☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 06-1313069 | |
(State or other jurisdiction incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock | LSTR | NASDAQ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
PART I | ||
Item 1. | ||
Consolidated Balance Sheets as of | Page 4 | |
Page 5 | ||
Page 6 | ||
Page 7 | ||
Page 8 | ||
Page | ||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | Page | |
Quantitative and Qualitative Disclosures About Market Risk | ||
Page 32 | ||
Page 33 | ||
PART II – | ||
Legal Proceedings | Page 33 | |
Page 33 | ||
Item 2. | Page 35 | |
Item 6. | Page 35 | |
Signatures | Page 37 |
EX – 31.1 Section 302 CEO Certification | ||
September 25, 2021 | December 26, 2020 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
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 | ||||||
Total current assets | 1,412,128 | 1,208,175 | ||||||
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 | ||||||
Total assets | $ | 1,914,042 | $ | 1,653,799 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
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 | ||||||
Total current liabilities | 847,312 | 806,137 | ||||||
Long-term debt, excluding current maturities | 62,724 | 65,359 | ||||||
Insurance claims | 46,914 | 38,867 | ||||||
Deferred income taxes and other noncurrent 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 shares | 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 | ) | ||||
Total shareholders’ equity | 899,690 | 691,835 | ||||||
Total liabilities and shareholders’ equity | $ | 1,914,042 | $ | 1,653,799 | ||||
June 25, 2022 | December 25, 2021 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 78,220 | $ | 215,522 | ||||
Short-term investments | 41,549 | 35,778 | ||||||
Trade accounts receivable, less allowance of $9,940 and $7,074 | 1,216,518 | 1,154,314 | ||||||
Other receivables, including advances to independent contractors, less allowance of $9,856 and $8,125 | 114,794 | 101,124 | ||||||
Other current assets | 54,190 | 16,162 | ||||||
Total current assets | 1,505,271 | 1,522,900 | ||||||
Operating property, less accumulated depreciation and amortization of $369,344 and $344,099 | 314,191 | 317,386 | ||||||
Goodwill | 40,977 | 40,768 | ||||||
Other assets | 156,628 | 164,411 | ||||||
Total assets | $ | 2,017,067 | $ | 2,045,465 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Cash overdraft | $ | 113,603 | $ | 116,478 | ||||
Accounts payable | 670,534 | 604,130 | ||||||
Current maturities of long-term debt | 36,827 | 36,561 | ||||||
Insurance claims | 53,971 | 46,896 | ||||||
Dividends payable | — | 75,387 | ||||||
Other current liabilities | 102,956 | 130,531 | ||||||
Total current liabilities | 977,891 | 1,009,983 | ||||||
Long-term debt, excluding current maturities | 73,999 | 75,243 | ||||||
Insurance claims | 53,303 | 49,509 | ||||||
Deferred income taxes and other noncurrent liabilities | 55,004 | 48,720 | ||||||
Shareholders’ Equity | ||||||||
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,376,934 and 68,232,975 shares | 684 | 682 | ||||||
Additional paid-in capital | 252,045 | 255,148 | ||||||
Retained earnings | 2,535,997 | 2,317,184 | ||||||
Cost of 31,946,616 and 30,539,235 shares of common stock in treasury | (1,919,535 | ) | (1,705,601 | ) | ||||
Accumulated other comprehensive loss | (12,321 | ) | (5,403 | ) | ||||
Total shareholders’ equity | 856,870 | 862,010 | ||||||
Total liabilities and shareholders’ equity | $ | 2,017,067 | $ | 2,045,465 | ||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||||
September 25, 2021 | September 26, 2020 | September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | |||||||||||||||||||||||||
Revenue | $ | 4,592,551 | $ | 2,836,626 | $ | 1,734,299 | $ | 1,085,546 | $ | 3,945,663 | $ | 2,858,252 | $ | 1,975,064 | $ | 1,570,718 | ||||||||||||||||
Investment income | 2,138 | 2,716 | 706 | 714 | 1,307 | 1,432 | 586 | 748 | ||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Purchased transportation | 3,583,197 | 2,183,143 | 1,356,671 | 838,753 | 3,096,018 | 2,226,526 | 1,545,688 | 1,228,241 | ||||||||||||||||||||||||
Commissions to agents | 356,997 | 236,490 | 135,295 | 85,848 | 311,634 | 221,702 | 161,856 | 121,693 | ||||||||||||||||||||||||
Other operating costs, net of gains on asset sales/dispositions | 27,117 | 23,035 | 10,572 | 7,361 | 21,522 | 16,545 | 10,381 | 8,903 | ||||||||||||||||||||||||
Insurance and claims | 75,198 | 66,563 | 29,569 | 21,855 | 64,820 | 45,629 | 34,052 | 24,124 | ||||||||||||||||||||||||
Selling, general and administrative | 158,720 | 124,779 | 59,198 | 38,851 | 111,680 | 99,522 | 58,967 | 54,114 | ||||||||||||||||||||||||
Depreciation and amortization | 36,532 | 34,212 | 12,288 | 11,240 | 28,045 | 24,244 | 14,288 | 12,143 | ||||||||||||||||||||||||
Impairment of intangible and other assets | 0 | 2,582 | 0 | 0 | ||||||||||||||||||||||||||||
Total costs and expenses | 4,237,761 | 2,670,804 | 1,603,593 | 1,003,908 | 3,633,719 | 2,634,168 | 1,825,232 | 1,449,218 | ||||||||||||||||||||||||
Operating income | 356,928 | 168,538 | 131,412 | 82,352 | 313,251 | 225,516 | 150,418 | 122,248 | ||||||||||||||||||||||||
Interest and debt expense | 2,974 | 2,936 | 965 | 1,008 | 2,228 | 2,009 | 1,105 | 967 | ||||||||||||||||||||||||
Income before income taxes | 353,954 | 165,602 | 130,447 | 81,344 | 311,023 | 223,507 | 149,313 | 121,281 | ||||||||||||||||||||||||
Income taxes | 85,745 | 38,567 | 31,772 | 19,458 | 73,629 | 53,973 | 36,758 | 28,987 | ||||||||||||||||||||||||
Net income | $ | 268,209 | $ | 127,035 | $ | 98,675 | $ | 61,886 | $ | 237,394 | $ | 169,534 | $ | 112,555 | $ | 92,294 | ||||||||||||||||
Diluted earnings per share | $ | 7.00 | $ | 3.28 | $ | 2.58 | $ | 1.61 | $ | 6.39 | $ | 4.41 | $ | 3.05 | $ | 2.40 | ||||||||||||||||
Average diluted shares outstanding | 38,342,000 | 38,673,000 | 38,218,000 | 38,386,000 | 37,162,000 | 38,403,000 | 36,905,000 | 38,402,000 | ||||||||||||||||||||||||
Dividends per common share | $ | 0.67 | $ | 0.58 | $ | 0.25 | $ | 0.21 | $ | 0.50 | $ | 0.42 | $ | 0.25 | $ | 0.21 | ||||||||||||||||
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
September 25, 2021 | September 26, 2020 | September 25, 2021 | September 26, 2020 | |||||||||||||
Net income | $ | 268,209 | $ | 127,035 | $ | 98,675 | $ | 61,886 | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Unrealized holding (losses) gains on available-for-sale | (1,260 | ) | 1,510 | (377 | ) | 273 | ||||||||||
Foreign currency translation gains (losses) | 320 | (5,262 | ) | (710 | ) | 908 | ||||||||||
Other comprehensive (loss) income | (940 | ) | (3,752 | ) | (1,087 | ) | 1,181 | |||||||||
Comprehensive income | $ | 267,269 | $ | 123,283 | $ | 97,588 | $ | 63,067 | ||||||||
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | |||||||||||||
Net income | $ | 237,394 | $ | 169,534 | $ | 112,555 | $ | 92,294 | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Unrealized holding losses on available-for-sale | (7,391 | ) | (883 | ) | (2,204 | ) | (349 | ) | ||||||||
Foreign currency translation gains (losses) | 473 | 1,030 | (802 | ) | 1,450 | |||||||||||
Other comprehensive (loss) income | (6,918 | ) | 147 | (3,006 | ) | 1,101 | ||||||||||
Comprehensive income | $ | 230,476 | $ | 169,681 | $ | 109,549 | $ | 93,395 | ||||||||
Thirty Nine Weeks Ended | Twenty Six Weeks Ended | |||||||||||||||
September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net income | $ | 268,209 | $ | 127,035 | $ | 237,394 | $ | 169,534 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization of operating property and intangible assets | 36,532 | 34,212 | ||||||||||||||
Depreciation and amortization | 28,045 | 24,244 | ||||||||||||||
Non-cash interest charges | 336 | 222 | 224 | 224 | ||||||||||||
Provisions for losses on trade and other accounts receivable | 3,884 | 7,206 | 6,359 | 1,393 | ||||||||||||
Gains on sales/disposals of operating property | (1,259 | ) | (2,295 | ) | (1,213 | ) | (766 | ) | ||||||||
Impairment of intangible and other assets | 0 | 2,582 | ||||||||||||||
Deferred income taxes, net | 4,948 | 4,758 | 5,999 | 6,240 | ||||||||||||
Stock-based compensation | 18,717 | 2,691 | 5,810 | 10,893 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Increase in trade and other accounts receivable | (224,503 | ) | (62,492 | ) | (82,233 | ) | (55,236 | ) | ||||||||
Increase in other assets | (3,822 | ) | (13,492 | ) | (42,742 | ) | (24,704 | ) | ||||||||
Increase in accounts payable | 167,880 | 66,815 | 66,404 | 101,206 | ||||||||||||
Increase in other liabilities | 22,837 | 14,050 | ||||||||||||||
(Decrease) increase in insurance claims | (76,769 | ) | 4,256 | |||||||||||||
(Decrease) increase in other liabilities | (25,265 | ) | 7,882 | |||||||||||||
Increase (decrease) in insurance claims | 10,869 | (103,734 | ) | |||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 216,990 | 185,548 | 209,651 | 137,176 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Net changes in other short-term investments | 0 | 131 | ||||||||||||||
Sales and maturities of investments | 25,521 | 18,795 | 21,918 | 17,242 | ||||||||||||
Purchases of investments | (77,649 | ) | (21,102 | ) | (23,883 | ) | (68,366 | ) | ||||||||
Purchases of operating property | (18,561 | ) | (25,426 | ) | (7,467 | ) | (9,000 | ) | ||||||||
Proceeds from sales of operating property | 2,047 | 6,623 | 2,358 | 1,438 | ||||||||||||
Consideration paid for acquisition | 0 | (2,766 | ) | |||||||||||||
Purchase of non-marketable securities | (4,999 | ) | — | |||||||||||||
NET CASH USED BY INVESTING ACTIVITIES | (68,642 | ) | (23,745 | ) | (12,073 | ) | (58,686 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Increase (decrease) in cash overdraft | 14,210 | (6,419 | ) | |||||||||||||
Decrease in cash overdraft | (2,875 | ) | (4,194 | ) | ||||||||||||
Dividends paid | (102,463 | ) | (101,442 | ) | (93,968 | ) | (92,905 | ) | ||||||||
Payment for debt issue costs | 0 | (959 | ) | |||||||||||||
Proceeds from exercises of stock options | 134 | 676 | 56 | 77 | ||||||||||||
Taxes paid in lieu of shares issued related to stock-based compensation plans | (2,342 | ) | (3,326 | ) | (10,269 | ) | (2,341 | ) | ||||||||
Purchases of common stock | (50,230 | ) | (115,962 | ) | (212,632 | ) | (23,837 | ) | ||||||||
Principal payments on finance lease obligations | (26,513 | ) | (33,036 | ) | (19,051 | ) | (19,143 | ) | ||||||||
Payment of deferred consideration | (168 | ) | 0 | — | (168 | ) | ||||||||||
NET CASH USED BY FINANCING ACTIVITIES | (167,372 | ) | (260,468 | ) | (338,739 | ) | (142,511 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 234 | (2,296 | ) | (190 | ) | 1,071 | ||||||||||
Decrease in cash and cash equivalents | (18,790 | ) | (100,961 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 249,354 | 319,515 | ||||||||||||||
Decrease in cash, cash equivalents and restricted cash | (141,351 | ) | (62,950 | ) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 219,571 | 249,354 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 230,564 | $ | 218,554 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 78,220 | $ | 186,404 | ||||||||||||
Common Stock | Additional Paid-In | Retained | Treasury Stock at Cost | Accumulated Other Comprehensive | ||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | Loss | Total | |||||||||||||||||||||||||
Balance December 25, 2021 | 68,232,975 | $ | 682 | $ | 255,148 | $ | 2,317,184 | 30,539,235 | $ | (1,705,601 | ) | $ | (5,403 | ) | $ | 862,010 | ||||||||||||||||
Net income | 124,839 | 124,839 | ||||||||||||||||||||||||||||||
Dividends ($0.25 per share) | (9,324 | ) | (9,324 | ) | ||||||||||||||||||||||||||||
Purchases of common stock | 693,550 | (109,332 | ) | (109,332 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 137,176 | 2 | (8,913 | ) | 10,033 | (1,216 | ) | (10,127 | ) | |||||||||||||||||||||||
Stock-based compensation | 1,995 | 1,995 | ||||||||||||||||||||||||||||||
Other comprehensive loss | (3,912 | ) | (3,912 | ) | ||||||||||||||||||||||||||||
Balance March 26, 2022 | 68,370,151 | $ | 684 | $ | 248,230 | $ | 2,432,699 | 31,242,818 | $ | (1,816,149 | ) | $ | (9,315 | ) | $ | 856,149 | ||||||||||||||||
Net income | 112,555 | 112,555 | ||||||||||||||||||||||||||||||
Dividends ($0.25 per share) | (9,257 | ) | (9,257 | ) | ||||||||||||||||||||||||||||
Purchases of common stock | 703,211 | (103,300 | ) | (103,300 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 6,783 | — | — | 587 | (86 | ) | (86 | ) | ||||||||||||||||||||||||
Stock-based compensation | 3,815 | 3,815 | ||||||||||||||||||||||||||||||
Other comprehensive loss | (3,006 | ) | (3,006 | ) | ||||||||||||||||||||||||||||
Balance June 25, 2022 | 68,376,934 | $ | 684 | $ | 252,045 | $ | 2,535,997 | 31,946,616 | $ | (1,919,535 | ) | $ | (12,321 | ) | $ | 856,870 | ||||||||||||||||
Common Stock | Additional Paid-In | Retained | Treasury Stock at Cost | Accumulated Other Comprehensive | ||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | (Loss) Income | Total | |||||||||||||||||||||||||
Balance December 26, 2020 | 68,183,702 | $ | 682 | $ | 228,875 | $ | 2,046,238 | 29,797,639 | $ | (1,581,961 | ) | $ | (1,999 | ) | $ | 691,835 | ||||||||||||||||
Net income | 77,240 | 77,240 | ||||||||||||||||||||||||||||||
Dividends ($0.21 per share) | (8,067 | ) | (8,067 | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 28,594 | — | (307 | ) | 6,087 | (857 | ) | (1,164 | ) | |||||||||||||||||||||||
Stock-based compensation | 4,029 | 4,029 | ||||||||||||||||||||||||||||||
Other comprehensive loss | (954 | ) | (954 | ) | ||||||||||||||||||||||||||||
Balance March 27, 2021 | 68,212,296 | $ | 682 | $ | 232,597 | $ | 2,115,411 | 29,803,726 | $ | (1,582,818 | ) | $ | (2,953 | ) | $ | 762,919 | ||||||||||||||||
Net income | 92,294 | 92,294 | ||||||||||||||||||||||||||||||
Dividends ($0.21 per share) | (8,068 | ) | (8,068 | ) | ||||||||||||||||||||||||||||
Purchases of common stock | 150,000 | (23,837 | ) | (23,837 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 17,584 | — | (1,039 | ) | 355 | (61 | ) | (1,100 | ) | |||||||||||||||||||||||
Stock-based compensation | 6,864 | 6,864 | ||||||||||||||||||||||||||||||
Other comprehensive income | 1,101 | 1,101 | ||||||||||||||||||||||||||||||
Balance June 26, 2021 | 68,229,880 | $ | 682 | $ | 238,422 | $ | 2,199,637 | 29,954,081 | $ | (1,606,716 | ) | $ | (1,852 | ) | $ | 830,173 | ||||||||||||||||
Net income | 98,675 | 98,675 | ||||||||||||||||||||||||||||||
Dividends ($0.25 per share) | (9,558 | ) | (9,558 | ) | ||||||||||||||||||||||||||||
Purchases of common stock | 167,046 | (26,393 | ) | (26,393 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 1,133 | — | 56 | 1,300 | — | 56 | ||||||||||||||||||||||||||
Stock-based compensation | 7,824 | 7,824 | ||||||||||||||||||||||||||||||
Other comprehensive loss | (1,087 | ) | (1,087 | ) | ||||||||||||||||||||||||||||
Balance September 25, 2021 | 68,231,013 | $ | 682 | $ | 246,302 | $ | 2,288,754 | 30,122,427 | $ | (1,633,109 | ) | $ | (2,939 | ) | $ | 899,690 | ||||||||||||||||
Balance December 28, 2019 | 68,083,419 | $ | 681 | $ | 226,123 | $ | 1,962,161 | 28,609,926 | $ | (1,465,284 | ) | $ | (2,212 | ) | $ | 721,469 | ||||||||||||||||
Adoption of accounting standard | (702 | ) | (702 | ) | ||||||||||||||||||||||||||||
Net income | 40,895 | 40,895 | ||||||||||||||||||||||||||||||
Dividends ($0.185 per share) | (7,336 | ) | (7,336 | ) | ||||||||||||||||||||||||||||
Purchases of common stock | 1,178,970 | (115,962 | ) | (115,962 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 84,063 | 1 | (1,781 | ) | 8,078 | (639 | ) | (2,419 | ) | |||||||||||||||||||||||
Stock-based compensation | 631 | 631 | ||||||||||||||||||||||||||||||
Other comprehensive loss | (9,481 | ) | (9,481 | ) | ||||||||||||||||||||||||||||
Balance March 28, 2020 | 68,167,482 | $ | 682 | $ | 224,973 | $ | 1,995,018 | 29,796,974 | $ | (1,581,885 | ) | $ | (11,693 | ) | $ | 627,095 | ||||||||||||||||
Net income | 24,254 | 24,254 | ||||||||||||||||||||||||||||||
Dividends ($0.185 per share) | (7,099 | ) | (7,099 | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 9,305 | — | (211 | ) | 354 | (36 | ) | (247 | ) | |||||||||||||||||||||||
Stock-based compensation | 570 | 570 | ||||||||||||||||||||||||||||||
Other comprehensive income | 4,548 | 4,548 | ||||||||||||||||||||||||||||||
Balance June 27, 2020 | 68,176,787 | $ | 682 | $ | 225,332 | $ | 2,012,173 | 29,797,328 | $ | (1,581,921 | ) | $ | (7,145 | ) | $ | 649,121 | ||||||||||||||||
Net income | 61,886 | 61,886 | ||||||||||||||||||||||||||||||
Dividends ($0.21 per share) | (8,060 | ) | (8,060 | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 4,631 | — | �� | 56 | 311 | (40 | ) | 16 | ||||||||||||||||||||||||
Stock-based compensation | 1,490 | 1,490 | ||||||||||||||||||||||||||||||
Other comprehensive income | 1,181 | 1,181 | ||||||||||||||||||||||||||||||
Balance September 26, 2020 | 68,181,418 | $ | 682 | $ | 226,878 | $ | 2,065,999 | 29,797,639 | $ | (1,581,961 | ) | $ | (5,964 | ) | $ | 705,634 | ||||||||||||||||
Common Stock | Additional Paid-In | Retained | Treasury Stock at Cost | Accumulated Other Comprehensive | ||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | (Loss) Income | Total | |||||||||||||||||||||||||
Balance December 26, 2020 | 68,183,702 | $ | 682 | $ | 228,875 | $ | 2,046,238 | 29,797,639 | $ | (1,581,961 | ) | $ | (1,999 | ) | $ | 691,835 | ||||||||||||||||
Net income | 77,240 | 77,240 | ||||||||||||||||||||||||||||||
Dividends ($0.21 per share) | (8,067 | ) | (8,067 | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 28,594 | — | (307 | ) | 6,087 | (857 | ) | (1,164 | ) | |||||||||||||||||||||||
Stock-based compensation | 4,029 | 4,029 | ||||||||||||||||||||||||||||||
Other comprehensive loss | (954 | ) | (954 | ) | ||||||||||||||||||||||||||||
Balance March 27, 2021 | 68,212,296 | $ | 682 | $ | 232,597 | $ | 2,115,411 | 29,803,726 | $ | (1,582,818 | ) | $ | (2,953 | ) | $ | 762,919 | ||||||||||||||||
Net income | 92,294 | 92,294 | ||||||||||||||||||||||||||||||
Dividends ($0.21 per share) | (8,068 | ) | (8,068 | ) | ||||||||||||||||||||||||||||
Purchases of common stock | 150,000 | (23,837 | ) | (23,837 | ) | |||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | 17,584 | — | (1,039 | ) | 355 | (61 | ) | (1,100 | ) | |||||||||||||||||||||||
Stock-based compensation | 6,864 | 6,864 | ||||||||||||||||||||||||||||||
Other comprehensive income | 1,101 | 1,101 | ||||||||||||||||||||||||||||||
Balance June 26, 2021 | 68,229,880 | $ | 682 | $ | 238,422 | $ | 2,199,637 | 29,954,081 | $ | (1,606,716 | ) | $ | (1,852 | ) | $ | 830,173 | ||||||||||||||||
(1) | Significant Accounting Policies |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
September 25, 2021 | September 26, 2020 | September 25, 2021 | September 26, 2020 | |||||||||||||
Mode | ||||||||||||||||
Truck – BCO Independent Contractors | 41 | % | 46 | % | 40 | % | 46 | % | ||||||||
Truck – Truck Brokerage Carriers | 50 | % | 46 | % | 51 | % | 46 | % | ||||||||
Rail intermodal | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||
Ocean and air cargo carriers | 4 | % | 3 | % | 5 | % | 3 | % | ||||||||
Truck Equipment Type | ||||||||||||||||
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 |
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
Mode | June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | ||||||||||||
Truck – BCO Independent Contractors | 36 | % | 42 | % | 35 | % | 41 | % | ||||||||
Truck – Truck Brokerage Carriers | 53 | % | 50 | % | 54 | % | 51 | % | ||||||||
Rail intermodal | 2 | % | 3 | % | 2 | % | 3 | % | ||||||||
Ocean and air cargo carriers | 8 | % | 4 | % | 8 | % | 4 | % | ||||||||
Truck Equipment Type | ||||||||||||||||
Van equipment | $ | 2,108,143 | $ | 1,583,911 | $ | 1,026,938 | $ | 854,509 | ||||||||
Unsided/platform equipment | $ | 883,032 | $ | 689,378 | $ | 474,274 | $ | 391,893 | ||||||||
Less-than-truckload | $ | 70,651 | $ | 54,732 | $ | 36,931 | $ | 29,062 | ||||||||
Other truck transportation (1) | $ | 436,656 | $ | 309,655 | $ | 209,055 | $ | 168,723 |
(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) | Share-based Payment Arrangements |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
September 25, | September 26, | September 25, | September 26, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total cost of the Plans during the period | $ | 18,717 | $ | 2,691 | $ | 7,824 | $ | 1,490 | ||||||||
Amount of related income tax benefit recognized during the period | (5,636 | ) | (1,618 | ) | (1,919 | ) | (483 | ) | ||||||||
Net cost of the Plans during the period | $ | 13,081 | $ | 1,073 | $ | 5,905 | $ | 1,007 | ||||||||
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | |||||||||||||
Total cost of the Plans during the period | $ | 5,810 | $ | 10,893 | $ | 3,815 | $ | 6,864 | ||||||||
Amount of related income tax benefit recognized during the period | (4,270 | ) | (3,717 | ) | (910 | ) | (2,376 | ) | ||||||||
Net cost of the Plans during the period | $ | 1,540 | $ | 7,176 | $ | 2,905 | $ | 4,488 | ||||||||
Number of | Weighted Average Grant Date | |||||||
RSUs | Fair Value | |||||||
Outstanding at December 26, 2020 | 183,213 | $ | 93.44 | |||||
Granted | 46,103 | $ | 128.78 | |||||
Shares earned in excess of target (1) | 7,132 | $ | 31.97 | |||||
Vested shares | (24,600 | ) | $ | 59.85 | ||||
Forfeited | (2,688 | ) | $ | 107.76 | ||||
Outstanding at September 25, 2021 | 209,160 | $ | 102.90 | |||||
Number of RSUs | Weighted Average Grant Date Fair Value | |||||||
Outstanding at December 25, 2021 | 209,399 | $ | 102.90 | |||||
Granted | 49,596 | $ | 139.67 | |||||
Shares earned in excess of target (1) | 91,497 | $ | 92.58 | |||||
Vested shares, including shares earned in excess of target | (174,366 | ) | $ | 96.14 | ||||
Forfeited | (16,768 | ) | $ | 105.35 | ||||
Outstanding at June 25, 2022 | 159,358 | $ | 115.55 | |||||
(1) | Represents additional shares earned |
Number of Shares and Deferred Stock Units | Weighted Average Grant Date Fair Value | Number of Shares and Deferred Stock Units | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested at December 26, 2020 | 60,440 | $ | 103.65 | |||||||||||||
Non-vested at December 25, 2021 | 56,436 | $ | 125.16 | |||||||||||||
Granted | 26,351 | $ | 150.20 | 23,791 | $ | 153.11 | ||||||||||
Vested | (29,055 | ) | $ | 104.35 | (27,074 | ) | $ | 122.68 | ||||||||
Forfeited | (1,300 | ) | $ | 97.81 | (2,302 | ) | $ | 108.59 | ||||||||
Non-vested at September 25, 2021 | 56,436 | $ | 125.16 | |||||||||||||
Non-vested at June 25, 2022 | 50,851 | $ | 140.31 | |||||||||||||
Number of Options | Weighted Average Exercise Price Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000s) | |||||||||||||
Options outstanding at December 26, 2020 | 17,650 | $ | 54.16 | |||||||||||||
Exercised | (6,480 | ) | $ | 52.68 | ||||||||||||
Options outstanding at September 25, 2021 | 11,170 | $ | 55.02 | 1.0 | $ | 1,224 | ||||||||||
Options exercisable at September 25, 2021 | 11,170 | $ | 55.02 | 1.0 | $ | 1,224 | ||||||||||
Number of Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000s) | |||||||||||||
Options outstanding at December 25, 2021 | 8,570 | $ | 55.42 | |||||||||||||
Exercised | (3,500 | ) | $ | 54.01 | ||||||||||||
Options outstanding at June 25, 2022 | 5,070 | $ | 56.40 | 0.6 | $ | 464 | ||||||||||
Options exercisable at June 25, 2022 | 5,070 | $ | 56.40 | 0.6 | $ | 464 | ||||||||||
(3) | Income Taxes |
(4) | Earnings Per Share |
(5) | Additional Cash Flow Information |
(6) | Segment Information |
Thirty Nine Weeks Ended | Twenty Six Weeks Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | |||||||||||||||||||||||||||||||||||||
External revenue | $ | 4,539,561 | $ | 52,990 | $ | 4,592,551 | $ | 2,795,056 | $ | 41,570 | $ | 2,836,626 | $ | 3,906,558 | $ | 39,105 | $ | 3,945,663 | $ | 2,823,557 | $ | 34,695 | $ | 2,858,252 | ||||||||||||||||||||||||
Internal revenue | 53,028 | 53,028 | 44,912 | 44,912 | 52,870 | 52,870 | 43,495 | 43,495 | ||||||||||||||||||||||||||||||||||||||||
Investment income | 2,138 | 2,138 | 2,716 | 2,716 | 1,307 | 1,307 | 1,432 | 1,432 | ||||||||||||||||||||||||||||||||||||||||
Operating income | 323,370 | 33,558 | 356,928 | 148,270 | 20,268 | 168,538 | 291,890 | 21,361 | 313,251 | 199,960 | 25,556 | 225,516 | ||||||||||||||||||||||||||||||||||||
Expenditures on long-lived assets | 18,561 | 18,561 | 25,426 | 25,426 | 7,467 | 7,467 | 9,000 | 9,000 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | 40,980 | 40,980 | 40,251 | 40,251 | 40,977 | 40,977 | 40,973 | 40,973 |
Thirteen Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | |||||||||||||||||||||||||||||||||||||
External revenue | $ | 1,716,004 | $ | 18,295 | $ | 1,734,299 | $ | 1,071,374 | $ | 14,172 | $ | 1,085,546 | $ | 1,955,219 | $ | 19,845 | $ | 1,975,064 | $ | 1,553,058 | $ | 17,660 | $ | 1,570,718 | ||||||||||||||||||||||||
Internal revenue | 9,533 | 9,533 | 9,078 | 9,078 | 39,986 | 39,986 | 33,961 | 33,961 | ||||||||||||||||||||||||||||||||||||||||
Investment income | 706 | 706 | 714 | 714 | 586 | 586 | 748 | 748 | ||||||||||||||||||||||||||||||||||||||||
Operating income | 123,410 | 8,002 | 131,412 | 71,752 | 10,600 | 82,352 | 139,944 | 10,474 | 150,418 | 110,228 | 12,020 | 122,248 | ||||||||||||||||||||||||||||||||||||
Expenditures on long-lived assets | 9,561 | 9,561 | 7,750 | 7,750 | 3,858 | 3,858 | 4,924 | 4,924 |
(7) | Other Comprehensive Income |
Unrealized Holding Gains (Losses) on Available-for-Sale Securities | Foreign Currency Translation | Total | ||||||||||
Balance as of December 26, 2020 | $ | 2,808 | $ | (4,807 | ) | $ | (1,999 | ) | ||||
Other comprehensive (loss) gain | (1,260 | ) | 320 | (940 | ) | |||||||
Balance as of September 25, 2021 | $ | 1,548 | $ | (4,487 | ) | $ | (2,939 | ) | ||||
Unrealized Holding Gains (Losses) on Available-for-Sale Securities | Foreign Currency Translation | Total | ||||||||||
Balance as of December 25, 2021 | $ | 113 | $ | (5,516) | $ | (5,403) | ||||||
Other comprehensive (loss) income | (7,391) | 473 | (6,918) | |||||||||
Balance as of June 25, 2022 | $ | (7,278) | $ | (5,043) | $ | (12,321) | ||||||
(8) |
Gross | Gross | |||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||
September 25, 2021 | ||||||||||||||||
Money market investments | $ | 12,736 | $ | — | $ | — | $ | 12,736 | ||||||||
Asset-backed securities | 18,899 | 4 | 63 | 18,840 | ||||||||||||
Corporate bonds and direct obligations of government agencies | 136,854 | 2,209 | 259 | 138,804 | ||||||||||||
U.S. Treasury obligations | 2,341 | 80 | — | 2,421 | ||||||||||||
Total | $ | 170,830 | $ | 2,293 | $ | 322 | $ | 172,801 | ||||||||
December 26, 2020 | ||||||||||||||||
Money market investments | $ | 17,867 | $ | — | $ | — | $ | 17,867 | ||||||||
Asset-backed securities | 567 | — | 26 | 541 | ||||||||||||
Corporate bonds and direct obligations of government agencies | 98,241 | 3,551 | 72 | 101,720 | ||||||||||||
U.S. Treasury obligations | 2,338 | 125 | — | 2,463 | ||||||||||||
Total | $ | 119,013 | $ | 3,676 | $ | 98 | $ | 122,591 | ||||||||
Gross | Gross | |||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||
June 25, 2022 | ||||||||||||||||
Money market investments | $ | 25,368 | $ | — | $ | — | $ | 25,368 | ||||||||
Asset-backed securities | 20,504 | — | 2,135 | 18,369 | ||||||||||||
Corporate bonds and direct obligations of | ||||||||||||||||
government agencies | 124,513 | 29 | 7,104 | 117,438 | ||||||||||||
U.S. Treasury obligations | 2,342 | — | 62 | 2,280 | ||||||||||||
Total | $ | 172,727 | $ | 29 | $ | 9,301 | $ | 163,455 | ||||||||
December 25, 2021 | ||||||||||||||||
Money market investments | $ | 8,750 | $ | — | $ | — | $ | 8,750 | ||||||||
Asset-backed securities | 22,441 | — | 346 | 22,095 | ||||||||||||
Corporate bonds and direct obligations of | ||||||||||||||||
government agencies | 137,916 | 1,406 | 966 | 138,356 | ||||||||||||
U.S. Treasury obligations | 2,342 | 50 | — | 2,392 | ||||||||||||
Total | $ | 171,449 | $ | 1,456 | $ | 1,312 | $ | 171,593 | ||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||
September 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 25, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 18,369 | $ | 2,135 | $ | — | $ | — | $ | 18,369 | $ | 2,135 | ||||||||||||||||||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 90,412 | 5,659 | 15,412 | 1,445 | 105,824 | 7,104 | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | 2,280 | 62 | — | — | 2,280 | 62 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 111,061 | $ | 7,856 | $ | 15,412 | $ | 1,445 | $ | 126,473 | $ | 9,301 | ||||||||||||||||||||||||||||||||||||
December 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 12,714 | $ | 63 | $ | — | $ | — | $ | 12,714 | $ | 63 | $ | 22,095 | $ | 346 | $ | — | $ | — | $ | 22,095 | $ | 346 | ||||||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 49,442 | 259 | — | — | 49,442 | 259 | 72,526 | 966 | — | — | 72,526 | 966 | ||||||||||||||||||||||||||||||||||||
Total | $ | 62,156 | $ | 322 | $ | — | $ | — | �� | $ | 62,156 | $ | 322 | $ | 94,621 | $ | 1,312 | $ | — | $ | — | $ | 94,621 | $ | 1,312 | |||||||||||||||||||||||
December 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 541 | $ | 26 | $ | — | $ | — | $ | 541 | $ | 26 | ||||||||||||||||||||||||||||||||||||
Corporate bonds and direct obligations of government agencies | 2,681 | 72 | — | — | 2,681 | 72 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,222 | $ | 98 | $ | — | $ | — | $ | 3,222 | $ | 98 | ||||||||||||||||||||||||||||||||||||
Finance leases: | ||||
Amortization of right-of-use | $ | 10,792 | ||
Interest on lease liability | 1,351 | |||
Total finance lease cost | 12,143 | |||
Operating leases: | ||||
Lease cost | 1,757 | |||
Variable lease cost | — | |||
Sublease income | (2,524 | ) | ||
Total net operating lease income | (767 | ) | ||
Total net lease cost | $ | 11,376 | ||
Finance leases: | ||||
Amortization of right-of-use | $ | 15,967 | ||
Interest on lease liability | 2,023 | |||
Total finance lease cost | 17,990 | |||
Operating leases: | ||||
Lease cost | 2,623 | |||
Variable lease cost | — | |||
Sublease income | (3,720 | ) | ||
Total net operating lease income | (1,097 | ) | ||
Total net lease cost | $ | 16,893 | ||
Operating right-of-use | Other assets | $ | 2,198 | |||
Finance lease assets | Operating property, less accumulated depreciation and amortization | 129,242 | ||||
Total lease assets | $ | 131,440 | ||||
Operating lease right-of-use | Other assets | $ | 1,743 | |||
Finance lease assets | Operating property, less accumulated depreciation and amortization | 148,084 | ||||
Total lease assets | $ | 149,827 | ||||
Finance Leases | Operating Leases | |||||||
2021 Remainder | $ | 11,454 | $ | 192 | ||||
2022 | 33,585 | 714 | ||||||
2023 | 26,573 | 634 | ||||||
2024 | 16,665 | 535 | ||||||
2025 | 10,418 | 284 | ||||||
Thereafter | 2,916 | 0 | ||||||
Total future minimum lease payments | 101,611 | 2,359 | ||||||
Less amount representing interest (1.6% to 4.4%) | 4,270 | 161 | ||||||
Present value of minimum lease payments | $ | 97,341 | $ | 2,198 | ||||
Current maturities of long-term debt | 34,617 | |||||||
Long-term debt, excluding current maturities | 62,724 | |||||||
Other current liabilities | 713 | |||||||
Deferred income taxes and other noncurrent liabilities | 1,485 |
Finance Leases | Operating Leases | |||||||
2022 Remainder | $ | 20,806 | $ | 388 | ||||
2023 | 35,904 | 639 | ||||||
2024 | 26,048 | 535 | ||||||
2025 | 19,838 | 284 | ||||||
2026 | 11,698 | — | ||||||
Thereafter | 1,884 | — | ||||||
Total future minimum lease payments | 116,178 | 1,846 | ||||||
Less amount representing interest (1.6% to 4.6%) | 5,352 | 103 | ||||||
Present value of minimum lease payments | $ | 110,826 | $ | 1,743 | ||||
Current maturities of long-term debt | 36,827 | |||||||
Long-term debt, excluding current maturities | 73,999 | |||||||
Other current liabilities | 712 | |||||||
Deferred income taxes and other noncurrent liabilities | 1,031 |
Finance Leases | Operating Leases | Finance Leases | Operating Leases | |||||||||||||
Weighted average remaining lease term (years) | 3.5 | 3.5 | 3.6 | 2.8 | ||||||||||||
Weighted average discount rate | 2.7 | % | 4.0 | % | 2.8 | % | 4.0 | % |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||||
September 25, 2021 | September 26, 2020 | September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | |||||||||||||||||||||||||
Revenue generated through (in thousands): | ||||||||||||||||||||||||||||||||
Truck transportation | ||||||||||||||||||||||||||||||||
Truckload: | ||||||||||||||||||||||||||||||||
Van equipment | $ | 2,502,025 | $ | 1,485,553 | $ | 918,115 | $ | 578,166 | $ | 2,108,143 | $ | 1,583,911 | $ | 1,026,938 | $ | 854,509 | ||||||||||||||||
Unsided/platform equipment | 1,112,358 | 807,966 | 422,979 | 294,273 | 883,032 | 689,378 | 474,274 | 391,893 | ||||||||||||||||||||||||
Less-than-truckload | 85,551 | 70,984 | 30,819 | 25,125 | 70,651 | 54,732 | 36,931 | 29,062 | ||||||||||||||||||||||||
Other truck transportation (1) | 518,472 | 249,584 | 208,817 | 108,614 | 436,656 | 309,655 | 209,055 | 168,723 | ||||||||||||||||||||||||
Total truck transportation | 4,218,406 | 2,614,087 | 1,580,730 | 1,006,178 | 3,498,482 | 2,637,676 | 1,747,198 | 1,444,187 | ||||||||||||||||||||||||
Rail intermodal | 120,540 | 81,747 | 44,472 | 30,432 | 86,110 | 76,068 | 43,422 | 44,360 | ||||||||||||||||||||||||
Ocean and air cargo carriers | 191,951 | 89,002 | 84,111 | 31,752 | 310,904 | 107,840 | 158,847 | 60,240 | ||||||||||||||||||||||||
Other (2) | 61,654 | 51,790 | 24,986 | 17,184 | 50,167 | 36,668 | 25,597 | 21,931 | ||||||||||||||||||||||||
$ | 4,592,551 | $ | 2,836,626 | $ | 1,734,299 | $ | 1,085,546 | $ | 3,945,663 | $ | 2,858,252 | $ | 1,975,064 | $ | 1,570,718 | |||||||||||||||||
Revenue on loads hauled via BCO Independent Contractors included in total truck transportation | $ | 1,899,313 | $ | 1,312,003 | $ | 690,257 | $ | 502,224 | $ | 1,415,963 | $ | 1,209,056 | $ | 688,389 | $ | 648,942 | ||||||||||||||||
Number of loads: | ||||||||||||||||||||||||||||||||
Truck transportation | ||||||||||||||||||||||||||||||||
Truckload: | ||||||||||||||||||||||||||||||||
Van equipment | 1,037,516 | 822,422 | 359,263 | 296,427 | 763,750 | 678,253 | 387,482 | 357,041 | ||||||||||||||||||||||||
Unsided/platform equipment | 381,594 | 338,696 | 133,332 | 118,026 | 279,345 | 248,262 | 147,516 | 133,999 | ||||||||||||||||||||||||
Less-than-truckload | 135,038 | 119,533 | 49,943 | 41,454 | 96,828 | 85,095 | 48,985 | 44,403 | ||||||||||||||||||||||||
Other truck transportation (1) | 208,402 | 141,669 | 81,242 | 56,693 | 166,747 | 127,160 | 80,817 | 67,497 | ||||||||||||||||||||||||
Total truck transportation | 1,762,550 | 1,422,320 | 623,780 | 512,600 | 1,306,670 | 1,138,770 | 664,800 | 602,940 | ||||||||||||||||||||||||
Rail intermodal | 40,420 | 33,410 | 13,620 | 11,900 | 24,220 | 26,800 | 11,590 | 15,100 | ||||||||||||||||||||||||
Ocean and air cargo carriers | 29,650 | 22,720 | 10,190 | 8,290 | 22,890 | 19,460 | 11,330 | 10,230 | ||||||||||||||||||||||||
1,832,620 | 1,478,450 | 647,590 | 532,790 | 1,353,780 | 1,185,030 | 687,720 | 628,270 | |||||||||||||||||||||||||
Loads hauled via BCO Independent Contractors included in total truck transportation | 773,270 | 693,860 | 263,120 | 250,030 | 527,830 | 510,150 | 265,590 | 264,200 | ||||||||||||||||||||||||
Revenue per load: | ||||||||||||||||||||||||||||||||
Truck transportation | ||||||||||||||||||||||||||||||||
Truckload: | ||||||||||||||||||||||||||||||||
Van equipment | $ | 2,412 | $ | 1,806 | $ | 2,556 | $ | 1,950 | $ | 2,760 | $ | 2,335 | $ | 2,650 | $ | 2,393 | ||||||||||||||||
Unsided/platform equipment | 2,915 | 2,386 | 3,172 | 2,493 | 3,161 | 2,777 | 3,215 | 2,925 | ||||||||||||||||||||||||
Less-than-truckload | 634 | 594 | 617 | 606 | 730 | 643 | 754 | 655 | ||||||||||||||||||||||||
Other truck transportation (1) | 2,488 | 1,762 | 2,570 | 1,916 | 2,619 | 2,435 | 2,587 | 2,500 | ||||||||||||||||||||||||
Total truck transportation | 2,393 | 1,838 | 2,534 | 1,963 | 2,677 | 2,316 | 2,628 | 2,395 | ||||||||||||||||||||||||
Rail intermodal | 2,982 | 2,447 | 3,265 | 2,557 | 3,555 | 2,838 | 3,747 | 2,938 | ||||||||||||||||||||||||
Ocean and air cargo carriers | 6,474 | 3,917 | 8,254 | 3,830 | 13,583 | 5,542 | 14,020 | 5,889 | ||||||||||||||||||||||||
Revenue per load on loads hauled via BCO Independent Contractors | $ | 2,456 | $ | 1,891 | $ | 2,623 | $ | 2,009 | $ | 2,683 | $ | 2,370 | $ | 2,592 | $ | 2,456 | ||||||||||||||||
Revenue by capacity type (as a % of total revenue): | ||||||||||||||||||||||||||||||||
Truck capacity providers: | ||||||||||||||||||||||||||||||||
BCO Independent Contractors | 41 | % | 46 | % | 40 | % | 46 | % | 36 | % | 42 | % | 35 | % | 41 | % | ||||||||||||||||
Truck Brokerage Carriers | 50 | % | 46 | % | 51 | % | 46 | % | 53 | % | 50 | % | 54 | % | 51 | % | ||||||||||||||||
Rail intermodal | 3 | % | 3 | % | 3 | % | 3 | % | 2 | % | 3 | % | 2 | % | 3 | % | ||||||||||||||||
Ocean and air cargo carriers | 4 | % | 3 | % | 5 | % | 3 | % | 8 | % | 4 | % | 8 | % | 4 | % | ||||||||||||||||
Other | 1 | % | 2 | % | 1 | % | 2 | % | 1 | % | 1 | % | 1 | % | 1 | % |
(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. |
September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | |||||||||||||
BCO Independent Contractors | 10,955 | 9,866 | 11,023 | 10,778 | ||||||||||||
Truck Brokerage Carriers: | ||||||||||||||||
Approved and active (1) | 58,676 | 41,246 | 70,649 | 53,891 | ||||||||||||
Other approved | 24,602 | 22,181 | 29,454 | 24,098 | ||||||||||||
83,278 | 63,427 | 100,103 | 77,989 | |||||||||||||
Total available truck capacity providers | 94,233 | 73,293 | 111,126 | 88,767 | ||||||||||||
Trucks provided by BCO Independent Contractors | 11,746 | 10,571 | 11,887 | 11,557 |
(1) | Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||||
September 25, 2021 | September 26, 2020 | September 25, 2021 | September 26, 2020 | June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | |||||||||||||||||||||||||
Revenue | $ | 4,592,551 | $ | 2,836,626 | $ | 1,734,299 | $ | 1,085,546 | $ | 3,945,663 | $ | 2,858,252 | $ | 1,975,064 | $ | 1,570,718 | ||||||||||||||||
Costs of revenue: | ||||||||||||||||||||||||||||||||
Purchased transportation | 3,583,197 | 2,183,143 | 1,356,671 | 838,753 | 3,096,018 | 2,226,526 | 1,545,688 | 1,228,241 | ||||||||||||||||||||||||
Commissions to agents | 356,997 | 236,490 | 135,295 | 85,848 | 311,634 | 221,702 | 161,856 | 121,693 | ||||||||||||||||||||||||
Variable costs of revenue | 3,940,194 | 2,419,633 | 1,491,966 | 924,601 | 3,407,652 | 2,448,228 | 1,707,544 | 1,349,934 | ||||||||||||||||||||||||
Trailing equipment depreciation | 26,362 | 26,342 | 8,615 | 8,397 | 18,363 | 17,747 | 9,280 | 8,840 | ||||||||||||||||||||||||
Information technology costs | 9,534 | 7,021 | 3,450 | 2,722 | 9,039 | 6,084 | 4,993 | 3,146 | ||||||||||||||||||||||||
Insurance-related costs (1) | 78,175 | 68,839 | 30,502 | 22,657 | 66,441 | 47,673 | 34,786 | 25,051 | ||||||||||||||||||||||||
Other operating costs | 27,117 | 23,035 | 10,572 | 7,361 | 21,522 | 16,545 | 10,381 | 8,903 | ||||||||||||||||||||||||
Other costs of revenue | 141,188 | 125,237 | 53,139 | 41,137 | 115,365 | 88,049 | 59,440 | 45,940 | ||||||||||||||||||||||||
Total costs of revenue | 4,081,382 | 2,544,870 | 1,545,105 | 965,738 | 3,523,017 | 2,536,277 | 1,766,984 | 1,395,874 | ||||||||||||||||||||||||
Gross profit | $ | 511,169 | $ | 291,756 | $ | 189,194 | $ | 119,808 | $ | 422,646 | $ | 321,975 | $ | 208,080 | $ | 174,844 | ||||||||||||||||
Gross profit margin | 11.1 | % | 10.3 | % | 10.9 | % | 11.0 | % | 10.7 | % | 11.3 | % | 10.5 | % | 11.1 | % | ||||||||||||||||
Plus: other costs of revenue | 141,188 | 125,237 | 53,139 | 41,137 | 115,365 | 88,049 | 59,440 | 45,940 | ||||||||||||||||||||||||
Variable contribution | $ | 652,357 | $ | 416,993 | $ | 242,333 | $ | 160,945 | $ | 538,011 | $ | 410,024 | $ | 267,520 | $ | 220,784 | ||||||||||||||||
Variable contribution margin | 14.2 | % | 14.7 | % | 14.0 | % | 14.8 | % | 13.6 | % | 14.3 | % | 13.5 | % | 14.1 | % |
(1) | Insurance-related costs in the table above include (i) other costs of revenue related to the transportation of freight that are included as a portion of insurance and claims in the Company’s Consolidated Statements of Income and (ii) certain other costs of revenue related to reinsurance premiums received by Signature that are included as a portion of selling, general and administrative in the Company’s Consolidated Statements of Income. Insurance and claims costs included in other costs of revenue relating to the transportation of freight primarily consist of insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight and the related cost of claims incurred under those programs, and, to a lesser extent, the cost of claims incurred under insurance programs available to BCO Independent Contractors that are reinsured by Signature. Other insurance and claims costs included in costs of revenue that are included in selling, general and administrative in the Company’s Consolidated Statements of Income consist of brokerage commissions and other fees incurred by Signature relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by Signature. |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||||||
September 25, | September 26, | September 25, | September 26, | Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | June 25, 2022 | June 26, 2021 | June 25, 2022 | June 26, 2021 | |||||||||||||||||||||||||
Gross profit | $ | 511,169 | $ | 291,756 | $ | 189,194 | $ | 119,808 | $ | 422,646 | $ | 321,975 | $ | 208,080 | $ | 174,844 | ||||||||||||||||
Operating income | $ | 356,928 | $ | 168,538 | $ | 131,412 | $ | 82,352 | $ | 313,251 | $ | 225,516 | $ | 150,418 | $ | 122,248 | ||||||||||||||||
Operating income as % of gross profit | 69.8 | % | 57.8 | % | 69.4 | % | 68.7 | % | 74.1 | % | 70.0 | % | 72.3 | % | 69.9 | % | ||||||||||||||||
Variable contribution | $ | 652,357 | $ | 416,933 | $ | 242,333 | $ | 160,945 | $ | 538,011 | $ | 410,024 | $ | 267,520 | $ | 220,784 | ||||||||||||||||
Operating income | $ | 356,928 | $ | 168,538 | $ | 131,412 | $ | 82,352 | $ | 313,251 | $ | 225,516 | $ | 150,418 | $ | 122,248 | ||||||||||||||||
Operating income as % of variable contribution | 54.7 | % | 40.4 | % | 54.2 | % | 51.2 | % | 58.2 | % | 55.0 | % | 56.2 | % | 55.4 | % |
Fiscal Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares That May Yet Be Purchased Under the Programs | ||||||||||||
June 26, 2021 | 1,671,030 | |||||||||||||||
June 27, 2021 – July 24, 2021 | — | $ | — | — | 1,671,030 | |||||||||||
July 25, 2021 – August 21, 2021 | 91,388 | 156.67 | 91,388 | 1,579,642 | ||||||||||||
August 22, 2021 – September 25, 2021 | 75,658 | 159.60 | 75,658 | 1,503,984 | ||||||||||||
Total | 167,046 | $ | 158.00 | 167,046 | ||||||||||||
Fiscal Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares That May Yet Be Purchased Under the Programs | ||||||||||||
March 26, 2022 | 2,306,450 | |||||||||||||||
March 27, 2022 – April 23, 2022 | — | $ | — | — | 2,306,450 | |||||||||||
April 24, 2022 – May 21, 2022 | 322,118 | 148.99 | 322,118 | 1,984,332 | ||||||||||||
May 22, 2022 – June 25, 2022 | 381,093 | 145.13 | 381,093 | 1,603,239 | ||||||||||||
Total | 703,211 | $ | 146.90 | 703,211 | ||||||||||||
* | Filed herewith |
** | Furnished herewith |
LANDSTAR SYSTEM, INC. | ||||||
Date: | /s/ James B. Gattoni | |||||
James B. Gattoni | ||||||
President and Chief Executive Officer | ||||||
Date: | /s/ | |||||
Vice President, Chief Financial Officer and | ||||||