Price | 114.15 | EPS | 6 | |
Shares | 40 | P/E | 19 | |
MCap | 4,554 | P/FCF | 17 | |
Net Debt | -284 | EBIT | 317 | |
TEV | 4,269 | TEV/EBIT | 13 | TTM 2019-09-28, in MM, except price, ratios |
10-Q | 2020-09-26 | Filed 2020-10-30 |
10-Q | 2020-06-27 | Filed 2020-07-31 |
10-Q | 2020-03-28 | Filed 2020-05-01 |
10-K | 2019-12-28 | Filed 2020-02-21 |
10-Q | 2019-09-28 | Filed 2019-11-01 |
10-Q | 2019-06-29 | Filed 2019-08-02 |
10-Q | 2019-03-30 | Filed 2019-05-03 |
10-K | 2018-12-29 | Filed 2019-02-22 |
10-Q | 2018-09-29 | Filed 2018-11-02 |
10-Q | 2018-06-30 | Filed 2018-08-03 |
10-Q | 2018-03-31 | Filed 2018-05-04 |
10-K | 2017-12-30 | Filed 2018-02-23 |
10-Q | 2017-09-30 | Filed 2017-11-03 |
10-Q | 2017-07-01 | Filed 2017-08-04 |
10-Q | 2017-04-01 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-02-24 |
10-Q | 2016-09-24 | Filed 2016-10-28 |
10-Q | 2016-06-25 | Filed 2016-07-29 |
10-Q | 2016-03-26 | Filed 2016-04-29 |
10-K | 2015-12-26 | Filed 2016-02-19 |
10-Q | 2015-09-26 | Filed 2015-10-30 |
10-Q | 2015-06-27 | Filed 2015-07-31 |
10-Q | 2015-03-28 | Filed 2015-05-01 |
10-K | 2014-12-27 | Filed 2015-02-23 |
10-Q | 2014-09-27 | Filed 2014-10-31 |
10-Q | 2014-06-28 | Filed 2014-08-01 |
10-Q | 2014-03-29 | Filed 2014-05-02 |
10-K | 2013-12-28 | Filed 2014-02-21 |
10-Q | 2013-09-28 | Filed 2013-11-01 |
10-Q | 2013-06-29 | Filed 2013-08-02 |
10-Q | 2013-03-30 | Filed 2013-05-03 |
10-K | 2012-12-29 | Filed 2013-02-21 |
10-Q | 2012-09-29 | Filed 2012-11-02 |
10-Q | 2012-06-30 | Filed 2012-08-03 |
10-Q | 2012-03-31 | Filed 2012-05-10 |
10-K | 2011-12-31 | Filed 2012-02-24 |
10-Q | 2011-09-24 | Filed 2011-10-28 |
10-Q | 2011-06-25 | Filed 2011-07-29 |
10-Q | 2011-03-26 | Filed 2011-04-29 |
10-K | 2010-12-25 | Filed 2011-02-23 |
10-Q | 2010-09-25 | Filed 2010-10-29 |
10-Q | 2010-06-26 | Filed 2010-07-30 |
10-Q | 2010-03-27 | Filed 2010-04-30 |
10-K | 2009-12-26 | Filed 2010-02-23 |
8-K | 2020-11-17 | |
8-K | 2020-11-02 | |
8-K | 2020-10-21 | |
8-K | 2020-09-09 | |
8-K | 2020-08-18 | |
8-K | 2020-07-22 | |
8-K | 2020-05-19 | |
8-K | 2020-04-22 | |
8-K | 2020-01-29 | |
8-K | 2019-12-10 | |
8-K | 2019-10-23 | |
8-K | 2019-09-11 | |
8-K | 2019-07-24 | |
8-K | 2019-06-05 | |
8-K | 2019-05-30 | |
8-K | 2019-05-21 | |
8-K | 2019-04-24 | |
8-K | 2019-01-30 | |
8-K | 2018-10-24 | |
8-K | 2018-07-25 | |
8-K | 2018-05-22 | |
8-K | 2018-04-24 | |
8-K | 2018-04-03 | |
8-K | 2018-01-31 |
Part I - |
Item 1. Financial Statements |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-31.1 | d45089dex311.htm |
EX-31.2 | d45089dex312.htm |
EX-32.1 | d45089dex321.htm |
EX-32.2 | d45089dex322.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
PART I – Financial Information | ||
Page 4 | ||
Page 5 | ||
Page 6 | ||
Page 7 | ||
Page 8 | ||
Page 10 | ||
Page 19 | ||
Page 32 | ||
Page 32 | ||
PART II – Other Information | ||
Page 33 | ||
Page 33 | ||
Page 34 | ||
Page 34 | ||
Page 36 |
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 |
September 26, 2020 | December 28, 2019 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Short-term investments | ||||||||
Trade accounts receivable, less allowance of $ | ||||||||
Other receivables, including advances to independent contractors, less allowance of $ | ||||||||
Other current assets | ||||||||
| | | | |||||
Total current assets | ||||||||
| | | | |||||
Operating property, less accumulated depreciation and amortization of $ | ||||||||
Goodwill | ||||||||
Other assets | ||||||||
| | | | |||||
Total assets | $ | $ | ||||||
| | | | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Cash overdraft | $ | $ | ||||||
Accounts payable | ||||||||
Current maturities of long-term debt | ||||||||
Insurance claims | ||||||||
Dividends payable | — | |||||||
Contractor escrow | ||||||||
Other current liabilities | ||||||||
| | | | |||||
Total current liabilities | ||||||||
| | | | |||||
Long-term debt, excluding current maturities | ||||||||
Insurance claims | ||||||||
Deferred income taxes and other noncurrent liabilities | ||||||||
Shareholders’ Equity | ||||||||
Common stock, $ | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Cost of | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| | | | |||||
Total shareholders’ equity | ||||||||
| | | | |||||
Total liabilities and shareholders’ equity | $ | $ | ||||||
| | | |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
Revenue | $ | $ | $ | $ | ||||||||||||
Investment income | ||||||||||||||||
Costs and expenses: | ||||||||||||||||
Purchased transportation | ||||||||||||||||
Commissions to agents | ||||||||||||||||
Other operating costs, net of gains/losses on asset sales/dispositions | ||||||||||||||||
Insurance and claims | ||||||||||||||||
Selling, general and administrative | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Impairment of intangible and other assets | — | — | — | |||||||||||||
| | | | | | | | |||||||||
Total costs and expenses | ||||||||||||||||
| | | | | | | | |||||||||
Operating income | ||||||||||||||||
Interest and debt expense | ||||||||||||||||
| | | | | | | | |||||||||
Income before income taxes | ||||||||||||||||
Income taxes | ||||||||||||||||
| | | | | | | | |||||||||
Net income | ||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | ( | ) | — | — | |||||||||||
| | | | | | | | |||||||||
Net income attributable to Landstar System, Inc. and subsidiary | $ | $ | $ | $ | ||||||||||||
| | | | | | | | |||||||||
Earnings per common share attributable to Landstar System, Inc. and subsidiary | $ | $ | $ | $ | ||||||||||||
| | | | | | | | |||||||||
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary | $ | $ | $ | $ | ||||||||||||
| | | | | | | | |||||||||
Average number of shares outstanding: | ||||||||||||||||
Earnings per common share | ||||||||||||||||
| | | | | | | | |||||||||
Diluted earnings per share | ||||||||||||||||
| | | | | | | | |||||||||
Dividends per common share | $ | $ | $ | $ | ||||||||||||
| | | | | | | |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
N et income attributable to Landstar System, Inc. and subsidiary | $ | $ | $ | $ | ||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Unrealized holding gains on available-for-sale | ||||||||||||||||
Foreign currency translation (losses) gains | ( | ) | ( | ) | ||||||||||||
| | | | | | | | |||||||||
Other comprehensive (loss) income | ( | ) | ( | ) | ||||||||||||
| | | | | | | | |||||||||
Comprehensive income attributable to Landstar System, Inc. and subsidiary | $ | $ | $ | $ | ||||||||||||
| | | | | | | |
Thirty Nine Weeks Ended | ||||||||
September 26, 2020 | September 28, 2019 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization of operating property and intangible assets | ||||||||
Non-cash interest charges | ||||||||
Provisions for losses on trade and other accounts receivable | ||||||||
Gains on sales/disposals of operating property | ( | ) | ( | ) | ||||
Impairment of intangible and other assets | — | |||||||
Deferred income taxes, net | ||||||||
Stock-based compensation | ||||||||
Changes in operating assets and liabilities: | ||||||||
(Increase) decrease in trade and other accounts receivable | ( | ) | ||||||
Increase in other assets | ( | ) | ( | ) | ||||
Increase (decrease) in accounts payable | ( | ) | ||||||
Increase (decrease) in other liabilities | ( | ) | ||||||
Increase in insurance claims | ||||||||
| | | | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | ||||||||
| | | | |||||
INVESTING ACTIVITIES | ||||||||
Net changes in other short-term investments | — | |||||||
Sales and maturities of investments | ||||||||
Purchases of investments | ( | ) | ( | ) | ||||
Purchases of operating property | ( | ) | ( | ) | ||||
Proceeds from sales of operating property | ||||||||
Consideration paid for acquisition | ( | ) | — | |||||
| | | | |||||
NET CASH USED BY INVESTING ACTIVITIES | ( | ) | ( | ) | ||||
| | | | |||||
FINANCING ACTIVITIES | ||||||||
Decrease in cash overdraft | ( | ) | ( | ) | ||||
Dividends paid | ( | ) | ( | ) | ||||
Payment for debt issue costs | ( | ) | — | |||||
Proceeds from exercises of stock options | ||||||||
Taxes paid in lieu of shares issued related to stock-based compensation plans | ( | ) | ( | ) | ||||
Purchases of common stock | ( | ) | ( | ) | ||||
Principal payments on finance lease obligations | ( | ) | ( | ) | ||||
Purchase of noncontrolling interest | — | ( | ) | |||||
| | | | |||||
NET CASH USED BY FINANCING ACTIVITIES | ( | ) | ( | ) | ||||
| | | | |||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ||||||
| | | | |||||
(Decrease) increase in cash and cash equivalents | ( | ) | ||||||
Cash and cash equivalents at beginning of period | ||||||||
| | | | |||||
Cash and cash equivalents at end of period | $ | $ | ||||||
| | | |
Common Stock | Additional Paid-In | Retained | Treasury Stock at Cost | Accumulated Other Comprehensive | ||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | (Loss) Income | Total | |||||||||||||||||||||||||
Balance December 28, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | | |||||||||||||||||||||
Adoption of accounting standard (Note 15 ) | ( | ( | ) | |||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Dividends ($ | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Purchases of common stock | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | |||||||||||||||||
Balance March 28, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | |||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Dividends ($ | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | — | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | |||||||||||||||||
Balance June 27, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | |||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||
Dividends ($ | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | — | ( | ) | |||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | |||||||||||||||||
Balance September 26, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | $ | |||||||||||||||||||||||
| | | | | | | | | | | | | | | |
Landstar System, Inc. and Subsidiary Shareholders | ||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In | Retained | Treasury Stock at Cost | Accumulated Other Comprehensive | Non-controlling | |||||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Shares | Amount | (Loss) Income | Interests | Total | ||||||||||||||||||||||||||||
Balance December 29, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | | ||||||||||||||||||||||||
Net income (loss) | ( | ) | ||||||||||||||||||||||||||||||||||
Dividends ($ share) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Purchases of common stock | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||
Balance March 30, 2019 | $ | $ | $ | | $ | ( | ) | $ | ( | ) | $ | $ | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||
Dividends ($ share) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Purchases of common stock | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||
Balance June 29, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||
Dividends ($ share) | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Purchases of common stock | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans | — | ( | ) | |||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||
Balance September 28, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | |||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | |
(1) | Significant Accounting Policies |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
Mode | September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||
BCO Independent Contractors – | % | % | % | % | ||||||||||||
Brokerage Carriers - | % | % | % | % | ||||||||||||
Rail intermodal | % | % | % | % | ||||||||||||
Ocean and air cargo carriers | % | % | % | % | ||||||||||||
Equipment Type - Truck | ||||||||||||||||
Van equipment | $ | | $ | | $ | | $ | | ||||||||
Unsided/platform equipment | $ | $ | $ | $ | ||||||||||||
Less-than-truckload | $ | $ | $ | $ |
(2) | Acquired Business |
(3) | Share-based Payment Arrangements |
Thirty Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
Total cost of the Plans during the period | $ | $ | $ | | $ | | ||||||||||
Amount of related income tax benefit recognized during the period | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net cost of the Plans during the period | $ | $ | $ | $ | ||||||||||||
Number of RSUs | Weighted Average Grant Date Fair Value | |||||||
Outstanding at December 28, 2019 | $ | |||||||
Granted | $ | | ||||||
Shares earned in excess of target (1) | $ | |||||||
Vested shares, including shares earned in excess of target | ( | ) | $ | |||||
Forfeited | ( | ) | $ | |||||
Outstanding at September 26, 2020 | $ | |||||||
(1) | Represents additional shares earned under the February 2, 2017 RSU awards as 2019 financial results exceeded target performance level. |
Number of Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000s) | |||||||||||||
Options outstanding at December 28, 2019 | $ | | ||||||||||||||
Exercised | ( | ) | $ | |||||||||||||
Options outstanding at September 26, 2020 | $ | $ | | |||||||||||||
Options exercisable at September 26, 2020 | $ | $ | ||||||||||||||
Number of Shares and Deferred Stock Units | Weighted Average Grant Date Fair Value | |||||||
Non-vested at December 28, 2019 | $ | |||||||
Granted | $ | |||||||
Vested | ( | ) | $ | |||||
Forfeited | ( | ) | $ | |||||
Non-vested at September 26, 2020 | $ | |||||||
(4) | Income Taxes |
(5) | Earnings Per Share |
(6) | Additional Cash Flow Information |
(7) | Segment Information |
Thirty Nine Weeks Ended | ||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | |||||||||||||||||||||||
Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | |||||||||||||||||||
External revenue | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Internal revenue | ||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||
Expenditures on long-lived assets | ||||||||||||||||||||||||
Goodwill |
Thirteen Weeks Ended | ||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | |||||||||||||||||||||||
Transportation Logistics | Insurance | Total | Transportation Logistics | Insurance | Total | |||||||||||||||||||
External revenue | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||
Internal revenue | ||||||||||||||||||||||||
Investment income |