITIES			(105,299)			(59,341)
NET INCREASE IN CASH AND CASH EQUIVALENTS			28,914			50,438
Cash and cash equivalents of continuing operations at beginning of period			158,264			76,568
Cash and cash equivalents of discontinued operations at beginning of period			108			52
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	187,286		$	127,058
NONCASH INVESTING ACTIVITIES
Equipment financed		$	3,478		$	19,498
Accruals for equipment received		$	10,106		$	7,574
Lease liabilities arising from obtaining right-of-use assets		$	43,366		$	30,210

1. Represents cash received from escrow for post-closing adjustments related to the acquisition of MoLo.

 

Note: The statements of cash flows for the six months ended June 30, 2023 and 2022, includes cash flows from continuing operations and cash flows from the discontinued operations of FleetNet America^®, which was sold on February 28, 2023.
ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS

 

	Three Months Ended												Six Months Ended
	June 30												June 30
	2023						2022						2023						2022
	(Unaudited)
	($ thousands, except percentages)
REVENUES FROM CONTINUING OPERATIONS
Asset-Based	$	722,015					$	802,622					$	1,419,832					$	1,507,933
Asset-Light(1)		409,816						549,655						847,908						1,144,939
Other and eliminations		(28,367)						(30,585)						(58,182)						(63,089)
Total consolidated revenues from continuing operations	$	1,103,464					$	1,321,692					$	2,209,558					$	2,589,783
OPERATING EXPENSES FROM CONTINUING OPERATIONS
Asset-Based
Salaries, wages, and benefits	$	344,538		47.7	%		$	328,068		40.9	%		$	680,143		47.9	%		$	641,565		42.5	%
Fuel, supplies, and expenses		90,897		12.6				99,296		12.4				185,185		13.1				184,127		12.2
Operating taxes and licenses		14,094		2.0				12,823		1.6				28,073		2.0				25,316		1.7
Insurance		12,889		1.8				12,197		1.5				26,162		1.8				22,628		1.5
Communications and utilities		4,553		0.6				4,648		0.6				9,857		0.7				9,335		0.6
Depreciation and amortization		25,273		3.5				24,463		3.1				50,184		3.5				48,768		3.2
Rents and purchased transportation		101,922		14.1				121,550		15.1				192,666		13.6				224,535		14.9
Shared services		74,468		10.3				75,584		9.4				139,081		9.8				142,734		9.6
(Gain) loss on sale of property and equipment		416		0.1				(1,370)		(0.2)				365		—				(4,065)		(0.3)
Innovative technology costs(2)		8,343		1.1				7,954		1.0				14,411		1.0				14,914		1.0
Other		1,297		0.2				753		0.1				2,909		0.2				1,386		0.1
Total Asset-Based		678,690		94.0	%			685,966		85.5	%			1,329,036		93.6	%			1,311,243		87.0	%
Asset-Light(1)
Purchased transportation	$	343,102		83.7	%		$	448,160		81.5	%		$	713,265		84.1	%		$	956,540		83.5	%
Supplies and expenses		3,348		0.8				4,263		0.8				7,420		0.9				7,529		0.7
Depreciation and amortization(3)		5,085		1.2				5,468		1.0				10,153		1.2				10,648		0.9
Shared services		48,985		12.0				57,986		10.6				100,414		11.8				108,183		9.5
Contingent consideration(4)		(10,000)		(2.4)				—		—				5,040		0.6				810		0.1
Gain on sale of subsidiary(5)		—		—				(402)		(0.1)				—		—				(402)		—
Other		6,116		1.5				6,701		1.2				12,527		1.5				13,036		1.1
Total Asset-Light		396,636		96.8	%			522,176		95.0	%			848,819		100.1	%			1,096,344		95.8	%
Other and eliminations(6)		(13,978)						(22,488)						(31,572)						(46,785)
Total consolidated operating expenses from continuing operations	$	1,061,348		96.2	%		$	1,185,654		89.7	%		$	2,146,283		97.1	%		$	2,360,802		91.2	%
OPERATING INCOME FROM CONTINUING OPERATIONS
Asset-Based	$	43,325					$	116,656					$	90,796					$	196,690
Asset-Light(1)		13,180						27,479						(911)						48,595
Other and eliminations(6)		(14,389)						(8,097)						(26,610)						(16,304)
Total consolidated operating income from continuing operations	$	42,116					$	136,038					$	63,275					$	228,981

1. Asset-Light represents the reportable segment previously named ArcBest. Asset-Light financial results previously included the ArcBest segment and FleetNet, which was sold on February 28, 2023.
2. Represents costs associated with the Vaux freight handling pilot test program at ABF Freight.
3. Depreciation and amortization includes amortization of intangibles associated with acquired businesses.
4. Represents the fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income. The contingent consideration for the MoLo acquisition will be paid based on achievement of certain targets of adjusted earnings before interest, taxes, depreciation, and amortization, as adjusted for certain items pursuant to the merger agreement, for years 2023 through 2025.
5. Gain relates to the contingent amount recognized in second quarter 2022 when the funds from the May 2021 sale of the labor services portion of the Asset-Light segment’s moving business were released from escrow.
6. “Other and eliminations” includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, and other investments in ArcBest technology and innovations.