$LSTR
LANDSTAR SYSTEM INC

2023 Q2 Form 10-Q Financial Statement

#000119312523136738 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q1
Revenue $1.436B $1.971B
YoY Change -27.31% 53.03%
Cost Of Revenue $1.227B $1.700B
YoY Change -28.14% 54.79%
Gross Profit $210.1M $271.2M
YoY Change -21.65% 42.82%
Gross Profit Margin 14.63% 13.76%
Selling, General & Admin $53.57M $83.48M
YoY Change -9.16% 24.78%
% of Gross Profit 25.5% 30.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.20M $13.76M
YoY Change 6.37% 13.69%
% of Gross Profit 7.23% 5.07%
Operating Expenses $53.57M $108.4M
YoY Change -9.16% 25.0%
Operating Profit $101.3M $162.8M
YoY Change -32.66% 57.78%
Interest Expense $726.0K -$1.123M
YoY Change -165.7% 12.3%
% of Operating Profit 0.72% -0.69%
Other Income/Expense, Net
YoY Change
Pretax Income $102.0M $161.7M
YoY Change -31.68% 58.23%
Income Tax $23.82M $36.87M
% Of Pretax Income 23.35% 22.8%
Net Earnings $78.20M $124.8M
YoY Change -30.53% 61.62%
Net Earnings / Revenue 5.45% 6.33%
Basic Earnings Per Share $2.17
Diluted Earnings Per Share $2.17 $3.336M
COMMON SHARES
Basic Shares Outstanding 35.93M
Diluted Shares Outstanding 35.98M 37.42M

Balance Sheet

Concept 2023 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $388.2M $181.7M
YoY Change 224.09% -30.33%
Cash & Equivalents $341.0M $146.0M
Short-Term Investments $47.17M $35.68M
Other Short-Term Assets $12.68M $10.44M
YoY Change -76.59% -9.99%
Inventory
Prepaid Expenses
Receivables $899.8M $1.223B
Other Receivables $53.24M $123.2M
Total Short-Term Assets $1.354B $1.538B
YoY Change -10.06% 35.28%
LONG-TERM ASSETS
Property, Plant & Equipment $306.2M $309.0M
YoY Change -2.54% 6.35%
Goodwill $41.73M $40.95M
YoY Change 1.83%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $136.0M $157.4M
YoY Change -13.16% 48.64%
Total Long-Term Assets $484.0M $507.3M
YoY Change -5.44% 16.04%
TOTAL ASSETS
Total Short-Term Assets $1.354B $1.538B
Total Long-Term Assets $484.0M $507.3M
Total Assets $1.838B $2.046B
YoY Change -8.88% 29.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $490.3M $626.3M
YoY Change -26.88% 51.14%
Accrued Expenses $794.0K $744.0K
YoY Change 11.52% 6.29%
Deferred Revenue
YoY Change
Short-Term Debt $66.19M $96.22M
YoY Change -41.73% 28.63%
Long-Term Debt Due $33.80M $34.98M
YoY Change -8.22% 6.66%
Total Short-Term Liabilities $741.3M $950.3M
YoY Change -24.19% 43.39%
LONG-TERM LIABILITIES
Long-Term Debt $60.19M $137.3M
YoY Change -18.66% 135.89%
Other Long-Term Liabilities $57.97M $52.30M
YoY Change 6.7% 25.73%
Total Long-Term Liabilities $118.2M $189.6M
YoY Change -7.92% 89.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $741.3M $950.3M
Total Long-Term Liabilities $118.2M $189.6M
Total Liabilities $902.2M $1.190B
YoY Change -22.24% 46.6%
SHAREHOLDERS EQUITY
Retained Earnings $2.703B
YoY Change 6.6%
Common Stock $253.8M
YoY Change 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.009B
YoY Change 4.68%
Treasury Stock Shares $32.55M
Shareholders Equity $935.7M $856.1M
YoY Change
Total Liabilities & Shareholders Equity $1.838B $2.046B
YoY Change -8.88% 29.93%

Cashflow Statement

Concept 2023 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $78.20M $124.8M
YoY Change -30.53% 61.62%
Depreciation, Depletion And Amortization $15.20M $13.76M
YoY Change 6.37% 13.69%
Cash From Operating Activities $139.0M $94.97M
YoY Change 21.23% 35.86%
INVESTING ACTIVITIES
Capital Expenditures $6.233M -$3.609M
YoY Change 61.56% -11.98%
Acquisitions
YoY Change
Other Investing Activities $10.57M -$365.0K
YoY Change -349.21% 21.67%
Cash From Investing Activities $4.336M -$3.974M
YoY Change -153.54% -7.58%
FINANCING ACTIVITIES
Cash Dividend Paid $82.66M $84.71M
YoY Change
Common Stock Issuance & Retirement, Net $15.43M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -142.5M -164.0M
YoY Change -18.49% 71.15%
NET CHANGE
Cash From Operating Activities 139.0M 94.97M
Cash From Investing Activities 4.336M -3.974M
Cash From Financing Activities -142.5M -164.0M
Net Change In Cash 1.406M -72.97M
YoY Change -102.06% 141.64%
FREE CASH FLOW
Cash From Operating Activities $139.0M $94.97M
Capital Expenditures $6.233M -$3.609M
Free Cash Flow $132.8M $98.57M
YoY Change 19.83% 33.21%

Facts In Submission

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CY2023Q2 dei Document Fiscal Period Focus
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CY2023Q2 dei Document Type
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LANDSTAR SYSTEM, INC.
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DE
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06-1313069
CY2023Q2 dei Entity Address Address Line1
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13410 Sutton Park Drive South
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Jacksonville
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FL
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32224
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904
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398-9400
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Common Stock
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LSTR
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NASDAQ
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2869000
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1900
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1900
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56.4
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CY2023Q1 lstr Share Based Compensation Arrangement By Share Based Payment Award Vested Options Issued And Outstanding
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0
CY2023Q1 lstr Share Based Compensation Arrangement By Share Based Payment Award Nonested Options Issued And Outstanding
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CY2023Q2 lstr Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
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EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.245
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q2 us-gaap Revenues
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CY2023Q2 us-gaap Finance Lease Interest Expense
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CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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LongTermDebt
0

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