Slide 1: Landstar System Reports First Quarter Revenue of $712 Million
For Immediate Release Contact: Kevin Stout Landstar System, Inc. www.landstar.com April 20, 2016 904-398-9400 LANDSTAR SYSTEM REPORTS FIRST QUARTER REVENUE OF $712 MILLION AND RECORD FIRST QUARTER DILUTED EARNINGS PER SHARE OF $0.69 Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) reported re
Slide 2: Landstar System press release page 2
LANDSTAR SYSTEM/2 of its common stock during 2016 at an aggregate cost of $10.2 million. Currently, there are approximately 1,634,000 shares of the Company’s common stock available for purchase under Landstar’s authorized share purchase program. As of March 26, 2016, the Company had $217 million in
Slide 3: Landstar System press release page 3
LANDSTAR SYSTEM/3 more apparent in the U.S. spot market, in which the Company mostly operates. Additionally, the average cost of a gallon of diesel fuel was over 25 percent lower during the 2016 first quarter compared to the 2015 first quarter putting additional pressure on pricing, especially as it
Slide 4: Safe harbor statement
LANDSTAR SYSTEM/4 www.landstar.com; click on “Investor Relations” and “Webcasts,” then click on “Landstar’s First Quarter 2016 Earnings Release Conference Call.” The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press
Slide 5: Company headquarters and listing
LANDSTAR SYSTEM/5 System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR. (Tables follow)
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 26, March 28, 2016 2015 Revenue $ 711,644 $ 762,380 Investment income 380 354 Costs and expenses: Purchased transportation
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 26, December 26, 2016 2015 ASSETS Current assets: Cash and cash equivalents $ 156,284 $ 114,520 Short-term investments 61,140 48,823 Trade accounts re
Slide 8: Supplemental Information
LANDSTAR SYSTEM/8 Landstar System, Inc. and Subsidiary Supplemental Information (Unaudited) Thirteen Weeks Ended March 26, March 28, 2016 2015 Revenue generated through (in thousands): Truck transportation Truckload: Van equipment $ 428,193 $ 449,688 Unsided/platform equipment 209,422 239,483 Less-t
Slide 9: Earnings Conference Call First Quarter 2016
Landstar System, Inc. Earnings Conference Call First Quarter 2016 April 20, 2016 Date Published: 04/20/2016
Slide 10: Safe harbor statement
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements made during this presentation that are not based on historical facts are “forward looking statements.” During this presentation, I may make certain statements, containing forward- lookin
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: 04/20/201
Slide 12: The Network
The Network 2015 Results $3.3 billion in revenue 1.8 million loadings 512 million dollar agents 9,500 BCO trucks (2015 year-end) 44,000 Carriers (2015 year-end) 14,000 Trailers (2015 year-end) 4 Date Published: 04/20/2016
Slide 13: Transportation Management Services
Transportation Management Services 5 Date Published: 04/20/2016
Slide 14: Revenue
Revenue ($’s in thousands) (1) Percentage change in rate is calculated on a revenue per load basis. (2) Percentage change in volume is calculated on the number of loads hauled. 6 Date Published: 04/20/2016
Slide 15: Truckload Loadings and Revenue per Load
Truckload Loadings and Revenue per Load (Excludes LTL) Date Published: 04/20/2016 7
Slide 16: Industries Served
Industries Served As a Percentage of Revenue Quarter over Prior Q1 Q1 Year Quarter 2015 2016 Growth Consumer Products / 19.2 20.5 0% Appliances / Furniture Machinery 15.1 14.6 -10% Automotive 9.5 9.7 -5% Building Products 7.5 8.6 7% Metals 7.4 6.6 -16% AA&E, Hazmat 7.3 7.5 -4% Foodstuffs 5.8 5.5 -12
Slide 17: Gross Profit and Gross Profit Margin
Gross Profit (1) and Gross Profit Margin (2) ($’s in thousands) First Quarter Gross Profit 15.1% 15.8% (1) Gross profit equals revenue less the cost of purchased transportation and commissions to agents. (2) Gross profit margin equals gross profit divided by revenue. (3) Revenue on transactions with
Slide 18: Operating Income and Operating Margin
Operating Income and Operating Margin (1) ($’s in thousands) First Quarter Operating Income 42.5% 42.7% (1) Operating margin equals operating income divided by gross profit. 10 Date Published: 04/20/2016
Slide 19: Truck Capacity Data
Truck Capacity Data (All information other than fuel surcharges are at the end of the period) (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 Ind
Slide 20: Key Balance Sheet and Cash Flow Statistics
Key Balance Sheet and Cash Flow Statistics ($’s in thousands) (1) Net cash is defined as cash and cash equivalents plus short term investments less outstanding debt. 12 Date Published: 04/20/2016
Slide 21: Free Cash Flow / Share Purchases
Free Cash Flow / Share Purchases (In Thousands) (1) Free cash flow is defined as cash flow from operations less capital expenditures, each set forth on the prior slide. 13 Date Published: 04/20/2016
Slide 22: Date Published: 04/20/2016
14 Date Published: 04/20/2016