Landstar System Reports Third Quarter Revenue of $1.214B and Earnings Per Share of $1.41
October 29 2024 - 3:05PM
Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”)
today reported basic and diluted earnings per share (“EPS”) of
$1.41 in the 2024 third quarter on revenue of $1.214 billion.
“Consistent with the first half of 2024, the freight environment
during the third quarter remained challenging. The Landstar team of
independent business owners and employees continued to perform
admirably given this backdrop,” said Landstar President and Chief
Executive Officer Frank Lonegro. “I was encouraged that Landstar
achieved a 3.2% sequential increase in truck revenue per load
compared to the 2024 second quarter, outperforming typical
seasonality. This result was driven by a strong month-over-month
truck revenue per load increase in July, but tapered off as we
moved through August and September, in part due to tougher prior
month comparisons. Regardless of the freight environment, the
thousands of Landstar BCOs, agents and employees in our network
continue to strive each day to improve our safety performance and
deliver great service to our customers.”
Landstar continues to return capital to
stockholders through the Company’s stock purchase program and
dividends. During the 2024 third
quarter, Landstar purchased approximately 121,000 shares
of its common stock at an aggregate cost of $22.4 million. The
Company is currently authorized to purchase up to an additional
2,563,081 shares of the Company’s common stock under its
longstanding share purchase program. Landstar also announced
today that its Board of Directors declared a quarterly dividend of
$0.36 per share payable on December 10, 2024, to stockholders of
record as of the close of business on November 19, 2024.
|
3Q 2024 |
|
3Q 2023 |
|
Revenue |
$ |
1,213,867 |
|
$ |
1,289,345 |
|
Gross
profit |
$ |
112,693 |
|
$ |
128,079 |
|
Variable
contribution |
$ |
171,359 |
|
$ |
187,358 |
|
Operating
income |
$ |
63,116 |
|
$ |
80,348 |
|
Basic and diluted earnings per share |
$ |
1.41 |
|
$ |
1.71 |
|
(1) Dollars above in thousands, except per share amounts |
(2) Please refer to the Consolidated Statements of Income and
Reconciliation of Gross Profit to Variable Contribution included
below |
|
Total revenue was $1,214 million in the 2024
third quarter, compared to $1,289 million in the 2023 third
quarter. Truck transportation revenue hauled by independent
business capacity owners (“BCOs”) and truck brokerage carriers in
the 2024 third quarter was $1,091 million, or 90% of revenue,
compared to $1,174 million, or 91% of revenue, in the 2023 third
quarter. Truckload transportation revenue hauled via van equipment
in the 2024 third quarter was $604 million, compared to $666
million in the 2023 third quarter. Truckload transportation revenue
hauled via unsided/platform equipment in the 2024 third quarter was
$370 million, compared to $378 million in the 2023 third quarter.
Revenue from other truck transportation, which is largely related
to power-only services, in the 2024 third quarter was $93
million, compared to $102 million in the 2023 third
quarter. Revenue hauled by rail, air and ocean cargo carriers was
$97 million, or 8% of revenue, in the 2024 third quarter, compared
to $89 million, or 7% of revenue, in the 2023 third quarter.
The number of loads hauled via truck declined
7.7% in the 2024 third quarter as compared to the 2023 third
quarter, slightly ahead of the mid-point of the Company’s guidance
included in its 2024 second quarter earnings release slide
presentation, dated July 30, 2024. Truck revenue per load increased
0.7% in the 2024 third quarter as compared to the 2023 third
quarter, within the lower half of the range of the Company’s
previously provided guidance.
Gross profit in the 2024 third quarter was $113
million and variable contribution (defined as revenue less the cost
of purchased transportation and commissions to agents) in the 2024
third quarter was $171 million. Gross profit in the 2023 third
quarter was $128 million and variable contribution in the 2023
third quarter was $187 million. Reconciliations of gross profit to
variable contribution and gross profit margin to variable
contribution margin for the 2024 and 2023 third quarters and
year-to-date periods are provided in the Company’s accompanying
financial disclosures.
The Company’s balance sheet continues to be very
strong, with cash and short-term investments of approximately $531
million as of September 28, 2024.
Trailing twelve-month return on average
shareholders’ equity was 21%, and return on invested
capital, representing net income divided by the sum of average
equity plus average debt, was 19%.
Landstar will provide a live webcast of its
quarterly earnings conference call this evening at 4:30 p.m. ET. To
access the webcast, visit www.investor.landstar.com; click on
“Webcasts,” then click on “Landstar’s Third Quarter 2024 Earnings
Release Conference Call.” A slide presentation to accompany the
webcast presentation is also available on Landstar’s investor
relations website at https://investor.landstar.com/.
About Landstar:Landstar System,
Inc., is a 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: 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; 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 2023 fiscal year; 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; regulations requiring the purchase and use of
zero-emission vehicles; intellectual property; and other
operational, financial or legal risks or uncertainties detailed in
Landstar’s Form 10-K for the 2023 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks Ended |
|
Thirteen Weeks Ended |
|
|
|
September 28, |
|
September 30, |
|
September 28, |
|
September 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,609,915 |
|
|
$ |
4,098,877 |
|
|
$ |
1,213,867 |
|
|
$ |
1,289,345 |
|
Investment income |
|
10,988 |
|
|
|
6,874 |
|
|
|
3,922 |
|
|
|
3,022 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Purchased transportation |
|
2,799,384 |
|
|
|
3,141,234 |
|
|
|
943,805 |
|
|
|
986,743 |
|
|
Commissions to agents |
|
295,801 |
|
|
|
363,397 |
|
|
|
98,703 |
|
|
|
115,244 |
|
|
Other operating costs, net of gains on asset
sales/dispositions |
|
44,138 |
|
|
|
40,998 |
|
|
|
15,144 |
|
|
|
15,158 |
|
|
Insurance and claims |
|
83,830 |
|
|
|
86,971 |
|
|
|
30,398 |
|
|
|
29,540 |
|
|
Selling, general and administrative |
|
162,613 |
|
|
|
159,071 |
|
|
|
51,252 |
|
|
|
50,975 |
|
|
Depreciation and amortization |
|
44,001 |
|
|
|
44,498 |
|
|
|
15,371 |
|
|
|
14,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs
and expenses |
|
3,429,767 |
|
|
|
3,836,169 |
|
|
|
1,154,673 |
|
|
|
1,212,019 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
191,136 |
|
|
|
269,582 |
|
|
|
63,116 |
|
|
|
80,348 |
|
Interest and debt (income) expense |
|
(4,455 |
) |
|
|
(2,079 |
) |
|
|
(1,169 |
) |
|
|
(1,046 |
) |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
195,591 |
|
|
|
271,661 |
|
|
|
64,285 |
|
|
|
81,394 |
|
Income taxes |
|
45,838 |
|
|
|
65,254 |
|
|
|
14,252 |
|
|
|
19,741 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
149,753 |
|
|
$ |
206,407 |
|
|
$ |
50,033 |
|
|
$ |
61,653 |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share |
$ |
4.21 |
|
|
$ |
5.74 |
|
|
$ |
1.41 |
|
|
$ |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
Average basic and diluted shares outstanding |
|
35,608,000 |
|
|
|
35,958,000 |
|
|
|
35,420,000 |
|
|
|
35,951,000 |
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share |
$ |
1.02 |
|
|
$ |
0.93 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Consolidated
Balance Sheets |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
September 28, |
|
December 30, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
468,830 |
|
|
$ |
481,043 |
|
|
Short-term investments |
|
62,451 |
|
|
|
59,661 |
|
|
Trade accounts receivable, less allowance |
|
|
|
|
|
of $12,134 and $11,738 |
|
694,633 |
|
|
|
743,762 |
|
|
Other receivables, including advances to independent |
|
|
|
|
|
contractors, less allowance of $16,759 and $14,010 |
|
51,533 |
|
|
|
43,339 |
|
|
Other current assets |
|
33,947 |
|
|
|
24,936 |
|
|
|
Total current assets |
|
1,311,394 |
|
|
|
1,352,741 |
|
|
|
|
|
|
|
|
Operating property, less accumulated depreciation |
|
|
|
|
|
|
and
amortization of $456,770 and $436,682 |
|
289,248 |
|
|
|
284,300 |
|
Goodwill |
|
|
41,122 |
|
|
|
42,275 |
|
Other assets |
|
115,491 |
|
|
|
122,530 |
|
Total assets |
$ |
1,757,255 |
|
|
$ |
1,801,846 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
|
Cash overdraft |
$ |
50,746 |
|
|
$ |
61,541 |
|
|
Accounts payable |
|
397,908 |
|
|
|
395,980 |
|
|
Current maturities of long-term debt |
|
27,672 |
|
|
|
27,876 |
|
|
Insurance claims |
|
43,370 |
|
|
|
41,825 |
|
|
Dividends payable |
|
- |
|
|
|
71,433 |
|
|
Contractor escrow |
|
30,244 |
|
|
|
28,498 |
|
|
Other current liabilities |
|
42,712 |
|
|
|
48,071 |
|
|
|
Total current liabilities |
|
592,652 |
|
|
|
675,224 |
|
|
|
|
|
|
|
|
Long-term debt, excluding current maturities |
|
44,834 |
|
|
|
43,264 |
|
Insurance claims |
|
59,861 |
|
|
|
58,922 |
|
Deferred income taxes and other non-current liabilities |
|
43,990 |
|
|
|
40,513 |
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Common stock, $0.01 par value, authorized 160,000,000 |
|
|
|
|
|
shares, issued 68,559,269 and 68,497,324 |
|
686 |
|
|
|
685 |
|
|
Additional paid-in capital |
|
255,398 |
|
|
|
254,642 |
|
|
Retained earnings |
|
2,897,073 |
|
|
|
2,783,645 |
|
|
Cost of 33,228,096 and 32,780,651 shares of common |
|
|
|
|
|
stock in treasury |
|
(2,128,684 |
) |
|
|
(2,048,184 |
) |
|
Accumulated other comprehensive loss |
|
(8,555 |
) |
|
|
(6,865 |
) |
|
|
Total shareholders' equity |
|
1,015,918 |
|
|
|
983,923 |
|
Total liabilities and shareholders' equity |
$ |
1,757,255 |
|
|
$ |
1,801,846 |
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Supplemental
Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks Ended |
|
|
Thirteen Weeks Ended |
|
|
|
|
|
September 28, |
|
September 30, |
|
|
September 28, |
|
September 30, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
Revenue generated through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
1,851,237 |
|
|
$ |
2,123,693 |
|
|
|
$ |
603,993 |
|
|
$ |
665,569 |
|
|
|
|
Unsided/platform equipment |
|
|
1,093,753 |
|
|
|
1,150,483 |
|
|
|
|
369,758 |
|
|
|
378,147 |
|
|
|
Less-than-truckload |
|
|
77,902 |
|
|
|
90,770 |
|
|
|
|
24,195 |
|
|
|
28,097 |
|
|
|
Other truck transportation (1) |
|
|
242,853 |
|
|
|
379,471 |
|
|
|
|
93,178 |
|
|
|
101,951 |
|
|
|
|
Total truck
transportation |
|
|
3,265,745 |
|
|
|
3,744,417 |
|
|
|
|
1,091,124 |
|
|
|
1,173,764 |
|
|
Rail intermodal |
|
|
65,981 |
|
|
|
73,953 |
|
|
|
|
20,979 |
|
|
|
23,064 |
|
|
Ocean and air cargo carriers |
|
|
201,729 |
|
|
|
202,358 |
|
|
|
|
76,349 |
|
|
|
65,824 |
|
|
Other (2) |
|
|
76,460 |
|
|
|
78,149 |
|
|
|
|
25,415 |
|
|
|
26,693 |
|
|
|
|
|
|
$ |
3,609,915 |
|
|
$ |
4,098,877 |
|
|
|
$ |
1,213,867 |
|
|
$ |
1,289,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue on loads hauled via BCO Independent
Contractors (3) |
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
$ |
1,374,915 |
|
|
$ |
1,543,634 |
|
|
|
$ |
456,844 |
|
|
$ |
508,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
|
887,895 |
|
|
|
966,867 |
|
|
|
|
287,922 |
|
|
|
311,831 |
|
|
|
|
Unsided/platform equipment |
|
|
362,627 |
|
|
|
389,471 |
|
|
|
|
118,220 |
|
|
|
126,286 |
|
|
|
Less-than-truckload |
|
|
119,346 |
|
|
|
134,580 |
|
|
|
|
36,496 |
|
|
|
41,514 |
|
|
|
Other truck transportation (1) |
|
|
114,552 |
|
|
|
157,112 |
|
|
|
|
43,112 |
|
|
|
46,739 |
|
|
|
|
Total truck
transportation |
|
|
1,484,420 |
|
|
|
1,648,030 |
|
|
|
|
485,750 |
|
|
|
526,370 |
|
|
Rail intermodal |
|
|
21,420 |
|
|
|
22,150 |
|
|
|
|
7,040 |
|
|
|
6,760 |
|
|
Ocean and air cargo carriers |
|
|
26,120 |
|
|
|
25,380 |
|
|
|
|
8,880 |
|
|
|
8,630 |
|
|
|
|
|
|
|
1,531,960 |
|
|
|
1,695,560 |
|
|
|
|
501,670 |
|
|
|
541,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors
(3) |
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
|
620,640 |
|
|
|
689,260 |
|
|
|
|
198,340 |
|
|
|
225,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
2,085 |
|
|
$ |
2,196 |
|
|
|
$ |
2,098 |
|
|
$ |
2,134 |
|
|
|
|
Unsided/platform equipment |
|
|
3,016 |
|
|
|
2,954 |
|
|
|
|
3,128 |
|
|
|
2,994 |
|
|
|
Less-than-truckload |
|
|
653 |
|
|
|
674 |
|
|
|
|
663 |
|
|
|
677 |
|
|
|
Other truck transportation (1) |
|
|
2,120 |
|
|
|
2,415 |
|
|
|
|
2,161 |
|
|
|
2,181 |
|
|
|
|
Total truck
transportation |
|
|
2,200 |
|
|
|
2,272 |
|
|
|
|
2,246 |
|
|
|
2,230 |
|
|
Rail intermodal |
|
|
3,080 |
|
|
|
3,339 |
|
|
|
|
2,980 |
|
|
|
3,412 |
|
|
Ocean and air cargo carriers |
|
|
7,723 |
|
|
|
7,973 |
|
|
|
|
8,598 |
|
|
|
7,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO
Independent Contractors (3) |
|
$ |
2,215 |
|
|
$ |
2,240 |
|
|
|
$ |
2,303 |
|
|
$ |
2,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by capacity type (as a % of total revenue): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (3) |
|
|
38 |
% |
|
|
38 |
% |
|
|
|
38 |
% |
|
|
39 |
% |
|
|
Truck Brokerage Carriers |
|
|
52 |
% |
|
|
54 |
% |
|
|
|
52 |
% |
|
|
52 |
% |
|
Rail intermodal |
|
|
2 |
% |
|
|
2 |
% |
|
|
|
2 |
% |
|
|
2 |
% |
|
Ocean and air cargo carriers |
|
|
6 |
% |
|
|
5 |
% |
|
|
|
6 |
% |
|
|
5 |
% |
|
Other |
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28, |
|
September 30, |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
Truck Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors
(3) |
|
|
|
|
|
|
|
8,266 |
|
|
|
9,455 |
|
|
Truck Brokerage Carriers: |
|
|
|
|
|
|
|
|
|
|
|
Approved and active (4) |
|
|
|
|
|
|
|
44,828 |
|
|
|
51,717 |
|
|
Other approved |
|
|
|
|
|
|
|
25,714 |
|
|
|
27,925 |
|
|
|
|
|
|
|
|
|
|
|
|
70,542 |
|
|
|
79,642 |
|
|
Total available truck capacity providers |
|
|
|
|
|
|
|
78,808 |
|
|
|
89,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors
(3) |
|
|
|
|
|
|
|
9,027 |
|
|
|
10,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks Ended |
|
Thirteen Weeks Ended |
|
|
|
September 28, |
|
September 30, |
|
September 28, |
|
September 30, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
3,609,915 |
|
|
$ |
4,098,877 |
|
|
$ |
1,213,867 |
|
|
$ |
1,289,345 |
|
|
|
|
|
|
|
|
|
|
|
Costs of revenue: |
|
|
|
|
|
|
|
|
|
Purchased
transportation |
|
2,799,384 |
|
|
|
3,141,234 |
|
|
|
943,805 |
|
|
|
986,743 |
|
|
|
Commissions
to agents |
|
295,801 |
|
|
|
363,397 |
|
|
|
98,703 |
|
|
|
115,244 |
|
|
|
|
|
|
|
|
|
|
|
|
Variable costs of revenue |
|
3,095,185 |
|
|
|
3,504,631 |
|
|
|
1,042,508 |
|
|
|
1,101,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing
equipment depreciation |
|
20,764 |
|
|
|
24,240 |
|
|
|
6,930 |
|
|
|
7,721 |
|
|
|
Information
technology costs (1) |
|
18,115 |
|
|
|
19,791 |
|
|
|
6,129 |
|
|
|
6,298 |
|
|
|
Insurance-related costs (2) |
|
85,122 |
|
|
|
88,484 |
|
|
|
30,463 |
|
|
|
30,102 |
|
|
|
Other
operating costs |
|
44,138 |
|
|
|
40,998 |
|
|
|
15,144 |
|
|
|
15,158 |
|
|
|
|
|
|
|
|
|
|
|
|
Other costs of revenue |
|
168,139 |
|
|
|
173,513 |
|
|
|
58,666 |
|
|
|
59,279 |
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of revenue |
|
3,263,324 |
|
|
|
3,678,144 |
|
|
|
1,101,174 |
|
|
|
1,161,266 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
346,591 |
|
|
$ |
420,733 |
|
|
$ |
112,693 |
|
|
$ |
128,079 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
9.6 |
% |
|
|
10.3 |
% |
|
|
9.3 |
% |
|
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
Plus: other costs of revenue |
|
168,139 |
|
|
|
173,513 |
|
|
|
58,666 |
|
|
|
59,279 |
|
|
|
|
|
|
|
|
|
|
|
Variable contribution |
$ |
514,730 |
|
|
$ |
594,246 |
|
|
$ |
171,359 |
|
|
$ |
187,358 |
|
|
|
|
|
|
|
|
|
|
|
Variable contribution margin |
|
14.3 |
% |
|
|
14.5 |
% |
|
|
14.1 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
|
|
(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) 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
Chief Financial Officer
904-398-9400
Landstar System (NASDAQ:LSTR)
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