LSTR - Earnings call transcript Q4 2021

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Operator

Good morning, and welcome to the Landstar System Inc's. Year-End 2021 Earnings Release Conference Call. All lines will be in a listen-only mode until the formal question-and-answer session. Today's call is being recorded.

If you have any objection, you may disconnect at this time.

Beacom, Landstar President Gattoni, Vice and Chief Officer; from Fred and President today Chief Commercial Vice and Pensotti, CFO; Joe us are Operations President Jim CEO; and Safety Joining and President Officer. Vice Rob Brasher,

like would call the Sir, turn Jim over may begin. to Mr. Gattoni. I Now, to you

Jim Gattoni

during Private The a Safe made Harbor you. I let conference begin, XXXX. is Thank this Reform me read of under are following on the Securities that And before the Litigation Act following forward-looking not statement. facts historical call statement statements. Statements based are

XX% highest to revise fiscal by results, exceeded obligation and anticipated. the billion or publicly operating XXXX place was or should not was undertakes During risks performance risks, information. this business forward-looking objectives, forward-looking may such or but to including subject information statements XX% our expectations. Landstar's year $X.X information reliance income and strategies that nature expectations. These and Such even that above or exceeded to materially not contribution fiscal limited revenue actual conference contain call, financial Risk we XXXX historical plans, the is in billion, to and on XXXX. of prior detailed that Landstar's year uncertainties Form XXXX relates SEC $X.X events by and section Investors make undue no forward-looking year. time-to-time. cause risks update to those operational, year uncertainties the and results filings information in XX-K double Variable from XXXX fiscal for the Landstar's from any described other Factors differ and legal Landstar could

with fiscal passed Landstar. an income an to the $X.XX outstanding for fiscal year, in The contribution It say results year started variable in per to there. XXXX. first in grew $X.XX XXXX understatement and quarter each doubling XX% record earnings financial the in growth more than share year to would quarter was During XXXX be operating from from resulting of was

revenue set $X.XX and for all-time third XXXX Actual exceeded of quarter earnings XXXX quarter revenue during guidance our second was same results provided to guidance more to pricing a our per the added each up exceeding and fourth XXXX followed peak increase per earnings guidance. a the record share due the earnings EPS results. Early beat quarter by fourth updated was initial tax fact, and XXXX. mid-quarter quarters. industry was The estimates share revenue updated largely for share in some quarter Landstar new rate to a favorable trying quarter updated point our of truck per by a to those lot actual fourth and quarter in the In speculation initial that at revenue during predict and for both that XXXX, The to quarterly and period. there earnings of updated guidance many $X.XX to

of company's million year-end. per to million-dollar load the provided the record records history. truck company never climbed year materialized many during BCOs quarter hauled least highest in monthly the per load was ended with haul by had carriers XX,XXX-plus XX,XXX XX,XXX year. the year during XXXX and trucks in revenue the that Overall, in Agents number $X Landstar Landstar load revenue financial hauled peak a December's have fact, at to However, a fourth a of via XX% third-party the XXX record increase the generating revenue the in agents XXXX. in Landstar of And over approved the freight the preceding over set which XXX, days fiscal

year $XXX million. of was record fiscal in XXXX revenue annual agent New an

records. hauled and quarterly up last in fourth XX% unsided/platform and XX% increased the Other increase quarter increase income expedited fourth or record to equipment XX% revenue van a an pertains set were XXXX combined XXXX fourth via straight XXXX fourth in billion, and made Revenue The previous in quarter in fourth quarter, quarter. XX% over truck that earnings which above of the includes revenue revenue respectively, and fourth variable of the XXXX million van the operating XX% it contribution transportation was cargo XXXX year. per XXXX $XX quarter primarily As by record all-time the the was power-only share driven quarter. $X.XXX revenue over truck

cargo the loadings where a are market XXXX of small on and truck of quarter via the fourth exceeded of strongly a load van Revenue percent an available ocean equipment dynamics by operates market US favored increase demand the for the over balance rate capacity. truck truck a rates of truck fourth as XXX%. XX% transportation, $XX unsided/platform although spot average condition fourth primarily by Additionally, Landstar in market and each XX% XXXX provider. generally increased million in XXXX all per our increase hauled revenue in quarter quarter and the

network, increase driven truck the be truck, services As or and via Through XXXX fourth hauled capacity the depth hauled employees unique enables record heavy-haul, of the loads total quarter of and fourth XX% our less-than-truckload set loads needs and of our loads record XXXX agent a to truck number of truck by of the the exceeded to mostly flat cargo loads quarter impressive last all-time third of was number in increase consumer XX-week over and most to the XXXX via the In truck. respectively. loads, haul equipment, number due the fourth machinery and That efforts hook, XX%. and by service straight the truck and within line number was hazmat, highest transportation XX% quarterly Landstar QX in hauled. quarter it other the one by via period third in expertise lines increases of unsided/platform, increase history. loadings XX% handle The to XXXX via quarter, to for and QX the offering the unsided/platform XX%, XXXX each substitute XXXX these durables, of quarter van, loadings new family the fourth approximately hauled over of metals and were the the company's van of from our among hauled diversity expedited shippers, X% power-only, services whether loads drop increased relates number The members the of quarter. business it while network automotive in

increased via in average in for heading That contributing positive the the X% hauled number up loads X%. to during XXXX hauled Loads BCO is of equipment. BCO the fourth quarter growth unsided/platform and XX% trucks increased commodities sign the a number metals to offset into of quarter hauled the the XXXX via over compared a utilization flatbed in the machinery and fourth in truck the XX% respectively, XXXX increase on business loads quarter, XX% fourth by truck XXXX. capacity via quarter XXXX XX% increase lower fourth BCO However,

quarter, increased quarter XX% loads During XXXX the a and of utilized over in XXX% within the in approximately Ocean XXX,XXX new fourth agents revenue by truck XXX% are Landstar in carriers drop truck base few hauled mix of to primarily via fourth over BCO the XXXX quarterly be the loadings fourth to network. volume record attributable hook brokerage influenced plus increased growth a quarter, increased agent the XXXX trailer, XXXX hauled new by highly Truckloads XX% quarter. above Landstar's a fourth somewhat continues diversified. was loads. over XXXX, Rates The ocean increased while third-party existing which to growth customer XX%. operations.

contributed was customer the on perspective, other During fourth put over XXXX Landstar's it Revenue XX% million P&L XXXth by in XXXX by quarter I and additional the comment XXX to top fourth of fourth by now top XXXX those increased revenue XXXX in quarter. financial revenue. the from quarter $X.X items. of XXXX fourth quarter. XX% lack XX% a Fred? in customers the to quarter, XXXX those To Revenue fourth quarter XXX the customers revenue XXX from statement fourth customer over metrics fourth pass accounts the the increased contributed concentration quarter. Fred of quarter revenue top Landstar's fourth will only few XXXX revenue beyond accounts

Fred Pensotti

information Jim, This costs, the commissions, cost variable categories: of claims some press purchase release. numerous a degrees depreciation reminder quarter of profit quarter. and includes and insurance-related contribution. recruiting, financial of such cost full statements the differing everybody. what training information Starting in cover of revenue. performance. two certain is transportation other qualification costs fourth Cost key other All in we BCO company's transportation-related included XXXX other other for and that freight I'll policies our in the of to while costs, fourth of paid cost and with insurance Variable last good expenses year fluctuate with discussed trailer included maintenance variable morning, revenue quarter right. and Jim includes and revenue income. the and covered has Thanks, of revenue revenue, including costs on gross agent cost premiums revenue various as cost SG&A and of consolidated and of

a $XXX.X For fees reinsured, reissued release contractors XXXX company available that to developed reconciling independent of to the just by variable the the profit, quarter, directly XXXX definition as XX.X% as our which the last other in to as example, our support with transportation profit revenue fourth profit of the are costs term contribution to earnings the as represented period measure to purchase less quarter. earnings was BCO and margin that initiated the commissions, variable revenue of Gross Also of well insurance only incurred agent million the related to in fourth In in margin compared as excuse amount XX% million in the brokerage of in alluded the internally company, the gross profit quarter. cost by I includes -- an reminder, is roughly commission slightly increase to the revenue, same conjunction technology to table our gross of me, non-GAAP and our release. variable again administer in a detailed table in gross use contribution. profit was programs insurance $XXX.X XXXX by detailed XX.X% This the refer quarter, gross XXXX. we fourth our financial below in revenue,

market been give us revenue. spot and and increased million variable define trends and a basis. transportation by are contribution fourth shipment-by-shipment variable agent financial also measure we measure to are that strong $XXX.X continues XXXX an to the In for roughly revenue industry XXX% $XXX.X quarter, as has important primary in This quarter a always fourth variable addition, In into with Purchase contribution us. the variable XX%, freight divided in XXXX transportation compared the view million by a the driven on be commissions margin expenses one revenue. non-GAAP contribution

revenue It's significant to earnings might fourth while disproportionately we contribution the between fourth flow. XX.X% entirely feel in in handled of our variable note cash The significantly attributable compared the same variable XX.X% XXXX the profit to was margin accretive total margin contribution XX% to mix contribution volumes brokerage still our by fourth times to XX% of quarter was revenue increased business additional excess quarter and margin our XXXX brokerage in of benefit last fourth variable Our the in terms some that in capacity. growth revenue period in independent compared of quarter, important capacity from total BCO growth quarter. contractor as of where year. and are XXXX the gross in compression XXXX decrease to

my in ability year-over-year leverage the growth a to margins contribution I'll are semi-variable due to good profit rate of profit. in gross of the variable that that of the exceeded mostly is the earlier make Last gross margin that's model Landstar these cost performance So, described and on that included I point trade-off. view,

was to as costs provision and XXXX. million in compared BCO claims in X.X% our of Moving to Total costs compared XXXX period in The were development in in year BCO revenue insurance to in the and qualification the increase due increased to primarily recruiting This were primarily current and and on increase compared fourth contractor was quarter period. the $X.X quarter, during XXXX. X.X% bad $XX.X in XXXX increased XXXX trailing fourth for costs, and was increased million equipment administrative claims costs $XX.X Other the and claims. and XXXX severity million an to to debt. claims of fourth to Insurance of of period XXXX. $X.X costs. due in increased year were operating revenue the XXXX costs increased Selling, XXXX costs, the BCO in quarter prior million and claims million unfavorable general $XX.X million compared $XX.X XXXX insurance

by $X.X expense record-setting incentive debt. was was Depreciation for pressure was compensation benefit $X quarter, million. arrangement fourth stock variable and for cost, this compensation XXXX increase expense incentive driven quarter As related million contributed plan amortization quarter In was provision the $X.X XXXX fourth the offset quarter, stock in the and compared partially stock-based In to million $XX.X was compensation to we technology decreased majority due our performance applications recent primarily and compensation tools, and agents the in was for the deployment to by from increased cash use XXXX. new provision and the by XXXX a of discussed incentive of million and also last capacity. $XX.X This increase resulting and of depreciation million to million. Wage upgraded compensation compensation the is for year. the $X.X a increase, fourth customer the bad provision financial

Our to XX% by impacted quarter in items XXXX XXXX. certain effective resolution income equity was compensation rate resulting of tax in tax XX.X% The tax arrangements. rate compared was benefits fourth from both tax in income effective the favorably periods and

that now balance million $XXX and In December the and of through three of million million million, purchase the relate is business After authorization returning the $XXX of our investments well capital important at will people, our Cash operations And programs. as, These but our shareholders network, XXXX technology to capacity, a our grow capital XXXX, as expenditures returned million. Board just we paid available and our and increasingly processes. special agents refer our returning as cash $XXX regular more in has Jim. to and be million in joining million. over much sheet, that short-term stock you $XX thank $XXX requiring like support dividends from cash today an Directors been all January increase we than quarter larger not is to our operating for were we our to XXXX. of dividend on important of in company. $XX as under And business for to now was of turn to have of a in to systems shares I the environment today that With and to purchase our of investments ever is of health for combination and continuous clear Looking of a us continue it with an want competitive for we're to investing ecosystem. flow I'd if share long-term we which repurchases since $XX XXXX, we they ended company's our our is by capital back million collectively improvements in that, we'll as topic it shareholders,

Jim Gattoni

at XXXX, be levels, fourth these year different strong Fred. be the Thanks, quarter preceding to continues of environment as any the The quarter a record although no performance. expect than in first Typically to expect that seasonally quarter. ever. first softer I is we

earnings And estimated be level based fourth flat revenue number billion. expectations, the hauled load $X.XX completed of revenue on $X.XX quarter. hauled XXXX down to $X.X via on share. Based on of XXXX below such, in our to truckload share via expect I be fourth loads guidance XX% the the first is be billion X% to per to truck X% of compared record-setting to I those range of recently a to XXXX loads count expect truck per the range expect of I quarter in to $X.XX As revenue, the quarter. to for that per

the our earnings in higher would quarter, XX% revenue a XXXX quarter share to Also than by easily revenue. first for quarter, quarter achieve share per be record guidance achieve first first XXXX per share guidance, any we exceed earnings assuming, XXXX revenue per XX% XX%. to our record we Assuming, first earnings XX% the record to

led year January. that first XXXX, it's few record-breaking weeks carried way operating the for Although, have our so through predict operating fiscal conditions early too to far conditions of to

our as demand demand we for quarter year remain other throughout to services. as As with respect XXXX of for quarter, experienced capacity van the well flatbed robust strongest fourth the services truck the

equipment begin demand trucks by positioned continue industry a unparalleled exceed network BCOs, broad-based see of of business customers. Landstar's varying was North sectors. expertise also capacity provides number in empower of XXXX every to number financial small well of itself provide to with while every carriers record large The heading for network provided capacity over their and XXXX. We again We owners and sourcing Landstar an proves to almost ready very the of into and across demand services network is record and no in region of strength the types, and year over agents independent meet very shipper of America, tools model and the satisfy geography our a the the needs resiliency Landstar success. sector exception. approved support to in our

this note, our a to together an XXXX, performance thank other Landstar XXXX. turn for in all and with providers opportunity we to look to As capacity that of can we BCOs we in questions. I before will to take forward agents, questions, incredible we recognize open as to final all accomplish And want now employees,

Operator

very Capital Markets. Sir. from we [Operator session. will Our the Todd question-and-answer begin time At coming much, the of first Instructions] this Fowler line Thank question you of is KeyBanc

Your line open. is

Todd Fowler

Great. Good morning.

Jim Gattoni

Good morning.

Todd Fowler

the taking question. for Thanks

Jim Gattoni

Yes.

Todd Fowler

sounds off and shared So, at of on understand strong would lot like expect tail expectations things expect how to we follow looking the the comfortable kind half But would past can thoughts your the quarter. to kind comments there's trends you get I follow of year? starting XQ, be? mean off parts your as or of kind moving you're it you've in you on What Jim I the normal of your of a up that do certainly, progress, about there seasonal in into XXXX to the back into of out that point. and this here years first off pretty

Jim Gattoni

position out So coming thought after and out at we at thought And down coming of peak. September, quarter. were – Coming were I'm June, out we We fourth know, peak. peak. to on thought all right? slow You we're pessimism, the March, always optimism we look going the my we we're of of in at

things deals going everybody's going an longer-term think to these extended I peak see kind just been. have And we're think you to the going long-term shippers say, of happen? just the it's I bit but end down think the leveling softness off think look a as if who see does to to I early of capacity see the or pull the side much little the coming cycle in we're back with at anticipate contract on we're of Look conversion. would I back lock going I And to we're demand a back is we right. tell in for the pulling cycling spot will don't we've rates think dramatic over and right? seeing. of I or to kind transition, that kind and whether where in accelerates see a think we quarters the am bit when cycle. It's the see see going we're I contract based saying, we're going to time a some maybe going start where of that's coming is – because a market don't bit bit I we to been you're spot cycle Here summer. back question into little sitting to same pessimism from some story I maybe a – the and to row, half. eventually second things say be I little more shift opposed my a demand. here as to But maybe We little contracts, that But we're am, quarter as bit we're it we're going me, four way a still up down a little asking some and

shippers So think are but It's as that that that a starting contracts sign getting XX-month to are prices months, And thing. indications increase lower opposed more on bids. understand a you may they'd a seeing But of clearly, that's be summertime with the walk many maybe little driving some that big do the deal, you're XX not be what would bit to they these here in stay. be if than little a up spot. I

give predictability the the spot we other one on -- got little can But it line. we talking thing share think really would the the how see guidance you do, -- the some what there's contribution line below don't more below we we Fred thing variable and turns. market we contribution The our to of in unpredictability of cost because variable probably of that like like -- a you're below input about some full-year give

Fred Pensotti

Yeah. Sure Jim.

into So in just cost tailwinds that our quarter recall recall to about think some variable you'll $XX give you of specifically in tailwinds. some structure stock-based talked million plans, going context and our for from -- we the compensation said I we comp the having XXXX you third

structure expect So might part the there's of you as headwinds that's this picture. into going some obviously also And year. cost

maybe just three those me broad let categories. So put into

being kind our do matter COVID. as that in to as cost, we things of of even First, were I not we category able that this to for in due of XXXX normalization a are a to do think year able hopefully XXXX

in elaborate a moment. a little I'll that on bit So

two then year kind a related now even a going enable of what ago business other our much I is buckets just kind and larger of investments forward. are it supporting than think to going The that of to costs growth is was

our through a them report those as ranges in lines P&L. of expense go the and the bit rough just give more some for in detail So you let me we

of COVID. recognize due as to as did I on expect more compared was COVID our course our suppressed where This we what in travel. we related we support to have and to more to to XXXX, agent quite first, spend spend is So mentioned, events capacity

travel events at we're the a year for and both planning more on least front. normal So

to growth that Second, experienced investments year we're to and our continuing and the support services strategic we've people investments external last the make in in support technology. over long-term

amount So that services that truck won't you volumes, to our keep software means with people of spend accelerate that's people last benefits, enter and away inflation surprised fully agree wages more be think experienced anytime up including year on more IT haven't hear going we that we a fair and and XXXX load I as most lapped with which frankly, And to to think not me external I volumes we would soon more in and higher investments. XXXX.

costs just That investments the year. then but investment was BCO probably very keep up bit the number the last a in are I the just is that So the due SG&A year all I the have lastly, some second in other I in will of And of second items which probably to quarter quarter, and front, to the the familiar second of And half with, investment you agent we impact benefits. related more to of as then our compensation in quarter on well -- to just million convention million comprised roughly that as trailers think some run skewed are big of are our expected on everything an and per lower to XX% first growing mentioned $XX did SG&A that increasing a important with make costs, $XX mentioned. trucks. reminder, quarter to then a as our items of XX% to

this And lap to yet have also full impact those to some to we we older deliveries plan in the addition depreciation trailer trailers. year then acquisitions. take additional of So replace

too of bit XXXX unfortunately, a trailer XXXX. being in lot we're in of were probably XX% cases we And that inflation paying So on seeing early in some also what of and prices are not but growth, above XXXX. say in a replacement little that surprising, excess in

obviously as line depreciation year. will that play well expense this come So into our on

deployed what So and tools between this the to was launch an we depreciation. impact of and investments what to deploy software the to alluding expect that I is some the year both enhanced last of we year trailer going and on new have

makes our in insurance do that as similar the $XX XX% quarters then after largest just our Our expected expect deliveries this trailer increasing We higher again up trend of to. labor to we as year largest costs from expense it to put depreciation second SG&A last to as into been take expect I million as and was $XX tires referring expensive per to parts various quarter have largest little on range second line range will SG&A. do shortages to go following And -- was of total more higher we've the other million a gains operating our the about is between I maintenance, parts per dispositions costs which cost largely then to of claims, And operating and other rather first be to to of some up service and we those older expense got bit also and in subject gone that well year. $X should we've related million alluding $XX quarter, seeing in the lower trailer the more for that some just to. quarter our then trailer tools million compared time. And on

Just forecasting, a that the of the significant purposes year BCO of rates hauled that of of cost X.X% by with highly since changes the the just the BCO and BCO claims compared cost BCO on just will insurance to is about we'll typically and of that claims the imagine to relates ultimate insurance nature of X.X% unpredictable of using the outcome we're network. are based will which of estimate. it this our year relates revenue business. a expense per have revenue as our which and BCO up forecasted can the claims for measure of majority We premiums revenue to insurance to I impact percentage And by any then claims, a and depend fixed obviously, you vary reminder the just forecast load, remainder and for XX% made line as along insurance accidents of full But, as revenue revenue mentioned. a percentage can as severity frequency insurance

a you how to about be short of we're our for not it so XXXX just thinking that's thought through rundown So but might cost take I structure that. helpful

Jim Gattoni

that have So time probably for we one Todd question, more. only with

Todd Fowler

I've this at over got time… to turn it

Jim Gattoni

unpredictability to just have are predictable. is want of a really the to guys -- the line than costs just said unpredictable. as like I market. other a comfortable share a bit the that, those a like little always little thinking We know below-the-line we're but you so with I'd feel again year. spot Like cost more to the bit of you insurance we below what more we're about little about start kind

Todd Fowler

permanent No appreciate business? from guys normalize little shift of the expect turn speak into or we're it be and next line to is But you I do revenue ask is and capacity, follow-up a to can see that couple quarters and that you sight know over. to I brokerage will Jim the what know. the coming percent one Yeah. revenue not BCO you're of finding coming of a I'll the that's But you I then a utilization shift going having more bit. the of problem a to shift down in BCO that here for versus

Jim Gattoni

couple if over add hold I works. would -- shift to in thousand I in but look the just To like business. time the it's of not reality permanent that split, a been the -- you another it XX/XX just BCOs love extent think and we way if it's

the even all it's So freight, excess. excess not

to brokerage trucks. there's truck that's is But Some third-party third-party a where because model is grow a on infrastructure truly that business us expect BCO. a on brokerage because not and truck costs that's part like a continues continuing the on the when a a with insurance truck business fine freight lower lot of of the a brokerage lot hauls as for than of third-party load would freight I risk us third-party

and we're the the know As subject acts subject not whereas you to necessarily broker. on independent we're BCOs liability

over -- brokerage to as time. continue So our expect brokerage a truck I that of to would percent revenue grow

Todd Fowler

Yeah.

and on time, strong congratulations thanks a so sense. year. Hey, really Okay, the for make much

Jim Gattoni

Yeah. Thanks, Todd.

Operator

you. Thank

Research. Our from is Group next of question line from Wolfe coming the Scott

Your open. line is

Scott Group

thanks. Good guys. Hey, morning

Jim Gattoni

morning. Good

Fred Pensotti

Good morning.

Scott Group

sequentials, first little and better the historical a on maybe and the at Omicron? seeing far just sequentially if you're seeing look maybe January like volume any it I environment than talk little you quarter worse. a from in volume so pricing you're about guidance bit looks when Jim the pricing impact Can bit

Jim Gattoni

No.

seem On January. load be the pricing pulling pretty per see still better elevated where January four revenue into December bit is to probably drop January to it doesn't side, a weeks compared -- you'd and little the to from back we're because

bit So than little what it's a we're seeing. seasonally better

got seeing weeks. really it's we don't just -- what and what turn eight is is it the pricing what significant based on been left we next So -- a that we've expect in

So that's on the pricing side.

weather volume had you we the that a just On side, little disruption tell in I'll January.

hard little to four quarter. a the it's So represented of entire tell predict. you are the can't that I January weeks

X be to So with we honest say been might you. that volume be That on conservative. the I side XX might would conservative have little to a

rate that's I more disruption based the guess and seeing is I because it's a might think you So it a probably going where in what market. what implied eight but said built think we kind just weeks like of for was more agree a we're to come little January would we Really nothing storms on based on little it be next may maybe to the we unusual. a that and we're out run I

Scott Group

helpful. this operating on when think, But was it margins all were, XX% add you up last question guidance The can Okay. you The year? net you expense that think do improve year. I last

Jim Gattoni

I But very can be get if we think the this contribution for it we But it variable do going we've really improve year. that on to up be all I would put difficult that. a yes to with grow that grow. difficult bit to can has think to it's XX% to little

safety, XXXX right? Now that seeing to there's in factors a variable safe you the we're you cost. bunch whole of were safer again little we more and contribution of need the need need do some there boost we of to can be in If bit offset that we a in it. in there's than inflation But chance we're

Scott Group

with volume like big from And guys. seen a struggling And probably it's for magnitude standpoint. just this you are asset-based it brokerage last of We've growth guys just when thing volume picture. never seems happening then

growth? I thinking of So brokerage guess this the sustainability how about volume are you

Jim Gattoni

-- we're Well, it's think, diversified. highly I

like helps really the the So can't demand driven. where it find thing it's is capacity And shippers market one they build relationships relationships demand and when this our agents before. haven't had

dip sustainable, of brokerage But way It's as come do but think think with is then over the will if the the that a out just higher demand it's these but it I us percent to brokerage of expect the continue. always, but the of and down the I drops you things volume has driver with the time typically highs total. of demand cycle and works. down highs I come side. higher to really So we the not side driver bottom If follow always

based it then other think I you speak cycle customers. what continues specific really higher where again. to it's side, pull make cycle. seeing just customer highly or like to from. little many It's It's from it's we but demand-driven sustainable so on elevates a specific really so diversified. hard And to cycle a it It's across industry elevate every it's driven back a But expect and what we're

Scott Group

you, Thank it. guys. Okay. Appreciate

Jim Gattoni

Yes.

Operator

Thank you.

line Fargo. Our Allison is Poliniak Wells next question the from coming of of

open. is line Your

Allison Poliniak

Hi. Good morning.

Jim Gattoni

Good morning.

Allison Poliniak

prior to there? what it doing assuming color Any want cycle obviously continues agents talk can manage that inflection that cycles? prepare and to talk carriers team But softening happen the your inevitably -- I that pushed versus to you to better better right. the to to still to expectation your is get strong will is and

Jim Gattoni

add year. agents we long it agents new for I right? -- every live We Our think been have they time. clearly a on

$XXX live and agent You the as it try -- bit a we million by start I'm out. much push and If can can. XXXX see sorry. demand push for they little seeing as We our we But the start slide like revenue XXXX we information pricing out to do. we new just cycle

-- guys we've than in these a better who's running maybe information million of Arkansas million amount don't they here not the guy Some is of -- million got and $X somewhere that a on and and has a million $X between $X a lot they're the corporate lot information like $X.X of business. up Landstar agents

what is as fast the then availability we much information So do or business we are pull and react necessarily whether to the our agent pricing possible properly we is price. pricing they agents try guys out they to as avoid. back a see pull that the family starts it's don't when capacity pricing stuff things and go and the lowest and so see like back. shippers to those enough event the you'd don't they to what pull push Historically And they starting try can react in

a pricing better of didn't five automated ago on them we're think years have we last tool quicker that making I -- that. of because lot exist some than years that doing were have to today at the over lot things a before. And job a decisions we of we a in we help three

market of the it's these depreciation to our in but a the up and family dynamic. benefit tools roll try react showing we in the as they're shifts out to the course efficiencies Of to agent

Allison Poliniak

to helpful. go That's And capital want just the on I to deployment. comments back then Great.

just we I capital investments I that But tone enter going versus be think $X share was -- as said million. I my away the XXXX. to You my that's authorization important with the or you came expectation guess less

think there terms through XXXX? balance we color in as about any move how Just of to

Jim Gattoni

is really It's side. on during Depreciation than were It's in based I we Fred roll what's starting the discussed investments It's much that a than to the past. higher But we No. that climb is. that are it expense on thing wouldn't our more investments to is over. XXXX. -- spend made discussed in say going they cash happening

was it's we give it's making -- a important, are. next years no investments of the those million more spending out and the software historically. like $X really if back where cost in to year than that's similar impact $XX the about It's point we've don't what ability year-over-year. excess degree. but be investments from shareholders more talking in just to our the spend think we'll We're million where not we it's talking this it I done -- over XXXX made all a material five to impact We're really any invest on and is But about. to right the depreciating the pretty going we're million to So, or $XX trying we on

Allison Poliniak

on. it pass I’ll color. the for Thanks Great.

Operator

you. Thank

line is the Our of Majors Susquehanna. Bascome from coming from next question

Your line is open.

Bascome Majors

does quarter the about; stock it for incentive $XX of XX% within company, outlined that something level"? $XX year? the kind assume and talk "target you. to the that Thank environment Board And comp questions. unique in or of in Jim you including one, to for million number Bringing earlier, that get we're the to Thanks comp taking outlook the a to the SG&A million there that what is because my in? back a the cyclical comp rate you Yes. of Does long-term incentive reduction comments growth is to full different the can embedded XX%

Jim Gattoni

say, I'll tailwind. with that off, sticking just first -- million we're still $XX targets The

Fred Pensotti

right… that's Yes,

Jim Gattoni

bad XXXX. vary for each cash we budget so have the conditions. if if But based vary early established -- based the actually -- compensation year market January a have. for as is our might growing in that example, a targets target Like in we XXXX, And -- normally would does in into. Heading a on our bonus a improvement is that on have see in safety really more year XXXX, target. in than if we we that insurance we if we safe really may have we have But embedded a line XXXX

XX% that to opposed that at look $XX cash don't The happen a year is we XX% at is in three compared what and million one we going is onetime about over to, like a think year. million a had as this for bonus we're is year-over-year. really year way to -- I XX% cycle, $X believe, we I to Typically, year-over-year. which what is kind The five we a bonus establish mean, to to target there's of is not look have out So the looking we tie XX% build if you more long-term the years no of it's to goals. you to

the expense So We on built speak just Fred the it's outlined those. for XXXX, line. side you on kind target top don't expectations target of our the we're which established really our gave to we've from really

Bascome Majors

talk And clarifying others this that. really revenue. have high outgrown couple think of can people you for little happening rate in like understand think durable of of to truck to X% X% be? And information your in But truck a driving the last that years and revenue I impact XX% maybe how business in more lot sticky your gain share is? level, to you X% a five on what's some ocean and versus Thank revenue. other Thanks from of could kind air what's over of other mean, cyclical this lines of the a in the ARPs. a how ocean And there versus I and that you.

Rob Brasher

Hey, me, is this Bascome. Rob. Excuse

side, see On ocean disruption. the surprise we continue think, to I it's no that

is they disrupted. that get We supply continue in. to see ships the can't at L.A. chain ports especially The

on China You've going especially got several with coming Chinese Olympics. are issues in Year's New the got on. that We've

I think that continues.

elevated. rates think the obviously I are

of a bit where up stabilized little rate are. It's kind come just We a first to in this I they four a dip the bit to weeks in back of saw point December. of in think it year. a

of kind to I it tail and on we in it. time depends start to spending spending consumer when we a comments, goes ship of really when So And hang -- as midyear. believe point off think for this is that opening disruption services to that's things it to of going Jim's kind to from back at more just products

is we're big that line box what around from retail we piece substitute built transportation, A lot around lot hauled that haul A different of of of far the do talking built from package is retail truck a As other spending. line things nature. substitute a -- that as consumer from and things.

on versus consumer COVID, we things, have as head is in long as from kind it And a of XX-XX that's and as the split side. So manner looking from that XX-XX, kind continuing right at again, to point of as traditionally looking trend at long home Also see contractual we're trending. disruptive side spot people its that the spot we we're spending you're at of which market now.

now. Jim – of are comments, don't opening As but seeing on mini while contractual the going customers whole lot, of but we for And his a see kind just I bids commodities low-priced I think right supply those in no – looking the chain they're looking They for are the the is still there down. decreasing, clue cost. on especially have stability, we're go for they're their to tender rates looking stability they're to what and things, the mentioned side rejections

to looking looking guess answer at some you So what were for the control gain they're I more? that over Is supply chain.

Bascome Majors

sticky I to of more you and spot, so about that that more your there, rest Yes. the other still clarify than the fairly relationships the of business contractual business? most mean is the there's substitute just transactional? point or on retail line-haul parcel suggesting were it trucks to is And heavily and

Rob Brasher

No. No.

it's other more rejections absolutely what tender And think think – you all-time Again, I consumer majority high. is think it I to now. it at from yes, were right continue driven. – transactional the is the an of mostly speaking I

Bascome Majors

you. Thank

Operator

Thank you.

of Stephens. line from from the coming is question Jack next Atkins Our

open. Your is line

Jack Atkins

Hey, morning. guys. questions. for taking Good my Thanks

Jim Gattoni

Jack. Hi,

Jack Atkins

guess vaccine last lot of first week So a I the question, press US-Mexico around Jim border. mandates there at was

think your you opportunity gains, as curious of about this you have freight and any if Laredo an that for kind within in is terms scale some presence seen Just guys share And specifically? of there forward given looking sort perhaps disruption flows? from of

Joe Beacom

shuttle they've border. actually a across the communicating for of there I I really guys is any Hey, the to talked disruption lot the would done significant a of vaccine. job that moving seen would I not freight drivers we nice my Jack, for and have the think points, that are have Joe. get those I yesterday at They've the you, pretty to but with disruption need crossing thought and some be locations vaccination told mobile up the set operators this

And so. a on it's a of So least or I at it's to again border think weekend kind point. this the southern non-issue more about

agencies other at Canadian bit, think a little On each were communication border, with that's kind I've I the northern least what contradicting there issues some of heard.

on it's catching people different So Canadian I And some little I the it's a think border. think surprise. bit bit little by more a

And resolved. getting as seem would be does doesn't border. impact big we've in a will seen think if I challenges with northern to we're – and probably And some it the while on rates not so there capacity – volume, drop-off you would get that

Jack Atkins

Okay.

Fred Pensotti

in it perspective you have put what of do. a guys sense to so we Just

XXXX about $XXX revenue in Mexico was Canada cross-border of million. cross-border business Our and about $XXX was million

Jack Atkins

helpful. questions are maybe Landstar you. Thanks much And That's And expectations business Rob Could that your on maybe Joe. an and you for maybe follow-up Blue? guess Okay. I give for what so in XXXX? Jim us that for update

Rob Brasher

to continues while in continue trailers. to contractual brokerage grow Blue Yes. we market the add Landstar

We continue as rejects right question put I as of is awards. on are think to to time kind I Again spoke the the last tender to low. all-time

customers. We work continue to and reach out our with

bring that us our to We match grow the continue continue capacity then we as to we with to and capacity that available on that business have models.

Jack Atkins

Okay.

XXXX, were pretty – So earlier you be see from the a do the growth? line saying contract to some you can much given we you market, the And could pretty a more just Blue market to would think? significant expect meaningful about spot in Landstar contributor what top shifting

Rob Brasher

absolutely and revenues to I think for us. roughly Again, continue – in for $XX capacity to come first we up grow. put we to Yes. to million continues look year the that XXXX

from our strategically at and this believe, be will moving with year-over-year a greater it a business continue absolutely forward, look standpoint contractual as customers I we We to work contributor.

Jim Gattoni

we still fully TMS dedicated out more side. handle – to a automate get the functionality two have contract-type tech right next little out and more built a more you a We've or we build -- to to the Blue Jack should accelerate But able side. a little over and customer there capacity do the bit it's growth when year over business. work some to to there of now manual do it's be automate a that side there's there's separate not We're the to little – really with on still automated.

to opposed to of business standalone spot it's more business. kind that So, head as a contract really

tools of need-- little to we a discount need is some Rob's technology So, trying to he but really accelerate until grow ability the little we a growth them there. not place they that hampered in I'm get to

Rob Brasher

positive doesn't which Well, in go guy company I'm a well. the

Jim Gattoni

Rob, the optimist.

Jack Atkins

Well so Thanks that great. much guys. the appreciate for Always time sounds it.

Jim Gattoni

Yes, thank you.

Operator

you. Thank

Our from Yukevich the Charlie next Evercore. from is coming line question of

open. Your line is

Charlie Yukevich

taking And I Good then first congrats so color my could morning. the Thank you have and and with those January us quarter. wondering performing give how just more you if been on in segments far? call on some for for regards truck quarter to individual volume was pricing? the segments the guidance

Jim Gattoni

what Well, the It's fourth all from there's seeing of a strength more fourth I you're think Flatbed carried in the still and quarter. quarter record over. there. was same is the volume

is XX% coming tractor a what we of of one not call in truck load and the other which where We're it's transportation bring side, third-party still On a durables there's quarter. then the We're trailer. trailer of the coming and power-only of van consistency strong And consumer of the is XX% to a kind it's us our across. more trailers same. on seeing out the for fourth we -- seeing

any flatbeds thing there's say So, I special don't think to we're seeing booming.

bit side. we're I this good freeze seeing And really little see flatbed doing a off out and of the we that. into due is consistent the first sure side the flatbed we're in that year not December drop stuff of quarter. on I'm Although travel seeing like think typically as to flat you'll

still it's I is holding flat think -- on pretty well.

Charlie Yukevich

when additional down the product as summer or online follow-up do cycle And talk about demand--? more as that see early of and a off Okay, a cycling then you great. capacity you coming leveling

Jim Gattoni

think to starting But for some me peak a contract the more been issues from couple softening you see thing. and even I We've to of there's as out maybe got quarters. of a shift of more manufacturers still anybody demand it's spot though it's push But a the think crystal about of good four a with in I little still as demand. more there. I you last trucks my to is truck issues guessing ball think else's.

about drug alcohol resolution the with have to to a have which no but still know got guys You these younger XX,XXX driver I do the and required they're on putting talking them. mandate sideline. an the They're has there's interstate don't drivers to

the don't quickly. side capacity turning see really I So, that

demand consumer turn my I quicker of a confidence inflation think would demand. the based on more being is here done what on is guy I'm pessimism.

Charlie Yukevich

a great. Thanks Okay, lot.

Operator

Thank you.

Goldman question is of the Jordan from of next line Sachs. Alliger Our coming

line Your is open.

Jordan Alliger

such obviously ocean a and for Yes forwarding or that previously big air hi. We've major weren't seen area. everyone in surges focus growth a segments major perhaps

Just of emphasis? to the a need curious in you in chunk terms Is with away permanence Is into scale may terms this stuff bigger an feel that goes of it growth area revenue? you has it all chain to something once supply it of more?

Jim Gattoni

new of Well, is the agents growth part on put a we board. few actually

that that clearly now market the area. the who side in XX agents expertise maybe have on in honesty XX. probably are with have But guys we real that's all ocean share gain So, we have experts

It stuff. ocean in to doing it's better those I So, by think used guys. be project-driven, more a really getting line job we are driven routine more but

good out I of it some with guys this that's is. where think I grow into But expertise. of pretty recruiting there to going the expertise year a we're job did of we if that So, -- agents don't

to new did. But did perspective wouldn't agents. Remember and rate is see a ocean truck growth we good break like coming a from there's of good into to of We question, have function there connections. and lot going long-term support a expect although was but and employees of I I trying it on out think it rate accelerated to dominate still we're no more just volume good here

Fred Pensotti

out Yes, -- and compared volume excuse to rates also -- and me closer XXX% said up yes carriers. do if at as to right earnings XX%. you air look was we rate release which And good released what volume ocean on was we almost up Jim XX% our cargo break Jordan in

term and that question So, when revenue how from increase almost per right rate-driven to is you the clearly sustainable longer $XX,XXX $X,XXX is going a rates -- load.

Jordan Alliger

you you I'm alluded Makes some to a your speaking would for also may you sense. technology about curious, think broadly do there feel things and benchmark particular just need mentioned it then you there area. And and things Is margin more be just some up? the as you do IT is to you products? How in stack on, overall. or on competition that versus up catch you there investment or really certain

Jim Gattoni

everything -- catch up think we anything. need I on don't to

else business, much. it we not pitching what up everybody weren't the as gone years I everybody just And the information that But we with community. -- right? We it -- doing the not we've I investments I'm for that have. years, We've say, -- said Mr. like got to -- the about plug can everything tool. like like we've done we maybe ago the highway probably simple a five drive has. last don't who keeping so tools, concrete my and I app-based for pricing look last the admit think from and people to we've visibility we've block We're a process. I our gotten in talk a investment technology tell three at share, the we mines I'm middleware the cloud-based little over trailer I years, you world. We're We've three to we've pool. concerned like credit mine, we were would out the play. using We developed Head, rolled automated cloud, Potato to

all but our are little of unique the lot where I on XX% So, see of trailers, way one actually stuff. we about was And a manual XX% in process BCO our of and think the to XX via trailers we're freight that. the said at now it's they there our as do -- can I electronically, trailers a behind opening, monitored is

way we're what no say So I would There's that's we're behind. ahead. we're I that think doing. probably

Our out we mobile it all that. the Landstar app, the there. provides see I stops you'll call has of like all else it stuff anything available loads One and advise fuel capability mean,

what new right But but or tools last going above just out to bit them. are not in to I cutting not continue we've as really We're adding and edge ever I'm the to little three you're our our adding that's it what it's is line invested is line. that think we that's a with we're -- over enhance the we seeing things is, -- the to refer job, this So, depreciation because anybody got technology there. years, else

Jordan Alliger

much. so Thanks Great.

Operator

Thank you.

Our next question is coming Stifel. from the line of Bruce Chan from

is line Your open.

Casey Deak

Bruce guys, this stepping Casey Hi Deak today. in for

Jim Gattoni

Sure.

Casey Deak

you? are How

Jim Gattoni

Good.

Casey Deak

fluidity So markets back It that good indication that that a saw in a little we auto about growth. little first, an at looks you better? there's industrial and as or seeing Do the like markets. ask end work some together I some wanted supply look to chain end and things the those look at bit growth some

Jim Gattoni

other base. within -- of that's of into to you that industry we're that a customer-driven isn't one it grouping, it's think just I necessarily three, So right? doing customer an is more that driven penetrating big our Well, a job than a relates account there's think phenomenon. the automotive, And not a than -- as look I at phenomenon by most groups of an concentrated when the little good more

I think in the side. auto there's still disruption

out That's right? -- part our that X% talk to certain than of from we're sectors I what we the level just hard what's of durables you it's think at flows we customer with single It's of most kind big more that a and earnings a there. business. business. doing have to our a one. on highly the we so release. diversified. the There's the speak satisfying market, going good in X% that's with to customers of It can up But is think, Consumer request makes really consumer job such that in going pretty on not or

was I industry. that's one really an soft -- shippers. if where soft, on line that's if the of you overall just another think year, because seeing but got we're kind market-driven, -- on -- more we're And by -- coming a back into growing again actually stuff specific flatbed later it's first XX% we'll were up that's drops probably machinery job XXXX. penetrating back. environment and and the just consumer was dynamic demand back to about even of is coming five a was the there, to it's manufacturing manufacturing as automotive started of and room. about of side -- sooner start really has talking all about going then said, a manufacturing what's because consumer growth was talking sector, up if to to come seeing flatbed right? is So, the part revenue see pick in I because side, -- heavy half right some or it's we shipper, it four as Machinery the we or kind pretty go we're were well, So doing of We good And on, that metal through opposed last consumer from and pretty the off,

was drops the going load. up to a be volumes we it's a there rates really one grew grew to that's rate going Substitute see So but but we necessarily kind thing mix, specific of actually what higher, down there. saw is the condition was multi it those But the see. not saw just only as were haul, counting line driving the It XX%. we we of drop, the we business, rate

actually long So shorter We growth what just multi doing XX%, and decrease because per from on. we're volume now with a route of in having we revenue was a grew But it that's only went but kind then mile that. drops in on routes. of goes

small, If you more have the a it's sector customer here is little stuff, concentrated. highly food mostly but base other diversified is which than any pretty automotive, other stuff within

Casey Deak

in ask soft to flatbed the the one this Yeah. it starts starts housing heard of the only what their an well. housing there? that of you I impact sector like pretty say, would Do Is for looked that assessment? building stuff for we – year? that agreement had about the It was products. speak are wanted The kind expect soft guys those grew I'd expectations with And about other XXXX. you that expectations in your we event there – what's rails

Jim Gattoni

me honestly, building the ask it say that kind housing of I'm thing stuff you a like I has pull that would go no, would relatively or zero. And It's been to In pessimist. expect going starts if strong. that all I to all Well, products to look back.

or new got I think that. a everybody's roof like siding on and their house stuff

that slowdown So But the you anybody's. of my summer. again, see expectation the part as as be do crystal good ball in that's my would

Casey Deak

Yeah.

some I the Okay. do the heard competitors know And in talking that just at peers We Landstar kind on about not a you back. capital we going that I of and I'll of and that that then for some got you in needs more has sort. of been might your for one I your it logistics pulled. look making But technology you turn of is here? you of M&A that you stack you Blue need of you. lever about that forward like cash see investments some have the the use huge lower you something consider some guys for

Jim Gattoni

was opportunity the use haven't one would or is that technology found opportunity it the an we we But though. absolutely. not that that the now, of over on like are tech look saying something on actually We some there that eyes at and was saw clearly it. there If all. Well popped Yeah. tools the we provide now. our Blue. just would out There's We see at look side, because an nothing stuff we use capacity be actually do horizon the right services I'm additive. actually open. our have if If we there we would at third-party homegrown anything right some side nothing's we

Casey Deak

turn sounds That back. guys. I’ll Thanks, Okay. great. it

Operator

you. Thank

from question next Our Truist. Stephanie of line coming of the Moore is

open. line Your is

Stephanie Moore

morning. Good Hi.

Jim Gattoni

Morning.

Fred Pensotti

Good Hi. morning.

Stephanie Moore

Are of of Most incremental or been of my this kind didn't a the the what as you growth well a industrial? more already Any the kind growth demand driving that and I of question. business? durable could you consumer seeing continuation with with on helpful. accounts of be color answered, Thanks. accounts but you're in have side that's little would existing new want last you Maybe speak as new the bit questions to there seeing about

Jim Gattoni

line primarily a walk it's it's haul think is it's is got through automotive like categories, sectors as across handful we just I a handful of customers. other But very diversified. all – are we Substitute the – customers. of

I of I So small like you've to the said, model. got spoke customers our coming in diversity

only the Our in quarter. XXXth $X.X was customer million

hard customer So speak to to specific it's the growth. really any driving

sectors that amongst with it's the So them. we deal

that about only the making load have time. then move week, accounts little bit they're a week. a different. model we're agents about X,XXX loads thing one XXX that model, We We and you have also had all market And they're if come shippers, national and in customers the about the our in moved we who think with a – relationships and independent

see going that we've and lot diversified bigger. making new or any were finding customers are see shift going in of of customers and a of customers it's significant, It's are It's we additional also we lost the lot a significant nothing there's no specific going highly months that. it's last in we like here those ball about XX out a So out them forward. coming don't lot or play small even over seen that but not – in and new the that past. customers larger But small

Stephanie Moore

particularly of around regulations maybe emissions the about of and trucks and you picture that some in EVs, And helpful. the evolution in the That's California. strategy of the EVs the even EV Thank of could market? question And more or you. increased before then talk growth behind a just bigger about EVs if truck

Jim Gattoni

carrier. an Yeah. as so any asset-based to us a opposed don't different for bit We little it's trucks, own

bit right XXX aren't long-haul really miles. the now, just even conducive heavy on to EVs buying they're you out or haul become start got And pounds. XXX a freights -- XX,XXX Our what see years. industry. be XX loads typically It's yet you the do that electric BCOs, are popular going those older buying vehicles out to there in they'll and that in if we used to little trucks The

that think market would it I us than So most. dynamic later for shifts for

move carriers, will you'll move line guys it. heavy those into quicker than regional short-haul the that think the the long-haul EVs haul stuff I transport like see

Stephanie Moore

Well thank much so you Great.

Jim Gattoni

have We with our do wind-resistant trailers. trailers low-resistant that one do put for just the so purposes. environmental them we tires We on

it and of and to comply regulation try can't best any do our control. with kind relates as we things So, we

Stephanie Moore

time. Well the I appreciate

Jim Gattoni

out? questions close Any more or

Operator

more sir. on two have We questions queue

Jim Gattoni

it shut take two can We'll -- and those down. we'll then

Operator

Thank you.

the Our question Schneeberger of of line is next from Scott Oppenheimer.

is open. line Your

Scott Schneeberger

here end. at the We're Thanks.

on it so second quarter brief. spending I'll for be the time million thanks on to the Is quarter a and guess $XX on to So going and comments because I million be follow-up. second watermark then quarter $XX than we of from convention? third much the in that. should the higher the wasn't SG&A the expect sure quick fourth the high I a Thanks. the

Fred Pensotti

step will that's the some expect take to that it of kind things quarter have the And absence then second because then place will other of continue its quarter the that have when close to in second Yes talked kind And up to trend in I we'll our $XX be that third event about but the event. big speak. quarter. the so I then you'll by wouldn't of million the pretty we because mark of

a more of consistently. then it of little step bit up think more and So a

Jim Gattoni

in organization. cycle on the for Yes. Scott, July almost a here we're one rate everybody

is $X absorbed. So on convention million the what the happens gets

the up that then but it to because quarter. third climb come third expect you in the the elevate wages in quarter So doesn't down we

they of counterbalance kind other. each So

our program. comp what quarter, first kind in variable low -- and watermark of is depending on with your So you're happens considering back even probably the three then our

Scott Schneeberger

it. turn I’ll queue. since it. it over Appreciate there’s Thanks, Thanks. in Appreciate someone guys.

Operator

Thank you.

is Our of last from Alper line question Elliot coming from Cowen. the

open. is line Your

Elliot Alper

year? Great. Thank network And any one you the this And in of XXXX had new then if COVID for how me. discuss quarter? on you. at fourth driver that just Could expectations looking kind the about your And is growth all agent pool trending? into are impact what your agent

Joe Beacom

of in We the really haven't sense This any is Joe. seen impact count.

in it's think of question. to seen no impact who BCOs with bit may We're the turn year I to to a have pinpoint. for as that had all were utilization happy but being that it they the I'll were out significant COVID pretty were over how cautious long, We much your a more we little maybe with really to out we hard may Rob second and XXXX. if have growth impact, or count. little

Rob Brasher

on agent pipeline. continue we Elliot, robust to side a have the

Landstar tend they that -- they capacity to service relationships of be come have because supply we capabilities they can't have the because us the to supply They They ability capacity. a service us for and the again able lot they as the and can't that's to think have. customers to them. deliver come that people of I to that

expect our I last much it in our So same like adds the looking year continue did Asia in to revenue fashion. continue forward, to Asian

Elliot Alper

Thanks, guys.

Jim Gattoni

you. Thank

Operator

you show would Thank you. questions. to At call the like this back time to I I further remarks. over closing no for turn sir

Jim Gattoni

you on I and Thank Yes. Have our day. scheduled good again look call conference speaking to you with currently April XX. forward first a quarter earnings XXXX for

Operator

lines conference Thank Have you for this joining at a Please your time. today. call good morning. the disconnect

Landstar System (LSTR) 27 Jan 222021 Q4 Earnings call transcript