Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q1 2025 Earnings Presentation
22 slides from Landstar System's earnings presentation, May 13, 2025
Slide 1: Landstar System, Inc. Earnings Conference Call 1Q 2025
Date Landstar System, Inc. Earnings Conference Call 1Q 2025 Exhibit 99.2
Slide 2: Forward-Looking Statements Disclaimer
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 statemen
Slide 3: 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. Management believes variable contribution and variable contri
Slide 4: 1Q 2025 Executive Summary
Frank Lonegro Chief Executive Officer 1Q 2025 Executive Summary
Slide 5: CEO Perspective
Slide header CEO Perspective R E S U L T S Dollars in Millions (except per share amounts) H I G H L I G H T S 1Q revenue performance Stronger than mid-point of guidance For the first time in 15 years, the number of loads hauled via truck in 1Q exceeded the immediately preceding 4Q Operating income a
Slide 6: Landstar Network and 1Q Operating Results
$1.05B Truck Revenue 485K Truck Loadings $2,165 Truck Revenue per Load 485 Million $ Agents* 8,620 BCO Trucks 80,598 Carriers 17,300+ Trailers 0.69 DOT Accidents per Million Miles** * Based on 2024 fiscal year **See definition of DOT accidents within the Appendix Landstar Network and 1Q Operating Re
Slide 7: Truck Capacity
Truck Capacity All information is provided as of the end of the applicable period Active refers to truck brokerage carriers who hauled freight for Landstar in the 180-day period immediately preceding the period end. Note: Fuel surcharges billed to customers on freight hauled by BCO Independent Contr
Slide 8: 1Q 2025 Financial Results
Jim Todd Chief Financial Officer 1Q 2025 Financial Results
Slide 9: Revenue Results Variance
Revenue Source Rate (1) Vol. (2) Chg. Truck (0.6%) (1.2%) (1.8%) Rail Intermodal (10.4%) (14.0%) (22.9%) Ocean/Air 16.1% 4.6%) 21.4% Insurance Premiums N/A N/A (10.6%) Total Revenue — — (1.6%) Slide header R E S U L T S V A R I A N C E Revenue Dollars in Millions Percentage change in rate is calcula
Slide 10: Revenue Variances by Industry Served
Revenue Variances by Industry Served with Revenue Share Indicated Amounts in Percent Revenue Share Y-O-Y Change 1Q 2025 1Q 2024 Market Segment in Revenue 29.0 28.1 Consumer Durables 2 14.4 13.5 Machinery 5 9.1 11.7 Automotive (23) 8.7 8.6 Building Products 0 7.3 5.6 Electrical 29 7.2 8.3 AA&E, Hazma
Slide 11: Gross Profit and Variable Contribution with Associated Margins
Gross Profit (1) and Variable Contribution (2) with Associated Margins Dollars in Millions Gross Profit Variable Contribution Amounts in % 1Q 2024 14.4 Change in Mix/Other (0.3) Revenue – Fixed (3) (0.2) Revenue – Variable 0.1 2025 14.0 C H A N G E I N V C M A R G I N Gross profit equals revenue les
Slide 12: Operating Income as a Percentage of Gross Profit and Variable Contribution
Operating Income Percentage of Gross Profit Variable Contribution Slide header Operating Income as a Percentage of Gross Profit and Variable Contribution Dollars in Millions C H A N G E I N P E R C E N T A G E of Variable Contribution R E S U L T S Amounts in % 1Q 2024 35.6) Insurance and claims (8.
Slide 13: Key Balance Sheet and Cash Flow Statistics
Return Type Mar 29, 2025 Mar 30, 2024 Equity 18% 23% Invested Capital 17% 22% Assets 10% 13% Key Balance Sheet and Cash Flow Statistics Dollars in Millions N E T C A S H (1) with Debt to Capital (2) as of date indicated S O U R C E S / U S E S O F C A S H Cash Flow Type 1Q 2025 1Q 2024 Cash flow fro
Slide 14: 2Q Closing Remarks
Frank Lonegro Chief Executive Officer 1Q 2025 2Q Closing Remarks
Slide 15: 2Q Current Market Update and Historical Trends
Ü Current Market Update - April business activity: – Truck Loads: April approximately 2% below April 2024 – Modestly below typical March to April month-to-month historical trends – Truck Revenue per Load: April approximately 1% above April 2024 – Slightly ahead of typical March to April month-to-mon
Slide 16: 1Q 2025 Appendix
1Q 2025 Appendix
Slide 17: Revenue Breakdown by Service Type
Revenue Breakdown by Service Type P E R C E N T A G E O F R E V E N U E 1Q 2 0 2 5 by Service Type LTL — 2% T R U C K L O A D Van — 52%, Unsided/Platform — 29% OTHER TRUCK — 8% T R U C K T R A N S P O R T A T I O N RAIL INTERMODAL — 2% OCEAN / AIR CARGO — 6% CHANGE IN SHARE SINCE 1Q 2024 Van Equipme
Slide 18: Truckload Loadings and Revenue per Truckload Trends
U N S I D E D / P L A T F O R M V A N Truckload Loadings and Revenue per Truckload Trends NUMBER OF LOADS REVENUE PER LOAD NUMBER OF LOADS REVENUE PER LOAD
Slide 19: Reconciliation of Gross Profit to Variable Contribution
Reconciliation of Gross Profit to Variable Contribution Dollars in Thousands 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 commis
Slide 20: Free Cash Flow with Stock Purchases and Dividends
Free Cash Flow with Stock Purchases and Dividends Dollars and Shares in Millions 5 – Y E A R S U M M A R Y Cash Flow Item 2020 2021 2022 2023 2024 Cash flow from operations $ 211 $ 277 $ 623 $ 394 $ 287 Cash capital expenditures(1) $ 34 $ 24 $ 26 $ 26 $ 31 Free cash flow $ 177 $ 253 $ 597 $ 368 $ 25
Slide 21: DOT Accident Frequency per Million Miles Traveled by BCOs
DOT Accident (1) Frequency per Million Miles Traveled by BCOs 5 – Y E A R S U M M A R Y A “DOT Accident” is defined, consistent with U.S. 49 CFR 390.5T, as an occurrence involving a commercial motor vehicle operating on a highway in interstate or intrastate commerce that results in a fatality, a bod
Slide 22: Landstar System, Inc. Earnings Conference Call 1Q 2025
Date Landstar System, Inc. Earnings Conference Call 1Q 2025