UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 20, 2021, Landstar System, Inc. (“Landstar” or the “Company”) issued a press release announcing results for the third quarter of fiscal 2021. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in Item 7.01 concerning the presentation to Landstar investors is hereby incorporated into this Item 2.02 by reference.
The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 7.01 Regulation FD Disclosure
A slide presentation, dated October 20, 2021, is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The slide presentation provides information that may be referred to by the Company on its conference call with investors scheduled to occur on October 21, 2021 in connection with the Company’s release of results for the third quarter of fiscal 2021.
A supplemental information presentation is attached hereto as Exhibit 99.3 and is incorporated herein by reference. This supplemental information presentation provides reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2021 first and second fiscal quarters and each quarter of the Company’s five most recently completed fiscal years. This information that may be referred to by the Company on its conference call with investors scheduled to occur on October 21, 2021 in connection with the Company’s release of results for the third quarter of fiscal 2021.
In the press release attached hereto as Exhibit 99.1, the slide presentation attached hereto as Exhibit 99.2 and the supplemental information presentation attached hereto as Exhibit 99.3, the Company provided the following information that may be deemed a non-GAAP financial measure: variable contribution and variable contribution margin. In the slide presentation attached hereto as Exhibit 99.2, the Company provided the following information that may also be deemed a non-GAAP financial measure: operating income as a percentage of gross profit and operating income as a percentage of variable contribution, each in the 2020 year-to-date period, excluding the impact of pandemic relief incentive payments.
Management 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.
Management 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.
The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.2 and 99.3 hereof, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 8.01 Other Events
As of the third quarter of 2021, the Company revised the format of the historical classification of truck services and equipment type in its financial statement supplemental information presentation. Power-only, expedited, straight truck, cargo van and miscellaneous other truck transportation services that were formerly included in revenue from van or unsided/platform services have been classified in a single line item named “other truck transportation”. Included with this 8-K is a supplemental information presentation, attached hereto as Exhibit 99.4, in the new format for the 2021 first and second fiscal quarters and each quarter of the Company’s five most recently completed fiscal years. This change in the reporting of supplemental information has no impact on reporting with respect to the Company’s consolidated balance sheets, income statements, cash flows or changes in shareholders’ equity for any periods.
Item 9.01 Financial Statements and Exhibits
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LANDSTAR SYSTEM, INC. | ||||||
| Date: October 20, 2021 | By: | /s/ Fred L. Pensotti | ||||
| Name: Fred L Pensotti | ||||||
| Title: Vice President and Chief Financial Officer | ||||||
Exhibit 99.1
| For Immediate Release | Contacts: Jim Gattoni (CEO) | |
| Fred Pensotti (CFO) | ||
| Landstar System, Inc. | ||
| www.landstar.com | ||
| October 20, 2021 | 904-398-9400 |
LANDSTAR SYSTEM REPORTS ALL-TIME QUARTERLY RECORD
DILUTED EARNINGS PER SHARE OF $2.58 IN THE 2021 THIRD QUARTER
Jacksonville, FL—Landstar System, Inc. (NASDAQ:LSTR) reported record quarterly revenue of $1.734 billion in the 2021 third quarter, a 60 percent increase over revenue of $1.086 billion in the 2020 third quarter. Net income was a quarterly record of $98.7 million, or diluted earnings per share of $2.58, in the 2021 third quarter compared to net income of $61.9 million, or diluted earnings per share of $1.61, in the 2020 third quarter. Operating income grew to an all-time quarterly record of $131.4 million in the 2021 third quarter, 60 percent above operating income of $82.4 million in the 2020 third quarter. To put the strength of our 2021 third quarter performance in perspective, revenue, operating income, net income and diluted earnings per share increased 60 percent, 60 percent, 59 percent and 60 percent, respectively, over the 2020 third quarter, which at the time included the second highest amounts achieved of each of these financial metrics in any third quarter in the Company’s history.
Please note that commencing with the release of our financial results for the 2021 third quarter, the Company revised its definition of the term “gross profit”. Gross profit is now defined as revenue less costs of revenue. In conjunction with this change, the Company has initiated the use of the term “variable contribution”, a non-GAAP financial measure, to refer to the amount represented by revenue less the costs of purchased transportation and commissions to agents that we formerly referred to as gross profit. In addition, the Company now defines “gross profit margin” to refer to gross profit divided by revenue and “variable contribution margin”, a non-GAAP financial measure, to refer to variable contribution divided by revenue. Gross profit in the 2021 third quarter was $189.2 million, an all-time quarterly record, compared to $119.8 million in the 2020 third quarter. Variable
LANDSTAR SYSTEM/ 2
contribution also reached an all-time quarterly record of $242.3 million in the 2021 third quarter compared to $160.9 million in the 2020 third quarter. A tabulation of the expenses identified as costs of revenue as well as a reconciliation of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2021 and 2020 third quarters and year-to-date periods is provided in the Company’s accompanying financial disclosures.
Trailing twelve-month return on average shareholders’ equity was 43 percent and return on invested capital, representing net income divided by the sum of average equity plus average debt, was 38 percent. During the 2021 third quarter, Landstar purchased 167,000 shares of its common stock bringing the year-to-date number of shares purchased to 317,000 at an aggregate cost of $50 million. The Company is currently authorized to purchase up to approximately 1,504,000 additional shares of the Company’s common stock under its previously announced share purchase program. Landstar announced today that its Board of Directors has declared a quarterly dividend of $0.25 per share payable on December 3, 2021, to stockholders of record as of the close of business on November 9, 2021. 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 2021 third quarter was $1.581 billion, or 91 percent of revenue, compared to $1.006 billion, or 93 percent of revenue, in the 2020 third quarter. Revenue hauled by rail, air and ocean cargo carriers was $128.6 million, or 7 percent of revenue, in the 2021 third quarter compared to approximately $62 million, or 6 percent of revenue, in the 2020 third quarter.
The supplemental information schedule included as a table to this press release includes changes to the historical classification of truck services and equipment type. Power-only, expedited, straight truck, cargo van and miscellaneous other truck transportation services that were formerly included in revenue from van or unsided/platform services have been classified in a single line item named “other truck transportation” as demand for these types of truck services increased significantly during the pandemic. Other truck transportation revenue was 13.2 percent and 10.8 percent of total truck transportation revenue in the 2021 and 2020 third quarters, respectively.
LANDSTAR SYSTEM/ 3
Truckload transportation revenue hauled via van equipment in the 2021 third quarter was $918.1 million, an increase of 59 percent compared to $578.2 million in the 2020 third quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2021 third quarter was $423.0 million, an increase of 44 percent compared to $294.3 million in the 2020 third quarter. Other truck transportation revenue, which includes power only, expedited, straight truck, cargo van and miscellaneous other truck transportation revenue, in the 2021 third quarter was $208.8 million, an increase of 92 percent compared to $108.6 million in the 2020 third quarter.
“Following a record-breaking 2021 second quarter, the 2021 third quarter reset the standard as the best quarterly financial performance in Landstar history. 2021 third quarter revenue, gross profit, variable contribution, net income and diluted earnings per share each set all-time quarterly records,” said Landstar President and CEO Jim Gattoni. “Our load volume hauled by truck in the third quarter grew 22 percent compared to the 2020 third quarter, which at the time was the second highest third quarter load volume hauled by truck in Landstar history. Additionally, third quarter truck loadings increased from the 2021 second quarter by 3.5 percent, the second largest ever increase in truck loadings from the second to the third quarter in Landstar history behind only 2020 when the second quarter included the most significant volume declines caused by the COVID-19 pandemic. Our 2021 third quarter performance was particularly impressive considering we were following an already record-setting second quarter, and, in most years, load volume hauled by truck experiences a slight decrease sequentially from the second quarter to the third quarter. We attribute this unseasonal increase in volume to ongoing, broad-based demand for freight transportation services, with particular strength in sectors benefiting from consumer spending that has continued to be a big driver of freight activity.”
LANDSTAR SYSTEM/ 4
Gattoni continued, “In our 2021 second quarter earnings release on July 21, 2021, we provided third quarter revenue guidance of $1.55 billion to $1.60 billion and third quarter diluted earnings per share guidance of $2.20 to $2.30. On August 17, 2021, we filed a Form 8-K with the SEC that revised our initial guidance based on trends in volume and rates through the first seven weeks of the third quarter. Our updated 2021 third quarter guidance reflected our expectation that on a sequential basis revenue per load on loads hauled via truck would exceed the 2021 second quarter in a mid-single-digit percentage range and the number of loads hauled via truck in the 2021 third quarter would exceed the 2021 second quarter in a low single-digit percentage range. Actual sequential growth in truck revenue per load was 5.8 percent and actual sequential growth in load volume hauled via truck was 3.5 percent, each at the high end of our August 17th revised guidance. Based on our expectations as to volume and pricing on loads hauled by truck, our August 17th updated guidance anticipated that revenue would be in the range of $1.68 billion to $1.72 billion and diluted earnings per share would be in the range of $2.45 to $2.55. Actual 2021 third quarter revenue was $1.734 billion and diluted earnings per share was $2.58, each slightly exceeding the top end of our August 17th updated guidance ranges.”
Gattoni continued, “As we look to the 2021 fourth quarter, we anticipate continued solid performance on the expectation that broad-based economic strength will support a strong freight environment for the near future. In addition, we will likely continue to be in a capacity-constrained environment, which should continue to support elevated truck revenue per load in the fourth quarter.”
Gattoni further stated, “Overall, I expect the 2021 fourth quarter financial results to be similar to the 2021 third quarter. Through the first few weeks of October, revenue per load on loads hauled via truck and the number of loads hauled via truck are trending fairly consistent with historical third to fourth quarter sequential patterns. I expect normal seasonal trends in revenue per load and load volume on loads hauled via truck as we move through the final months of 2021. At those levels, both revenue per load and load volume on loads hauled via truck would establish new fourth quarter records in the 2021 fourth quarter. As such, I anticipate revenue for the 2021 fourth quarter to be in a range of $1.70 billion to $1.75 billion. Based on that range of revenue and assuming insurance and claims costs of 4.3 percent of BCO revenue, I anticipate diluted earnings per share to be in a range of $2.55 to $2.65 in the 2021 fourth quarter.”
LANDSTAR SYSTEM/ 5
Gattoni concluded, “Landstar’s performance so far this year has been outstanding. The Company’s agent family is executing on all cylinders and we continue to add qualified truck capacity. We ended the 2021 third quarter with a record number of trucks provided by BCOs and a record active third-party truck brokerage carrier count. Given the exceptional performance by Landstar year-to-date plus the revenue and earnings estimates we have provided for the 2021 fourth quarter, we anticipate establishing new all-time fiscal year records in 2021 with annual revenue expected to be in excess of $6 billion and diluted earnings per share expected to be in excess of $9.55. Both of these figures would be well above Landstar’s existing record performance in any year in our history and would represent remarkable achievements to cap an extraordinary year for the Company, its employees and the thousands of business owners who participate in the Landstar network.”
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 Third Quarter 2021 Earnings Release Conference Call.”
About Landstar:
Landstar System, Inc. is a worldwide, 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.
LANDSTAR SYSTEM/ 6
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 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; catastrophic loss of a Company facility; intellectual property; unclaimed property; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10K for the 2020 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/ 7
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 25, | September 26, | September 25, | September 26, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue |
$ | 4,592,551 | $ | 2,836,626 | $ | 1,734,299 | $ | 1,085,546 | ||||||||
| Investment income |
2,138 | 2,716 | 706 | 714 | ||||||||||||
| Costs and expenses: |
||||||||||||||||
| Purchased transportation |
3,583,197 | 2,183,143 | 1,356,671 | 838,753 | ||||||||||||
| Commissions to agents |
356,997 | 236,490 | 135,295 | 85,848 | ||||||||||||
| Other operating costs, net of gains on asset sales/dispositions |
27,117 | 23,035 | 10,572 | 7,361 | ||||||||||||
| Insurance and claims |
75,198 | 66,563 | 29,569 | 21,855 | ||||||||||||
| Selling, general and administrative |
158,720 | 124,779 | 59,198 | 38,851 | ||||||||||||
| Depreciation and amortization |
36,532 | 34,212 | 12,288 | 11,240 | ||||||||||||
| Impairment of intangible and other assets |
— | 2,582 | — | — | ||||||||||||
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| Total costs and expenses |
4,237,761 | 2,670,804 | 1,603,593 | 1,003,908 | ||||||||||||
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| Operating income |
356,928 | 168,538 | 131,412 | 82,352 | ||||||||||||
| Interest and debt expense |
2,974 | 2,936 | 965 | 1,008 | ||||||||||||
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| Income before income taxes |
353,954 | 165,602 | 130,447 | 81,344 | ||||||||||||
| Income taxes |
85,745 | 38,567 | 31,772 | 19,458 | ||||||||||||
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| Net income |
$ | 268,209 | $ | 127,035 | $ | 98,675 | $ | 61,886 | ||||||||
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| Diluted earnings per share |
$ | 7.00 | $ | 3.28 | $ | 2.58 | $ | 1.61 | ||||||||
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| Average diluted shares outstanding |
38,342,000 | 38,673,000 | 38,218,000 | 38,386,000 | ||||||||||||
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| Dividends per common share |
$ | 0.67 | $ | 0.58 | $ | 0.25 | $ | 0.21 | ||||||||
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LANDSTAR SYSTEM/ 8
Landstar System, Inc. and Subsidiary
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
(Unaudited)
| September 25, | December 26, | |||||||
| 2021 | 2020 | |||||||
| ASSETS |
||||||||
| Current assets: |
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| Cash and cash equivalents |
$ | 230,564 | $ | 249,354 | ||||
| Short-term investments |
36,644 | 41,375 | ||||||
| Trade accounts receivable, less allowance of $6,543 and $8,670 |
1,010,538 | 764,169 | ||||||
| Other receivables, including advances to independent contractors, less allowance of $7,696 and $7,239 |
109,007 | 134,757 | ||||||
| Other current assets |
25,375 | 18,520 | ||||||
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| Total current assets |
1,412,128 | 1,208,175 | ||||||
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| Operating property, less accumulated depreciation and amortization of $332,785 and $299,407 |
301,373 | 296,996 | ||||||
| Goodwill |
40,980 | 40,949 | ||||||
| Other assets |
159,561 | 107,679 | ||||||
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| Total assets |
$ | 1,914,042 | $ | 1,653,799 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Current liabilities: |
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| Cash overdraft |
$ | 88,958 | $ | 74,748 | ||||
| Accounts payable |
548,385 | 380,505 | ||||||
| Current maturities of long-term debt |
34,617 | 35,415 | ||||||
| Insurance claims |
64,958 | 149,774 | ||||||
| Dividends payable |
— | 76,770 | ||||||
| Other current liabilities |
110,394 | 88,925 | ||||||
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| Total current liabilities |
847,312 | 806,137 | ||||||
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| Long-term debt, excluding current maturities |
62,724 | 65,359 | ||||||
| Insurance claims |
46,914 | 38,867 | ||||||
| Deferred income taxes and other non-current liabilities |
57,402 | 51,601 | ||||||
| Shareholders’ equity: |
||||||||
| Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,231,013 and 68,183,702 |
682 | 682 | ||||||
| Additional paid-in capital |
246,302 | 228,875 | ||||||
| Retained earnings |
2,288,754 | 2,046,238 | ||||||
| Cost of 30,122,427 and 29,797,639 shares of common stock in treasury |
(1,633,109 | ) | (1,581,961 | ) | ||||
| Accumulated other comprehensive loss |
(2,939 | ) | (1,999 | ) | ||||
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| Total shareholders’ equity |
899,690 | 691,835 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 1,914,042 | $ | 1,653,799 | ||||
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LANDSTAR SYSTEM/ 9
Landstar System, Inc. and Subsidiary
Supplemental Information
(Unaudited)
| Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
| September 25, | September 26, | September 25, | September 26, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue generated through (in thousands): | ||||||||||||||||
| Truck transportation |
||||||||||||||||
| Truckload: |
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| Van equipment |
$ | 2,502,025 | $ | 1,485,553 | $ | 918,115 | $ | 578,166 | ||||||||
| Unsided/platform equipment |
1,112,358 | 807,966 | 422,979 | 294,273 | ||||||||||||
| Less-than-truckload |
85,551 | 70,984 | 30,819 | 25,125 | ||||||||||||
| Other truck transportation (1) |
518,472 | 249,584 | 208,817 | 108,614 | ||||||||||||
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| Total truck transportation |
4,218,406 | 2,614,087 | 1,580,730 | 1,006,178 | ||||||||||||
| Rail intermodal |
120,540 | 81,747 | 44,472 | 30,432 | ||||||||||||
| Ocean and air cargo carriers |
191,951 | 89,002 | 84,111 | 31,752 | ||||||||||||
| Other (2) |
61,654 | 51,790 | 24,986 | 17,184 | ||||||||||||
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| $ | 4,592,551 | $ | 2,836,626 | $ | 1,734,299 | $ | 1,085,546 | |||||||||
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| Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation |
$ | 1,899,313 | $ | 1,312,003 | $ | 690,257 | $ | 502,224 | ||||||||
| Number of loads: | ||||||||||||||||
| Truck transportation |
||||||||||||||||
| Truckload: |
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| Van equipment |
1,037,516 | 822,422 | 359,263 | 296,427 | ||||||||||||
| Unsided/platform equipment |
381,594 | 338,696 | 133,332 | 118,026 | ||||||||||||
| Less-than-truckload |
135,038 | 119,533 | 49,943 | 41,454 | ||||||||||||
| Other truck transportation (1) |
208,402 | 141,669 | 81,242 | 56,693 | ||||||||||||
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| Total truck transportation |
1,762,550 | 1,422,320 | 623,780 | 512,600 | ||||||||||||
| Rail intermodal |
40,420 | 33,410 | 13,620 | 11,900 | ||||||||||||
| Ocean and air cargo carriers |
29,650 | 22,720 | 10,190 | 8,290 | ||||||||||||
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| 1,832,620 | 1,478,450 | 647,590 | 532,790 | |||||||||||||
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| Loads hauled via BCO Independent Contractors (3) included in total truck transportation |
773,270 | 693,860 | 263,120 | 250,030 | ||||||||||||
| Revenue per load: | ||||||||||||||||
| Truck transportation |
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| Truckload: |
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| Van equipment |
$ | 2,412 | $ | 1,806 | $ | 2,556 | $ | 1,950 | ||||||||
| Unsided/platform equipment |
2,915 | 2,386 | 3,172 | 2,493 | ||||||||||||
| Less-than-truckload |
634 | 594 | 617 | 606 | ||||||||||||
| Other truck transportation (1) |
2,488 | 1,762 | 2,570 | 1,916 | ||||||||||||
| Total truck transportation |
2,393 | 1,838 | 2,534 | 1,963 | ||||||||||||
| Rail intermodal |
2,982 | 2,447 | 3,265 | 2,557 | ||||||||||||
| Ocean and air cargo carriers |
6,474 | 3,917 | 8,254 | 3,830 | ||||||||||||
| Revenue per load on loads hauled via BCO Independent Contractors (3) |
$ | 2,456 | $ | 1,891 | $ | 2,623 | $ | 2,009 | ||||||||
| Revenue by capacity type (as a % of total revenue): | ||||||||||||||||
| Truck capacity providers: |
||||||||||||||||
| BCO Independent Contractors (3) |
41 | % | 46 | % | 40 | % | 46 | % | ||||||||
| Truck Brokerage Carriers |
50 | % | 46 | % | 51 | % | 46 | % | ||||||||
| Rail intermodal |
3 | % | 3 | % | 3 | % | 3 | % | ||||||||
| Ocean and air cargo carriers |
4 | % | 3 | % | 5 | % | 3 | % | ||||||||
| Other |
1 | % | 2 | % | 1 | % | 2 | % | ||||||||
| September 25, | September 26, | |||||||||||||||
| 2021 | 2020 | |||||||||||||||
| Truck Capacity Providers |
||||||||||||||||
| BCO Independent Contractors (3) |
10,955 | 9,866 | ||||||||||||||
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| Truck Brokerage Carriers: |
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| Approved and active (4) |
58,676 | 41,246 | ||||||||||||||
| Other approved |
24,602 | 22,181 | ||||||||||||||
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|
|||||||||||||
| 83,278 | 63,427 | |||||||||||||||
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|
|||||||||||||
| Total available truck capacity providers |
94,233 | 73,293 | ||||||||||||||
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|
|
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| Trucks provided by BCO Independent Contractors (3) |
11,746 | 10,571 | ||||||||||||||
| (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/ 10
Landstar System, Inc. and Subsidiary
Reconciliation of Gross Profit to Variable Contribution
(Dollars in thousands)
(Unaudited)
| Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
| September 25, | September 26, | September 25, | September 26, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue |
$ | 4,592,551 | $ | 2,836,626 | $ | 1,734,299 | $ | 1,085,546 | ||||||||
| Costs of revenue: |
||||||||||||||||
| Purchased transportation |
3,583,197 | 2,183,143 | 1,356,671 | 838,753 | ||||||||||||
| Commissions to agents |
356,997 | 236,490 | 135,295 | 85,848 | ||||||||||||
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|||||||||
| Variable costs of revenue |
3,940,194 | 2,419,633 | 1,491,966 | 924,601 | ||||||||||||
| Trailing equipment depreciation |
26,362 | 26,342 | 8,615 | 8,397 | ||||||||||||
| Information technology costs (1) |
9,534 | 7,021 | 3,450 | 2,722 | ||||||||||||
| Insurance-related costs (2) |
78,175 | 68,839 | 30,502 | 22,657 | ||||||||||||
| Other operating costs |
27,117 | 23,035 | 10,572 | 7,361 | ||||||||||||
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|||||||||
| Other costs of revenue |
141,188 | 125,237 | 53,139 | 41,137 | ||||||||||||
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|
|||||||||
| Total costs of revenue |
4,081,382 | 2,544,870 | 1,545,105 | 965,738 | ||||||||||||
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|||||||||
| Gross profit |
$ | 511,169 | $ | 291,756 | $ | 189,194 | $ | 119,808 | ||||||||
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| Gross profit margin |
11.1 | % | 10.3 | % | 10.9 | % | 11.0 | % | ||||||||
| Plus: other costs of revenue |
141,188 | 125,237 | 53,139 | 41,137 | ||||||||||||
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| Variable contribution |
$ | 652,357 | $ | 416,993 | $ | 242,333 | $ | 160,945 | ||||||||
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| Variable contribution margin |
14.2 | % | 14.7 | % | 14.0 | % | 14.8 | % | ||||||||
| (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. |
October 20, 2021 Landstar System, Inc. Earnings Conference Call Third Quarter 2021 Date Published: 10/20/2021 Exhibit 99.2
Forward Looking Statements Disclaimer: The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements made in this slide presentation that are not based on historical facts are “forward looking statements.” This presentation may make certain statements containing forward-looking statements, such as statements which relate to Landstar’s business objectives, plans, strategies and expectations. Such statements are by nature subject to uncertainties and risks, including but not limited to: the operational, financial and legal risks detailed in Landstar’s Form 10-K for the 2020 fiscal year, described in the section Risk Factors, and 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 Landstar undertakes no obligation to publicly update or revise any forward-looking statements. Date Published: 10/20/2021
Non-GAAP Financial Measures: In this slide presentation, the Company provides the following information that may be deemed a non-GAAP financial measure: variable contribution, variable contribution margin and operating income as a percentage of variable contribution as well as operating income as a percentage of gross profit and operating income as a percentage of variable contribution, each in the 2020 year-to-date period, excluding the impact of pandemic relief incentive payments. Management 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. Management believes that operating income as a percentage of variable contribution is a useful measure as: (i) variable costs of revenue for a significant portion of the Company’s business are highly influenced by short-term market-based trends in the freight transportation industry, whereas other costs, including other costs of revenue, are much less impacted by short-term freight market trends; and (ii) this measure is meaningful to investors’ evaluations of the Company’s management of costs attributable to operations other than the purely variable costs associated with purchased transportation and commissions to agents that the Company incurs to provide services to our customers. Management 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. A tabulation of the expenses identified as costs of revenue as well as a reconciliation of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2021 and 2020 third quarters and year-to-date periods is included in this slide presentation as Appendix A. Date Published: 10/20/2021
Who We Are Landstar 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. Date Published: 10/20/2021
Our Network Landstar Employees Approx. 1,400 Agents Approx. 1,200 Customers 25,000+ Capacity 94,000+ Date Published: 10/20/2021 September 25, 2021 $4.6 billion in YTD revenue 1.8 million YTD loadings 508 million dollar agents (based on 2020 fiscal year) 11,746 BCO trucks 83,278 Carriers 17,900+ Trailers
Percentage of Revenue 3Q20 3Q21 Truck Transportation (1) Truckload Van equipment 53% 53% Unsided/platform equipment 27% 24% Less-than-truckload 2% 2% Other truck transportation 10% 12% Rail intermodal 3% 3% Ocean and air cargo 3% 5% Transportation Management Services Date Published: 10/20/2021 In connection with the impact of the pandemic on the demand for certain types of truck capacity, Landstar experienced a significant increase in demand for power-only, expedited, straight truck, cargo van and miscellaneous other truck transportation services that were formerly included in revenue from van or unsided/platform services. 2021 and 2020 third quarter truck transportation hauled via van equipment, unsided/platform equipment and other truck transportation as presented in this slide presentation, including number of loads and revenue per load data, reflect our revised categorization of our revenue generated through truck transportation services. This revised categorization had no impact on total truck transportation revenue or the Company’s consolidated financial statements for any period.
Percentage change in rate is calculated on a revenue per load basis. Percentage change in volume is calculated on the number of loads hauled. Revenue ($’s in thousands) Date Published: 10/20/2021 Quarter Year-to-Date
Van Equipment Unsided/Platform Equipment Truckload Loadings and Revenue per Truckload Trends Date Published: 10/20/2021
As a Percentage of Revenue 3Q20 3Q21 Quarter over Prior Year Quarter Change in Revenue Consumer Durables 25.5 30.3 90% Machinery 12.1 11.1 46% AA&E, Hazmat 9.0 8.7 55% Building Products 9.8 8.2 34% Automotive 7.7 6.8 43% Substitute Line Haul 5.2 5.4 66% Metals 4.8 5.1 72% Foodstuffs 4.9 3.9 28% Other 21.0 20.5 56% Transportation Revenue 100.0 100.0 60% Industries Served Date Published: 10/20/2021
11.0% 10.9% Gross profit equals revenue less the cost of purchased transportation, commissions to agents and other costs of revenue. Gross profit margin equals gross profit divided by revenue. Includes the impact of approximately $12.6 million related to BCO and agent pandemic relief incentive payments made in April and May 2020. The Company paid both the hauling BCO and agent dispatching the load an extra $50 for each BCO load delivered during these months. Gross Profit(1) and Gross Profit Margin (2) ($’s in thousands) Date Published: 10/20/2021 Quarter Year-to-Date (3) 10.3% 11.1%
14.8% 14.0% Variable contribution equals revenue less the cost of purchased transportation and commissions to agents. Variable contribution margin equals variable contribution divided by revenue. Revenue on transactions where the Company’s variable contribution margin was based on a contractually pre-determined percentage of revenue accounted for 52% and 46% of revenue in the 2020 and 2021 year-to-date periods, respectively, and 51% and 44% of revenue in the 2020 and 2021 third quarters, respectively. Includes the impact of approximately $12.6 million related to BCO and agent pandemic relief incentive payments made in April and May 2020. The Company paid both the hauling BCO and agent dispatching the load an extra $50 for each BCO load delivered during these months. Variable Contribution(1) and Variable Contribution Margin (2) ($’s in thousands) Date Published: 10/20/2021 Quarter Year-to-Date (4) 14.7% 14.2% 3rd Qtr (3) Changes in variable contribution margin % 2020 Period 14.8 Revenue - fixed 0.2 Revenue - variable 0.1 Pandemic relief 0 Change in mix and other -1.1000000000000001 2021 Period 14 3rd Qtr YTD (3) Changes in variable contribution margin % 2020 Period 14.7 Revenue - fixed 0.2 Revenue - variable -0.3 Pandemic relief (4) 0.4 Change in mix and other -0.8 2021 Period 14.2
Excluding the impact of the $12.6 million of pandemic relief incentive payments from the 2020 year-to-date period, operating income as a percentage of gross profit was 59.5%. Operating Income as a % of Gross Profit ($’s in thousands) Date Published: 10/20/2021 Quarter Year-to-Date (1) 68.7% 69.4% 57.8% 12 69.8%
Excluding the impact of the $12.6 million of pandemic relief incentive payments from the 2020 year-to-date period, operating income as a percentage of variable contribution was 42.2%. Operating Income as a % of Variable Contribution ($’s in thousands) Date Published: 10/20/2021 Quarter Year-to-Date (1) 51.2% 54.2% 40.4% 13 54.7% 3rd Qtr Changes in operating income as a % of variable contribution % 2020 Period 51.2 Other operating costs 0.2 Insurance and claims 1.2 SG&A -0.3 Depreciation and amortization 1.9 Impairment 0 2021 Period 54.2 3rd Qtr YTD Changes in operating income as a % of variable contribution % 2020 Period 40.4 Other operating costs 1.4 Insurance and claims 4.0999999999999996 SG&A 5.6 Depreciation and amortization 2.6 Impairment 0.6 2021 Period 54.7
Date Published: 10/20/2021 Truck Capacity Data (All information is provided as of the end of the applicable period) KEY INCOME STATEMENT DATA ($ in Millions) % of 2013 % of 2013 % of 2012 Rev/GP Plan Rev/GP Proj Rev/GP Sep 26, Dec 26, Sep 25, External Revenue $10,242 #REF! #REF! 2020 (2) 2020 2021 (2) Purchased Transportation #REF! #REF! #REF! #REF! #REF! #REF! BCO Independent Contractors 9,866 10,242 10,955 Truck Brokerage Carriers: Interest and Debt Expense #REF! #REF! #REF! Approved and Active (1) 41,246 46,053 58,676 Income Before Income Taxes #REF! #REF! #REF! Other Approved 22,181 22,972 24,602 63,247 69,025 83,278 Income Taxes #REF! #REF! #REF! Total Available Truck Capacity Providers 73,293 79,267 94,233 Trucks Provided by BCO Independent Contractors 10,571 10,991 11,746 (1) Active refers to truck brokerage carriers who hauled freight for Landstar in the 180 day period immediately preceding the period end. (2) Fuel surcharges billed to customers on freight hauled by BCO Independent Contractors, which are paid 100% to the BCO and excluded from revenue, and the cost of purchased transportation were $182.7 million and $127.7 million in the 2021 and 2020 year-to-date periods, respectively, and $68.7 million and $40.1 million in the 2021 and 2020 third quarters, respectively.
Net cash is defined as cash and cash equivalents plus short term investments less outstanding debt. Capital expenditures includes cash capital expenditures of $25.4 million and approximately $2.8 million for the acquisition of a business during the 2020 year-to-date period. Date Published: 10/20/2021 Key Balance Sheet and Cash Flow Statistics ($’s in thousands) % of 2013 % of 2013 % of 2012 Rev/GP Plan Rev/GP Proj Rev/GP Sep 26, Sep 25, External Revenue $0.21 #REF! #REF! 2020 2021 Purchased Transportation #REF! #REF! #REF! #REF! #REF! #REF! Balance sheet (period end amounts): Debt to Capital 0.11 0.1 Net Cash (1) $,170,329 $,169,867 Cash flow (year-to-date): Cash flow from operations $,185,548 $,216,990 Capital expenditures (2) $28,192 $18,561 Income Before Income Taxes #REF! #REF! #REF! Share repurchases $,115,962 $50,230 Dividends paid $,101,442 $,102,463 Returns (trailing 12 months): Return on Equity 0.26 0.43 Return on Invested Capital 0.22 0.38 Return on Assets 0.13 0.2
Free Cash Flow (1) , Stock Purchases and Dividends Date Published: 10/20/2021 (In Thousands) (1) Free cash flow is defined as cash flow from operations less capital expenditures, each set forth on the prior slide.
Appendix A Reconciliation of Gross Profit to Variable Contribution ($’s in thousands) Date Published: 10/20/2021 17
Date Published: 10/20/2021
Exhibit 99.3
Landstar System, Inc. and Subsidiary
Supplemental Reconciliation of Gross Profit to Variable Contribution
(Dollars in thousands)
(Unaudited)
| Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
| June 26, | March 27, | Fiscal Year | December 26, | September 26, | June 27, | March 28, | Fiscal Year | December 28, | September 28, | June 29, | March 30, | |||||||||||||||||||||||||||||||||||||
| 2021 | 2021 | Ended 2020 | 2020 | 2020 | 2020 | 2020 | Ended 2019 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||||||||||||||||||||
| Revenue |
$ | 1,570,718 | $ | 1,287,534 | $ | 4,132,981 | $ | 1,296,355 | $ | 1,085,546 | $ | 823,514 | $ | 927,566 | $ | 4,084,577 | $ | 994,879 | $ | 1,011,658 | $ | 1,045,040 | $ | 1,033,000 | ||||||||||||||||||||||||
| Costs of revenue: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Purchased transportation |
1,228,241 | 998,285 | 3,192,850 | 1,009,707 | 838,753 | 635,133 | 709,257 | 3,127,474 | 761,828 | 774,520 | 799,371 | 791,755 | ||||||||||||||||||||||||||||||||||||
| Commissions to agents |
121,693 | 100,009 | 340,780 | 104,290 | 85,848 | 75,266 | 75,376 | 342,226 | 84,364 | 84,568 | 87,623 | 85,671 | ||||||||||||||||||||||||||||||||||||
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| Variable costs of revenue |
1,349,934 | 1,098,294 | 3,533,630 | 1,113,997 | 924,601 | 710,399 | 784,633 | 3,469,700 | 846,192 | 859,088 | 886,994 | 877,426 | ||||||||||||||||||||||||||||||||||||
| Trailing equipment depreciation |
8,840 | 8,907 | 34,892 | 8,550 | 8,397 | 8,716 | 9,229 | 36,934 | 9,266 | 8,808 | 9,297 | 9,563 | ||||||||||||||||||||||||||||||||||||
| Information technology costs (1) |
3,146 | 2,938 | 9,791 | 2,770 | 2,722 | 2,663 | 1,636 | 5,983 | 1,700 | 1,492 | 1,410 | 1,381 | ||||||||||||||||||||||||||||||||||||
| Insurance-related costs (2) |
25,051 | 22,622 | 90,778 | 21,939 | 22,657 | 20,561 | 25,621 | 83,172 | 25,621 | 24,786 | 17,004 | 15,761 | ||||||||||||||||||||||||||||||||||||
| Other operating costs |
8,903 | 7,642 | 30,463 | 7,428 | 7,361 | 7,368 | 8,306 | 37,274 | 8,743 | 10,431 | 9,861 | 8,239 | ||||||||||||||||||||||||||||||||||||
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| Other costs of revenue |
45,940 | 42,109 | 165,924 | 40,687 | 41,137 | 39,308 | 44,792 | 163,363 | 45,330 | 45,517 | 37,572 | 34,944 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Total costs of revenue |
1,395,874 | 1,140,403 | 3,699,554 | 1,154,684 | 965,738 | 749,707 | 829,425 | 3,633,063 | 891,522 | 904,605 | 924,566 | 912,370 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Gross profit |
$ | 174,844 | $ | 147,131 | $ | 433,427 | $ | 141,671 | $ | 119,808 | $ | 73,807 | $ | 98,141 | $ | 451,514 | $ | 103,357 | $ | 107,053 | $ | 120,474 | $ | 120,630 | ||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Gross profit margin |
11.1 | % | 11.4 | % | 10.5 | % | 10.9 | % | 11.0 | % | 9.0 | % | 10.6 | % | 11.1 | % | 10.4 | % | 10.6 | % | 11.5 | % | 11.7 | % | ||||||||||||||||||||||||
| Plus: other costs of revenue |
45,940 | 42,109 | 165,924 | 40,687 | 41,137 | 39,308 | 44,792 | 163,363 | 45,330 | 45,517 | 37,572 | 34,944 | ||||||||||||||||||||||||||||||||||||
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| Variable contribution |
$ | 220,784 | $ | 189,240 | $ | 599,351 | $ | 182,358 | $ | 160,945 | $ | 113,115 | $ | 142,933 | $ | 614,877 | $ | 148,687 | $ | 152,570 | $ | 158,046 | $ | 155,574 | ||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Variable contribution margin |
14.1 | % | 14.7 | % | 14.5 | % | 14.1 | % | 14.8 | % | 13.7 | % | 15.4 | % | 15.1 | % | 14.9 | % | 15.1 | % | 15.1 | % | 15.1 | % | ||||||||||||||||||||||||
| (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. |
Landstar System, Inc. and Subsidiary
Supplemental Reconciliation of Gross Profit to Variable Contribution
(Dollars in thousands)
(Unaudited)
| Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | December 29, | September 29, | June 30, | March 31, | Fiscal Year | December 30, | September 30, | July 1, | April 1, | Fiscal Year | December 31, | September 24, | June 25, | March 26, | ||||||||||||||||||||||||||||||||||||||||||||||
| Ended 2018 | 2018 | 2018 | 2018 | 2018 | Ended 2017 | 2017 | 2017 | 2017 | 2017 | Ended 2016 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
| Revenue |
$ | 4,615,144 | $ | 1,182,351 | $ | 1,202,081 | $ | 1,182,786 | $ | 1,047,926 | $ | 3,646,364 | $ | 1,051,592 | $ | 943,430 | $ | 870,434 | $ | 780,908 | $ | 3,167,634 | $ | 892,829 | $ | 787,938 | $ | 775,223 | $ | 711,644 | ||||||||||||||||||||||||||||||
| Costs of revenue: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchased transportation |
3,569,961 | 911,251 | 931,473 | 916,940 | 810,297 | 2,805,109 | 815,171 | 726,827 | 667,588 | 595,523 | 2,415,663 | 684,918 | 601,002 | 589,415 | 540,328 | |||||||||||||||||||||||||||||||||||||||||||||
| Commissions to agents |
378,002 | 102,174 | 99,304 | 94,399 | 82,125 | 297,410 | 86,732 | 76,598 | 70,282 | 63,798 | 264,205 | 75,130 | 65,144 | 64,839 | 59,092 | |||||||||||||||||||||||||||||||||||||||||||||
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| Variable costs of revenue |
3,947,963 | 1,013,425 | 1,030,777 | 1,011,339 | 892,422 | 3,102,519 | 901,903 | 803,425 | 737,870 | 659,321 | 2,679,868 | 760,048 | 666,146 | 654,254 | 599,420 | |||||||||||||||||||||||||||||||||||||||||||||
| Trailing equipment depreciation |
37,007 | 9,361 | 9,153 | 9,236 | 9,257 | 35,001 | 9,003 | 8,715 | 8,591 | 8,692 | 31,141 | 8,518 | 7,851 | 7,472 | 7,300 | |||||||||||||||||||||||||||||||||||||||||||||
| Information technology costs (1) |
5,495 | 1,658 | 1,381 | 1,354 | 1,102 | 2,600 | 718 | 999 | 358 | 525 | 3,233 | 802 | 765 | 775 | 891 | |||||||||||||||||||||||||||||||||||||||||||||
| Insurance-related costs (2) |
78,619 | 18,721 | 19,868 | 22,027 | 18,003 | 65,011 | 16,798 | 18,710 | 14,401 | 15,102 | 60,053 | 15,490 | 13,119 | 16,676 | 14,768 | |||||||||||||||||||||||||||||||||||||||||||||
| Other operating costs |
31,803 | 7,627 | 8,966 | 7,606 | 7,604 | 28,687 | 6,190 | 8,097 | 7,503 | 6,897 | 29,702 | 8,218 | 7,492 | 6,585 | 7,407 | |||||||||||||||||||||||||||||||||||||||||||||
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| Other costs of revenue |
152,924 | 37,367 | 39,368 | 40,223 | 35,966 | 131,299 | 32,709 | 36,521 | 30,853 | 31,216 | 124,129 | 33,028 | 29,227 | 31,508 | 30,366 | |||||||||||||||||||||||||||||||||||||||||||||
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| Total costs of revenue |
4,100,887 | 1,050,792 | 1,070,145 | 1,051,562 | 928,388 | 3,233,818 | 934,612 | 839,946 | 768,723 | 690,537 | 2,803,997 | 793,076 | 695,373 | 685,762 | 629,786 | |||||||||||||||||||||||||||||||||||||||||||||
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| Gross profit |
$ | 514,257 | $ | 131,559 | $ | 131,936 | $ | 131,224 | $ | 119,538 | $ | 412,546 | $ | 116,980 | $ | 103,484 | $ | 101,711 | $ | 90,371 | $ | 363,637 | $ | 99,753 | $ | 92,565 | $ | 89,461 | $ | 81,858 | ||||||||||||||||||||||||||||||
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| Gross profit margin |
11.1 | % | 11.1 | % | 11.0 | % | 11.1 | % | 11.4 | % | 11.3 | % | 11.1 | % | 11.0 | % | 11.7 | % | 11.6 | % | 11.5 | % | 11.2 | % | 11.7 | % | 11.5 | % | 11.5 | % | ||||||||||||||||||||||||||||||
| Plus: other costs of revenue |
152,924 | 37,367 | 39,368 | 40,223 | 35,966 | 131,299 | 32,709 | 36,521 | 30,853 | 31,216 | 124,129 | 33,028 | 29,227 | 31,508 | 30,366 | |||||||||||||||||||||||||||||||||||||||||||||
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| Variable contribution |
$ | 667,181 | $ | 168,926 | $ | 171,304 | $ | 171,447 | $ | 155,504 | $ | 543,845 | $ | 149,689 | $ | 140,005 | $ | 132,564 | $ | 121,587 | $ | 487,766 | $ | 132,781 | $ | 121,792 | $ | 120,969 | $ | 112,224 | ||||||||||||||||||||||||||||||
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| Variable contribution margin |
14.5 | % | 14.3 | % | 14.3 | % | 14.5 | % | 14.8 | % | 14.9 | % | 14.2 | % | 14.8 | % | 15.2 | % | 15.6 | % | 15.4 | % | 14.9 | % | 15.5 | % | 15.6 | % | 15.8 | % | ||||||||||||||||||||||||||||||
Exhibit 99.4
Landstar System, Inc. and Subsidiary
Supplemental Information by Trailer Type
(Unaudited)
| Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
| June 26, | March 27, | Fiscal Year | December 26, | September 26, | June 27, | March 28, | Fiscal Year | December 28, | September 28, | June 29, | March 30, | |||||||||||||||||||||||||||||||||||||
| 2021 | 2021 | Ended 2020 | 2020 | 2020 | 2020 | 2020 | Ended 2019 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||||||||||||||||||||
| Revenue generated through (in thousands): |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truck transportation |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truckload: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Van equipment |
$ | 854,509 | $ | 729,402 | $ | 2,192,254 | $ | 706,702 | $ | 578,166 | $ | 421,200 | $ | 486,186 | $ | 2,095,345 | $ | 496,360 | $ | 507,550 | $ | 539,319 | $ | 552,116 | ||||||||||||||||||||||||
| Unsided/platform equipment |
391,893 | 297,485 | 1,119,272 | 311,306 | 294,273 | 238,022 | 275,671 | 1,254,781 | 302,233 | 323,088 | 329,031 | 300,429 | ||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
29,062 | 25,670 | 97,546 | 26,562 | 25,125 | 22,918 | 22,941 | 98,324 | 24,849 | 25,367 | 24,732 | 23,376 | ||||||||||||||||||||||||||||||||||||
| Other truck transportation (1) |
168,723 | 140,932 | 406,709 | 157,124 | 108,614 | 71,193 | 69,778 | 316,879 | 88,376 | 76,191 | 75,122 | 77,190 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Total truck transportation |
1,444,187 | 1,193,489 | 3,815,781 | 1,201,694 | 1,006,178 | 753,333 | 854,576 | 3,765,329 | 911,818 | 932,196 | 968,204 | 953,111 | ||||||||||||||||||||||||||||||||||||
| Rail intermodal |
44,360 | 31,708 | 114,313 | 32,566 | 30,432 | 23,186 | 28,129 | 118,305 | 30,750 | 28,970 | 28,570 | 30,015 | ||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
60,240 | 47,600 | 132,180 | 43,178 | 31,752 | 30,663 | 26,587 | 121,485 | 32,227 | 30,365 | 28,224 | 30,669 | ||||||||||||||||||||||||||||||||||||
| Other (2) |
21,931 | 14,737 | 70,707 | 18,917 | 17,184 | 16,332 | 18,274 | 79,458 | 20,084 | 20,127 | 20,042 | 19,205 | ||||||||||||||||||||||||||||||||||||
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| $ | 1,570,718 | $ | 1,287,534 | $ | 4,132,981 | $ | 1,296,355 | $ | 1,085,546 | $ | 823,514 | $ | 927,566 | $ | 4,084,577 | $ | 994,879 | $ | 1,011,658 | $ | 1,045,040 | $ | 1,033,000 | |||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation |
$ | 648,942 | $ | 560,114 | $ | 1,866,526 | $ | 554,523 | $ | 502,224 | $ | 378,500 | $ | 431,279 | $ | 1,831,752 | $ | 441,617 | $ | 466,207 | $ | 474,620 | $ | 449,308 | ||||||||||||||||||||||||
| Number of loads: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truck transportation |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truckload: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Van equipment |
357,041 | 321,212 | 1,141,261 | 318,839 | 296,427 | 248,074 | 277,921 | 1,167,414 | 279,978 | 286,565 | 302,609 | 298,262 | ||||||||||||||||||||||||||||||||||||
| Unsided/platform equipment |
133,999 | 114,263 | 458,550 | 119,854 | 118,026 | 105,617 | 115,053 | 494,565 | 116,959 | 125,886 | 131,080 | 120,640 | ||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
44,403 | 40,692 | 163,024 | 43,491 | 41,454 | 39,723 | 38,356 | 155,592 | 39,976 | 41,067 | 39,240 | 35,309 | ||||||||||||||||||||||||||||||||||||
| Other truck transportation (1) |
67,497 | 59,663 | 206,305 | 64,636 | 56,693 | 42,016 | 42,960 | 188,689 | 48,047 | 45,412 | 47,141 | 48,089 | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Total truck transportation |
602,940 | 535,830 | 1,969,140 | 546,820 | 512,600 | 435,430 | 474,290 | 2,006,260 | 484,960 | 498,930 | 520,070 | 502,300 | ||||||||||||||||||||||||||||||||||||
| Rail intermodal |
15,100 | 11,700 | 46,280 | 12,870 | 11,900 | 9,970 | 11,540 | 47,590 | 12,220 | 11,490 | 11,420 | 12,460 | ||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
10,230 | 9,230 | 31,900 | 9,180 | 8,290 | 7,360 | 7,070 | 30,110 | 7,960 | 7,340 | 7,300 | 7,510 | ||||||||||||||||||||||||||||||||||||
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| 628,270 | 556,760 | 2,047,320 | 568,870 | 532,790 | 452,760 | 492,900 | 2,083,960 | 505,140 | 517,760 | 538,790 | 522,270 | |||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
| Loads hauled via BCO Independent Contractors (3) included in total truck transportation |
264,200 | 245,950 | 945,210 | 251,350 | 250,030 | 210,430 | 233,400 | 954,990 | 232,120 | 239,210 | 248,810 | 234,850 | ||||||||||||||||||||||||||||||||||||
| Revenue per load: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truck transportation |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truckload: |
||||||||||||||||||||||||||||||||||||||||||||||||
| Van equipment |
$ | 2,393 | $ | 2,271 | $ | 1,921 | $ | 2,216 | $ | 1,950 | $ | 1,698 | $ | 1,749 | $ | 1,795 | $ | 1,773 | $ | 1,771 | $ | 1,782 | $ | 1,851 | ||||||||||||||||||||||||
| Unsided/platform equipment |
2,925 | 2,604 | 2,441 | 2,597 | 2,493 | 2,254 | 2,396 | 2,537 | 2,584 | 2,567 | 2,510 | 2,490 | ||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
655 | 631 | 598 | 611 | 606 | 577 | 598 | 632 | 622 | 618 | 630 | 662 | ||||||||||||||||||||||||||||||||||||
| Other truck transportation (1) |
2,500 | 2,362 | 1,971 | 2,431 | 1,916 | 1,694 | 1,624 | 1,679 | 1,839 | 1,678 | 1,594 | 1,605 | ||||||||||||||||||||||||||||||||||||
| Total truck transportation |
2,395 | 2,227 | 1,938 | 2,198 | 1,963 | 1,730 | 1,802 | 1,877 | 1,880 | 1,868 | 1,862 | 1,897 | ||||||||||||||||||||||||||||||||||||
| Rail intermodal |
2,938 | 2,710 | 2,470 | 2,530 | 2,557 | 2,326 | 2,438 | 2,486 | 2,516 | 2,521 | 2,502 | 2,409 | ||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
5,889 | 5,157 | 4,144 | 4,703 | 3,830 | 4,166 | 3,761 | 4,035 | 4,049 | 4,137 | 3,866 | 4,084 | ||||||||||||||||||||||||||||||||||||
| Revenue per load on loads hauled via BCO Independent Contractors (3) |
$ | 2,456 | $ | 2,277 | $ | 1,975 | $ | 2,206 | $ | 2,009 | $ | 1,799 | $ | 1,848 | $ | 1,918 | $ | 1,903 | $ | 1,949 | $ | 1,908 | $ | 1,913 | ||||||||||||||||||||||||
| Revenue by capacity type (as a % of total revenue): |
||||||||||||||||||||||||||||||||||||||||||||||||
| Truck capacity providers: |
||||||||||||||||||||||||||||||||||||||||||||||||
| BCO Independent Contractors (3) |
41 | % | 44 | % | 45 | % | 43 | % | 46 | % | 46 | % | 46 | % | 45 | % | 44 | % | 46 | % | 45 | % | 43 | % | ||||||||||||||||||||||||
| Truck Brokerage Carriers |
51 | % | 49 | % | 47 | % | 50 | % | 46 | % | 46 | % | 46 | % | 47 | % | 47 | % | 46 | % | 47 | % | 49 | % | ||||||||||||||||||||||||
| Rail intermodal |
3 | % | 2 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||
| Ocean and air cargo carriers |
4 | % | 4 | % | 3 | % | 3 | % | 3 | % | 4 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||
| Other |
1 | % | 1 | % | 2 | % | 1 | % | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||||||
| (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. |
Landstar System, Inc. and Subsidiary
Supplemental Information by Trailer Type
(Unaudited)
| Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | December 29, | September 29, | June 30, | March 31, | Fiscal Year | December 30, | September 30, | July 1, | April 1, | Fiscal Year | December 31, | September 24, | June 25, | March 26, | ||||||||||||||||||||||||||||||||||||||||||||||
| Ended 2018 | 2018 | 2018 | 2018 | 2018 | Ended 2017 | 2017 | 2017 | 2017 | 2017 | Ended 2016 | 2016 | 2016 | 2016 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
| Revenue generated through (in thousands): |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Truck transportation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Truckload: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Van equipment |
$ | 2,442,696 | $ | 606,465 | $ | 626,594 | $ | 627,305 | $ | 582,332 | $ | 1,896,922 | $ | 548,601 | $ | 474,905 | $ | 453,156 | $ | 420,260 | $ | 1,681,531 | $ | 479,379 | $ | 412,507 | $ | 409,659 | $ | 379,986 | ||||||||||||||||||||||||||||||
| Unsided/platform equipment |
1,339,748 | 328,151 | 366,178 | 355,475 | 289,944 | 1,095,380 | 289,725 | 297,303 | 277,770 | 230,582 | 931,793 | 247,923 | 243,469 | 237,240 | 203,161 | |||||||||||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
102,531 | 26,083 | 25,500 | 27,364 | 23,584 | 89,041 | 23,644 | 22,598 | 22,942 | 19,857 | 74,530 | 20,464 | 18,139 | 18,450 | 17,477 | |||||||||||||||||||||||||||||||||||||||||||||
| Other truck transportation (1) |
395,437 | 116,958 | 100,014 | 95,237 | 83,228 | 306,190 | 105,570 | 82,812 | 61,690 | 56,118 | 250,731 | 84,404 | 58,748 | 53,111 | 54,468 | |||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
| Total truck transportation |
4,280,412 | 1,077,657 | 1,118,286 | 1,105,381 | 979,088 | 3,387,533 | 967,540 | 877,618 | 815,558 | 726,817 | 2,938,585 | 832,170 | 732,863 | 718,460 | 655,092 | |||||||||||||||||||||||||||||||||||||||||||||
| Rail intermodal |
128,976 | 32,950 | 34,439 | 32,295 | 29,292 | 96,416 | 27,846 | 24,213 | 21,515 | 22,842 | 103,721 | 26,734 | 24,650 | 26,229 | 26,108 | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
134,577 | 51,858 | 31,213 | 28,029 | 23,477 | 110,898 | 40,190 | 29,523 | 21,595 | 19,590 | 78,513 | 22,013 | 18,790 | 18,902 | 18,808 | |||||||||||||||||||||||||||||||||||||||||||||
| Other (2) |
71,179 | 19,886 | 18,143 | 17,081 | 16,069 | 51,517 | 16,016 | 12,076 | 11,766 | 11,659 | 46,815 | 11,912 | 11,635 | 11,632 | 11,636 | |||||||||||||||||||||||||||||||||||||||||||||
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| $ | 4,615,144 | $ | 1,182,351 | $ | 1,202,081 | $ | 1,182,786 | $ | 1,047,926 | $ | 3,646,364 | $ | 1,051,592 | $ | 943,430 | $ | 870,434 | $ | 780,908 | $ | 3,167,634 | $ | 892,829 | $ | 787,938 | $ | 775,223 | $ | 711,644 | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
| Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation |
$ | 2,001,665 | $ | 482,321 | $ | 520,391 | $ | 527,803 | $ | 471,150 | $ | 1,655,026 | $ | 443,462 | $ | 435,479 | $ | 411,177 | $ | 364,908 | $ | 1,488,925 | $ | 402,077 | $ | 379,196 | $ | 373,374 | $ | 334,278 | ||||||||||||||||||||||||||||||
| Number of loads: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Truck transportation |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Truckload: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Van equipment |
1,206,197 | 300,865 | 304,226 | 308,348 | 292,758 | 1,104,740 | 289,503 | 275,037 | 277,303 | 262,897 | 1,036,729 | 287,453 | 255,899 | 255,488 | 237,889 | |||||||||||||||||||||||||||||||||||||||||||||
| Unsided/platform equipment |
498,452 | 121,965 | 129,472 | 131,538 | 115,477 | 468,977 | 117,819 | 122,507 | 121,408 | 107,243 | 436,320 | 114,544 | 109,307 | 113,268 | 99,201 | |||||||||||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
145,269 | 38,630 | 35,969 | 37,250 | 33,420 | 132,776 | 34,036 | 34,232 | 34,589 | 29,919 | 115,521 | 31,205 | 28,589 | 28,829 | 26,898 | |||||||||||||||||||||||||||||||||||||||||||||
| Other truck transportation (1) |
210,352 | 58,090 | 53,183 | 50,604 | 48,475 | 196,567 | 57,132 | 58,294 | 42,030 | 39,111 | 157,820 | 50,438 | 38,075 | 34,615 | 34,692 | |||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
| Total truck transportation |
2,060,270 | 519,550 | 522,850 | 527,740 | 490,130 | 1,903,060 | 498,490 | 490,070 | 475,330 | 439,170 | 1,746,390 | 483,640 | 431,870 | 432,200 | 398,680 | |||||||||||||||||||||||||||||||||||||||||||||
| Rail intermodal |
53,030 | 12,770 | 13,420 | 13,560 | 13,280 | 45,000 | 12,960 | 11,080 | 10,310 | 10,650 | 48,820 | 12,700 | 11,940 | 12,150 | 12,030 | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
28,970 | 7,720 | 8,220 | 6,700 | 6,330 | 25,420 | 7,270 | 6,210 | 6,210 | 5,730 | 20,690 | 5,780 | 5,130 | 5,220 | 4,560 | |||||||||||||||||||||||||||||||||||||||||||||
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| 2,142,270 | 540,040 | 544,490 | 548,000 | 509,740 | 1,973,480 | 518,720 | 507,360 | 491,850 | 455,550 | 1,815,900 | 502,120 | 448,940 | 449,570 | 415,270 | ||||||||||||||||||||||||||||||||||||||||||||||
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| Loads hauled via BCO Independent Contractors (3) included in total truck transportation |
949,330 | 231,860 | 236,580 | 247,710 | 233,180 | 916,190 | 229,360 | 232,970 | 235,630 | 218,230 | 865,430 | 234,550 | 216,220 | 216,990 | 197,670 | |||||||||||||||||||||||||||||||||||||||||||||
| Revenue per load: |
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| Truck transportation |
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| Truckload: |
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| Van equipment |
$ | 2,025 | $ | 2,016 | $ | 2,060 | $ | 2,034 | $ | 1,989 | $ | 1,717 | $ | 1,895 | $ | 1,727 | $ | 1,634 | $ | 1,599 | $ | 1,622 | $ | 1,668 | $ | 1,612 | $ | 1,603 | $ | 1,597 | ||||||||||||||||||||||||||||||
| Unsided/platform equipment |
2,688 | 2,691 | 2,828 | 2,702 | 2,511 | 2,336 | 2,459 | 2,427 | 2,288 | 2,150 | 2,136 | 2,164 | 2,227 | 2,095 | 2,048 | |||||||||||||||||||||||||||||||||||||||||||||
| Less-than-truckload |
706 | 675 | 709 | 735 | 706 | 671 | 695 | 660 | 663 | 664 | 645 | 656 | 634 | 640 | 650 | |||||||||||||||||||||||||||||||||||||||||||||
| Other truck transportation (1) |
1,880 | 2,013 | 1,881 | 1,882 | 1,717 | 1,558 | 1,848 | 1,421 | 1,468 | 1,435 | 1,589 | 1,673 | 1,543 | 1,534 | 1,570 | |||||||||||||||||||||||||||||||||||||||||||||
| Total truck transportation |
2,078 | 2,074 | 2,139 | 2,095 | 1,998 | 1,780 | 1,941 | 1,791 | 1,716 | 1,655 | 1,683 | 1,721 | 1,697 | 1,662 | 1,643 | |||||||||||||||||||||||||||||||||||||||||||||
| Rail intermodal |
2,432 | 2,580 | 2,566 | 2,382 | 2,206 | 2,143 | 2,149 | 2,185 | 2,087 | 2,145 | 2,125 | 2,105 | 2,064 | 2,159 | 2,170 | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
4,645 | 6,717 | 3,797 | 4,183 | 3,709 | 4,363 | 5,528 | 4,754 | 3,477 | 3,419 | 3,795 | 3,808 | 3,663 | 3,621 | 4,125 | |||||||||||||||||||||||||||||||||||||||||||||
| Revenue per load on loads hauled via BCO Independent Contractors (3) |
$ | 2,109 | $ | 2,080 | $ | 2,200 | $ | 2,131 | $ | 2,021 | $ | 1,806 | $ | 1,933 | $ | 1,869 | $ | 1,745 | $ | 1,672 | $ | 1,720 | $ | 1,714 | $ | 1,754 | $ | 1,721 | $ | 1,691 | ||||||||||||||||||||||||||||||
| Revenue by capacity type (as a % of total revenue): |
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| Truck capacity providers: |
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| BCO Independent Contractors (3) |
43 | % | 41 | % | 43 | % | 45 | % | 45 | % | 45 | % | 42 | % | 46 | % | 47 | % | 47 | % | 47 | % | 45 | % | 48 | % | 48 | % | 47 | % | ||||||||||||||||||||||||||||||
| Truck Brokerage Carriers |
49 | % | 50 | % | 50 | % | 49 | % | 48 | % | 48 | % | 50 | % | 47 | % | 46 | % | 46 | % | 46 | % | 48 | % | 45 | % | 45 | % | 45 | % | ||||||||||||||||||||||||||||||
| Rail intermodal |
3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 2 | % | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | 4 | % | ||||||||||||||||||||||||||||||
| Ocean and air cargo carriers |
3 | % | 4 | % | 3 | % | 2 | % | 2 | % | 3 | % | 4 | % | 3 | % | 2 | % | 3 | % | 2 | % | 2 | % | 2 | % | 2 | % | 3 | % | ||||||||||||||||||||||||||||||
| Other |
2 | % | 2 | % | 2 | % | 1 | % | 2 | % | 1 | % | 2 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | 2 | % | 2 | % | ||||||||||||||||||||||||||||||