Landstar System, Inc. · NASDAQ:LSTR
Landstar System — Q1 2021 Earnings Presentation
22 slides from Landstar System's earnings presentation, Apr 21, 2021
Slide 1: Landstar System Reports All-Time Quarterly Record
For Immediate Release Contact: Jim Gattoni Landstar System, Inc. www.landstar.com April 21, 2021 904-398-9400 LANDSTAR SYSTEM REPORTS ALL-TIME QUARTERLY RECORD DILUTED EARNINGS PER SHARE OF $2.01 IN THE 2021 FIRST QUARTER Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) reported all-time quar
Slide 2: Press release continued: returns, dividend and CEO comments
LANDSTAR SYSTEM/2 Trailing twelve month return on average shareholders’ equity was 33 percent and return on invested capital, representing net income divided by the sum of average equity plus average debt, was 29 percent. The Company is currently authorized to purchase up to 1,821,030 shares of the
Slide 3: Actual versus guidance for first quarter 2021
LANDSTAR SYSTEM/3 Gattoni continued, “In our 2020 year-end earnings release on January 27, 2021, we provided first quarter revenue guidance of $1.10 billion to $1.15 billion and first quarter diluted earnings per share guidance of $1.55 to $1.65. Actual 2021 first quarter revenue was $1.288 billion
Slide 4: Second quarter 2021 outlook
LANDSTAR SYSTEM/4 Gattoni continued, “Second quarter year-over-prior-year revenue and diluted earnings per share comparisons are not meaningful due to the adverse impact the COVID-19 pandemic had on the Company’s 2020 second quarter financial results. On a sequential basis, I expect the strong finis
Slide 5: Forward-looking statements and About Landstar
LANDSTAR SYSTEM/5 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 prope
Slide 6: Consolidated Statements of Income
LANDSTAR SYSTEM/6 Landstar System, Inc. and Subsidiary Consolidated Statements of Income (Dollars in thousands, except per share amounts) (Unaudited) Thirteen Weeks Ended March 27, March 28, 2021 2020 Revenue $ 1,287,534 $ 927,566 Investment income 684 1,167 Costs and expenses: Purchased transportat
Slide 7: Consolidated Balance Sheets
LANDSTAR SYSTEM/7 Landstar System, Inc. and Subsidiary Consolidated Balance Sheets (Dollars in thousands, except per share amounts) (Unaudited) March 27, December 26, 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 219,389 $ 249,354 Short-term investments 41,407 41,375 Trade accounts re
Slide 8: Supplemental Information
LANDSTAR SYSTEM/8 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Thirteen Weeks Ended March 27, March 28, 2021 2020 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment $ 827,187 $ 545,307 Unsided/platform equipment 340,632 286,328 Less-t
Slide 9: Earnings Conference Call First Quarter 2021
DESIGNED TO RESPOND BUILT TO DELIVER Landstar System, Inc. Earnings Conference Call First Quarter 2021 April 21, 2021 Date Published: 04/21/2021
Slide 10: 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 stateme
Slide 11: Model Definition
Model Definition Landstar 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. 3 Date Published: 04/21/202
Slide 12: The Network
The Network 2020 Results Agents Approx. $4.1 billion in revenue 1,200 2.0 million loadings 508 million dollar agents 10,991 BCO trucks (2020 year-end) Landstar 69,025 Carriers (2020 year-end) Employees 17,000+ Trailers (2020 year-end) Approx. 1,300 Capacity Customers 79,000+ 25,000+ 4 Date Published
Slide 13: Transportation Management Services
Transportation Management Services Percentage of Revenue 1Q20 1Q21 Truck Transportation Truckload Van equipment 59% 64% Unsided/platform equipment 31% 26% Less-than-truckload 2% 2% Rail intermodal 3% 2% Ocean and air cargo 3% 4% 5 Date Published: 04/21/2021
Slide 14: Revenue
Revenue ($’s in thousands) Quarter Quarter $1,350,000 $1,287,534 Qtr over Prior Year Qtr Rate (1) Volume (2) Change $1,275,000 $1,200,000 Truc k Revenue 23.6% 13.0% 39.7% $1,125,000 $1,050,000 $927,566 Rail Intermodal Revenue 11.2% 1.4% 12.7% $975,000 $900,000 Oc ean/Air Revenue 37.1% 30.6% 79.0% $8
Slide 15: Truckload Loadings and Revenue per Load
Truckload Loadings and Revenue per Load (Excludes LTL) Van Equipment Number of Loads Revenue per Load 380,000 $2,300 360,000 $2,200 $2,100 340,000 $2,000 320,000 $1,900 $1,800 300,000 $1,700 280,000 $1,600 1Q20 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 2Q20 3Q20 4Q20 1Q21 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Slide 16: Industries Served
Industries Served As a Percentage of Revenue Quarter over Prior Year Quarter 1Q20 1Q21 Change in Revenue Consumer Durables 23.9 28.7 67% Machinery 13.4 11.0 14% Building Products 9.1 8.5 31% AA&E, Hazmat 9.1 8.8 35% Automotive 7.4 8.6 60% Foodstuffs 4.7 3.9 15% Metals 5.9 4.9 16% Substitute Line Hau
Slide 17: Gross Profit and Gross Profit Margin
Gross Profit (1) and Gross Profit Margin (2) ($’s in thousands) Quarter Quarter $200,000 $189,240 1st Qtr (3) $180,000 Changes in gross profit margin % 2020 Period 15.4 $160,000 $142,933 Revenue - fixed gp margin 0.4 $140,000 Revenue - variable gp margin -0.5 14.7% $120,000 Change in mix and other -
Slide 18: Operating Income and Operating Margin
Operating Income and Operating Margin (1) ($’s in thousands) Quarter Quarter $103,268 $105,000 1st Qtr $95,000 Changes in operating margin % $85,000 2020 Period 37.8 $75,000 Other operating costs 1.8 $65,000 $54,005 Insurance and claims 5.6 $55,000 $45,000 SG&A 7.7 $35,000 37.8% 54.6% Depreciation a
Slide 19: Truck Capacity Data
Truck Capacity Data (All information is provided as of the end of the period) Mar 28, Dec 26, Mar 27, 2020 (2) 2020 2021 (2) BCO Independent Contractors 9,444 10,242 10,498 Truck Brokerage Carriers: Approved and Active (1) 38,879 46,053 49,538 Other Approved 16,657 22,972 23,246 55,536 69,025 72,784
Slide 20: Key Balance Sheet and Cash Flow Statistics
Key Balance Sheet and Cash Flow Statistics ($’s in thousands) QTR QTR Mar 28, Mar 27, 2020 2021 Balance sheet (period end amounts): Debt to Capital 14% 11% Net Cash (1) $ 108,930 $ 169,800 Cash flow: Cash flow from operations $ 99,216 $ 69,891 Capital expenditures $ 5,799 $ 4,076 Share repurchases $
Slide 21: Free Cash Flow, Stock Purchases and Dividends
Free Cash Flow (1) , Stock Purchases and Dividends (In Thousands) $350,000 42,500 42,000 $300,000 41,500 $250,000 41,000 $200,000 40,500 40,000 $150,000 39,500 $100,000 39,000 $50,000 38,500 $0 38,000 2016 2017 2018 2019 2020 Free Cash Flow Share Purchases Dividends Paid Common Share Count Fi rst qu
Slide 22: Designed to Respond, Built to Deliver
DESIGNED TO RESPOND BUILT TO DELIVER 14 Date Published: 04/21/2021