Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”)
reported diluted earnings per share (“DEPS”) of $2.17 in the 2023
first quarter on revenue of $1.436 billion. Landstar reported DEPS
of $3.34 on revenue of $1.971 billion in the 2022 first quarter.
Gross profit in the 2023 first quarter was
$152.9 million and variable contribution (defined as revenue less
the cost of purchased transportation and commissions to agents) in
the 2023 first quarter was $208.7 million. Gross profit in the 2022
first quarter was $214.6 million and variable contribution in the
2022 first quarter was $270.5 million. Reconciliations of gross
profit to variable contribution and gross profit margin to variable
contribution margin for the 2023 and 2022 first quarters are
provided in the Company’s accompanying financial disclosures.
Trailing twelve month return on average
shareholders’ equity was 44 percent and return on invested capital,
representing net income divided by the sum of average equity plus
average debt, was 38 percent. During the 2023 first quarter,
Landstar purchased approximately 90,000 shares of its common stock
at an aggregate cost of $15.4 million. The Company is currently
authorized to purchase up to 2,910,339 shares of the Company’s
common stock under its previously announced share purchase
programs. Landstar announced today that its Board of Directors has
declared a quarterly dividend of $0.30 per share payable on May 26,
2023, to stockholders of record as of the close of business on May
4, 2023. It is currently the intention of the Board to pay
dividends on a quarterly basis going forward.
Truck transportation revenue hauled by
independent business capacity owners (“BCOs”) and truck brokerage
carriers in the 2023 first quarter was $1,323.7 million, or 92
percent of revenue, compared to $1,751.3 million, or 89 percent of
revenue, in the 2022 first quarter. Truckload transportation
revenue hauled via van equipment in the 2023 first quarter was
$755.1 million, compared to $1,081.2 million in the 2022 first
quarter. Truckload transportation revenue hauled via
unsided/platform equipment in the 2023 first quarter was $377.6
million, compared to $408.8 million in the 2022 first quarter.
Revenue from other truck transportation, which is largely related
to power-only services, in the 2023 first quarter was $159.5
million, compared to $227.6 million in the 2022 first
quarter. Revenue hauled by rail, air and ocean cargo carriers was
$86.8 million, or 6 percent of revenue, in the 2023 first quarter,
compared to $194.7 million, or 10 percent of revenue, in the 2022
first quarter.
“Given a challenging freight environment to
begin our 2023 fiscal year, I am pleased with Landstar’s first
quarter financial performance,” said Landstar President and Chief
Executive Officer Jim Gattoni. “As we expected, our record 2022
first quarter also made for difficult comparisons during our 2023
first quarter. As compared to the 2022 first quarter, revenue
generated via unsided/platform equipment held up considerably
better than revenue generated via van equipment and other truck
transportation services, which tend to be more correlated to U.S.
consumer demand. Our truck services, which primarily operate in the
U.S. spot market, experienced pricing pressure throughout the 2023
first quarter as industry-wide truck capacity was significantly
more readily available as compared to the 2022 first quarter,
during which pandemic-related supply chain disruption was at a high
point. As a result, revenue per load on loads hauled via truck
decreased 14% in the 2023 first quarter compared to the 2022 first
quarter. However, it should be noted that revenue per load on loads
hauled via truck only decreased 3.5% in the 2023 first quarter
compared to the 2022 fourth quarter. This performance was
reasonably in-line with sequential historical patterns experienced
during pre-pandemic periods (with 2018 being an exception due to
the impact of the December 2017 federal mandate requiring use of
electronic logging devices). Truck load volumes also decreased
quarter-over-prior-year-quarter, with the number of loads hauled
via truck in the 2023 first quarter below the 2022 first quarter by
12%.”
Gattoni further commented, “Through the first
several weeks of April, truck revenue per load has thus far
sequentially trended slightly below first quarter to the beginning
of second quarter pre-pandemic, historical patterns, while the
number of loads hauled via truck through the first several weeks of
the 2023 second quarter has sequentially trended a bit further
below these historical patterns. After several years where past
trends were less applicable in light of the impact of the pandemic,
I anticipate that as we move into May, we will begin to experience
truck revenue per load and truck load volume sequential trends
closer to pre-pandemic, historical patterns. Assuming that truck
revenue per load and truck load volume sequential trends are in
fact closer to pre-pandemic, historical patterns, I expect revenue
per load on loads hauled via truck to be in a range of 12% to 14%
below the 2022 second quarter and the number of loads hauled via
truck to be in a range of 14% to 16% below the 2022 second quarter.
As such, I anticipate revenue for the 2023 second quarter to be in
a range of $1.40 billion to $1.45 billion.”
Gattoni concluded, “Based on the range of
revenue estimated for the 2023 second quarter, I would anticipate
DEPS to be in a range of $1.90 to $2.00. During the 2023 first
quarter, DEPS was favorably impacted by a lower effective income
tax rate and increased net interest income, partially offset by
insurance and claims expense at 5.3% of BCO revenue. The
anticipated range of DEPS for the 2023 second quarter includes
insurance and claims expense estimated to be similar to the
insurance and claims expense reported in the 2023 first quarter and
an effective income tax rate of 24.4%.”
Landstar will provide a live webcast of its
quarterly earnings conference call tomorrow morning at 8:00 a.m.
ET. To access the webcast, visit the Company’s website at
www.landstar.com; click on “Investor Relations” and “Webcasts,”
then click on “Landstar’s First Quarter 2023 Earnings Release
Conference Call.”
About Landstar:Landstar System,
Inc., a Fortune 500 company, is a worldwide, technology-enabled,
asset-light provider of integrated transportation management
solutions delivering safe, specialized transportation services to a
broad range of customers utilizing a network of agents, third-party
capacity providers and employees. Landstar transportation services
companies are certified to ISO 9001:2015 quality management system
standards and RC14001:2015 environmental, health, safety and
security management system standards. Landstar System, Inc. is
headquartered in Jacksonville, Florida. Its common stock trades on
The NASDAQ Stock Market® under the symbol LSTR.
Non-GAAP Financial Measures:In
this earnings release and accompanying financial disclosures, the
Company provides the following information that may be deemed a
non-GAAP financial measure: variable contribution and variable
contribution margin. The Company believes variable contribution and
variable contribution margin are useful measures of the variable
costs that we incur at a shipment-by-shipment level attributable to
our transportation network of third-party capacity providers and
independent agents in order to provide services to our customers.
The Company also believes that it is appropriate to present each of
the financial measures that may be deemed a non-GAAP financial
measure, as referred to above, for the following reasons: (1)
disclosure of these matters will allow investors to better
understand the underlying trends in the Company’s financial
condition and results of operations; (2) this information will
facilitate comparisons by investors of the Company’s results as
compared to the results of peer companies; and (3) management
considers this financial information in its decision making.
Forward Looking Statements
Disclaimer:The following is a “safe harbor” statement
under the Private Securities Litigation Reform Act of 1995.
Statements contained in this press release that are not based on
historical facts are “forward-looking statements”. This press
release contains forward-looking statements, such as statements
which relate to Landstar’s business objectives, plans, strategies
and expectations. Terms such as “anticipates,” “believes,”
“estimates,” “intention,” “expects,” “plans,” “predicts,” “may,”
“should,” “could,” “will,” the negative thereof and similar
expressions are intended to identify forward-looking statements.
Such statements are by nature subject to uncertainties and risks,
including but not limited to: the impact of the Russian conflict
with Ukraine on the operations of certain independent commission
sales agents, including the Company’s largest such agent by revenue
in the 2022 fiscal year; the impact of the coronavirus (COVID-19)
pandemic; an increase in the frequency or severity of accidents or
other claims; unfavorable development of existing accident claims;
dependence on third party insurance companies; dependence on
independent commission sales agents; dependence on third party
capacity providers; decreased demand for transportation services;
U.S. trade relationships; substantial industry competition;
disruptions or failures in the Company’s computer systems; cyber
and other information security incidents; dependence on key
vendors; potential changes in taxes; status of independent
contractors; regulatory and legislative changes; regulations
focused on diesel emissions and other air quality matters;
intellectual property; and other operational, financial or legal
risks or uncertainties detailed in Landstar’s Form 10-K for the
2022 fiscal year, described in Item 1A Risk Factors, and in other
SEC filings from time to time. These risks and uncertainties could
cause actual results or events to differ materially from historical
results or those anticipated. Investors should not place undue
reliance on such forward-looking statements, and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements.
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Consolidated
Statements of Income |
|
(Dollars in
thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
April 1, |
|
March 26, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
1,435,675 |
|
|
$ |
1,970,599 |
|
Investment income |
|
|
|
1,368 |
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
Purchased transportation |
|
|
1,101,294 |
|
|
|
1,550,330 |
|
|
Commissions to agents |
|
|
125,675 |
|
|
|
149,778 |
|
|
Other operating costs, net of gains on asset
sales/dispositions |
|
|
12,378 |
|
|
|
11,141 |
|
|
Insurance and claims |
|
|
|
27,647 |
|
|
|
30,768 |
|
|
Selling, general and administrative |
|
|
53,567 |
|
|
|
52,713 |
|
|
Depreciation and amortization |
|
|
15,198 |
|
|
|
13,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
1,335,759 |
|
|
|
1,808,487 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
101,284 |
|
|
|
162,833 |
|
Interest and debt (income) expense |
|
|
(726 |
) |
|
|
1,123 |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
102,010 |
|
|
|
161,710 |
|
Income taxes |
|
|
|
|
23,815 |
|
|
|
36,871 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
$ |
78,195 |
|
|
$ |
124,839 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
2.17 |
|
|
$ |
3.34 |
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
|
35,982,000 |
|
|
|
37,418,000 |
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share |
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Consolidated
Balance Sheets |
|
(Dollars in
thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1, |
|
December 31, |
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
340,987 |
|
|
$ |
339,581 |
|
|
|
Short-term investments |
|
|
|
47,168 |
|
|
|
53,955 |
|
|
|
Trade accounts receivable, less allowance |
|
|
|
|
|
|
of $12,577 and $12,121 |
|
|
|
899,811 |
|
|
|
967,793 |
|
|
|
Other receivables, including advances to independent |
|
|
|
|
|
|
contractors, less allowance of $11,758 and $10,579 |
|
53,242 |
|
|
|
56,235 |
|
|
|
Other current assets |
|
|
|
12,684 |
|
|
|
21,826 |
|
|
|
|
Total current assets |
|
|
|
1,353,892 |
|
|
|
1,439,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating property, less accumulated depreciation |
|
|
|
|
|
|
|
and amortization of $406,648 and $393,274 |
|
306,224 |
|
|
|
314,990 |
|
|
Goodwill |
|
|
|
|
|
41,726 |
|
|
|
41,220 |
|
|
Other assets |
|
|
|
|
136,018 |
|
|
|
136,279 |
|
|
Total assets |
|
|
|
$ |
1,837,860 |
|
|
$ |
1,931,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Cash overdraft |
|
|
$ |
66,195 |
|
|
$ |
92,953 |
|
|
|
Accounts payable |
|
|
|
490,304 |
|
|
|
527,372 |
|
|
|
Current maturities of long-term debt |
|
33,801 |
|
|
|
36,175 |
|
|
|
Insurance claims |
|
|
|
50,064 |
|
|
|
50,836 |
|
|
|
Dividends payable |
|
|
|
- |
|
|
|
71,854 |
|
|
|
Other current liabilities |
|
|
|
100,980 |
|
|
|
98,945 |
|
|
|
|
Total current liabilities |
|
|
|
741,344 |
|
|
|
878,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current maturities |
|
60,191 |
|
|
|
67,225 |
|
|
Insurance claims |
|
|
|
57,974 |
|
|
|
58,268 |
|
|
Deferred income taxes and other non-current liabilities |
|
42,699 |
|
|
|
41,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 160,000,000 |
|
|
|
|
|
|
shares, issued 68,483,963 and 68,382,310 |
|
685 |
|
|
|
684 |
|
|
|
Additional paid-in capital |
|
|
|
253,138 |
|
|
|
258,487 |
|
|
|
Retained earnings |
|
|
|
2,703,349 |
|
|
|
2,635,960 |
|
|
|
Cost of 32,550,852 and 32,455,300 shares of common |
|
|
|
|
|
|
stock in treasury |
|
|
|
(2,009,327 |
) |
|
|
(1,992,886 |
) |
|
|
Accumulated other comprehensive loss |
|
(12,193 |
) |
|
|
(15,024 |
) |
|
|
|
Total shareholders' equity |
|
|
|
935,652 |
|
|
|
887,221 |
|
|
Total liabilities and shareholders' equity |
$ |
1,837,860 |
|
|
$ |
1,931,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
|
Supplemental
Information |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
April 1, |
|
March 26, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenue generated through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
755,083 |
|
|
$ |
1,081,206 |
|
|
|
|
|
|
|
|
Unsided/platform equipment |
|
|
377,564 |
|
|
|
408,757 |
|
|
|
|
|
|
|
Less-than-truckload |
|
|
31,558 |
|
|
|
33,720 |
|
|
|
|
|
|
|
Other truck transportation (1) |
|
|
159,503 |
|
|
|
227,601 |
|
|
|
|
|
|
|
|
Total truck
transportation |
|
|
1,323,708 |
|
|
|
1,751,284 |
|
|
|
|
|
|
Rail intermodal |
|
|
25,657 |
|
|
|
42,688 |
|
|
|
|
|
|
Ocean and air cargo carriers |
|
|
61,093 |
|
|
|
152,057 |
|
|
|
|
|
|
Other (2) |
|
|
25,217 |
|
|
|
24,570 |
|
|
|
|
|
|
|
|
|
|
$ |
1,435,675 |
|
|
$ |
1,970,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue on loads hauled via BCO Independent Contractors (3) |
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
$ |
519,526 |
|
|
$ |
727,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
|
331,954 |
|
|
|
376,268 |
|
|
|
|
|
|
|
|
Unsided/platform equipment |
|
|
127,572 |
|
|
|
131,829 |
|
|
|
|
|
|
|
Less-than-truckload |
|
|
46,192 |
|
|
|
47,843 |
|
|
|
|
|
|
|
Other truck transportation (1) |
|
|
58,062 |
|
|
|
85,930 |
|
|
|
|
|
|
|
|
Total truck
transportation |
|
|
563,780 |
|
|
|
641,870 |
|
|
|
|
|
|
Rail intermodal |
|
|
7,760 |
|
|
|
12,630 |
|
|
|
|
|
|
Ocean and air cargo carriers |
|
|
8,440 |
|
|
|
11,560 |
|
|
|
|
|
|
|
|
|
|
|
579,980 |
|
|
|
666,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors (3) |
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
|
232,550 |
|
|
|
262,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
2,275 |
|
|
$ |
2,873 |
|
|
|
|
|
|
|
|
Unsided/platform equipment |
|
|
2,960 |
|
|
|
3,101 |
|
|
|
|
|
|
|
Less-than-truckload |
|
|
683 |
|
|
|
705 |
|
|
|
|
|
|
|
Other truck transportation (1) |
|
|
2,747 |
|
|
|
2,649 |
|
|
|
|
|
|
|
|
Total truck
transportation |
|
|
2,348 |
|
|
|
2,728 |
|
|
|
|
|
|
Rail intermodal |
|
|
3,306 |
|
|
|
3,380 |
|
|
|
|
|
|
Ocean and air cargo carriers |
|
|
7,239 |
|
|
|
13,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO Independent Contractors
(3) |
|
$ |
2,234 |
|
|
$ |
2,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by capacity type (as a % of total revenue): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (3) |
|
|
36 |
% |
|
|
37 |
% |
|
|
|
|
|
|
Truck Brokerage Carriers |
|
|
56 |
% |
|
|
52 |
% |
|
|
|
|
|
Rail intermodal |
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
Ocean and air cargo carriers |
|
|
4 |
% |
|
|
8 |
% |
|
|
|
|
|
Other |
|
|
|
2 |
% |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1, |
|
March 26, |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Truck Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (3) |
|
|
9,996 |
|
|
|
11,089 |
|
|
|
|
|
|
Truck Brokerage Carriers: |
|
|
|
|
|
|
|
|
|
Approved and active (4) |
|
|
61,771 |
|
|
|
68,859 |
|
|
|
|
|
|
Other approved |
|
|
30,893 |
|
|
|
28,094 |
|
|
|
|
|
|
|
|
|
|
|
92,664 |
|
|
|
96,953 |
|
|
|
|
|
|
Total available truck capacity providers |
|
|
102,660 |
|
|
|
108,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors (3) |
|
|
10,809 |
|
|
|
11,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
power-only, expedited, straight truck, cargo van, and miscellaneous
other truck transportation revenue generated by the transportation
logistics segment. Power-only refers to shipments where the
Company furnishes a power unit and an operator but not trailing
equipment, which is typically provided by the shipper or
consignee. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes primarily
reinsurance premium revenue generated by the insurance segment and
intra-Mexico transportation services revenue generated
by Landstar Metro. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) BCO Independent Contractors are independent contractors who
provide truck capacity to the Company under exclusive lease
arrangements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Active refers to Truck Brokerage Carriers who moved at least
one load in the 180 days immediately preceding the fiscal quarter
end. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Reconciliation of Gross Profit to Variable
Contribution |
|
(Dollars in
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
April 1, |
|
March 26, |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
1,435,675 |
|
|
$ |
1,970,599 |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue: |
|
|
|
|
|
|
|
|
Purchased transportation |
|
|
1,101,294 |
|
|
|
1,550,330 |
|
|
|
|
Commissions to agents |
|
|
125,675 |
|
|
|
149,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable costs of revenue |
|
|
1,226,969 |
|
|
|
1,700,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing equipment depreciation |
|
|
8,369 |
|
|
|
9,083 |
|
|
|
|
Information technology costs (1) |
|
|
6,751 |
|
|
|
4,046 |
|
|
|
|
Insurance-related costs (2) |
|
|
28,260 |
|
|
|
31,655 |
|
|
|
|
Other operating costs |
|
|
12,378 |
|
|
|
11,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other costs of revenue |
|
|
55,758 |
|
|
|
55,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of revenue |
|
|
1,282,727 |
|
|
|
1,756,033 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
$ |
152,948 |
|
|
$ |
214,566 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
|
10.7 |
% |
|
|
10.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Plus: other costs of revenue |
|
|
55,758 |
|
|
|
55,925 |
|
|
|
|
|
|
|
|
|
|
|
|
Variable contribution |
|
|
$ |
208,706 |
|
|
$ |
270,491 |
|
|
|
|
|
|
|
|
|
|
|
|
Variable contribution margin |
|
|
14.5 |
% |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes costs of
revenue incurred related to internally developed software including
ASC 350-40 amortization, implementation costs, hosting costs and
other support costs utilized to support the Company’s independent
commission sales agents, third party capacity providers, and
customers, included as a portion of depreciation and amortization
and of selling, general and administrative in the Company's
Consolidated Statements of Income. |
|
|
|
|
|
|
|
|
|
|
|
(2) Primarily includes
(i) insurance premiums paid for commercial auto liability, general
liability, cargo and other lines of coverage related to the
transportation of freight; (ii) the related cost of claims incurred
under those programs; and (iii) broke brokerage commissions
and other fees incurred relating to the administration of insurance
programs available to BCO Independent Contractors that are
reinsured by the Company, which are included in selling, general
and administrative in the Company’s Consolidated Statements of
Income. |
|
|
|
|
|
|
|
|
|
|
|
Contact:
Jim Todd (CFO)
Landstar System, Inc.
www.landstar.com
904-398-9400
Landstar System (NASDAQ:LSTR)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Landstar System (NASDAQ:LSTR)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024