Landstar System Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Landstar System Inc. filed its Q1 2024 10-Q report detailing financial activities and segment information.</b>

AI Summary

LANDSTAR SYSTEM INC (LSTR) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filing is a 10-Q for Landstar System Inc. for the period ending March 30, 2024. The filing includes data related to the Transportation Logistics segment. Specific investment types mentioned include Money Market Funds, Asset Backed Securities, Corporate Bonds, and U.S. Treasury Securities. Details on employee stock options and restricted stock units are included. The filing references various equity incentive plans and stock compensation plans.

Why It Matters

For investors and stakeholders tracking LANDSTAR SYSTEM INC, this filing contains several important signals. This 10-Q provides investors with an updated view of Landstar's financial health and operational performance for the first quarter of 2024. The detailed breakdown of investments and equity plans offers insight into the company's capital management and compensation strategies.

Risk Assessment

Risk Level: low — LANDSTAR SYSTEM INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess Landstar's operational efficiency and investment strategy.

Revenue Breakdown

Key Numbers

• 2024-03-30 — Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed As Of Date)
• 2023-12-31 — Previous Year End Date (Reference for comparative data)
• 2023-04-01 — Prior Year Q1 End Date (Reference for comparative data)

Key Players & Entities

• LANDSTAR SYSTEM INC (company) — Filer name
• 0000853816 (company) — Central Index Key
• DE (jurisdiction) — State of Incorporation
• JACKSONVILLE (location) — Business Address City
• FL (location) — Business Address State
• 32224 (postal_code) — Business Address Zip
• 9043989400 (phone_number) — Business Phone
• 2024-03-30 (date) — Conformed Period of Report

FAQ

Key Dates

• 2024-05-03: Filing Date — Official filing of the 10-Q report.
• 2024-03-30: Quarter End Date — End of the reporting period for the 10-Q.
• 2023-04-01: Prior Year Quarter End — Provides a comparative period for analysis.

Glossary

Power-only

Shipments where the Company furnishes a power unit and an operator but not trailing equipment. (Indicates a specific service offering within the Transportation Logistics segment.)

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (The primary document type filed, providing interim financial information.)

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding as of the close

Filing Documents

• d810885d10q.htm (10-Q) — 792KB
• d810885dex311.htm (EX-31.1) — 6KB
• d810885dex312.htm (EX-31.2) — 6KB
• d810885dex321.htm (EX-32.1) — 4KB
• d810885dex322.htm (EX-32.2) — 4KB
• g810885g0427070621243.jpg (GRAPHIC) — 4KB
• 0001193125-24-130360.txt (&nbsp;) — 4932KB
• lstr-20240330.xsd (EX-101.SCH) — 35KB
• lstr-20240330_cal.xml (EX-101.CAL) — 47KB
• lstr-20240330_def.xml (EX-101.DEF) — 295KB
• lstr-20240330_lab.xml (EX-101.LAB) — 336KB
• lstr-20240330_pre.xml (EX-101.PRE) — 330KB
• d810885d10q_htm.xml (XML) — 640KB

– Financial Information

PART I – Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023 Page 4 Consolidated Statements of Income for the Thirteen Weeks Ended March 30, 2024 and April 1, 2023 Page 5 Consolidated Statements of Comprehensive Income for the Thirteen Weeks Ended March 30, 2024 and April 1, 2023 Page 6 Consolidated Statements of Cash Flows for the Thirteen Weeks Ended March 30, 2024 and April 1, 2023 Page 7 Consolidated Statements of Changes in Shareholders' Equity for the Thirteen Weeks Ended March 30, 2024 and April 1, 2023 Page 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Page 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Page 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk Page 28

Controls and Procedures

Item 4. Controls and Procedures Page 29

– Other Information

PART II – Other Information

Legal Proceedings

Item 1. Legal Proceedings Page 29

Risk Factors

Item 1A. Risk Factors Page 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Page 29

Other Information

Item 5. Other Information Page 30

Exhibits

Item 6. Exhibits Page 30

Signatures

Signatures Page 32 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 2 PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements The interim consolidated financial statements contained herein reflect all adjustments (all of a normal, recurring nature) which, in the opinion of management, are necessary for a fair statement of the financial condition, results of operations, cash flows and changes in shareholders' equity for the periods presented. They have been prepared in accordance with Rule 10-01 of Regulation S-X and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the thirteen weeks ended March 30, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year ending December 28, 2024. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's 2023 Annual Report on Form 10-K. 3 Table of Contents LANDSTAR SYSTEM, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) (Unaudited) March 30, 2024 December 30, 2023 ASSETS Current Assets Cash and cash equivalents $ 467,671 $ 481,043 Short-term investments 62,781 59,661 Trade accounts receivable, less allowance of $ 11,764 and $ 11,738 723,841 743,762 Other receivables, including advances to independent contractors, less allowance of $ 14,310 and $ 14,010 40,535 43,339 Other current assets 15,540 24,936 Total current assets 1,310,368 1,352,741 Operating property, less accumulated depreciation and amortization of $ 442,898 and $ 436,682 279,552 284,300 Goodwill 42,381 42,275 Other assets 113,540 122,530 Total assets $ 1,745,841 $ 1,801,846 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Cash overdraft $ 51,674 $ 61,541 Accounts payable 384,267 395,980 Current maturities of long-term debt 26,730 27,876 Insurance clai

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) The consolidated financial statements include the accounts of Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc., and reflect all adjustments (all of a normal, recurring nature) which are, in the opinion of management, necessary for a fair statement of the results for the periods presented. The preparation of the consolidated financial statements requires the use of management's estimates. Actual results could differ from those estimates. Landstar System, Inc. and its subsidiary are herein referred to as "Landstar" or the "Company." Significant intercompany accounts have been eliminated in consolidation. (1) Significant Accounting Policies Revenue from Contracts with Customers – Disaggregation of Revenue The following table summarizes (i) the percentage of consolidated revenue generated by mode of transportation and (ii) the total amount of truck transportation revenue hauled by BCO Independent Contractors and Truck Brokerage Carriers generated by equipment type during the thirteen-week periods ended March 30, 2024 and April 1, 2023 (dollars in thousands): Thirteen Weeks Ended March 30, 2024 April 1, 2023 Mode Truck – BCO Independent Contractors 39 % 36 % Truck – Truck Brokerage Carriers 53 % 56 % Rail intermodal 2 % 2 % Ocean and air cargo carriers 5 % 4 % Truck Equipment Type Van equipment $ 628,304 $ 755,083 Unsided/platform equipment $ 343,045 $ 377,564 Less-than-truckload $ 25,617 $ 31,558 Other truck transportation (1) $ 71,966 $ 159,503 (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. 9 Table of Contents (2) Share-based