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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/04/23 Landstar System Inc. 10-Q 7/01/23 64:5.2M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.08M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 21K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 21K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 19K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 19K 11: R1 Cover Page HTML 71K 12: R2 Consolidated Balance Sheets HTML 111K 13: R3 Consolidated Balance Sheets (Parenthetical) HTML 33K 14: R4 Consolidated Statements of Income HTML 81K 15: R5 Consolidated Statements of Comprehensive Income HTML 44K 16: R6 Consolidated Statements of Comprehensive Income HTML 20K (Parenthetical) 17: R7 Consolidated Statements of Cash Flows HTML 103K 18: R8 Consolidated Statements of Changes in HTML 91K Shareholders' Equity 19: R9 Consolidated Statements of Changes in HTML 20K Shareholders' Equity (Parenthetical) 20: R10 Significant Accounting Policies HTML 42K 21: R11 Share-based Payment Arrangements HTML 54K 22: R12 Income Taxes HTML 24K 23: R13 Earnings Per Share HTML 24K 24: R14 Additional Cash Flow Information HTML 21K 25: R15 Segment Information HTML 55K 26: R16 Other Comprehensive Income HTML 30K 27: R17 Investments HTML 78K 28: R18 Leases HTML 56K 29: R19 Debt HTML 27K 30: R20 Commitments and Contingencies HTML 22K 31: R21 Significant Accounting Policies (Policies) HTML 43K 32: R22 Significant Accounting Policies (Tables) HTML 40K 33: R23 Share-based Payment Arrangements (Tables) HTML 49K 34: R24 Segment Information (Tables) HTML 51K 35: R25 Other Comprehensive Income (Tables) HTML 29K 36: R26 Investments (Tables) HTML 74K 37: R27 Leases (Tables) HTML 59K 38: R28 Schedule Of Revenue By Major Customers By HTML 50K Reporting Segments (Detail) 39: R29 Share-based Payment Arrangements - Additional HTML 84K Information (Detail) 40: R30 Amounts Recognized in Financial Statements with HTML 26K Respect to Plans (Detail) 41: R31 Schedule of Information on Restricted Stock Units HTML 48K (Detail) 42: R32 Schedule of Information on Non - Vested Restricted HTML 38K Stock Units (Detail) 43: R33 Income Taxes - Additional Information (Detail) HTML 25K 44: R34 Earnings Per Share - Additional Information HTML 22K (Detail) 45: R35 Additional Cash Flow Information - Additional HTML 26K Information (Detail) 46: R36 Segment Information - Additional Information HTML 23K (Detail) 47: R37 Information Regarding Reportable Business Segments HTML 52K (Detail) 48: R38 Other Comprehensive Income - Components of and HTML 41K Changes in Accumulated Other Comprehensive (Loss) Income, Net of Related Income Taxes (Detail) 49: R39 Investments - Additional Information (Detail) HTML 27K 50: R40 Amortized Cost and Fair Value of HTML 45K Available-for-Sale Investments (Detail) 51: R41 Schedule of Unrealized Loss on Available-for-Sale HTML 53K Investments (Detail) 52: R42 Leases - Additional Information (Detail) HTML 23K 53: R43 Leases - Components of Lease Cost for Finance HTML 38K Leases and Operating Leases (Detail) 54: R44 Leases - Classification on our Consolidated HTML 25K Balance Sheet (Detail) 55: R45 Leases - Undiscounted Cash Flows for the Finance HTML 71K and Operating Leases (Detail) 56: R46 Leases - Undiscounted Cash Flows for the Finance HTML 22K and Operating Leases (Parenthetical) (Detail) 57: R47 Leases - Weighted Average Remaining Lease Term and HTML 27K the Weighted Average Discount Rate for Finance and Operating leases (Detail) 58: R48 Debt - Additional Information (Detail) HTML 59K 59: R49 Commitments and Contingencies - Additional HTML 34K Information (Detail) 62: XML IDEA XML File -- Filing Summary XML 111K 60: XML XBRL Instance -- d444128d10q_htm XML 1.07M 61: EXCEL IDEA Workbook of Financial Report Info XLSX 88K 7: EX-101.CAL XBRL Calculations -- lstr-20230701_cal XML 141K 8: EX-101.DEF XBRL Definitions -- lstr-20230701_def XML 734K 9: EX-101.LAB XBRL Labels -- lstr-20230701_lab XML 866K 10: EX-101.PRE XBRL Presentations -- lstr-20230701_pre XML 789K 6: EX-101.SCH XBRL Schema -- lstr-20230701 XSD 119K 63: JSON XBRL Instance as JSON Data -- MetaLinks 427± 622K 64: ZIP XBRL Zipped Folder -- 0001193125-23-203607-xbrl Zip 206K
Form 10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 06-1313069 | |
(State or other jurisdiction of |
(I.R.S. Employer | |
incorporation or organization) |
Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Common Stock |
i LSTR |
i NASDAQ |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☐ | Smaller reporting company | i ☐ | |||
Emerging growth company | i ☐ |
Item 1. Financial Statements (unaudited) | ||||
Page 4 | ||||
Page 5 | ||||
Page 6 | ||||
Page 7 | ||||
Page 8 | ||||
Page 10 | ||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | Page 18 | |||
Page 31 | ||||
Page 32 | ||||
PART II – Other Information | ||||
Page 32 | ||||
Page 32 | ||||
Page 33 | ||||
Page 33 | ||||
Page 35 |
EX – 31.1 Section 302 CEO Certification |
EX – 31.2 Section 302 CFO Certification |
EX – 32.1 Section 906 CEO Certification |
EX – 32.2 Section 906 CFO Certification |
2023 |
2022 |
|||||||
ASSETS | ||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | i 360,528 | $ | i 339,581 | ||||
Short-term investments |
i 58,574 | i 53,955 | ||||||
Trade accounts receivable, less allowance of $ i 12,715 and $ i 12,121 |
i 848,839 | i 967,793 | ||||||
Other receivables, including advances to independent contractors, less allowance of $ i 13,673 and $ i 10,579
|
i 64,079 | i 56,235 | ||||||
Other current assets |
i 41,667 | i 21,826 | ||||||
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|
|
|
|||||
Total current assets |
i 1,373,687 | i 1,439,390 | ||||||
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|
|||||
Operating property, less accumulated depreciation and amortization of $ i 417,364 and $ i 393,274
|
i 297,066 | i 314,990 | ||||||
Goodwill |
i 42,166 | i 41,220 | ||||||
Other assets |
i 124,846 | i 136,279 | ||||||
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|
|
|||||
Total assets |
$ | i 1,837,765 | $ | i 1,931,879 | ||||
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|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities |
||||||||
Cash overdraft |
$ | i 57,216 | $ | i 92,953 | ||||
Accounts payable |
i 478,688 | i 527,372 | ||||||
Current maturities of long-term debt |
i 31,560 | i 36,175 | ||||||
Insurance claims |
i 45,160 | i 50,836 | ||||||
Dividends payable |
i — | i 71,854 | ||||||
Other current liabilities |
i 80,202 | i 98,945 | ||||||
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|
|
|
|||||
Total current liabilities |
i 692,826 | i 878,135 | ||||||
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|
|
|||||
Long-term debt, excluding current maturities |
i 53,149 | i 67,225 | ||||||
Insurance claims |
i 57,240 | i 58,268 | ||||||
Deferred income taxes and other noncurrent liabilities |
i 40,989 | i 41,030 | ||||||
Shareholders’ Equity |
||||||||
Common stock, $ i i 0.01 /
par value, authorized i i 160,000,000 / shares, issued i 68,497,324
and i 68,382,310 shares |
i 685 | i 684 | ||||||
Additional paid-in capital |
i 253,486 | i 258,487 | ||||||
Retained earnings |
i 2,759,128 | i 2,635,960 | ||||||
Cost of i 32,550,852 and i 32,455,300 shares of common stock in treasury |
( i 2,009,327 | ) | ( i 1,992,886 | ) | ||||
Accumulated other comprehensive loss |
( i 10,411 | ) | ( i 15,024 | ) | ||||
|
|
|
|
|||||
Total shareholders’ equity |
i 993,561 | i 887,221 | ||||||
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|
|||||
Total liabilities and shareholders’ equity |
$ | i 1,837,765 | $ | i 1,931,879 | ||||
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|
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
Revenue |
$ | i 2,809,532 | $ | i 3,945,663 | $ | i 1,373,857 | $ | i 1,975,064 | ||||||||
Investment income |
i 3,852 | i 1,307 | i 2,484 | i 586 | ||||||||||||
Costs and expenses: |
||||||||||||||||
Purchased transportation |
i 2,154,491 | i 3,096,018 | i 1,053,197 | i 1,545,688 | ||||||||||||
Commissions to agents |
i 248,153 | i 311,634 | i 122,478 | i 161,856 | ||||||||||||
Other operating costs, net of gains on asset sales/dispositions |
i 25,840 | i 21,522 | i 13,462 | i 10,381 | ||||||||||||
Insurance and claims |
i 57,431 | i 64,820 | i 29,784 | i 34,052 | ||||||||||||
Selling, general and administrative |
i 108,096 | i 111,680 | i 54,529 | i 58,967 | ||||||||||||
Depreciation and amortization |
i 30,139 | i 28,045 | i 14,941 | i 14,288 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total costs and expenses |
i 2,624,150 | i 3,633,719 | i 1,288,391 | i 1,825,232 | ||||||||||||
|
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|
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|
|
|||||||||
Operating income |
i 189,234 | i 313,251 | i 87,950 | i 150,418 | ||||||||||||
Interest and debt (income) expense |
( i 1,033 | ) | i 2,228 | ( i 307 | ) | i 1,105 | ||||||||||
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|
|
|
|
|
|
|||||||||
Income before income taxes |
i 190,267 | i 311,023 | i 88,257 | i 149,313 | ||||||||||||
Income taxes |
i 45,513 | i 73,629 | i 21,698 | i 36,758 | ||||||||||||
|
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|
|||||||||
Net income |
$ | i 144,754 | $ | i 237,394 | i 66,559 | $ | i 112,555 | |||||||||
|
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|
|||||||||
Diluted earnings per share |
$ | i 4.03 | $ | i 6.39 | $ | i 1.85 | $ | i 3.05 | ||||||||
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|
|||||||||
Average diluted shares outstanding |
i 35,962,000 | i 37,162,000 | i 35,941,000 | i 36,905,000 | ||||||||||||
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Dividends per common share |
$ | i 0.60 | $ | i 0.50 | $ | i 0.30 | $ | i 0.25 | ||||||||
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Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
Net income |
$ | i 144,754 | $ | i 237,394 | $ | i 66,559 | $ | i 112,555 | ||||||||
Other comprehensive income (loss): |
||||||||||||||||
Unrealized holding gains (losses) on available-for-sale |
i 782 | ( i 7,391 | ) | ( i 338 | ) | ( i 2,204 | ) | |||||||||
Foreign currency translation gains (losses) |
i 3,831 | i 473 | i 2,120 | ( i 802 | ) | |||||||||||
|
|
|
|
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|
|||||||||
Other comprehensive income (loss) |
i 4,613 | ( i 6,918 | ) | i 1,782 | ( i 3,006 | ) | ||||||||||
|
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|
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|
|||||||||
Comprehensive income |
$ | i 149,367 | $ | i 230,476 | $ | i 68,341 | $ | i 109,549 | ||||||||
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|
Twenty Six Weeks Ended |
||||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ | i 144,754 | $ | i 237,394 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
i 30,139 | i 28,045 | ||||||
Non-cash interest charges |
i 132 | i 224 | ||||||
Provisions for losses on trade and other accounts receivable |
i 7,268 | i 6,359 | ||||||
Gains on sales/disposals of operating property |
( i 2,884 | ) | ( i 1,213 | ) | ||||
Deferred income taxes, net |
( i 1,178 | ) | i 5,999 | |||||
Stock-based compensation |
i 3,126 | i 5,810 | ||||||
Changes in operating assets and liabilities: |
||||||||
Decrease (increase) in trade and other accounts receivable |
i 103,842 | ( i 82,233 | ) | |||||
Increase in other assets |
( i 20,258 | ) | ( i 42,742 | ) | ||||
(Decrease) increase in accounts payable |
( i 48,684 | ) | i 66,404 | |||||
Decrease in other liabilities |
( i 17,820 | ) | ( i 25,265 | ) | ||||
(Decrease) increase in insurance claims |
( i 6,704 | ) | i 10,869 | |||||
|
|
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|
|||||
NET CASH PROVIDED BY OPERATING ACTIVITIES |
i 191,733 | i 209,651 | ||||||
|
|
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|
|||||
INVESTING ACTIVITIES |
||||||||
Sales and maturities of investments |
i 63,602 | i 21,918 | ||||||
Purchases of investments |
( i 55,507 | ) | ( i 23,883 | ) | ||||
Purchases of operating property |
( i 12,631 | ) | ( i 7,467 | ) | ||||
Proceeds from sales of operating property |
i 4,582 | i 2,358 | ||||||
Purchase of non-marketable securities |
i — | ( i 4,999 | ) | |||||
|
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|
|||||
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |
i 46 | ( i 12,073 | ) | |||||
|
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|
|
|||||
FINANCING ACTIVITIES |
||||||||
Decrease in cash overdraft |
( i 35,737 | ) | ( i 2,875 | ) | ||||
Dividends paid |
( i 93,440 | ) | ( i 93,968 | ) | ||||
Proceeds from exercises of stock options |
i 28 | i 56 | ||||||
Taxes paid in lieu of shares issued related to stock-based compensation plans |
( i 9,162 | ) | ( i 10,269 | ) | ||||
Purchases of common stock |
( i 15,433 | ) | ( i 212,632 | ) | ||||
Principal payments on finance lease obligations |
( i 18,691 | ) | ( i 19,051 | ) | ||||
|
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|
|
|||||
NET CASH USED BY FINANCING ACTIVITIES |
( i 172,435 | ) | ( i 338,739 | ) | ||||
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|
|||||
Effect of exchange rate changes on cash and cash equivalents |
i 1,603 | ( i 190 | ) | |||||
|
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|
|||||
Increase (decrease) in cash, cash equivalents and restricted cash |
i 20,947 | ( i 141,351 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period |
i 339,581 | i 219,571 | ||||||
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|
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Cash and cash equivalents at end of period |
$ | i 360,528 | $ | i 78,220 | ||||
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|
Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
Total |
|||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
(Loss) Income |
||||||||||||||||||||||||||
Balance December 31, 2022 |
i 68,382,310 | $ | i 684 | $ | i 258,487 | $ | i 2,635,960 | i 32,455,300 | $ | ( i 1,992,886 | ) | $ | ( i 15,024 | ) | $ | i 887,221 | ||||||||||||||||
Net income |
i 78,195 | i 78,195 | ||||||||||||||||||||||||||||||
Dividends ($ i 0.30 per share) |
( i 10,806 | ) | ( i 10,806 | ) | ||||||||||||||||||||||||||||
Purchases of common stock |
i 89,661 | ( i 15,433 | ) | ( i 15,433 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
i 101,653 | i 1 | ( i 7,201 | ) | i 5,891 | ( i 1,008 | ) | ( i 8,208 | ) | |||||||||||||||||||||||
Stock-based compensation |
i 1,852 | i 1,852 | ||||||||||||||||||||||||||||||
Other comprehensive income |
i 2,831 | i 2,831 | ||||||||||||||||||||||||||||||
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Balance April 1, 2023 |
i 68,483,963 | $ | i 685 | $ | i 253,138 | $ |
i 2,703,349 | i 32,550,852 | $ | ( i 2,009,327 | ) | $ | ( i 12,193 | ) | $ |
i 935,652 | ||||||||||||||||
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Net income |
i 66,559 | i 66,559 | ||||||||||||||||||||||||||||||
Dividends ($ i 0.30 per share) |
( i 10,780 | ) | ( i 10,780 | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
i 13,361 | ( i 926 | ) | ( i 926 | ) | |||||||||||||||||||||||||||
Stock-based compensation |
i 1,274 | i 1,274 | ||||||||||||||||||||||||||||||
Other comprehensive income |
i 1,782 | i 1,782 | ||||||||||||||||||||||||||||||
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Balance July 1, 2023 |
i 68,497,324 | $ | i 685 | $ | i 253,486 | $ | i 2,759,128 | i 32,550,852 | $ | ( i 2,009,327 | ) | $ | ( i 10,411 | ) | $ | i 993,561 | ||||||||||||||||
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Common Stock |
Additional Paid-In |
Retained |
Treasury Stock at Cost |
Accumulated Other Comprehensive |
||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Earnings |
Shares |
Amount |
Loss |
Total |
|||||||||||||||||||||||||
Balance December 25, 2021 |
i 68,232,975 | $ | i 682 | $ | i 255,148 | $ | i 2,317,184 | i 30,539,235 | $ | ( i 1,705,601 | ) | $ | ( i 5,403 | ) | $ | i 862,010 | ||||||||||||||||
Net income |
i 124,839 | i 124,839 | ||||||||||||||||||||||||||||||
Dividends ($ i 0.25 per share) |
( i 9,324 | ) | ( i 9,324 | ) | ||||||||||||||||||||||||||||
Purchases of common stock |
i 693,550 | ( i 109,332 | ) | ( i 109,332 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
i 137,176 | i 2 | ( i 8,913 | ) | i 10,033 | ( i 1,216 | ) | ( i 10,127 | ) | |||||||||||||||||||||||
Stock-based compensation |
i 1,995 | i 1,995 | ||||||||||||||||||||||||||||||
Other comprehensive loss |
( i 3,912 | ) | ( i 3,912 | ) | ||||||||||||||||||||||||||||
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Balance March 26, 2022 |
i 68,370,151 | $ | i 684 | $ | i 248,230 | $ | i 2,432,699 | i 31,242,818 | $ | ( i 1,816,149 | ) | $ | ( i 9,315 | ) | $ | i 856,149 | ||||||||||||||||
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|
|||||||||||||||||
Net income |
i 112,555 | i 112,555 | ||||||||||||||||||||||||||||||
Dividends ($ i 0.25 per share) |
( i 9,257 | ) | ( i 9,257 | ) | ||||||||||||||||||||||||||||
Purchases of common stock |
i 703,211 | ( i 103,300 | ) | ( i 103,300 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
i 6,783 | i — | i — | i 587 | ( i 86 | ) | ( i 86 | ) | ||||||||||||||||||||||||
Stock-based compensation |
i 3,815 | i 3,815 | ||||||||||||||||||||||||||||||
Other comprehensive loss |
( i 3,006 | ) | ( i 3,006 | ) | ||||||||||||||||||||||||||||
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Balance June 25, 2022 |
i 68,376,934 | $ | i 684 | $ | i 252,045 | $ | i 2,535,997 | i 31,946,616 | $ | ( i 1,919,535 | ) | $ | ( i 12,321 | ) | $ | i 856,870 | ||||||||||||||||
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(1) |
Significant Accounting Policies |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
Mode |
||||||||||||||||
Truck – BCO Independent Contractors |
i 37 | % | i 36 | % | i 38 | % | i 35 | % | ||||||||
Truck – Truck Brokerage Carriers |
i 55 | % | i 53 | % | i 53 | % | i 54 | % | ||||||||
Rail intermodal |
i 2 | % | i 2 | % | i 2 | % | i 2 | % | ||||||||
Ocean and air cargo carriers |
i 5 | % | i 8 | % | i 5 | % | i 8 | % | ||||||||
Truck Equipment Type |
||||||||||||||||
Van equipment |
$ | i 1,458,124 | $ | i 2,108,143 | $ |
i 703,041 | $ | i 1,026,938 | ||||||||
Unsided/platform equipment |
$ | i 772,336 | $ | i 883,032 | $ | i 394,772 | $ | i 474,274 | ||||||||
Less-than-truckload |
$ | i 62,673 | $ | i 70,651 | $ | i 31,115 | $ | i 36,931 | ||||||||
Other truck transportation (1) |
$ | i 277,520 | $ | i 436,656 | $ | i 118,017 | $ | i 209,055 |
(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 . |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
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2023 |
2022 |
2023 |
2022 |
|||||||||||||
Total cost of the Plans during the period |
$ | i 3,126 | $ | i 5,810 | $ | i 1,274 | $ | i 3,815 | ||||||||
Amount of related income tax benefit recognized during the period |
( i 3,592 | ) | ( i 4,270 | ) | ( i 841 | ) | ( i 910 | ) | ||||||||
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Net cost of the Plans during the period |
$ | ( i 466 | ) | $ | i 1,540 | $ | i 433 | $ | i 2,905 | |||||||
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Number of RSUs |
Weighted Average Grant Date Fair Value |
|||||||
Outstanding at December 31, 2022 |
i 151,780 | $ | i 115.80 | |||||
Granted |
i 41,317 | $ | i 165.14 | |||||
Shares earned in excess of target (1) |
i 79,176 | $ | i 98.39 | |||||
Vested shares, including shares earned in excess of target |
( i 137,861 | ) | $ | i 97.97 | ||||
Forfeited |
( i 554 | ) | $ | i 136.18 | ||||
|
|
|||||||
Outstanding at July 1, 2023 |
i 133,858 | $ | i 139.01 | |||||
|
|
(1) |
Represents additional shares earned under the February 1, 2019 and January 31, 2020 RSU awards as fiscal year 2022 financial results exceeded target performance level and under the April 24, 2018 and July 1, 2019 RSU awards as total shareholder return during the applicable performance period exceeded target performance level under each of those awards. |
Number of Shares and Deferred Stock Units |
Weighted Average Grant Date Fair Value |
|||||||
Non-vested at December 31, 2022 |
i 47,795 | $ | i 138.30 | |||||
Granted |
i 22,714 | $ | i 179.32 | |||||
Vested |
( i 23,640 | ) | $ | i 138.23 | ||||
Non-vested at July 1, 2023 |
i 46,869 | $ | i 158.22 | |||||
Twenty Six Weeks Ended |
||||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | i 2,772,439 | $ | i 37,093 | $ | i 2,809,532 | $ | i 3,906,558 | $ | i 39,105 | $ | i 3,945,663 | ||||||||||||
Internal revenue |
i 52,178 | i 52,178 | i 52,870 | i 52,870 | ||||||||||||||||||||
Investment income |
i 3,852 | i 3,852 | i 1,307 | i 1,307 | ||||||||||||||||||||
Operating income |
i 158,853 | i 30,381 | i 189,234 | i 291,890 | i 21,361 | i 313,251 | ||||||||||||||||||
Expenditures on long-lived assets |
i 12,631 | i 12,631 | i 7,467 | i 7,467 | ||||||||||||||||||||
Goodwill |
i 42,166 | i 42,166 | i 40,977 | i 40,977 |
Thirteen Weeks Ended |
||||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | i 1,355,593 | $ | i 18,264 | $ | i 1,373,857 | $ | i 1,955,219 | $ | i 19,845 | $ | i 1,975,064 | ||||||||||||
Internal revenue |
i 40,217 | i 40,217 | i 39,986 | i 39,986 | ||||||||||||||||||||
Investment income |
i 2,484 | i 2,484 | i 586 | i 586 | ||||||||||||||||||||
Operating income |
i 72,691 | i 15,259 | i 87,950 | i 139,944 | i 10,474 | i 150,418 | ||||||||||||||||||
Expenditures on long-lived assets |
i 6,398 | i 6,398 | i 3,858 | i 3,858 |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities |
Foreign Currency Translation |
Total |
||||||||||
Balance as of December 31, 2022 |
$ | ( i 8,449 | ) | $ | ( i 6,575 | ) | $ | ( i 15,024 | ) | |||
Other comprehensive income |
i 782 | i 3,831 | i 4,613 | |||||||||
Balance as of July 1, 2023 |
$ | ( i 7,667 | ) | $ | ( i 2,744 | ) | $ | ( i 10,411 | ) | |||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
Money market investments |
$ | i 6,264 | $ | i — | $ | i — | $ | i 6,264 | ||||||||
Asset-backed securities |
i 17,639 | i — | i 2,705 | i 14,934 | ||||||||||||
Corporate bonds and direct obligations of government agencies |
i 121,137 | i 1 | i 6,962 | i 114,176 | ||||||||||||
U.S. Treasury obligations |
i 16,058 | i 1 | i 102 | i 15,957 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 161,098 | $ | i 2 | $ | i 9,769 | $ | i 151,331 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Money market investments |
$ | i 21,910 | $ | i — | $ | i — | $ | i 21,910 | ||||||||
Asset-backed securities |
i 18,905 | i — | i 2,889 | i 16,016 | ||||||||||||
Corporate bonds and direct obligations of government agencies |
i 126,134 | i 1 | i 7,775 | i 118,360 | ||||||||||||
U.S. Treasury obligations |
i 2,344 | i — | i 100 | i 2,244 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 169,293 | $ | i 1 | $ | i 10,764 | $ | i 158,530 | ||||||||
|
|
|
|
|
|
|
|
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
|||||||||||||||||||
Asset-backed securities |
$ | i — | $ | i — | $ | i 14,934 | $ | i 2,705 | $ | i 14,934 | $ | i 2,705 | ||||||||||||
Corporate bonds and direct obligations of government agencies |
i 19,035 | i 262 | i 93,141 | i 6,700 | i 112,176 | i 6,962 | ||||||||||||||||||
U.S. Treasury obligations |
i 6,223 | i 14 | i 2,259 | i 88 | i 8,482 | i 102 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | i 25,258 | $ | i 276 | $ | i 110,334 | $ | i 9,493 | $ | i 135,592 | $ | i 9,769 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Asset-backed securities |
$ | i — | $ | i — | $ | i 16,016 | $ | i 2,889 | $ | i 16,016 | $ | i 2,889 | ||||||||||||
Corporate bonds and direct obligations of government agencies |
i 54,031 | i 1,516 | i 62,390 | i 6,259 | i 116,421 | i 7,775 | ||||||||||||||||||
U.S. Treasury obligations |
i 2,244 | i 100 | i — | i — | i 2,244 | i 100 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | i 56,275 | $ | i 1,616 | $ | i 78,406 | $ | i 9,148 | $ | i 134,681 | $ | i 10,764 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Finance leases: |
||||
Amortization of right-of-use |
$ | i 10,445 | ||
Interest on lease liability |
i 1,452 | |||
|
|
|||
Total finance lease cost |
i 11,897 | |||
Operating leases: |
||||
Lease cost |
i 1,751 | |||
Variable lease cost |
i — | |||
Sublease income |
( i 2,626 | ) | ||
|
|
|||
Total net operating lease income |
( i 875 | ) | ||
|
|
|||
Total net lease cost |
$ | i 11,022 | ||
|
|
Assets: |
|
|
|
|
|
|
Operating lease right-of-use |
Other assets | $ | i 1,766 | |||
Finance lease assets |
Operating property, less accumulated depreciation and amortization | i 125,947 | ||||
|
|
|||||
Total lease assets |
$ | i 127,713 | ||||
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Finance Leases |
Operating Leases |
|||||||
2023 Remainder |
$ | i 18,669 | $ | i 430 | ||||
2024 |
i 28,843 | i 735 | ||||||
2025 |
i 22,658 | i 456 | ||||||
2026 |
i 14,530 | i 128 | ||||||
2027 |
i 4,115 | i 128 | ||||||
Thereafter |
i — | i 50 | ||||||
|
|
|
|
|||||
Total future minimum lease payments |
i 88,815 | i 1,927 | ||||||
Less amount representing interest ( i 1.6% to i 6.0%) |
i 4,106 | i 161 | ||||||
|
|
|
|
|||||
Present value of minimum lease payments |
$ | i 84,709 | $ | i 1,766 | ||||
|
|
|
|
|||||
Current maturities of long-term debt |
i 31,560 | |||||||
Long-term debt, excluding current maturities |
i 53,149 | |||||||
Other current liabilities |
i 800 | |||||||
Deferred income taxes and other noncurrent liabilities |
i 966 |
Finance Leases | Operating Leases | |||||||
Weighted average remaining lease term (years) |
i 3.1 | i 2.9 | ||||||
Weighted average discount rate |
i 3.0 | % | i 6.0 | % |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
2023 |
2023 |
|||||||||||||||
Revenue generated through (in thousands): |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,458,124 | $ | 2,108,143 | $ | 703,041 | $ | 1,026,938 | ||||||||
Unsided/platform equipment |
772,336 | 883,032 | 394,772 | 474,274 | ||||||||||||
Less-than-truckload |
62,673 | 70,651 | 31,115 | 36,931 | ||||||||||||
Other truck transportation (1) |
277,520 | 436,656 | 118,017 | 209,055 | ||||||||||||
Total truck transportation |
2,570,653 | 3,498,482 | 1,246,945 | 1,747,198 | ||||||||||||
Rail intermodal |
50,889 | 86,110 | 25,232 | 43,422 | ||||||||||||
Ocean and air cargo carriers |
136,534 | 310,904 | 75,441 | 158,847 | ||||||||||||
Other (2) |
51,456 | 50,167 | 26,239 | 25,597 | ||||||||||||
$ | 2,809,532 | $ | 3,945,663 | $ | 1,373,857 | $ | 1,975,064 | |||||||||
Revenue on loads hauled via BCO Independent Contractors included in total truck transportation |
$ | 1,034,881 | $ | 1,415,963 | $ | 515,355 | $ | 688,389 | ||||||||
Number of loads: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
655,036 | 763,750 | 323,082 | 387,482 | ||||||||||||
Unsided/platform equipment |
263,185 | 279,345 | 135,613 | 147,516 | ||||||||||||
Less-than-truckload |
93,066 | 96,828 | 46,874 | 48,985 | ||||||||||||
Other truck transportation (1) |
110,373 | 166,747 | 52,311 | 80,817 | ||||||||||||
Total truck transportation |
1,121,660 | 1,306,670 | 557,880 | 664,800 | ||||||||||||
Rail intermodal |
15,390 | 24,220 | 7,630 | 11,590 | ||||||||||||
Ocean and air cargo carriers |
16,750 | 22,890 | 8,310 | 11,330 | ||||||||||||
1,153,800 | 1,353,780 | 573,820 | 687,720 | |||||||||||||
Loads hauled via BCO Independent Contractors included in total truck transportation |
463,910 | 527,830 | 231,360 | 265,590 | ||||||||||||
Revenue per load: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 2,226 | $ | 2,760 | $ | 2,176 | $ | 2,650 | ||||||||
Unsided/platform equipment |
2,935 | 3,161 | 2,911 | 3,215 | ||||||||||||
Less-than-truckload |
673 | 730 | 664 | 754 | ||||||||||||
Other truck transportation (1) |
2,514 | 2,619 | 2,256 | 2,587 | ||||||||||||
Total truck transportation |
2,292 | 2,677 | 2,235 | 2,628 | ||||||||||||
Rail intermodal |
3,307 | 3,555 | 3,307 | 3,747 | ||||||||||||
Ocean and air cargo carriers |
8,151 | 13,583 | 9,078 | 14,020 | ||||||||||||
Revenue per load on loads hauled via BCO Independent Contractors |
$ | 2,231 | $ | 2,683 | $ | 2,228 | $ | 2,592 | ||||||||
Revenue by capacity type (as a % of total revenue): |
||||||||||||||||
Truck capacity providers: |
||||||||||||||||
BCO Independent Contractors |
37 | % | 36 | % | 38 | % | 35 | % | ||||||||
Truck Brokerage Carriers |
55 | % | 53 | % | 53 | % | 54 | % | ||||||||
Rail intermodal |
2 | % | 2 | % | 2 | % | 2 | % | ||||||||
Ocean and air cargo carriers |
5 | % | 8 | % | 5 | % | 8 | % | ||||||||
Other |
2 | % | 1 | % | 2 | % | 1 | % |
(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. |
BCO Independent Contractors |
9,748 | 11,023 | ||||||
Truck Brokerage Carriers: |
||||||||
Approved and active (1) |
58,303 | 70,649 | ||||||
Other approved |
29,503 | 29,454 | ||||||
87,806 | 100,103 | |||||||
Total available truck capacity providers |
97,554 | 111,126 | ||||||
Trucks provided by BCO Independent Contractors |
10,548 | 11,887 |
(1) |
Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
2023 |
2023 |
|||||||||||||||
Revenue |
$ | 2,809,532 | $ | 3,945,663 | $ | 1,373,857 | $ | 1,975,064 | ||||||||
Costs of revenue: |
||||||||||||||||
Purchased transportation |
2,154,491 | 3,096,018 | 1,053,197 | 1,545,688 | ||||||||||||
Commissions to agents |
248,153 | 311,634 | 122,478 | 161,856 | ||||||||||||
Variable costs of revenue |
2,402,644 | 3,407,652 | 1,175,675 | 1,707,544 | ||||||||||||
Trailing equipment depreciation |
16,519 | 18,363 | 8,150 | 9,280 | ||||||||||||
Information technology costs |
13,493 | 9,039 | 6,742 | 4,993 | ||||||||||||
Insurance-related costs (1) |
58,382 | 66,441 | 30,122 | 34,786 | ||||||||||||
Other operating costs |
25,840 | 21,522 | 13,462 | 10,381 | ||||||||||||
Other costs of revenue |
114,234 | 115,365 | 58,476 | 59,440 | ||||||||||||
Total costs of revenue |
2,516,878 | 3,523,017 | 1,234,151 | 1,766,984 | ||||||||||||
Gross profit |
$ | 292,654 | $ | 422,646 | $ | 139,706 | $ | 208,080 | ||||||||
Gross profit margin |
10.4% | 10.7% | 10.2% | 10.5% | ||||||||||||
Plus: other costs of revenue |
114,234 | 115,365 | 58,476 | 59,440 | ||||||||||||
Variable contribution |
$ | 406,888 | $ | 538,011 | $ | 198,182 | $ | 267,520 | ||||||||
Variable contribution margin |
14.5% | 13.6% | 14.4% | 13.5% |
(1) | Insurance-related costs in the table above include (i) other costs of revenue related to the transportation of freight that are included as a portion of insurance and claims in the Company’s Consolidated Statements of Income and (ii) certain other costs of revenue related to reinsurance premiums received by Signature that are included as a portion of selling, general and administrative in the Company’s Consolidated Statements of Income. Insurance and claims costs included in other costs of revenue relating to the transportation of freight primarily consist of insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight and the related cost of claims incurred under those
programs, and, to a lesser extent, the cost of claims incurred under insurance programs available to BCO Independent Contractors that are reinsured by Signature. Other insurance and claims costs included in costs of revenue that are included in selling, general and administrative in the Company’s Consolidated Statements of Income consist of brokerage commissions and other fees incurred by Signature relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by Signature. |
Twenty Six Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
Gross profit |
$ | 292,654 | $ | 422,646 | $ | 139,706 | $ | 208,080 | ||||||||
Operating income |
$ | 189,234 | $ | 313,251 | $ | 87,950 | $ | 150,418 | ||||||||
Operating income as % of gross profit |
64.7 |
% |
74.1 |
% |
63.0 |
% |
72.3 |
% | ||||||||
Variable contribution |
$ | 406,888 | $ | 538,011 | $ | 198,182 | $ | 267,520 | ||||||||
Operating income |
$ | 189,234 | $ | 313,251 | $ | 87,950 | $ | 150,418 | ||||||||
Operating income as % of variable contribution |
46.5 |
% |
58.2 |
% |
44.4 |
% |
56.2 |
% |
+ | Management contract or compensatory plan or arrangement |
* |
** | Furnished herewith |
LANDSTAR SYSTEM, INC. | ||||
Date: August 4, 2023 | /s/ James B. Gattoni | |||
James B. Gattoni | ||||
President and Chief Executive Officer | ||||
Date: August 4, 2023 | /s/ James P. Todd | |||
James P. Todd | ||||
Vice President, Chief Financial Officer and Assistant Secretary |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/1/27 | ||||
4/30/26 | ||||
4/30/24 | ||||
12/30/23 | ||||
Filed on: | 8/4/23 | |||
7/24/23 | ||||
For Period end: | 7/1/23 | |||
5/1/23 | ||||
4/30/23 | ||||
4/2/23 | ||||
4/1/23 | 10-Q | |||
2/3/23 | 4 | |||
1/31/23 | 4 | |||
12/31/22 | 10-K | |||
12/6/22 | 8-K | |||
7/1/22 | 3, 4, 8-K | |||
6/25/22 | 10-Q | |||
5/1/22 | ||||
3/26/22 | 10-Q | |||
12/25/21 | 10-K | |||
12/7/21 | 8-K | |||
4/30/20 | 4 | |||
1/31/20 | 4, SC 13G | |||
7/1/19 | ||||
5/1/19 | 4 | |||
2/1/19 | ||||
4/24/18 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/11/23 Landstar System Inc. 8-K:5,9 5/10/23 12:413K Donnelley … Solutions/FA |