Landstar System, Inc. (NASDAQ: LSTR) reported record quarterly
revenue of $1.971 billion in the 2022 first quarter, a 53 percent
increase over revenue of $1.288 billion in the 2021 first quarter;
quarterly net income of $124.8 million, an increase of 62 percent
over net income of $77.2 million in the 2021 first quarter; and
quarterly diluted earnings per share (“DEPS”) of $3.34, an increase
of 66 percent compared to $2.01 in the 2021 first quarter. To put
these 2022 first quarter results into perspective, the Company’s
revenue, net income, and DEPS were the highest amounts achieved in
any quarter in Landstar history, surpassing the prior record
amounts established in the 2021 fourth quarter.
Gross profit in the 2022 first quarter was
$214.6 million, an all-time quarterly record, compared to $147.1
million in the 2021 first quarter. Variable contribution (defined
as revenue less the cost of purchased transportation and
commissions to agents) also reached an all-time quarterly record of
$270.5 million in the 2022 first quarter, 43 percent above 2021
first quarter variable contribution of $189.2 million.
A reconciliation of gross profit to variable contribution and gross
profit margin to variable contribution margin for the 2022 and 2021
first quarters is provided in the Company’s accompanying financial
disclosures.
Trailing twelve month return on average
shareholders’ equity was 51 percent and return on invested capital,
representing net income divided by the sum of average equity plus
average debt, was 45 percent. During the 2022 first quarter,
Landstar purchased approximately 694,000 shares of its common stock
at an aggregate cost of $109.3 million. The Company is currently
authorized to purchase up to an additional 2,306,450 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 $0.25 per share
payable on May 27, 2022, to stockholders of record as of the close
of business on May 5, 2022. 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 2022 first quarter was $1,751.3 million, or 89
percent of revenue, compared to $1,193.5 million, or 93 percent of
revenue, in the 2021 first quarter. Truckload transportation
revenue hauled via van equipment in the 2022 first quarter was
$1,081.2 million, compared to $729.4 million in the 2021 first
quarter, an increase of 48 percent. Truckload transportation
revenue hauled via unsided/platform equipment in the 2022 first
quarter was $408.8 million, compared to $297.5 million in the 2021
first quarter, an increase of 37 percent. Revenue from other truck
transportation in the 2022 first quarter was $227.6 million,
compared to $140.9 million in the 2021 first quarter, an increase
of 61 percent. Revenue hauled by rail, air and ocean cargo carriers
in the 2022 first quarter was $194.7 million, or 10 percent of
revenue, compared to $79.3 million, or 6 percent of revenue, in the
2021 first quarter, an increase of 146 percent.
“I am very pleased overall with Landstar’s 2022
first quarter performance, as the Company continued to perform at
record levels. The 2022 first quarter once again set a new standard
for the best quarterly financial performance in Landstar history.
Revenue, gross profit, variable contribution, net income and
diluted earnings per share were each all-time quarterly records.
The increase in truck revenue per load and the number of loads
hauled via truck over the 2021 first quarter represent very strong,
balanced growth. Remarkably, for the first time in Landstar
history, February truck revenue per load was higher than in the
preceding December,” said Landstar President and CEO Jim
Gattoni.
As previously disclosed in a Current Report on Form 8-K filed on
February 28, 2022, through the first 8 weeks of the Company’s
2022 first fiscal quarter as compared to the first 8 weeks of the
Company’s 2021 first fiscal quarter, revenue per load on loads
hauled via truck increased 27 percent and the number of loads
hauled via truck increased 24 percent. The Company also noted in
the February 28 Form 8-K that two of the largest
Landstar independent commission sales agencies, as measured by
Landstar revenue generated in fiscal year 2021, maintain
administrative operations in Ukraine that could be significantly
disrupted by the Russian invasion of Ukraine.
Consistent with the estimated amounts set forth in a Current
Report on Form 8-K subsequently filed by the Company on April 5,
2022, during the Company’s 2022 first quarter compared to the 2021
first quarter, revenue per load on loads hauled via truck increased
22 percent and the number of loads hauled via truck increased 20
percent. The Company attributes the decrease in the year-over-year
growth rate of revenue per load on loads hauled via truck in
the 13-week 2022 first quarter compared to that of the
first 8 weeks of the 2022 first quarter to a more difficult
year-over-year comparison in March. Prior year March experienced an
atypical increase in truck revenue per load of 11 percent on a
sequential basis from fiscal February 2021 to fiscal March 2021.
The decrease in the year-over-year growth rate of loads hauled via
truck in the 2022 first quarter compared to that of the first 8
weeks of the 2022 first fiscal quarter was attributable to
(1) the impact of the Russian invasion of Ukraine, although as
disclosed in the April 5 Form 8-K, first quarter truck load volumes
arranged by the two independent commission sales agencies with
significant administrative operations based in Ukraine were
significantly less impacted than initially anticipated by the
Company, and (2) an atypical increase in the number of loads
hauled via truck from fiscal February 2021 to fiscal March 2021
that resulted from severe winter weather experienced during the
last week of fiscal February 2021.
Gattoni continued, “Over the trailing 12 month period,
Landstar’s financial performance has been unparalleled in our
history. As a result, our prior year comparisons will become more
challenging as we move further into 2022. Moreover, the headwinds
relating to inflation and a potential shift in consumer spending,
as well as potential impacts relating to the war in Ukraine, make
it difficult to predict the future direction of the U.S. freight
transportation environment. Nevertheless, throughout March and
through the first few weeks of the 2022 second quarter, customer
demand for our freight transportation services remained
strong.”
In March 2022, revenue per load for loads hauled via truck was
approximately equal to that of February 2022 even though the cost
of a gallon of diesel fuel increased approximately $1, or 27%, from
February to March. This suggests a decrease in revenue per load
(excluding fuel) in March compared to February on loads hauled via
truck brokerage carriers, as the cost of fuel is often reflected in
all-in rates billed by Landstar to customers on loads hauled by
truck brokerage carriers and included in the Company’s revenue.
Notably though, revenue per load on loads hauled by BCOs only
experienced a slight decrease in March compared to February. In
this regard it is important to note that revenue per load on loads
hauled by BCOs is typically less sensitive to changes in the cost
of diesel fuel as fuel surcharges billed to customers on freight
hauled by BCOs are paid 100% by Landstar to the hauling BCO and not
included in the Company’s revenue.
Gattoni further stated, “Currently, overall truck revenue per
load is trending at levels similar to March. Although it is
difficult to predict what may occur with respect to prices for
diesel fuel going forward, we expect a relatively stable revenue
per load environment to continue throughout the 2022 second
quarter. As such, I expect revenue per load on loads hauled via
truck in the 2022 second quarter to be in a mid-teen percentage
range above the 2021 second quarter. As I previously noted, we
enter the second quarter with continued strong demand for our
services but also with more difficult year-over-prior-year period
comparisons ahead of us. Assuming these conditions continue through
the 2022 second quarter, I expect the number of loads hauled via
truck to increase over the 2021 second quarter in a range of 11
percent to 13 percent. As such, I anticipate revenue for the 2022
second quarter to be in a range of $2.0 billion to $2.05
billion.”
Gattoni concluded, “Based on the range of
revenue estimated for the 2022 second quarter, I would anticipate
DEPS to be in a range of $3.22 to $3.32. This range of DEPS
includes insurance and claims expense estimated at 4.2 percent of
BCO revenue.”
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 2022 Earnings Release
Conference Call.”
About Landstar:Landstar System,
Inc. 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 2021 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;
substantial industry competition; disruptions or failures in the
Company’s computer systems; cyber and other information security
incidents; dependence on key vendors; changes in fuel 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 2021 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 |
|
|
|
|
|
|
March 26, |
|
March 27, |
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
1,970,599 |
|
$ |
1,287,534 |
Investment income |
|
|
|
721 |
|
|
684 |
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
Purchased transportation |
|
|
1,550,330 |
|
|
998,285 |
|
Commissions to agents |
|
|
149,778 |
|
|
100,009 |
|
Other operating costs, net of gains on asset
sales/dispositions |
|
|
11,141 |
|
|
7,642 |
|
Insurance and claims |
|
|
|
30,768 |
|
|
21,505 |
|
Selling, general and administrative |
|
|
52,713 |
|
|
45,408 |
|
Depreciation and amortization |
|
|
13,757 |
|
|
12,101 |
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
1,808,487 |
|
|
1,184,950 |
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
162,833 |
|
|
103,268 |
Interest and debt expense |
|
|
1,123 |
|
|
1,042 |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
161,710 |
|
|
102,226 |
Income taxes |
|
|
|
|
36,871 |
|
|
24,986 |
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
$ |
124,839 |
|
$ |
77,240 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
3.34 |
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
|
37,418,000 |
|
|
38,404,000 |
|
|
|
|
|
|
|
|
|
Dividends per common share |
|
$ |
0.25 |
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Consolidated
Balance Sheets |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 26, |
|
December 25, |
|
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
146,025 |
|
|
$ |
215,522 |
|
|
Short-term investments |
|
|
|
35,679 |
|
|
|
35,778 |
|
|
Trade accounts receivable, less allowance |
|
|
|
|
|
of $7,940 and $7,074 |
|
|
|
1,223,123 |
|
|
|
1,154,314 |
|
|
Other receivables, including advances to independent |
|
|
|
|
|
contractors, less allowance of $8,838 and $8,125 |
|
123,231 |
|
|
|
101,124 |
|
|
Other current assets |
|
|
|
10,441 |
|
|
|
16,162 |
|
|
|
Total current assets |
|
|
|
1,538,499 |
|
|
|
1,522,900 |
|
|
|
|
|
|
|
|
|
|
|
Operating property, less accumulated depreciation |
|
|
|
|
|
|
and amortization of $356,988 and $344,099 |
|
307,044 |
|
|
|
317,386 |
|
Goodwill |
|
|
|
|
|
40,945 |
|
|
|
40,768 |
|
Other assets |
|
|
|
|
159,325 |
|
|
|
164,411 |
|
Total assets |
|
|
|
$ |
2,045,813 |
|
|
$ |
2,045,465 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
|
|
|
Cash overdraft |
|
|
$ |
96,215 |
|
|
$ |
116,478 |
|
|
Accounts payable |
|
|
|
626,337 |
|
|
|
604,130 |
|
|
Current maturities of long-term debt |
|
34,983 |
|
|
|
36,561 |
|
|
Insurance claims |
|
|
|
52,644 |
|
|
|
46,896 |
|
|
Dividends payable |
|
|
|
- |
|
|
|
75,387 |
|
|
Accrued income taxes |
|
|
|
50,280 |
|
|
|
18,403 |
|
|
Other current liabilities |
|
|
|
89,793 |
|
|
|
112,128 |
|
|
|
Total current liabilities |
|
|
|
950,252 |
|
|
|
1,009,983 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current maturities |
|
137,289 |
|
|
|
75,243 |
|
Insurance claims |
|
|
|
51,132 |
|
|
|
49,509 |
|
Deferred income taxes and other non-current liabilities |
|
50,991 |
|
|
|
48,720 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 160,000,000 |
|
|
|
|
|
shares, issued 68,370,151 and 68,232,975 |
|
684 |
|
|
|
682 |
|
|
Additional paid-in capital |
|
|
|
248,230 |
|
|
|
255,148 |
|
|
Retained earnings |
|
|
|
2,432,699 |
|
|
|
2,317,184 |
|
|
Cost of 31,242,818 and 30,539,235 shares of common |
|
|
|
|
|
stock in treasury |
|
|
|
(1,816,149 |
) |
|
|
(1,705,601 |
) |
|
Accumulated other comprehensive loss |
|
(9,315 |
) |
|
|
(5,403 |
) |
|
|
Total shareholders' equity |
|
|
|
856,149 |
|
|
|
862,010 |
|
Total liabilities and shareholders' equity |
$ |
2,045,813 |
|
|
$ |
2,045,465 |
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Supplemental
Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
March 26, |
|
March 27, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Revenue generated through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
Van
equipment |
|
$ |
1,081,206 |
|
|
$ |
729,402 |
|
|
|
|
Unsided/platform equipment |
|
|
408,757 |
|
|
|
297,485 |
|
|
|
Less-than-truckload |
|
|
33,720 |
|
|
|
25,670 |
|
|
|
Other truck transportation (1) |
|
|
227,601 |
|
|
|
140,932 |
|
|
|
|
Total truck
transportation |
|
|
1,751,284 |
|
|
|
1,193,489 |
|
|
Rail intermodal |
|
|
42,688 |
|
|
|
31,708 |
|
|
Ocean and air cargo carriers |
|
|
152,057 |
|
|
|
47,600 |
|
|
Other (2) |
|
|
24,570 |
|
|
|
14,737 |
|
|
|
|
|
|
$ |
1,970,599 |
|
|
$ |
1,287,534 |
|
|
|
|
|
|
|
|
|
|
Revenue on loads hauled via BCO Independent Contractors (3) |
|
|
|
|
|
|
included in total truck transportation |
|
$ |
727,574 |
|
|
$ |
560,114 |
|
|
|
|
|
|
|
|
|
Number of loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
Van
equipment |
|
|
376,268 |
|
|
|
321,212 |
|
|
|
|
Unsided/platform equipment |
|
|
131,829 |
|
|
|
114,263 |
|
|
|
Less-than-truckload |
|
|
47,843 |
|
|
|
40,692 |
|
|
|
Other truck transportation (1) |
|
|
85,930 |
|
|
|
59,663 |
|
|
|
|
Total truck
transportation |
|
|
641,870 |
|
|
|
535,830 |
|
|
Rail intermodal |
|
|
12,630 |
|
|
|
11,700 |
|
|
Ocean and air cargo carriers |
|
|
11,560 |
|
|
|
9,230 |
|
|
|
|
|
|
|
666,060 |
|
|
|
556,760 |
|
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors (3) |
|
|
|
|
|
|
included in total truck transportation |
|
|
262,240 |
|
|
|
245,950 |
|
|
|
|
|
|
|
|
|
Revenue per load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
Van
equipment |
|
$ |
2,873 |
|
|
$ |
2,271 |
|
|
|
|
Unsided/platform equipment |
|
|
3,101 |
|
|
|
2,604 |
|
|
|
Less-than-truckload |
|
|
705 |
|
|
|
631 |
|
|
|
Other truck transportation (1) |
|
|
2,649 |
|
|
|
2,362 |
|
|
|
|
Total truck
transportation |
|
|
2,728 |
|
|
|
2,227 |
|
|
Rail intermodal |
|
|
3,380 |
|
|
|
2,710 |
|
|
Ocean and air cargo carriers |
|
|
13,154 |
|
|
|
5,157 |
|
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO Independent Contractors
(3) |
|
$ |
2,774 |
|
|
$ |
2,277 |
|
|
|
|
|
|
|
|
|
Revenue by capacity type (as a % of total revenue): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
BCO Independent Contractors (3) |
|
|
37 |
% |
|
|
44 |
% |
|
|
Truck Brokerage Carriers |
|
|
52 |
% |
|
|
49 |
% |
|
Rail intermodal |
|
|
2 |
% |
|
|
2 |
% |
|
Ocean and air cargo carriers |
|
|
8 |
% |
|
|
4 |
% |
|
Other |
|
|
|
1 |
% |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 26, |
|
March 27, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
Truck Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (3) |
|
|
11,089 |
|
|
|
10,498 |
|
|
Truck Brokerage Carriers: |
|
|
|
|
|
Approved and active (4) |
|
|
68,859 |
|
|
|
49,538 |
|
|
Other approved |
|
|
28,094 |
|
|
|
23,246 |
|
|
|
|
|
|
|
96,953 |
|
|
|
72,784 |
|
|
Total available truck capacity providers |
|
|
108,042 |
|
|
|
83,282 |
|
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors (3) |
|
|
11,935 |
|
|
|
11,268 |
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
March 26, |
|
March 27, |
|
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
1,970,599 |
|
|
$ |
1,287,534 |
|
|
|
|
|
|
|
|
|
|
Costs of revenue: |
|
|
|
|
|
|
Purchased transportation |
|
|
1,550,330 |
|
|
|
998,285 |
|
|
|
Commissions to agents |
|
|
149,778 |
|
|
|
100,009 |
|
|
|
|
|
|
|
|
|
|
|
Variable costs of revenue |
|
|
1,700,108 |
|
|
|
1,098,294 |
|
|
|
|
|
|
|
|
|
|
|
|
Trailing equipment depreciation |
|
|
9,083 |
|
|
|
8,907 |
|
|
|
Information technology costs (1) |
|
|
4,046 |
|
|
|
2,938 |
|
|
|
Insurance-related costs (2) |
|
|
31,655 |
|
|
|
22,622 |
|
|
|
Other operating costs |
|
|
11,141 |
|
|
|
7,642 |
|
|
|
|
|
|
|
|
|
|
|
Other costs of revenue |
|
|
55,925 |
|
|
|
42,109 |
|
|
|
|
|
|
|
|
|
|
|
Total costs of revenue |
|
|
1,756,033 |
|
|
|
1,140,403 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
214,566 |
|
|
$ |
147,131 |
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
10.9 |
% |
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
Plus: other costs of revenue |
|
|
55,925 |
|
|
|
42,109 |
|
|
|
|
|
|
|
|
|
|
Variable contribution |
|
$ |
270,491 |
|
|
$ |
189,240 |
|
|
|
|
|
|
|
|
|
|
Variable contribution margin |
|
|
13.7 |
% |
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
(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) 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: Fred Pensotti (CFO)
Landstar System, Inc.
www.landstar.com
904-398-9400
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