$LSTR
LANDSTAR SYSTEM INC

2017 Form 10-K Financial Statement

#000119312518055528 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $3.646B $893.2M $787.9M
YoY Change 15.11% 5.26% -6.39%
Cost Of Revenue $3.103B $760.0M $666.1M
YoY Change 15.77% 5.23% -6.83%
Gross Profit $546.3M $133.2M $122.1M
YoY Change 11.65% 5.05% -4.01%
Gross Profit Margin 14.98% 14.91% 15.5%
Selling, General & Admin $170.6M $51.50M $34.69M
YoY Change 19.09% 4.89% -5.76%
% of Gross Profit 31.23% 38.66% 28.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.60M $9.700M $9.000M
YoY Change 13.41% 24.36% 25.0%
% of Gross Profit 7.43% 7.28% 7.37%
Operating Expenses $170.6M $69.50M $34.69M
YoY Change 19.09% 8.42% -5.76%
Operating Profit $244.0M $63.70M $58.46M
YoY Change 9.28% 1.68% -8.63%
Interest Expense -$3.200M -$1.100M -$900.0K
YoY Change -15.79% 57.14% 28.57%
% of Operating Profit -1.31% -1.73% -1.54%
Other Income/Expense, Net
YoY Change
Pretax Income $240.8M $62.70M $57.51M
YoY Change 9.73% 1.28% -9.09%
Income Tax $63.81M $23.10M $21.24M
% Of Pretax Income 26.5% 36.84% 36.92%
Net Earnings $177.1M $39.60M $36.28M
YoY Change 28.93% 4.61% -7.8%
Net Earnings / Revenue 4.86% 4.43% 4.6%
Basic Earnings Per Share $4.22 $0.86
Diluted Earnings Per Share $4.21 $945.1K $0.86
COMMON SHARES
Basic Shares Outstanding 41.94M 41.78M shares 42.04M shares
Diluted Shares Outstanding 42.02M 42.17M shares

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.3M $245.5M $227.5M
YoY Change 18.66% 50.34% 44.08%
Cash & Equivalents $242.4M $178.9M $170.8M
Short-Term Investments $48.90M $66.60M $56.70M
Other Short-Term Assets $14.40M $10.28M $15.19M
YoY Change 39.81% -11.4% -13.5%
Inventory
Prepaid Expenses
Receivables $631.2M $463.1M $409.0M
Other Receivables $24.30M $18.60M $17.10M
Total Short-Term Assets $961.2M $737.4M $668.8M
YoY Change 30.35% 12.39% 2.07%
LONG-TERM ASSETS
Property, Plant & Equipment $276.0M $272.8M $261.9M
YoY Change 1.17% 20.77% 34.1%
Goodwill $31.13M $31.13M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.20M $55.21M $65.87M
YoY Change 38.04% -29.53% -7.62%
Total Long-Term Assets $391.3M $359.2M $358.9M
YoY Change 8.94% 7.09% 20.55%
TOTAL ASSETS
Total Short-Term Assets $961.2M $737.4M $668.8M
Total Long-Term Assets $391.3M $359.2M $358.9M
Total Assets $1.353B $1.097B $1.028B
YoY Change 23.34% 10.6% 7.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $285.1M $219.4M $201.9M
YoY Change 29.95% -1.92% -1.77%
Accrued Expenses $30.10M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $42.20M $36.30M $27.70M
YoY Change 16.25% 1.97% -6.73%
Long-Term Debt Due $42.10M $45.00M $44.80M
YoY Change -6.44% 5.88% 23.42%
Total Short-Term Liabilities $548.6M $380.3M $350.3M
YoY Change 44.25% 2.92% 1.86%
LONG-TERM LIABILITIES
Long-Term Debt $83.10M $93.30M $90.80M
YoY Change -10.93% 14.06% 51.33%
Other Long-Term Liabilities $30.10M $26.90M $23.80M
YoY Change 11.9% 25.12% 6.25%
Total Long-Term Liabilities $113.2M $120.2M $114.6M
YoY Change -5.82% 16.36% 39.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $548.6M $380.3M $350.3M
Total Long-Term Liabilities $113.2M $120.2M $114.6M
Total Liabilities $701.8M $554.0M $521.0M
YoY Change 26.68% 5.46% 9.85%
SHAREHOLDERS EQUITY
Retained Earnings $1.513B $1.477B
YoY Change 8.85% 8.97%
Common Stock $200.1M $199.4M
YoY Change 1.82% 2.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.167B $1.167B
YoY Change 4.54% 9.28%
Treasury Stock Shares 25.75M shares 25.75M shares
Shareholders Equity $650.7M $542.6M $506.7M
YoY Change
Total Liabilities & Shareholders Equity $1.353B $1.097B $1.028B
YoY Change 23.34% 10.6% 7.84%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $177.1M $39.60M $36.28M
YoY Change 28.93% 4.61% -7.8%
Depreciation, Depletion And Amortization $40.60M $9.700M $9.000M
YoY Change 13.41% 24.36% 25.0%
Cash From Operating Activities $139.0M $18.90M $66.20M
YoY Change -26.95% -72.16% 0.15%
INVESTING ACTIVITIES
Capital Expenditures $15.59M -$4.800M $8.878M
YoY Change -31.17% 380.0% 1086.9%
Acquisitions $8.460M
YoY Change
Other Investing Activities -$6.500M $1.200M $3.400M
YoY Change -176.47% -500.0% -326.67%
Cash From Investing Activities -$22.08M -$3.600M -$5.500M
YoY Change 55.83% 176.92% 150.0%
FINANCING ACTIVITIES
Cash Dividend Paid $15.94M
YoY Change 11.21%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -54.40M -7.000M -43.10M
YoY Change -51.46% -88.45% 18.41%
NET CHANGE
Cash From Operating Activities 139.0M 18.90M 66.20M
Cash From Investing Activities -22.08M -3.600M -5.500M
Cash From Financing Activities -54.40M -7.000M -43.10M
Net Change In Cash 62.49M 8.300M 17.60M
YoY Change -2.36% 38.33% -36.0%
FREE CASH FLOW
Cash From Operating Activities $139.0M $18.90M $66.20M
Capital Expenditures $15.59M -$4.800M $8.878M
Free Cash Flow $123.4M $23.70M $57.32M
YoY Change -26.38% -65.6% -12.29%

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1459000
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2551343000
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0.10 pure
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0 Customer
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0 shares
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0.75 pure
CY2017 us-gaap Dividends Payable Date Declared Day Month And Year
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2017-12-11
CY2017 dei Document Fiscal Period Focus
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FY
CY2017 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
CY2017 dei Document Type
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10-K
CY2017 us-gaap Earnings Per Share Diluted
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4.21
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0.35 pure
CY2017 dei Entity Central Index Key
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0000853816
CY2017 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2017 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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138963000
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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47.01
CY2017 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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P3Y10M25D
CY2017 dei Trading Symbol
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LSTR
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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42024000 shares
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41938000 shares
CY2017 dei Amendment Flag
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false
CY2017 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2018-01-26
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52.47
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P3Y9M18D
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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3200 shares
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1.88
CY2017 dei Current Fiscal Year End Date
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--12-30
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EarningsPerShareBasic
4.22
CY2017 dei Document Period End Date
DocumentPeriodEndDate
2017-12-30
CY2017 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2017 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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86000 shares
CY2017 us-gaap Number Of Operating Segments
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2 Segment
CY2017 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
180321 shares
CY2017 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; TEXT-INDENT: 2%"> <b><i>Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the consolidated financial statements requires the use of management&#x2019;s estimates. Actual results could differ from those estimates.</p> </div>
CY2017 us-gaap Dividends Payable Date Of Record Day Month And Year
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2018-01-12
CY2017 dei Entity Registrant Name
EntityRegistrantName
LANDSTAR SYSTEM INC
CY2017 us-gaap Fiscal Period
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Fiscal Year</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Landstar&#x2019;s fiscal year is the 52 or 53 week period ending the last Saturday in December.</p> </div>
CY2017 us-gaap Number Of Reporting Units
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2 pure
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7439000
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3646364000
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37110000
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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15586000
CY2017 us-gaap Payments For Repurchase Of Common Stock
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0
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8460000
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3641000
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2498000
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774000
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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3285000
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EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
339000
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CapitalLeaseObligationsIncurred
33560000
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StockIssuedDuringPeriodValueShareBasedCompensation
2302000
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596000
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
399000
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
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399000
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243968000
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177088000
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1966000
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177015000
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7721000
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645000
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176996000
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881000
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15938000
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17031000
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2189000
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-73000
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OtherComprehensiveIncomeLossNetOfTax
-417000
CY2017 us-gaap Increase Decrease In Receivables
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181235000
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240802000
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79000
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78923000
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1028000
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63806000
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68859000
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4032000
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7721000
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100000
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482000
CY2017 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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4436000
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253000
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72025000
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500000
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
80837000
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2056000
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