Landstar System Inc (LSTR) 2025 Q1 法說會逐字稿

Good morning, and welcome to Landstar Systems Incorporated's first-quarter earnings release conference call. (Operator Instructions) Today's call is being recorded, if you have any objections, you may disconnect at this time.

早安，歡迎參加 Landstar Systems Incorporated 第一季財報發布電話會議。（接線員指示）今天的通話正在錄音，如果您有任何異議，可以立即掛斷。

Joining us today from Landstar are Frank Lonegro, President and CEO; Jim Applegate, Vice President and Chief Corporate Sales, Strategy and Specialized Freight Officer; Jim Todd, Vice President and CFO; Matt Dannegger, Vice President and Chief Field Sales Officer; Matt Miller, Vice President and Chief Safety Officer.

今天與我們一起出席的 Landstar 嘉賓有：總裁兼執行長 Frank Lonegro、副總裁兼首席企業銷售、策略和專業貨運長 Jim Applegate、副總裁兼財務長 Jim Todd、副總裁兼首席現場銷售官 Matt Dannegger 和副總裁兼首席安全官 Matt Miller。

Now I'd like to turn the call over to Mr. Jim Todd. Thank you, sir, and you may begin.

現在我想把電話轉給吉姆·托德先生。謝謝您，先生，您可以開始了。

Thank you, Elle. Good morning, and welcome to Landstar's 2025 first-quarter earnings conference call. Before we begin, let me read the following statement. The following is a Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts or forward-looking statements.

謝謝你，艾麗。早安，歡迎參加 Landstar 2025 年第一季財報電話會議。在我們開始之前，請允許我宣讀以下聲明。以下是根據 1995 年《私人證券訴訟改革法案》制定的安全港聲明。本次電話會議所作的陳述並非基於歷史事實或前瞻性陳述。

During this conference call, we may make statements that contain forward-looking information that relates to Landstar's business objectives, plans, strategies and expectations. Such information is, by nature, subject to uncertainties and risks, including, but not limited to, the operational, financial, and legal risks detailed in Landstar's Form 10-K for the 2024 fiscal year described in the section Risk Factors and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking information, and Landstar undertakes no obligation to publicly update or revise any forward-looking information.

在本次電話會議中，我們可能會發表包含與 Landstar 的業務目標、計劃、策略和期望相關的前瞻性資訊的聲明。此類資訊本質上受不確定性和風險的影響，包括但不限於 Landstar 2024 財年 10-K 表格中「風險因素」部分所述的營運、財務和法律風險以及不時向 SEC 提交的其他文件中所述的風險。這些風險和不確定性可能導致實際結果或事件與歷史結果或預期結果有重大差異。投資者不應過度依賴此類前瞻性訊息，Landstar 不承擔公開更新或修改任何前瞻性資訊的義務。

I'll now pass it to Landstar's CEO, Frank Lonegro, for his opening remarks.

現在我將把它交給 Landstar 的執行長 Frank Lonegro，請他致開幕詞。

Thanks, JT, and good morning, everyone. We'd like to thank our investors and analysts for their patience with us as we work through the previously disclosed supply chain fraud matter, resulting in the postponement of first-quarter earnings. We will be sharing the details at a high level with you shortly. I'd also like to thank our BCOs and agents and all of the Landstar employees who support them every day. It was great to spend time with our BCO team in Louisville at the Mid-America Truck Show recently and to celebrate the success of our agent network in Hollywood, Florida at our annual agent convention.

謝謝，JT，大家早安。我們要感謝我們的投資者和分析師對我們表現出的耐心，因為我們正在處理先前披露的供應鏈詐欺問題，導致第一季收益推遲。我們很快就會與您分享高層詳細資訊。我還要感謝我們的 BCO 和代理商以及每天支持他們的所有 Landstar 員工。我們很高興最近在路易斯維爾的中部美國卡車展上與我們的 BCO 團隊共度時光，並在我們的年度代理商大會上慶祝我們在佛羅裡達州好萊塢的代理商網絡的成功。

The capability, resiliency and level of commitment exhibited day in and day out by our network of independent business owners is unique in the freight transportation industry. Their adaptability and dedication to service for our customers in this highly fluid freight transportation backdrop is truly impressive. They are exceptional business leaders and key to driving the continued success of Landstar's business model. The 2025 first quarter presented a unique set of macroeconomic challenges with the inauguration of a new President and the uncertainties associated with aggressive US trade and tariff policies.

我們的獨立企業主網絡日復一日展現出的能力、韌性和承諾水準在貨運業是獨一無二的。在這種高度流動的貨運背景下，他們的適應能力和為客戶服務的奉獻精神確實令人印象深刻。他們是傑出的商業領袖，也是推動 Landstar 商業模式持續成功的關鍵。2025 年第一季度，隨著新總統的就職以及美國激進的貿易和關稅政策帶來的不確定性，出現了一系列獨特的宏觀經濟挑戰。

We continue to monitor the impact of tariffs and other federal trade policies on international trade relationships between the United States and many countries throughout the world, most notably China, Mexico and Canada very closely. As a reminder, US-Mexico cross-border revenue was approximately 11% of consolidated revenue during the 2024 fiscal year while US Canada cross-border revenue was approximately 4% of consolidated revenue during the same period. Our direct exposure to freight to and from China is de minimis. Amidst ongoing challenges in the freight environment compounded by a highly volatile federal trade policy, the 2025 first quarter included several important positive developments for Landstar.

我們繼續密切關注關稅和其他聯邦貿易政策對美國與世界許多國家（尤其是中國、墨西哥和加拿大）之間的國際貿易關係的影響。提醒一下，2024 財年，美國-墨西哥跨國收入約佔合併收入的 11%，而同期美國-加拿大跨國收入約佔合併收入的 4%。我們直接接觸往返中國的貨運量極小。在貨運環境持續面臨挑戰且聯邦貿易政策極不穩定的情況下，2025 年第一季 Landstar 取得了幾項重要的正面進展。

As noted in our earnings release, the number of loads hauled via truck exceeded the high end of our guidance issued in connection with our fourth quarter 2024 earnings release on January 29, 2025.

正如我們在收益報告中指出的那樣，透過卡車運輸的貨物數量超過了我們在 2025 年 1 月 29 日發布的 2024 年第四季財報中發布的指導上限。

This was the first time in at least 15 years where the number of loads hauled via truck in the first quarter exceeded the immediately preceding fourth quarter. Although it is hard to determine how much of our first quarter load count was related to efforts by shippers to get ahead of tariffs, we certainly saw this as a positive sign to start 2025. Notwithstanding the political and macro uncertainty thus far in 2025, and our focus continues to be on accelerating our business model and executing on our strategic growth initiatives. In one continued major bright spot, I'm extremely pleased with the performance of Landstar's heavy haul service offering. We generated approximately $113 million of heavy haul revenue during the 2025 first quarter or a 6% increase over the 2024 first quarter. This achievement was driven by a 3% increase in heavy haul revenue per load and a 3% increase in heavy haul volume.

這是至少 15 年來第一季卡車運輸量首次超過前一季。儘管很難確定第一季的貨運量有多少與托運人爭取關稅的努力有關，但我們無疑將此視為 2025 年伊始的一個積極信號。儘管 2025 年迄今存在政治和宏觀不確定性，但我們的重點仍然是加速我們的商業模式和執行我們的策略成長計畫。一個持續的主要亮點是，我對 Landstar 重型貨運服務的表現感到非常滿意。我們在 2025 年第一季創造了約 1.13 億美元的重型貨運收入，比 2024 年第一季成長 6%。這項成就得益於每車重載貨物收入增加 3% 以及重載貨物運輸量增加 3%。

Turning more broadly to our core truckload service offering. The foundational work we invested in during 2024 puts us in a great position to leverage the freight environment when it eventually turns our way. We are also focused on our commitment to continuous improvement in the level of safety, service and support we provide to our customers, agents, BCOs, and carriers each and every day.

更廣泛地介紹我們的核心整車服務。我們在 2024 年投入的基礎工作使我們在貨運環境最終對我們有利時處於有利地位。我們也致力於持續提高我們每天為客戶、代理商、BCO 和承運人提供的安全、服務和支援水準。

Turning to slide 5. The freight environment in the 2025 first quarter was characterized by relatively soft demand, weather impacts and readily available truck capacity. The impact of accumulated inflation remains a drag on the amount of truckload freight generated in relation to consumer spending. Truck capacity continued to be readily available with small pockets of supply-demand equilibrium and market conditions continue to favor the shipper amidst choppy conditions in the industrial economy. Considering that backdrop, Landstar's revenue performance was admirable in the 2025 first quarter, delivering topline results within the top half of our first quarter guidance range issued on January 29.

翻到幻燈片 5。2025 年第一季的貨運環境特徵是需求相對疲軟、天氣影響和卡車運力充足。累積通膨的影響仍然拖累了卡車貨運量相對於消費者支出的比率。卡車運力持續充足，供需達到小幅平衡，在工業經濟波動的環境下，市場條件持續有利於托運人。考慮到這一背景，Landstar 在 2025 年第一季的營收表現令人欽佩，其營收業績處於我們 1 月 29 日發布的第一季指引範圍的上半部分。

Our first-quarter guidance called for the number of loads hauled via truck to be 7% below to 2% below the 2024 first quarter and overall revenue per truckload to be 2% below to 3% above the 2024 first quarter. The actual number of loads hauled via truck in the 2025 first quarter was 1.2% below the 2024 first quarter, slightly above the high end of our guidance range. Actual revenue per truckload in the 2025 first quarter was 0.6% below the prior year quarter, comfortably within the lower half of the guidance range.

我們第一季的指導意見是，卡車運輸的貨物數量將比 2024 年第一季下降 7% 至 2%，每輛卡車的總收入將比 2024 年第一季下降 2% 至 3%。2025 年第一季卡車實際運輸貨物數量比 2024 年第一季低 1.2%，略高於我們指引範圍的高端。2025 年第一季每卡車的實際收入比去年同期低 0.6%，處於指導範圍的下半部分。

As we previously indicated, in our recent 8-K, earnings per share came in below the low end of the guidance we provided in conjunction with our 2024 fourth quarter earnings release, primarily for two reasons. First, as discussed in our earnings release issued earlier today and as previously disclosed in Form 8-Ks filed with the SEC on April 2 and April 25 of this year. During the last week of Landstar's 2025 first quarter, we identified a supply chain fraud relating to the company's international freight forwarding operations. This fraud matter does not involve our core North American truckload services. While investigation, remediation and collection efforts continue, the 2025 first-quarter results included a $4.8 million pretax charge or $0.10 per share relating to this matter.

正如我們之前所指出的，在我們最近的 8-K 報告中，每股收益低於我們在 2024 年第四季度收益報告中提供的指導的低端，主要有兩個原因。首先，正如我們今天早些時候發布的收益報告中所討論的以及今年 4 月 2 日和 4 月 25 日向美國證券交易委員會提交的 8-K 表中所披露的那樣。在 Landstar 2025 年第一季的最後一周，我們發現了與該公司國際貨運代理業務有關的供應鏈詐欺。該詐欺事件並不涉及我們的核心北美整車運輸服務。雖然調查、補救和收款工作仍在繼續，但 2025 年第一季業績包括與此事相關的 480 萬美元稅前費用或每股 0.10 美元。

This charge reflects the total currently anticipated adverse financial impact to Landstar relating to this fraud, net of certain actual and anticipated recoveries and before taking into account the cost of legal and other professional fees as well as additional potential recoveries. This charge is reflected in selling, general and administrative costs as bad debt expense.

該費用反映了目前預計的與該詐欺行為有關的對 Landstar 造成的總體不利財務影響，扣除某些實際和預期的回收金額，且未考慮法律和其他專業費用以及額外的潛在回收金額。此費用作為壞帳費用反映在銷售、一般和管理費用。

It is important to note, we believe the inception of the fraud dates back to at least 2019. We have no evidence currently of any internal employee involvement. We have our arms all the way around the matter and are vigorously pursuing recoveries and the fraud was isolated to a single satellite agent office created through a unique arrangement dating back over 10 years. While this situation is very disappointing, Landstar leaders across accounting, finance, international sales and operations and legal worked tirelessly over the past 6 weeks since we discovered the fraud to investigate this matter and secure both actual and probable future recoveries that reduced the impact from the approximately $20 million worst-case scenario we reported in the 8-Ks to the roughly $5 million we reported in the first quarter.

值得注意的是，我們認為詐欺行為至少可以追溯到 2019 年。目前我們沒有任何證據顯示有任何內部員工參與。我們已經全面掌握了此事，並正在積極追回資金，欺詐行為被鎖定在一個透過 10 多年前的獨特安排創建的衛星代理辦公室內。雖然這種情況非常令人失望，但自從我們發現欺詐行為以來，Landstar 的會計、財務、國際銷售和運營以及法律部門的領導在過去 6 週內不懈地努力調查此事並確保實際和未來可能的追償，從而將影響從我們在 8-K 報告中報告的約 2000 萬美元的最壞情況減少到我們在第一季度報告的約 500 萬美元。

Second, as previewed by the 8-K we filed on April 2, 2025, first quarter EPS also reflected highly elevated insurance and claims costs of 9.3% of BCO revenue. This amount of insurance and claims as a percentage of BCO revenue is well above the company's average historical experience of 4.9% from the 2019 fiscal year through the 2024 fiscal year and as will be discussed further by JT is primarily due to cargo theft and truck accident adverse claim development.

其次，正如我們在 2025 年 4 月 2 日提交的 8-K 報告所預測的那樣，第一季的每股收益也反映出保險和索賠成本大幅上升，佔 BCO 收入的 9.3%。保險和索賠金額佔 BCO 收入的百分比遠高於該公司從 2019 財年到 2024 財年 4.9% 的平均歷史經驗，正如 JT 將進一步討論的那樣，這主要是由於貨物盜竊和卡車事故不利索賠的發展造成的。

Absent the supply chain item and the elevated insurance and claims costs, our EPS would have finished comfortably within the 2025 first quarter prior guidance even with the corresponding incentive compensation adjustments. Our balance sheet continues to be very strong, and our capital allocation priorities are unchanged. We will continue to patiently and opportunistically execute on our existing buyback authority to benefit our long-term stockholders.

如果沒有供應鏈項目和增加的保險和索賠成本，即使有相應的激勵薪酬調整，我們的每股收益仍將輕鬆達到 2025 年第一季的先前指導水平。我們的資產負債表持續保持強勁，我們的資本配置重點保持不變。我們將繼續耐心且適時地執行我們現有的回購權力，以造福我們的長期股東。

As noted in the release, we deployed approximately $61 million of capital toward buybacks and repurchased approximately 386,000 shares of common stock during the 2025 first quarter. In addition, we were excited to announce this morning the acceleration of the increase to our regularly scheduled quarterly dividend, resulting in an 11% increase over the amount of the company's regular quarterly dividend declared following each of the prior three quarters. We continue to invest through the cycle in leading technology solutions for the benefit of our network of independent business owners and have allocated a significant amount of capital this year towards refreshing our fleet of trailing equipment, specifically focusing on unsided platform equipment.

如新聞稿所述，我們在 2025 年第一季投入了約 6,100 萬美元的資金用於回購，並回購了約 386,000 股普通股。此外，我們今天早上很高興地宣布，我們定期的季度股息將加速增長，與前三個季度之後公司宣布的定期季度股息金額相比，增長了 11%。我們在整個週期內持續投資於領先的技術解決方案，以造福我們的獨立企業主網絡，並在今年撥出大量資金用於更新我們的拖曳設備隊伍，特別是側重於單側平台設備。

Turning to slide 6 and looking at our network, the scale, systems and support inherent in the Landstar model helped to drive the operating results generating during the 2025 first quarter. JT will get into the details on revenue, loadings and rate per load shortly. As noted during previous earnings calls, I've been in the transportation sector for most of my career and realized how important Landstar's safety culture is to our continued success.

翻到第 6 張投影片並查看我們的網絡，Landstar 模型固有的規模、系統和支援有助於推動 2025 年第一季產生的經營業績。JT 將很快介紹有關收入、裝載量和每裝載量的費率的詳細資訊。正如在先前的財報電話會議上所提到的，我的大部分職業生涯都在交通運輸行業度過，我意識到 Landstar 的安全文化對於我們持續取得成功有多麼重要。

Our safety performance is a direct result of the professionalism of the thousands of Landstar BCOs operating safely every day, and the agents and employees who work to reinforce the critical importance of safety at Landstar. I'm proud to report an accident frequency rate of 0.69 DOT reportable accidents per million miles during the 2025 first quarter, well below the last available national average DOT reportable frequency released from the FMCSA for 2021. We continue to be committed to driving down that number closer to the company's trailing five-year average of 0.61 or lower. This long-run average is an impressive operating metric that speaks to the strength, skill, talent and dedication of our BCOs and provides a point of differentiation. Our agents are able to highlight in discussions with our freight customers.

我們的安全表現直接歸功於每天安全營運的數千名 Landstar BCO 的專業精神，以及致力於強化 Landstar 安全重要性的代理商和員工。我很自豪地報告，2025 年第一季的事故頻率為每百萬英里 0.69 起 DOT 可報告事故，遠低於聯邦汽車運輸安全管理局 (FMCSA) 發布的 2021 年最新全國平均 DOT 可報告頻率。我們將繼續致力於將這一數字降至更接近公司過去五年的平均值 0.61 或更低。這一長期平均值是一項令人印象深刻的營運指標，體現了我們 BCO 的實力、技能、才能和奉獻精神，並提供了一個差異點。我們的代理商能夠在與貨運客戶的討論中強調這一點。

I'd also like to take a moment to recognize Landstar's nearly $500 million agents based on the 2024 fiscal year results. As mentioned earlier in the prepared remarks, it was our pleasure to celebrate their success in April at our annual agent convention. Importantly, retention within the $1 million agent network continues to be extremely high.

我還想花點時間根據 2024 財年的業績來表彰 Landstar 近 5 億美元的代理商。正如之前在準備好的發言中提到的那樣，我們很高興在四月份的年度代理商大會上慶祝他們的成功。重要的是，100 萬美元代理網絡內的保留率仍然非常高。

Turning to slide 7 on the capacity side. On a year-over-year basis, BCO truck count decreased approximately 8% compared to the end of the 2024 first quarter. On a sequential basis, BCO truck count decreased in the first quarter from the 2024 fourth quarter by approximately 223 trucks, consistent with our expectations of BCO truck declines continuing into the first quarter.

轉到容量方面的第 7 張投影片。與去年同期相比，BCO 卡車數量與 2024 年第一季末相比減少了約 8%。以環比計算，第一季 BCO 卡車數量較 2024 年第四季減少了約 223 輛，這與我們對 BCO 卡車數量將持續下降至第一季的預期一致。

I would remind folks, however, that the first quarter is historically the most challenging quarter from a net truck count standpoint. Going back in history, in the aggregate during the first quarter of every year over the last 15 years, we have added a total of 10,445 BCO trucks and had a total of 11,412 BCO trucks to Park Landstar. It is typical to incur turnover and BCO truck count in a low rate per load environment. BCO turnover continues to be influenced by the significant increase in the cost to maintain and operate a truck today compared to before the pandemic.

不過，我想提醒大家，從淨卡車數量的角度來看，第一季是史上最具挑戰性的季度。回顧歷史，在過去 15 年中，每年第一季我們總共增加了 10,445 輛 BCO 卡車，而 Park Landstar 總共擁有 11,412 輛 BCO 卡車。在較低的每載費率環境下，通常會發生營業額和 BCO 卡車數量。與疫情之前相比，如今卡車維護和營運成本的大幅增加持續影響著 BCO 的營業額。

Directionally, we are pleased to see our trailing 12-month truck turnover rate dropped from 34.5% as of fiscal year-end to 33% at the end of the 2025 first quarter. Through the first six weeks of the 2025 second fiscal quarter, the number of trucks provided by BCO independent contractors has declined by less than 20 trucks. If that trend continues through the final seven weeks of the quarter, it will be the best quarter-over-quarter net truck performance in 12 quarters.

從方向上看，我們很高興地看到，過去 12 個月的卡車週轉率從財年末的 34.5% 下降到 2025 年第一季末的 33%。截至 2025 年第二財季的前六週，BCO 獨立承包商提供的卡車數量減少了不到 20 輛。如果這一趨勢在本季度的最後七週持續下去，這將是 12 個季度以來最好的季度環比卡車淨銷量表現。

I will now pass the call back to JT to walk you through the 2025 first quarter financials in more detail.

我現在將把電話轉回給 JT，讓他更詳細地向您介紹 2025 年第一季的財務狀況。

Thanks, Frank. Turning to slide 9. As Frank mentioned earlier, overall truck revenue per load decreased 0.6% in the 2025 first quarter compared to the 2024 first quarter, primarily attributable to a 2.1% decrease in revenue per load on loads hauled by truck brokerage carriers, partially offset by a 1.5% increase in revenue per load on loads hauled by BCO independent contractors.

謝謝，弗蘭克。翻到第 9 張投影片。正如弗蘭克之前提到的，2025 年第一季卡車每車收入與 2024 年第一季相比下降了 0.6%，這主要歸因於卡車經紀公司運輸的每車收入下降了 2.1%，但 BCO 獨立承包商運輸的每車收入增加了 1.5%，部分抵消了這一下降。

Revenue per load on loads hauled by truck brokerage carriers was negatively impacted by a year-over-year decline in diesel prices. Overall truck revenue per load in the 2025 first quarter was negatively impacted by a 1% decline in average length of haul as compared to the 2024 first quarter. On a sequential basis, truck revenue per load decreased 4.6% in 2025 first quarter versus the 2024 fourth quarter, slightly softer than the typical pre-pandemic normal seasonality decline of 3%. In comparison to overall truck revenue per load, we consider revenue per mile on BCO loads hauled by BCO trucks, a pure reflection of market pricing as it excludes fuel surcharges billed to customers that are paid 100% to the BCO.

卡車經紀公司運輸的每車貨物的收入因柴油價格年減而受到負面影響。與 2024 年第一季相比，2025 年第一季卡車平均運輸距離下降 1%，對每車總收入產生負面影響。以環比計算，2025 年第一季每載卡車收入較 2024 年第四季下降 4.6%，略低於疫情前正常的季節性降幅 3%。與卡車每車次的總收入相比，我們考慮的是 BCO 卡車運輸的 BCO 貨物每英里的收入，這純粹反映了市場定價，因為它不包括向客戶收取的燃油附加費，這些附加費 100% 支付給 BCO。

In the 2025 first quarter revenue per mile and unsided platform equipment hauled by BCOs was 14% above the 2024 first quarter. And revenue per mile on van equipment hauled by BCOs was 2% above the 2024 first quarter. Delving deeper into seasonal trends, revenue per mile and loads hauled by BCOs on unsided platform equipment declined 9% from December to January, was approximately flat January to February and increased 1% from February to March. The December to January decline underperformed pre-pandemic seasonal trends, while the February and March trend was generally in line with pre-pandemic historical trends.

2025 年第一季度，BCO 運輸的每英里和無側平台設備的收入比 2024 年第一季高出 14%。BCO 運輸的貨車設備每英里的收入比 2024 年第一季高出 2%。深入研究季節性趨勢，BCO 使用無側平台設備運輸的每英里收入和載重量從 12 月到 1 月下降了 9%，1 月到 2 月基本持平，2 月到 3 月增長了 1%。12 月至 1 月的下降幅度低於疫情前的季節性趨勢，而 2 月和 3 月的趨勢與疫情前的歷史趨勢基本一致。

With respect to loads hauled by BCOs on van equipment performance versus pre-pandemic typical seasonal patterns was choppier. Revenue per mile and van equipment hauled by BCOs increased 1% from December to January, outperforming these trends decreased 3% from January to February, underperforming these trends and decreased 1% from February to March, again, underperforming. It should be noted that month-to-month seasonal trends on unsided platform equipment are generally more volatile compared to that of van equipment. This relative volatility is often due to the mix between heavy specialized loads and standard flatbed volume.

就 BCO 用貨車運輸的貨物而言，其設備性能與疫情前相比，典型的季節性模式更加波動。從 12 月到 1 月，BCO 運輸的每英里收入和貨車設備增長了 1%，表現優於趨勢；從 1 月到 2 月，下降了 3%，表現低於趨勢；從 2 月到 3 月，下降了 1%，同樣表現不佳。值得注意的是，與廂型車設備相比，無側平台設備的月度季節性趨勢通常更加不穩定。這種相對波動性通常是由於重型專用負載和標準平板體積的混合造成的。

As Frank alluded to, we've experienced strong recent performance in our heavy haul service offering. Heavy haul revenue was up an impressive 6% year-over-year in the first quarter, significantly outperforming core truckload revenue. Heavy haul loadings were up approximately 3% year-over-year, and revenue per heavy haul load increased 3% year-over-year. This represented a mixed tailwind to our unsided platform revenue per load as heavy haul revenue as a percentage of the category increased from approximately 31% during the 2024 first quarter to approximately 33% in the 2025 first quarter.

正如弗蘭克所提到的，我們近期的重型貨運服務表現十分出色。第一季重型貨物運輸收入年增 6%，大幅超過核心貨車運輸收入。重載貨物量年增約 3%，每輛重載貨物的收入年增 3%。這對我們的單側平台每載收入來說是一個喜憂參半的順風，因為重載貨運收入佔該類別的百分比從 2024 年第一季的約 31% 增加到 2025 年第一季的約 33%。

Non-truck transportation service revenue in the 2025 first quarter was 8% or $6 million above the 2024 first quarter. The increase in non-truck transportation revenue was mostly due to a 14% increase in ocean revenue per shipment and a 19% increase in air revenue per shipment, partially offset by a 23% decrease in intermodal revenue, primarily driven by a 10% decline in revenue per load and a 14% decline in loadings.

2025 年第一季的非卡車運輸服務收入比 2024 年第一季高出 8% 或 600 萬美元。非卡車運輸收入的增長主要是由於每批海運收入增長了 14%，每批空運收入增長了 19%，但多式聯運收入下降了 23%，部分抵消了這一增長，多式聯運收入下降主要是由於每批貨物收入下降了 10%，裝載量下降了 14%。

Turning to slide 10. We've provided revenue share by commodity and year-over-year change in revenue by commodity. Transportation & Logistics segment revenue was down 1% year-over-year on a 1% decrease in loadings while revenue per load was approximately flat compared to the 2024 first quarter. Within our largest commodity category, consumer durables, revenue increased 2% year-over-year on a 5% increase in revenue per load, partially offset by a 3% decrease in volume.

翻到第 10 張投影片。我們提供了按商品劃分的收入份額以及按商品劃分的收入同比變化。運輸和物流部門收入年減 1%，裝載量下降 1%，而每批貨物的收入與 2024 年第一季相比基本持平。在我們最大的商品類別耐用消費品中，收入年增 2%，每批貨物收入增長 5%，但銷量下降 3% 部分抵消了這一增長。

Aggregate revenue across our top five commodity categories, which collectively make up about 69% of our transportation revenue was approximately equal to the 2024 first quarter. While slide 10 displays revenue share by commodity, we thought it would also be helpful to include some color on volume performance within our top five commodity categories. From the 2024 first quarter to the 2025 first quarter, total loadings of machinery increased 6%. Automotive equipment and parts decreased 15%, building products increased 1% and electrical increased 36%.

我們五大商品類別的總收入約占我們運輸收入的 69%，與 2024 年第一季的收入大致相同。雖然投影片 10 顯示了按商品劃分的收入份額，但我們認為，在前五大商品類別中，加入一些銷售表現資訊也會有所幫助。從2024年第一季到2025年第一季度，機械總裝載量增加了6%。汽車設備和零件下降 15%，建築產品成長 1%，電氣產品成長 36%。

Additionally, substitute line haul loadings, one of the strongest performers for us during the pandemic and one which varies significantly based on consumer demand increased 24% from the 2024 first quarter. As we've mentioned many times before, Landstar is a truck capacity provider to other trucking companies, 3PLs and truck brokers.

此外，替代幹線貨運量是我們在疫情期間表現最強勁的業務之一，並且根據消費者需求而有很大變化，較 2024 年第一季增長了 24%。正如我們之前多次提到的，Landstar 是其他卡車運輸公司、第三方物流和卡車經紀人的卡車運力提供者。

During periods of tight truck capacity, those other freight transportation providers reach out to Landstar to provide truck capacity more often than during times of more readily available truck capacity. The amount of freight called by Landstar on behalf of other truck transportation companies is reflected in almost all of our commodity groupings, including our substitute line haul service offering.

在卡車運力緊張的時期，其他貨運供應商會比卡車運力更充足的時期更頻繁地聯繫 Landstar 來提供卡車運力。Landstar 代表其他卡車運輸公司所呼叫的貨運量幾乎反映在我們所有的商品分組中，包括我們提供的替代幹線運輸服務。

Overall, revenue hauled on behalf of other truck transportation companies in the 2025 first quarter was 13% below the 2024 first quarter, a clear indicator that capacity is readily accessible in the marketplace. Revenue hauled on behalf of other truck transportation companies was 12% and 14% of transportation revenue in the 2025 and 2024 first quarters, respectively. Even with the ups and downs in various customer categories, our business remains highly diversified with over 23,000 customers, none of which contributed over 7% of our revenue in 2025 first quarter.

總體而言，2025 年第一季代表其他卡車運輸公司運輸的收入比 2024 年第一季低 13%，這清楚地表明市場上的運力很容易獲得。代表其他卡車運輸公司運輸的收入分別佔 2025 年和 2024 年第一季運輸收入的 12% 和 14%。即使各個客戶類別有所起伏，我們的業務仍然高度多樣化，擁有超過 23,000 名客戶，其中沒有一個客戶在 2025 年第一季為我們貢獻了超過 7% 的收入。

Turning to slide 11. In the 2025 first quarter, gross profit was $98.3 million compared to gross profit of $113.9 million in the 2024 first quarter. Gross profit margin was 8.5% of revenue in the 2025 first quarter as compared to gross profit margin of 9.7% in the corresponding period of 2024. In the 2025 first quarter, variable contribution was $161.3 million compared to $168.2 million in the 2024 first quarter.

翻到第 11 張投影片。2025 年第一季毛利為 9,830 萬美元，而 2024 年第一季毛利為 1.139 億美元。2025 年第一季毛利率為營收的 8.5%，而 2024 年同期毛利率為 9.7%。2025 年第一季度，可變貢獻為 1.613 億美元，而 2024 年第一季為 1.682 億美元。

Variable contribution margin was 14% of revenue in the 2025 first quarter compared to 14.4% in the same period last year. The decrease in variable contribution margin compared to the 2024 first quarter was primarily attributable to a mix headwind as the number of loads hauled by BCOs decreased quarter over prior year quarter by approximately 7%, slightly better than the quarter over prior year quarter decline in the average number of trucks provided by BCO independent contractors of 9%, given the 2% improvement in BCO utilization over the same time period, whereas the number of loads hauled by truck brokerage carriers increased approximately 3% compared to the prior year quarter.

2025 年第一季度，變動貢獻利潤率的 14%，而去年同期為 14.4%。與 2024 年第一季相比，變動貢獻利潤率的下降主要歸因於多種不利因素，因為 BCO 運輸的貨物數量較上年同期下降了約 7%，略好於 BCO 獨立承包商提供的卡車平均數量較上年同期下降 9%（考慮到同期 BCO 利用率提高了 2%），而卡車則增加了 3%。

Turning to slide 12. Operating income declined as a percentage of both gross profit and variable contribution, primarily due to: one, highly elevated insurance and claim costs of 9.3% of BCO revenue; two, the $4.8 million charge related to the previously disclosed freight forwarding supply chain fraud matter; and three, the impact of the company's fixed cost infrastructure, principally certain components of selling, general and administrative costs in comparison to smaller gross profit and variable contribution basis.

翻到第 12 張投影片。營業收入在毛利和可變貢獻中所佔的百分比均有所下降，主要原因是：第一，保險和索賠成本大幅上升，佔 BCO 收入的 9.3%；第二，與先前披露的貨運代理供應鏈詐欺事件相關的 480 萬美元費用；第三，與較小的毛利和可變貢獻基礎相比，公司固定成本基礎設施的影響，主要是某些基礎設施的影響

The highly elevated insurance and claims cost drove an approximately $0.31 unfavorable variance as compared to the estimated amount included in the 2025 first quarter prior guidance, while the freight forwarding supply chain matter reduced first quarter EPS by approximately $0.10. Other operating costs were $11.8 million in the 2025 first quarter compared to $14.9 million in 2024. This decrease was primarily due to a decreased provision for contractor bad debt and increased gains on sale of used trailing equipment. Insurance and claims costs were $39.9 million in the 2025 first quarter compared to $26.3 million in 2024. Total insurance and claims costs were 9.3% of BCO revenue in the 2025 first quarter compared to 5.8% in 2024 first quarter. The increase in insurance and claims costs as compared to 2024 was primarily attributable to increased net unfavorable development of prior-year claim estimates, increased severity on cargo claims, primarily due to cargo theft and carrier and posture scams and increased severity of trucking accidents during the 2025 period, partially offset by decreased BCO miles traveled during the 2025 period and a decreased frequency in cargo claims as compared to the 2024 period.

保險和理賠成本大幅上升，導致與2025年第一季先前指引中的估計金額相比，出現約0.31美元的不利差異，而貨運代理供應鏈問題導致第一季每股收益減少約0.10美元。 2025年第一季其他營運成本為1,180萬美元，而2024年為1,490萬美元。這項減少主要是由於承包商壞帳準備金減少以及二手拖掛設備銷售收益增加所致。2025 年第一季的保險和索賠成本為 3,990 萬美元，而 2024 年為 2,630 萬美元。2025 年第一季度，總保險和索賠成本佔 BCO 收入的 9.3%，而 2024 年第一季為 5.8%。與 2024 年相比，保險和索賠成本的增加主要歸因於上一年索賠估計的淨不利發展增加、貨物索賠的嚴重性增加（主要由於貨物盜竊和承運人和姿態詐騙以及 2025 年期間卡車事故的嚴重性增加），但與 2024 年相比，2025 年期間 BCO 行駛里程的部分減少和貨物索賠頻率下降的影響了這一里程的下降。

During the 2025 and 2024 first quarters, insurance and claims costs included $11.4 million and $1.1 million of net unfavorable adjustments to prior year claim estimates, respectively. Selling, general and administrative costs were $61.6 million in the 2025 first quarter compared to $56.4 million in the 2024 first quarter. The increase in selling, general and administrative costs were primarily attributable to the $4.8 million charge related to the supply chain fraud discussed earlier in the call by Frank.

在 2025 年和 2024 年第一季度，保險和索賠成本分別包括對上一年索賠估計的 1,140 萬美元和 110 萬美元的淨不利調整。2025 年第一季的銷售、一般和行政費用為 6,160 萬美元，而 2024 年第一季為 5,640 萬美元。銷售、一般和行政費用的增加主要歸因於弗蘭克在電話會議早些時候討論的與供應鏈詐欺相關的 480 萬美元費用。

Excluding the impact of the charge for the supply chain fraud, selling, general and administrative costs were essentially flat as compared to the 2024 period. Depreciation and amortization was $12.2 million in the 2025 first quarter compared to $14.1 million in 2024. This decrease was primarily due to decreased depreciation on software applications. The effective income tax rate was 24.7% in the 2025 first quarter compared to an effective income tax rate of 23.5% in the 2024 first quarter. The increase in the effective income tax rate was due to the favorable impact of net excess tax benefits from stock-based compensation arrangements during the 2024 period.

排除供應鏈詐欺費用的影響，銷售、一般和管理成本與 2024 年同期相比基本持平。2025 年第一季的折舊和攤提為 1,220 萬美元，而 2024 年為 1,410 萬美元。這一下降主要是由於軟體應用程式折舊減少所致。2025 年第一季的有效所得稅率為 24.7%，而 2024 年第一季的有效所得稅率為 23.5%。有效所得稅率的增加是由於2024年期間股票薪酬安排的淨超額稅收優惠的有利影響。

Turning to slide 13 and looking at our balance sheet. We ended the quarter with cash and short-term investments of $473 million. Cash flow from operations for the 2025 first quarter was $56 million and cash capital expenditures were $2 million. The company continues to return significant amounts of capital back to stockholders with $83 million of dividends paid and approximately $61 million of share repurchases during the 2025 first quarter. The strength of our balance sheet is a testament to the cash-generating capabilities of the Landstar model.

翻到第 13 張投影片並查看我們的資產負債表。本季末，我們的現金和短期投資為 4.73 億美元。2025 年第一季的營運現金流為 5,600 萬美元，現金資本支出為 200 萬美元。該公司在 2025 年第一季繼續向股東返還大量資本，支付了 8,300 萬美元的股息，並回購了約 6,100 萬美元的股票。我們的資產負債表的強勁證明了 Landstar 模式的現金創造能力。

Back to you, Frank.

回到你身邊，法蘭克。

Thanks, JT. Given the highly fluid freight transportation backdrop amid the uncertain political and macro environment, together with the recent industry trends in insurance and claims costs, the company will be providing second quarter revenue commentary rather than formal guidance. As we are already a couple of weeks into fiscal May, we thought it would be helpful to provide some insight into April business activity. The number of loads hauled via truck in April was approximately 2% below April 2024, while revenue per load in April was approximately 1% above April 2024.

謝謝，JT。鑑於不確定的政治和宏觀環境下貨運運輸背景高度不穩定，加上近期行業保險和索賠成本的趨勢，該公司將提供第二季度收入評論而非正式指引。由於我們已經進入五月財政期的幾週，我們認為提供一些關於四月份商業活動的見解將會有所幫助。4 月卡車運輸的貨物數量比 2024 年 4 月下降了約 2%，而 4 月每批貨物的收入比 2024 年 4 月高出了約 1%。

As a result, we view April's truck volumes as slightly below normal seasonality, where April truck revenue per load was slightly ahead of normal seasonality. It should be noted that the launch point of the first quarter from a sequential volume perspective was relatively high given the anomaly of 2025 first quarter truck loadings exceeding 2024 fourth quarter truck loadings.

因此，我們認為四月的卡車運輸量略低於正常季節性，而四月每輛卡車的收入略高於正常季節性。值得注意的是，由於 2025 年第一季卡車裝載量超過 2024 年第四季卡車裝載量的異常現象，從連續量角度來看，第一季的啟動點相對較高。

Looking at historical seasonality from Q1 to Q2, pre-pandemic patterns would normally yield an 8% increase in the number of loads hauled via truck and a 2% increase in truck revenue per load yielding a higher top line sequentially. As noted above, fiscal April truck volumes trend slightly below normal seasonality. When combined with the potential negative impact of truck transportation activity resulting from tariff and trade uncertainty, we believe it is unlikely that we would achieve normal seasonality with respect to the number of loads hauled via truck in the 2025 second quarter.

從第一季到第二季的歷史季節性來看，疫情前的模式通常會導致卡車運輸的貨物數量增加 8%，每批貨物的卡車收入增加 2%，從而帶來更高的營業收入。如上所述，四月的卡車銷售量略低於正常季節性。再加上關稅和貿易不確定性對卡車運輸活動的潛在負面影響，我們認為，2025 年第二季卡車運輸貨物數量不太可能實現正常的季節性。

With respect to variable contribution margin, the company typically experiences a 30- to 40-basis-point sequential compression in variable contribution margin from the first quarter to the second quarter.

就可變貢獻利潤率而言，該公司通常從第一季到第二季經歷 30 至 40 個基點的連續壓縮。

Turning to slide 15. Although we are not providing guidance, there are a few points regarding the 2025 second quarter we want to bring to everyone's attention. As discussed earlier in the call, while investigation, remediation and collection efforts continue with respect to the supply chain fraud matter, the $4.8 million pre-tax charge we incurred in the 2025 first quarter reflects the total currently anticipated adverse financial impact to Landstar, net of certain actual and anticipated recoveries.

翻到第 15 張投影片。雖然我們沒有提供指導，但關於 2025 年第二季度，我們想提請大家注意幾點。正如電話會議早些時候所討論的那樣，雖然針對供應鏈詐欺問題的調查、補救和追討工作仍在繼續，但我們在 2025 年第一季度產生的 480 萬美元稅前費用反映了目前預計對 Landstar 造成的全部不利財務影響，扣除某些實際和預期的回收金額。

Other than additional cost for legal and other professional fees relating to this matter, we do not expect significant additional charges during the 2025 second quarter or thereafter relating to this matter. 2025 second quarter SG&A will include our typical $2 million to $3 million charge relating to our annual agent convention. And finally, in connection with a multiyear excess liability reinsurance program maintained by Landstar, a no claims bonus of $12 million became payable to Landstar in April 2025 -- as certain claims relevant to this excess liability program remain pending.

除了與此事相關的法律和其他專業費用的額外成本外，我們預計在 2025 年第二季或之後不會產生與此事相關的重大額外費用。 2025 年第二季的銷售、一般和行政費用將包括我們與年度代理商大會相關的通常 200 萬至 300 萬美元的費用。最後，就 Landstar 維護的多年超額責任再保險計劃而言，2025 年 4 月將向 Landstar 支付 1,200 萬美元的無索賠獎金——因為與該超額責任計劃相關的某些索賠仍未解決。

It is anticipated that the receipt of this no claims bonus payment will be recorded on our balance sheet in the second quarter as a deferred gain until such time as all underlying claims with exposure under the applicable excess layer insurance arrangement are resolved.

預計收到的這筆無索賠獎金將作為遞延收益記錄在我們的第二季度資產負債表上，直到根據適用的超額保險安排涉及的所有潛在索賠得到解決為止。

With that, operator, we'd like to open the line for questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions) Jordan Alliger, Goldman Sachs.

（操作員指示）Jordan Alliger，高盛。

I was wondering if you could talk a little bit more about the insurance and the insurance developments. And I don't know if you could pinpoint like I know you gave sort of the unfavorable variance. But how much of these prior period claims, the actual dollar amount sort of like maybe onetime in nature? And then how do you think about sort of what's normal for insurance going forward just because it seems like these types of things recur frequently?

我想知道您是否可以再多談談保險和保險發展。我不知道您是否可以準確指出，正如我所知，您給出了某種不利的差異。但是這些前期索賠中有多少，實際金額可能本質上是一次性的？那麼，您如何看待未來保險業的正常發展，因為這類事情似乎經常發生？

Jordan, thanks. And obviously, it's an industry phenomenon, not just a Landstar phenomenon. I would say, and you'll see it in the 10-Q a little bit later today. But the year-over-year difference in prior year development was significant, like $10 million or $11 million, JT will get into the details. So I do think it was a unique quarter.

喬丹，謝謝。顯然，這是一個行業現象，而不僅僅是 Landstar 現象。我想說，你會在今天晚些時候的 10-Q 中看到它。但與前一年相比，發展額的差異很大，例如 1000 萬美元或 1100 萬美元，JT 將會詳細介紹。所以我確實認為這是一個獨特的季度。

I mean our normal run rate is just below 5% of BCO revenue on net insurance and claims line. There's always some prior year development in that line, but this was a pretty unique quarter for us. JT?

我的意思是，我們的正常運作率略低於 BCO 淨保險和索賠線收入的 5%。該系列產品在前幾年總會有一些發展，但對我們來說這是一個相當獨特的季度。JT？

Jordan, to Frank's point, so of the $11 million unfavorable development in the 2025 first quarter, about $7 million came from our cargo programs. We had two incidents in the 2024 fourth quarter that weren't reported until the 2025 first quarter. Very timely. I think Courtney Reagan did a nice job on Friday on CNBC, especially on freight fraud in the supply chain, and it's impacting Landstar. It's impacting the entire industry.

喬丹，正如弗蘭克所說，在 2025 年第一季 1100 萬美元的不利發展中，約有 700 萬美元來自我們的貨運項目。2024 年第四季發生了兩起事件，但直到 2025 年第一季才報告。非常及時。我認為考特尼雷根週五在 CNBC 的節目表現不錯，特別是在供應鏈中的貨運詐欺問題上，這對 Landstar 產生了影響。它正在影響整個行業。

I'll let Matt Miller talk about some of the things we're doing from a technology and a people standpoint. 2023 full year insurance as a percent of BCO revenue was 570 basis points, Jordan. It stepped up to $630 million in the 2024 fourth quarter, we're working on a lot of things as evidenced by the decrease in cargo claims frequency. It's just when these folks are hitting, they're hitting on high-value lows as evidenced, I think our severity on cargo claims was up something like 155% year-over-year in the 2025 first quarter. Matt?

我會讓馬特米勒從技術和人員的角度談談我們正在做的一些事情。喬丹，2023 年全年保險佔 BCO 收入的百分比為 570 個基點。到 2024 年第四季度，這一數字將增加至 6.3 億美元，我們正在做很多事情，貨物索賠頻率的下降就是明證。正是當這些人發動攻擊時，他們觸及的是高價值低點，正如所證明的那樣，我認為我們在 2025 年第一季的貨物索賠嚴重程度同比增長了 155％。馬特？

Yes. Thanks, Jim. Thanks, Frank. So we are seeing a decrease in the frequency, but as Jim alluded to, an increase in severity, and that really speaks to the sophistication of the networks and the bad actors out there. We've seen that happened from '23 to '24. And Courtney Reagan, I agree with Jim, did a really nice job going into detail about what's really going on in the space. That said, we're investing significantly. We stood up a fraud department and continuing to add people to that subject matter expertise to that. We're educating our constituents out there, whether it's the agents or the capacity. And then we're investing in technology.

是的。謝謝，吉姆。謝謝，弗蘭克。因此，我們看到頻率在下降，但正如吉姆所提到的，嚴重程度正在增加，這確實說明了網路的複雜性以及不良行為者的複雜性。我們已經看到 23 年至 24 年間發生過這種情況。我同意吉姆的觀點，考特尼·雷根 (Courtney Reagan) 對這個領域真正發生的事情進行了非常詳細的描述。也就是說，我們正在投入大量資金。我們成立了一個反詐騙部門，並不斷增加該領域專家的人員。我們正在教育我們的選民，無論是代理人還是能力人員。然後我們正在投資技術。

So we stood up various vendors that are helping us attack on really all fronts, whether it's people, education or technology. But this is an area where you've got to remain vigilant and you're really always playing defense here.

因此，我們與各種供應商合作，幫助我們在各個方面發動進攻，無論是人才、教育或技術。但在這個領域你必須保持警惕，並且始終保持防禦。

Just as a quick follow-up then. I'm realizing that these things pop up, I get the severity. Is there a way to think about the baseline percent of BCO revenue going forward? Just what -- like if it was a normalized number?

只是作為一個快速的後續行動。我意識到這些事情突然出現，我意識到了問題的嚴重性。有沒有辦法考慮未來 BCO 收入的基準百分比？只是——就像它是一個標準化的數字一樣？

Yes, that was a bit difficult, just given the environment that we're in. I think that the historical run rate that we mentioned in the prepared remarks of 4.9% given the current environment is probably low. But then again, I look at the first quarter result in the 9%, 9.5% range. And to me, that's high.

是的，考慮到我們所處的環境，這有點困難。我認為，考慮到當前環境，我們在準備好的評論中提到的 4.9% 的歷史運行率可能較低。但話說回來，我認為第一季的結果在 9% 到 9.5% 的範圍內。對我來說，這已經很高了。

And one of the things that happened in the 2025 first quarter, as JT mentioned, usually, these are short-cycle events where you find out pretty quickly that there's something that's happening in the couple of incidents that JT mentioned, we didn't find out for 30, 60, 90 days in some cases. So it was a little surprising.

正如 JT 所提到的，2025 年第一季發生的事情之一通常都是短週期事件，你很快就會發現 JT 提到的幾起事件中發生了一些事情，在某些情況下，我們在 30、60、90 天內都沒有發現。所以這有點令人驚訝。

There have been arrests in one of these particular incidents that we're alluding to. And so I see that as a good thing. It is going to take not just the industry and the people in the process and the technology that Matt mentioned, but also a fair amount of government help. So I do think the fact that CNBC came out with their piece on fraud. I do think that's going to help elevate the concerns of the industry and it's not just in trucking.

在我們提到的其中一起特定事件中，已經有人被逮捕。所以我認為這是一件好事。這不僅需要馬特提到的產業、人員和技術，還需要大量的政府幫助。所以我確實認為 CNBC 發表了有關欺詐的報導。我確實認為這將有助於提高整個行業的關注度，而且不僅僅是在卡車運輸領域。

I mean, it's happening in rail and in intermodal and in shipping and in truck transportation as well. So this is something that we collectively need to get our arms around, and we are going to need government help to get there.

我的意思是，這種情況也發生在鐵路、多式聯運、航運和卡車運輸領域。因此，這是我們需要共同努力解決的問題，我們需要政府的幫助才能實現這一目標。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

I wanted to dive in a little more on the heavy haul obviously, loads volumes up 3%. It seems like a pretty decent result for the quarter. I wonder if you could break out sort of the end markets within heavy haul that are doing better for you guys? And then I have a follow-up.

顯然，我想更深入地了解重型運輸，裝載量增加了 3%。對於本季來說，這似乎是一個相當不錯的結果。我想知道您是否可以細分出重型貨運領域中對您來說表現更好的終端市場？然後我有一個後續問題。

Yes, sure thing, Jason. Heavy haul has been a bright spot for us pretty much since we designated it as a strategic area of focus. It's nice to see an area where we have, I think, a competitive advantage. We have a lot of legacy. We've got some great agents and some internal folks.

是的，當然可以，傑森。自從我們將重型運輸指定為戰略重點領域以來，它一直是我們的亮點。我認為，很高興看到我們在這個領域擁有競爭優勢。我們有很多遺產。我們有一些優秀的代理商和一些內部人員。

We hired somebody from the outside who is an industry expert in heavy haul. Rob Simon is his name. You'll hear his name from time to time on these calls as we continue to improve the service offering there and the BCOs who are capable of doing this and approaching customers who have that as maybe not the mainstay of their business, but certainly a piece that we can participate in.

我們從外部聘請了一位重型貨物運輸行業的專家。他的名字是羅布·西蒙 (Rob Simon)。隨著我們不斷改進所提供的服務以及有能力做到這一點的 BCO 並接觸那些可能不是其業務支柱但肯定是我們可以參與的一部分的客戶，您會在這些電話中不時聽到他的名字。

As you know, Jim Applegate has got this heavy haul area. So let me let him provide some commentary on the end market question you had, Jason.

如你所知，吉姆·阿普爾蓋特 (Jim Applegate) 負責這個重型運輸領域。所以，讓我讓他對你提出的終端市場問題提供一些評論，傑森。

Yes. Jason, from a heavy haul standpoint, to Frank's point, we've really leaned into this whole area, and we're engaging our agents. We've got additional resources over within our corporate office to kind of help them work through the opportunities. We've got a dedicated sales focus. So our growth in that area has actually been pretty broad-based. We've got machinery, electrical, building products, the energy industry. We're kind of seeing it in multiple areas with multiple customers.

是的。傑森，從重型運輸的角度來看，正如弗蘭克所說，我們確實傾向於整個領域，並且我們正在與我們的代理商合作。我們的公司辦公室內有額外的資源來幫助他們抓住機會。我們專注於銷售。因此，我們在該領域的成長實際上相當廣泛。我們擁有機械、電氣、建築產品和能源產業。我們在多個領域的多個客戶中都看到了它。

So we view this as a bright spot here, not only from 2024, I think it's carried over here into 2025 and our pipeline is very strong. So to Frank's point, we're a very strong player in this market. And it seems like the end markets are really kind of turning in our favor, and we've got the right support system to make sure that we grow.

因此，我們認為這是一個亮點，不僅從 2024 年開始，我認為它會延續到 2025 年，而且我們的管道非常強大。正如弗蘭克所說，我們是這個市場上非常強大的參與者。看起來終端市場確實對我們有利，而且我們有正確的支援系統來確保我們的發展。

I appreciate that color. I wanted to switch over to sort of the new requirements or I guess the requirements that were brought back for English proficiency for CDL operators. I wanted to get sort of your thoughts on how that would impact the overall driver supply market, not only in sort of enforcement, but also in maybe new CDL applicants going forward?

我很欣賞那個顏色。我想轉換到某種新的要求，或者我猜是重新提出的對 CDL 操作員英語程度的要求。我想聽聽您對此的看法，這將如何影響整個駕駛員供應市場，不僅在執法方面，而且可能對未來新的 CDL 申請人也產生影響？

Yes, Jason, great question. I'll let Matt chime in here in a second. I mean the good thing is that we don't expect any impact on our BCO fleet. Our standards here are extremely high, as you might imagine. Our qualification process, our orientation process, certainly ferret out folks who are unable to comply with that federal requirement. I don't think that every company is a stringent as we are. And so I think it is going to impact capacity in what I'll say is a favorable way for the industry and certainly for Landstar.

是的，傑森，這個問題問得好。我會讓馬特馬上加入進來。我的意思是，好消息是我們預計我們的 BCO 船隊不會受到任何影響。正如您可能想像的那樣，我們這裡的標準非常高。我們的資格認證流程和定位流程肯定會找出那些無法滿足聯邦要求的人。我認為並不是每家公司都像我們一樣嚴格。因此我認為這將對產能產生有利影響，這對該行業，尤其是 Landstar 來說，無疑是有利的。

And I think we're going to see that in a couple of different ways through standard road checks, but also in the use of what we call B1 Visa, folks who were previously anyway involved in a lot of cross-border business. So I do think it's going to be an overall positive for us.

我認為我們將透過標準道路檢查等幾種不同的方式看到這一點，同時也會看到那些以前參與過大量跨境業務的人使用我們所謂的 B1 簽證。所以我確實認為這對我們來說總體上是有利的。

But Matt can fill in the gaps here.

但馬特可以填補這裡的空白。

Sure. And I appreciate the question. This relates to the executive order on English language proficiency that Trump's put out April 28, and that was followed May 1 by CVSA indicating that English language proficiency was going to be considered an out-of-service criteria. That's really the big change here. English language has been required. It's the out-of-service element here that can impact shippers as well as the drivers when they're out there on the road.

當然。我很感謝你提出這個問題。這與川普 4 月 28 日發布的有關英語語言能力的行政命令有關，隨後 5 月 1 日 CVSA 表示英語語言能力將被視為一項非服務標準。這確實是一個巨大的改變。必須使用英語。這裡的停駛因素可能會對托運人和行駛在路上的司機造成影響。

And really, the big question that we have is the enforcement guidance. So we're waiting on FMCSA. They have about 60 days to put out guidance in terms of enforcement for law enforcement. But we've heard upwards of 100,000 drivers could be impacted. That's an industry number.

事實上，我們面臨的最大問題是執法指導。所以我們正在等待聯邦汽車運輸安全管理局 (FMCSA)。他們有大約 60 天的時間來為執法部門制定執法指導。但我們聽說可能會有超過 10 萬名駕駛受到影響。這是一個行業數字。

That's not my number that we've heard. And I just recently got back from Laredo and there's a lot of chatter down there about those B1 Visa drivers and a large preponderance of them using the various apps, right, apps to translate. And so how does that enforcement translate the use of those apps? Are those folks out of service could having a meaningful impact to overall capacity.

我們聽到的不是我的號碼。我最近剛從拉雷多回來，那裡有很多關於 B1 簽證司機的討論，他們中的大多數人都在使用各種應用程序，對，就是使用翻譯應用程式。那麼，這種強制措施將如何影響這些應用程式的使用呢？這些人的停工是否會對整體產能產生重大影響。

Jon Chapell, Evercore ISI.

喬恩‧查佩爾 (Jon Chapell)，Evercore ISI。

I'm going to stick with the capacity theme. Frank start with you. Obviously, the BCO count has been kind of in the crosshairs, and it sounds like this quarter, the trends remain the best quarter-over-quarter in 12 months -- sorry, 12 quarters. Looking at slide 7, the total truck brokerage carriers left up about 15% quarter-over-quarter, over 10% year-over-year. Can you maybe explain what's going on there and what that may be indicative of in the broader industry capacity landscape?

我將堅持容量主題。法蘭克，從你開始。顯然，BCO 數量一直處於關注之中，聽起來本季的趨勢仍然是 12 個月（抱歉，是 12 個季度）以來最好的季度環比增長。從第 7 張投影片可以看出，卡車經紀承運商總數比上一季成長了約 15%，比去年同期增加了 10% 以上。您能否解釋一下那裡發生了什麼以及這對更廣泛的行業產能格局有何啟示？

Yes. Good question, Jon. And on the BCO count, yes, we are actually pretty excited about the trends that we've seen in April and even more so in the first couple of weeks of May. And so I'll let Matt cover that one. You are right, there has been an uptick on the capacity side, the third-party capacity side.

是的。問得好，喬恩。就 BCO 計數而言，是的，我們實際上對 4 月看到的趨勢感到非常興奮，甚至對 5 月前幾週的趨勢感到非常興奮。因此我將讓馬特來負責這個。你說得對，容量方面，第三方容量方面，確實有上升。

There are reasons behind that. And also given the question that Jason just asked and Matt's excellent answer. I mean, I do think that capacity number is probably going to come down, but let Matt fill in the gaps.

這背後是有原因的。並且也給了 Jason 剛剛提出的問題和 Matt 的精彩答案。我的意思是，我確實認為容量數字可能會下降，但讓馬特來填補空白。

Sure, sure. And that's a great point. It did jump about 10,000 carriers, and that really relates to our partnership with a industry-leading vendor on the carrier vetting and oversight. They're partnered with many other carriers or brokers, I should say, in our space. Therefore, we got access to more approved carriers that qualify for our criteria as a result of that implementation, which took place in the first quarter.

當然，當然。這是一個很好的觀點。它確實增加了大約 10,000 家運營商，這實際上與我們與行業領先的供應商在運營商審查和監督方面的合作有關。我應該說，他們與我們這個領域的許多其他承運商或經紀人都有合作關係。因此，透過第一季的實施，我們能夠接觸到更多符合我們標準的核准業者。

That said, this is going to give us the ability to become more and more selective with those that we do business with, as it relates to fraud, as it relates to really choosing those high-quality carriers to partner with. And so I would expect those numbers to come in, in the second and third quarter as we look ahead and we become more selective going forward.

也就是說，這將使我們有能力在選擇與我們開展業務的合作夥伴時越來越有選擇性，因為這與詐欺有關，因為這與真正選擇與高品質的承運商合作有關。因此，我預計這些數字將在第二季和第三季出現，因為我們展望未來，並且我們在未來會變得更加有選擇性。

On the BCO side, I would really echo what Frank said on his remarks. We went from -- on the retention side, we went from a high watermark fourth quarter of 23% at 41% and we've seen -- this is our fifth quarter of improvement there, where we're sitting at 33% now at the end of the first quarter. Long-term average is 29%. So we're much closer to that long-term average than we are to that high watermark.

在 BCO 方面，我非常同意弗蘭克在其評論中所說的話。在留存率方面，我們從第四季度的最高點 23% 上升到了 41%，而我們已經看到，這是我們第五個季度的進步，第一季末的留存率已經達到了 33%。長期平均值為29%。因此，我們更接近長期平均值，而不是最高水位。

And as Frank alluded to, fewer than 20 net truck losses in the first six weeks of the second quarter is a trend that we like. And should that move forward, we would have, as Frank said, the trend could be the best in the most recent 12 quarters. On the ad side, love to see a little bit more help on rate. We're focusing on what we control, what we can control, improvements to recruiting, improvements to qualifications, improvements to orientation, all of those things without sacrificing safety. Safety is one of those things that we view as a big diversifier for us, a big differentiator, I should say, not diversifier, a big differentiator.

正如弗蘭克提到的那樣，第二季度前六週卡車淨損失少於 20 輛，這是我們喜歡的趨勢。如果這一趨勢繼續下去，正如弗蘭克所說，這一趨勢可能是最近 12 個季度以來最好的。在廣告方面，我希望看到對費率有更多的幫助。我們專注於我們能控制的事情、我們能夠控制的事情、招聘的改進、資格的改進、定位的改進，所有這些都不會犧牲安全。我們認為安全對我們來說是一個很大的多元化因素，一個很大的差異化因素，我應該說，不是多元化因素，而是很大的差異化因素。

We're not going to sacrifice safety. And the model has proven in a good environment, we're able to add trucks in a meaningful way. We added net trucks in 2021, roughly 870 net truck adds in 2021, roughly 750 net truck adds in 2020, roughly 900 net truck adds in 2018 and 500 net truck adds in 2015. So the model has the ability to lend itself to us adding net trucks in a meaningful way given a favorable environment.

我們不會犧牲安全。該模型已經證明，在良好的環境下，我們能夠以有意義的方式增加卡車。我們在 2021 年淨增加了卡車，2021 年淨增加了約 870 輛卡車，2020 年淨增加了約 750 輛卡車，2018 年淨增加了約 900 輛卡車，2015 年淨增加了 500 輛卡車。因此，在有利的環境下，該模型能夠幫助我們以有意義的方式增加淨卡車數量。

Great. That's really helpful, Matt. My follow-up is going to be to Jim Applegate, but maybe stick with you, Matt, or either one. Just overall capacity, it was noticeable to me both Frank and Jim Todd, in the prepared remarks, used the phrase readily available. I know there's a lot of hope that English proficiency is going to call a lot, I was thinking before this weekend.

偉大的。這真的很有幫助，馬特。我的後續行動將是與 Jim Applegate 進行，但也許會繼續與你、Matt 或其中任何一個人進行。就整體能力而言，我注意到弗蘭克和吉姆托德在準備好的發言中都使用了“隨時可用”這個短語。我知道很多人希望英語能力能起到很大的作用，這個週末之前我就這麼想了。

There is probably some hope that recession would help call a lot of this excess capacity. But do you have any estimate on what the overcapacity is in the market? And when do we go? And what does it take to get from readily available to balance?

人們或許希望經濟衰退能幫助消除大量過剩產能。但是您對市場上的產能過剩程度有什麼估計嗎？我們什麼時候去？那麼，要如何從隨時可用變成平衡呢？

Yes. Jon, good follow-up. You can look at the FMCSA databases, and it's going to give you a view, but not a perfect view of what's happening. And part of the reason is you don't actually know how many trucks are associated with those authorities. We are continuing to see capacity come out.

是的。喬恩，很好的後續行動。您可以查看 FMCSA 資料庫，它會為您提供一個視圖，但不是正在發生的情況的完美視圖。部分原因是你實際上並不知道有多少卡車與這些當局有關。我們持續看到產能的釋放。

I think the fact that we are -- I'm going to say bottoming, but it's obviously, there's a lot of uncertainty still out there. But the fact that our trends have improved meaningfully from Q1 to Q2 and even from April to May.

我認為事實是——我想說的是，我們正在觸底，但顯然，仍然存在著許多不確定性。但事實上，從第一季到第二季度，甚至從四月到五月，我們的趨勢都有了顯著改善。

Now some of that is the good work that Matt and his team are doing to improve all of the qualifications and the recruiting and then a little bit of hope of better rate obviously keeps people in the game, which we saw when we entered into the year. I mean we had a good feeling about the year and then obviously, a fair amount of uncertainty got injected through the tariff and trade policy.

現在，其中一部分是馬特和他的團隊為提高所有資格和招聘所做的出色工作，然後對更好的費率的一點點希望顯然會讓人們留在遊戲中，這是我們在進入今年時看到的。我的意思是，我們對今年的感覺很好，但顯然，關稅和貿易政策帶來了相當大的不確定性。

So look, I think we are getting there. I don't think we're all the way there. The first thing we're going to see are pockets. My guess is if there is real enforcement on English proficiency, you're probably going to see that equilibrium achieved in Texas and places like that, perhaps Florida, perhaps Southern California, places that are border-ish-related, you're going to see impacts there probably first and that will give you an indication that we're nearing that.

所以，我認為我們已經到達目標了。我認為我們還沒有完全到達那裡。我們首先看到的是口袋。我的猜測是，如果真正加強英語水平的管理，你可能會看到在德克薩斯州和類似的地方，也許是佛羅裡達州，也許是南加州，與邊境相關的地方，實現這種平衡，你可能會首先看到這些地方的影響，這將表明我們正在接近這一目標。

Daniel Imbro, Stephens Inc.

丹尼爾·伊姆布羅（Daniel Imbro），史蒂芬斯公司

Frank, I wanted to start maybe a little bit more near-term focus. I think in the slide, you offered a little bit on April and then what normal seasonality looks like. But in your prepared script, I think you said you expect maybe below normal sequential movements in loads from April to May. I guess can you just walk though a little more detail kind of where you're seeing any relative strength or weakness. I think automotive was a big weak category in 1Q.

弗蘭克，我想開始更多地關注近期的情況。我認為您在幻燈片中提供了一些有關四月份的情況以及正常的季節性情況。但在您準備的腳本中，我認為您說過，您預計 4 月至 5 月的負載量可能會低於正常的連續變動。我想您能否更詳細地介紹一下您所看到的相對優勢或劣勢。我認為汽車是第一季的一個薄弱類別。

And just what can you lean into to outgrow the market during this continued malaise on the demand side as you look across the portfolio?

那麼，當您縱觀整個投資組合時，在需求持續低迷的情況下，您可以依靠什麼來超越市場？

Yes. Daniel, good set of questions. I'll let JT get into the specifics on a kind of line-by-line basis. We went through a fair amount of it on the prepared remarks. But to your point, I mean, automotive, given the tariff overtones and the fact that rates spiked up a little bit, meaning interest rates spiked up a little bit during the quarter.

是的。丹尼爾，這些問題問得很好。我會讓 JT 逐行介紹具體細節。我們在準備好的演講稿中討論了相當多的內容。但就你的觀點而言，我的意思是，考慮到關稅的影響以及利率略有上升的事實，汽車行業的利率在本季度略有上升。

That was not our friend. The impact of tariffs in Mexico products coming across that obviously didn't help us either. So I would say the automotive piece was a bit of a drag.

那不是我們的朋友。墨西哥產品受到關稅的影響顯然也對我們沒有任何幫助。所以我想說汽車部分有點令人厭煩。

And US-Mexico cross-border, more broadly was a bit of a drag as was US/Canada. So the things that were tariff impacted clearly impacted us as well. The fact that we saw some better numbers in April. I mean that felt pretty good, but it also had a fair amount of nuance in there as well. We did see the US-Mexico business do a little bit better in April, but we saw the US/Canada business do a little worse.

而從更廣義上講，美墨跨境貿易有點拖累，就像美加跨境貿易一樣。因此，受關稅影響的事情顯然也影響了我們。事實上，我們在四月看到了一些更好的數據。我的意思是，那感覺非常好，但其中也包含相當多的細微差別。我們確實看到 4 月份美國與墨西哥之間的業務表現略有好轉，但美國與加拿大之間的業務表現略有惡化。

So I think the thing that we need to focus on are the areas that we have the most control over. And clearly, that's getting the BCO count where it needs to be doubling down on the strategic areas of focus.

所以我認為我們需要關注的是我們最能控制的領域。顯然，這會讓 BCO 計數加倍專注於策略重點領域。

The investments that we've made in Laredo and other places along the border US-Mexico trade, they are the absolute right investments for the long term. The short term, obviously, that's going to get impacted by tariffs as well as where the automotive business is. When that comes back, we're very well situated to do a good job there. But I think what you're seeing is the heavy haul business doing well, the overall platform business is doing pretty well. You're seeing all the data center and the power and things like that doing well for us.

我們在拉雷多和美墨邊境貿易沿線其他地方進行的投資絕對是正確的長期投資。短期內，這顯然會受到關稅以及汽車業務狀況的影響。當一切恢復正常時，我們就能很好地完成那裡的工作。但我認為您看到的是重型貨物業務表現良好，整體平台業務表現相當不錯。您會看到，所有資料中心、電力等設施都運作良好。

So there's a lot of bright spots in there, but you got to put it in the context of all the rest of the business, and there are some areas that are doing well and some areas that aren't. JT?

因此，這其中有很多亮點，但你必須把它放在所有其他業務的背景下，有些領域做得很好，有些領域則做得不好。JT？

No, I think that's fair, Frank. Daniel, to your question on seasonality, so April typically drops off about 260 basis points on loads per workday, and we finished April at down 540. So that's what's driving April volumes 2% below prior year April when we were down 1.2% year-over-year in the first quarter.

不，我認為這很公平，弗蘭克。丹尼爾，關於季節性的問題，四月每個工作日的負荷通常會下降約 260 個基點，而四月我們下降了 540 個基點。這就是 4 月交易量比去年 4 月下降 2% 的原因，而第一季交易量較去年同期下降了 1.2%。

To Frank's point, our US-Mexico business was down 9% year-over-year in the first quarter through the first 6 weeks of the second quarter. It's basically been cut in half to our US-Mexico revenue was only down 5% year-over-year.

正如弗蘭克所說，從第一季到第二季的前六週，我們的美國-墨西哥業務比去年同期下降了 9%。我們的美國和墨西哥收入基本上減少了一半，年比僅下降了 5%。

Great. And then if I could just maybe for my follow-up, just sticking on the 2Q kind of outlook. I know, JT, you're not going to give a 2Q the EPS guide. But I guess what are the puts and takes maybe you walk through the expenses? Incentive costs, I think you talked about how those should trend.

偉大的。然後，如果我可以繼續跟進的話，我會堅持第二季的展望。我知道，JT，你不會給第二季的 EPS 指南。但我想，您能否考慮一下這些費用的得失？激勵成本，我想您談論了這些成本應該如何發展。

Frank mentioned $2 million to $3 million from the agent convention. Maybe insurance steps down, given these, but not sure with the claims. Just anything to help us bridge kind of operating expenses from 1Q to 2Q would be helpful.

弗蘭克提到了從經紀人大會上獲得的 200 萬到 300 萬美元。考慮到這些因素，保險可能會減少，但對於索賠則不確定。任何能夠幫助我們彌補第一季和第二季營運費用的措施都是有幫助的。

Why don't we walk you down just a little bit more than what it is in the slides because it's important for us to give you as much commentary as we can. We're not trying to set guidance. We're not trying to give you a set of boundaries that you're going to take the midpoint of. As we entered the year, we did see some early signs of a recovery, and that was a pretty good environment. We're excited about the year.

我們為什麼不帶您稍微了解幻燈片中的內容呢，因為對我們來說，為您提供盡可能多的評論非常重要。我們並不是想設定指導。我們並不是想要為你設定一套界限，讓​​你從中點取值。進入今年以來，我們確實看到了一些復甦的早期跡象，這是一個相當不錯的環境。我們對新的一年充滿期待。

And looking at Q1, absent insurance and claims, we would have hit our guidance. And so we felt really good about the core operating performance of the business. Mid-quarter, post inauguration, we encountered the unprecedented tariff and trade environment that you all are very familiar and very well briefed on because we saw that in the impacts on Mexico and Canada, as we mentioned.

從第一季來看，如果沒有保險和索賠，我們就會達到我們的預期。因此，我們對公司的核心營運表現感到非常滿意。本季中期，就職典禮後，我們遇到了前所未有的關稅和貿易環境，大家都非常熟悉並且非常了解，因為我們看到了它對墨西哥和加拿大的影響，正如我們所提到的。

And even though the direct US-China exposure is limited, we probably did benefit somewhat in the first quarter from pull forward. We don't know how much of that. So I think the concern we have is will there be an air pocket in the blank ships and things like that, the impact of that on demand for trucking, but also on supply. If there is more supply because there are fewer loads coming off of import/export, then that obviously is impactful to us, counterbalanced by the English proficiency that we talked about earlier.

儘管中美之間的直接接觸有限，但第一季我們可能確實從中獲益良多。我們不知道有多少。因此，我認為我們擔心的是空白船舶中是否會出現氣穴等問題，這會對卡車運輸的需求以及供應產生影響。如果由於進出口貨物減少而導致供應增加，那麼這顯然會對我們產生影響，並被我們之前談到的英語水平所抵消。

I think all that aside, and I'll put a huge caveat that we are not giving Q2 guidance, I think at our current course and speed and subseasonal volumes, I'd expect us to finish above Q1 revs but below Q2 24 revs. So that gives you a fairly wide range, but I think that's where we're trying to guide you toward. And then on variable contribution margin, we finished 14% in Q1, we would generally see a 30 to 40 basis point decline in that from a sequential perspective. But then again, if we're going to be subseasonal on volumes, we might end up a little bit better than that, down 30, down 40 -- and JT has got a bunch on the expenses, so let me let you hit that.

我認為，除了所有這些之外，我要提出一個很大的警告，即我們不會給出第二季度的指導，我認為按照我們目前的進程和速度以及亞季節產量，我預計我們的完成速度將高於第一季度，但低於第二季度 24 轉。所以這給了你一個相當廣泛的範圍，但我認為這就是我們試圖引導你走向的地方。然後，就可變貢獻利潤率而言，我們在第一季完成了 14%，從連續角度來看，我們通常會看到 30 到 40 個基點的下降。但話又說回來，如果我們的銷量低於季節性，我們最終可能會比這好一點，下降 30%，下降 40%——而且 JT 在費用上花費了很多，所以讓我讓你了解一下。

No. All fair. So another operating cost, Daniel, Matt and the team did a really nice job in the first quarter, $800,000 gains on disposal. If that pace is not achieved in the second quarter, you could have some modest uptick in other operating costs sequentially insurance, you know the deal there. The trend has not been the industry's friend.

不。一切都公平。另一項營運成本，丹尼爾、馬特和團隊在第一季做得非常好，處置收益為 80 萬美元。如果第二季沒有達到這個速度，那麼其他營運成本可能會出現環比小幅上漲，你知道那裡的情況。這種趨勢對產業來說並不友善。

9.3% is high watermark in first quarter of '25, hope to beat that in the second quarter. On G&A, really, the big one, Daniel, is the 4.8% falling off and then potentially $2.5 million, $3 million coming on board. I know you were with us first week in April convention. Depreciation, I don't anticipate anything significant sequentially to 1Q to 2Q. On the question around incentive compensation and stock compensation, we had about $3 million included in the first quarter of '25 on those lines. I would expect, if our overall expectations play out in the second quarter, I would expect a similar charge reflected in the second quarter SG&A.

9.3% 是 25 年第一季的最高水位，希望第二季能超過這個數字。丹尼爾，實際上，就一般及行政費用而言，最大的問題是 4.8% 的下降，然後可能會有 250 萬美元、300 萬美元的收入。我知道您參加了四月會議的第一週。折舊，我預計第一季至第二季不會有任何重大變化。關於激勵薪酬和股票薪酬的問題，我們在 2025 年第一季已為此支出約 300 萬美元。我預計，如果我們的整體預期在第二季實現，那麼我預計第二季的銷售、一般及行政費用也會反映出類似的費用。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Maybe it's a very near-term one, we have road check going on this week, right? So maybe, Matt, you can talk about expectations for that. Will we see any sort of -- it doesn't sound like FMCSA has their guidance out there. But -- could we actually see some sort of out-of-service impact from all this language perficiency focus?

也許這是一個非常短期的問題，我們這週要進行道路檢查，對嗎？那麼，馬特，也許你可以談談對此的期望。我們會看到任何形式的——聽起來聯邦汽車運輸安全管理局並沒有提供任何指導。但是——我們真的能看到所有這些語言能力關注所帶來的某種服務失效的影響嗎？

Yes, I appreciate the question, Brian. I don't think just yet we're going to see anything too meaningful until we get that guidance, that enforcement guidance. I have not heard or seen from anybody that's indicating we'll see any elevated enforcement just yet.

是的，我很感謝你的提問，布萊恩。我認為，在我們獲得該指導、執行指導之前，我們不會看到任何太有意義的事情。我還沒有聽到或看到任何人表示我們將會看到任何加強執法的跡象。

Yes. Brian, these are going to be judgmental until we get the guidance. So my guess is it's going to have to be a latent non-English proficiency in order for somebody to be taken out of service. So I think this is a good barometer of whether there are truly folks out there who are very sub proficient in English. But it remains to be seen, but we'll certainly keep an eye on that.

是的。布萊恩，在我們得到指導之前，這些都是需要判斷的。所以我的猜測是，一個人必須具備潛在的非英語能力才會被停職。所以我認為這是一個很好的標準，可以衡量是否真的有人英語能力很差。但這還有待觀察，但我們一定會密切注意。

All right. Makes sense. And then just more, I know you talked about all the puts and takes and pull forward, which is quite difficult to pull apart and to figure out what's actually going on. But maybe, Frank, is there a possibility that we could see maybe an acceleration here in the short term is we have another 90-day window with a lot more clarity, maybe if you didn't pull forward, you will. If you already did, you do some more. Are you hearing or seeing anything along those lines across the different verticals and maybe even across the geographies as you look at the cross-border?

好的。有道理。再說一點，我知道您談到了所有的投入、收穫和前進，這些都很難分開，也很難弄清楚到底發生了什麼。但是，弗蘭克，我們是否有可能在短期內看到加速，因為我們有另一個 90 天的窗口期，而且更加清晰，也許如果你沒有提前，你就會。如果您已經這樣做了，那麼您可以做更多。當您關注跨境時，您是否聽到或看到不同垂直領域甚至不同地理的類似情況？

Yes. With 36 hours post the 90-day pause, nothing yet. But look, academically in the first quarter, it's hard to believe that we didn't see something associated with pull forwards. And my guess is if the 90 days continues to progress and people become more and more worried that maybe there won't be a deal. My guess is there'll be some people who try to get things across the finish line before the 90 days expires.

是的。90 天的暫停期已經過了 36 小時，但仍沒有任何進展。但從學術角度來看，在第一季度，我們很難相信我們沒有看到與前拉相關的東西。我的猜測是，如果 90 天的期限繼續延長，人們就會越來越擔心可能無法達成協議。我猜有些人會試圖在 90 天期限之前完成任務。

So academically, I see your point and can certainly support it. It's just hard in this early going to actually put some numbers behind that.

因此從學術角度來說，我明白你的觀點並且絕對支持它。在早期階段，很難真正給出一些數據來支持這一點。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

I know, Frank, you were talking about just like the uncertainty with these blank sailings and weaker imports. I'm wondering, are we seeing -- are you seeing that in your volume yet, meaning if April was down 2% on volume, is May meaningfully different than that?

我知道，弗蘭克，你剛才談論的是這些空白航班和進口疲軟帶來的不確定性。我想知道，我們是否已經看到——您是否已經在交易量中看到了這一點，也就是說，如果 4 月份的交易量下降了 2%，那麼 5 月份的交易量與此有顯著差異嗎？

Yes. Let me hit the high level and then I'll let JT talk to the specifics on May. When you look at the sales time and you know this probably better than anybody, Scott. So I think the sale time measured depending on your port could be four, five, six, seven weeks, depending on where you're selling from and where you're selling to. So I don't think we have seen the blank ships coming in, so to speak.

是的。讓我先談談高層情況，然後讓 JT 在 5 月談談具體細節。當你查看銷售時間時，你可能比任何人都更了解這一點，斯科特。因此，我認為根據您的港口衡量的銷售時間可能是四、五、六、七週，具體取決於您的銷售地點和銷售目的地。因此，我認為我們還沒有看到空白船隻駛來。

But that obviously is going to hit us at some point in time. The nice thing is we don't have a ton of direct exposure to China import export. We have a little bit in the international business.

但這顯然會在某個時候對我們造成打擊。好消息是，我們對中國進出口的直接影響並不大。我們在國際業務方面有一點涉足。

And then it's hard to figure out whether or not we participate in any meaningful consolidation in the 53 footers after they get to inland ports, my guess is it some, but it's probably quite small. But there's going to be some pockets. And the question to Brian's point -- question to go is, are we going to see that counterbalanced by any pull forward associated with the expiration of the 90 days. Let me let you hit April, May.

然後很難弄清楚在 53 英尺長的船隻抵達內陸港口後我們是否參與了任何有意義的整合，我猜是有一些，但可能很小。但還是會有一些漏洞。對於 Brian 的觀點，我們要問的問題是，我們是否會看到這種趨勢因 90 天期限到期而受到抵銷？我讓你打四月、五月。

Yes. So through the first two weeks of fiscal May, truckloads per workday, Scott, are running almost right on top of fiscal April, such that we're clipping about 20 basis points ahead of prior year May. And I would just remind folks last year, May 2024 dipped truck loadings versus April, which is unusual. That's why the slight improvement versus the down 2% year-over-year in April.

是的。因此，史考特，在 5 月財政年度的前兩週，每個工作日的卡車運輸量幾乎與 4 月財政年度持平，因此我們比去年 5 月高出約 20 個基點。我想提醒大家，去年 2024 年 5 月的卡車裝載量與 4 月相比有所下降，這是不尋常的。這就是與 4 月同比下降 2% 相比略有改善的原因。

Okay. That's helpful. And I know it's a small part of your business, but just curious on the ocean and air segment like had a lot of growth in Q4 and Q1 and has that -- what you're seeing more in real time there -- I'm just curious.

好的。這很有幫助。我知道這只是您業務的一小部分，但我對海運和空運業務感到好奇，例如第四季度和第一季度的大幅增長，以及您在那裡實時看到的更多情況——我只是好奇。

You're talking about in terms of Q1, Q2 trends, Scott?

史考特，您談論的是第一季和第二季的趨勢嗎？

Yes.

是的。

Obviously, rate was a huge positive for everybody in that space in the preceding handful of quarters as that ticked up. JT, just pulling up a couple of numbers here to hopefully be able to help you out as we think about last year and this year.

顯然，隨著利率在前幾個季度的上升，利率對於該領域的每個人來說都是一個巨大的利好。JT，我們在這裡列舉幾個數字，希望能夠在我們回顧去年和今年時能夠對你有所幫助。

Yes. So we've definitely seen our ocean revenue per shipment slide on a sequential basis, Scott, running a little bit over $11,000 in the fourth quarter of '24 down to if I was good with the numbers, about $7,500 in ocean load in first quarter '25. So while it was still positive year-over-year in the first quarter, we are seeing that sequential slide.

是的。因此，我們確實看到每批貨物的海運收入逐年下滑，斯科特，如果我沒記錯的話，24 年第四季度的海運收入略高於 11,000 美元，而 25 年第一季的海運收入約為 7,500 美元。因此，儘管第一季的同比增幅仍為正值，但我們看到環比下滑。

Okay. And then if I could just ask one just bigger picture question. It sounds like, hopefully, the BCO declines are starting to moderate. Do you think -- is there -- do you -- is there anything about this that in any way feels structural to you where when we get an up cycle at some point, we're not going to see a big uptick in BCOs? Or is this purely a cyclical dynamic?

好的。然後如果我可以問一個更大的問題。聽起來，BCO 的跌勢有望開始緩和。您是否認為 - 是否存在 - 您是否 - 是否存在任何讓您感覺結構性的東西，即當我們在某個時候進入上升週期時，我們不會看到 BCO 出現大幅上漲？或者這純粹是一個週期性的動態？

And when the cycle turns, we'll get all the BCOs coming back and we'll get all the volume growth back?

當週期轉變時，我們會讓所有 BCO 回歸，並且我們會恢復所有的交易量成長嗎？

Yes, Scott, I don't see anything structural. I mean obviously, we've been looking at BCO count extremely heavily here in the last -- certainly since I've been here, and I'm sure the team before, as things started to roll over in the early part of 2022. I think -- and we've mentioned this before, just the sheer length of time associated with this freight recession, it really is unprecedented. And so we always go back and look at history and say, well, what if this recession had only been 18 to 20 months like prior ones, and I think we would have snapped a line of like 10,000 trucks.

是的，史考特，我沒有看到任何結構性的東西。我的意思是，顯然，自從我來到這裡以來，我們一直在非常重視 BCO 數量，而且我確信之前的團隊也是如此，因為事情在 2022 年初開始發生變化。我認為──我們之前也提到過，這次貨運衰退持續時間之長確實是前所未有的。因此，我們總是回顧歷史，然後說，如果這次經濟衰退像以前一樣只持續 18 到 20 個月，我想我們就會切斷大約 10,000 輛卡車的供應。

So that would feel pretty good. We should expect capacity, not just at Landstar, but more broadly to continue to bleed out as the rate environment bounces along the bottom. So that doesn't really surprise us. The fact that we are seeing -- continuing to see a significant number of ads on a quarter-over-quarter basis. And Matt, you may have the numbers for Q1, I just happen to remember the numbers from Q4.

那感覺一定非常好。我們應該預計，隨著利率環境在底部反彈，運能（不僅僅是 Landstar 的運力，而是更廣泛的運力）將繼續流失。所以這並不令我們感到驚訝。事實上，我們看到，季度環比廣告數量持續大幅增加。馬特，你可能有第一季的數據，而我剛好記得第四季的數據。

In Q4, we added 500 trucks, but we lost 700 trucks. So the fact that 500 new folks are coming to us tells us that the model is quite sound and quite resilient.

第四季度，我們增加了 500 輛卡車，但減少了 700 輛卡車。因此，有 500 名新員工加入我們這一事實告訴我們，該模式非常健全且具有很強的彈性。

And when things go the other way for us, the positive way, then you're going to see more adds than cancels because in a rising rate environment with a percentage pay model, more people are going to want to stay in a rising rate environment than they do in a declining environment. So Matt, quarter 1?

當事情朝著對我們有利的方向發展時，你會看到增加的數量多於取消的數量，因為在採用百分比支付模式的利率上升環境中，與利率下降的環境相比，更多的人會願意留在利率上升的環境中。那麼馬特，第一季呢？

Yes. Quarter 1 was 568, so up 12% sequentially, Q4 to Q1.

是的。第一季為 568，比第一季季增 12%。

Yes. So we're continuing to add significant trucks, which tells me it's as much about continuing to see that number increase in a positive rate environment as well as more people wanting to stay. So it's both sides of the equation. And again, Matt's doing a really good job of digging into all of this and looking not just at how we add more fully qualified folks, but also how we improve retention through all the work that we're doing on safety, security, service, what we call the (inaudible) class securement training, all of the things that are really good.

是的。因此，我們將繼續增加大量卡車，這告訴我，這不僅意味著在積極的利率環境下繼續看到卡車數量的增長，也意味著更多的人願意留下來。所以它是等式的兩邊。再說一次，馬特在深入研究所有這些方面做得非常好，他不僅研究如何增加更多完全合格的人員，還研究如何透過我們在安全、保障、服務方面所做的所有工作來提高保留率，我們稱之為（聽不清）班級安全培訓，所有的事情都非常好。

And ultimately, the agents getting the best loads that are out there. As you all know, we generally don't play the bottom of the freight pie. So it's important for us to continue to get the right business for the BCOs to haul.

最終，代理商將獲得最好的負載。眾所周知，我們一般不佔據貨運市場的底端。因此，對我們來說，繼續為 BCO 提供合適的業務非常重要。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Just a follow up on the cargo theft topic. I was struck by your -- I think Matt said that this is a topic where we probably play more defense than offense at this point. How many quarters do you think will it take to get in front of it? What are some of the tech tools are you using? Are there any kind of AI-type applications you can use to maybe predict some of this?

這只是貨物竊盜問題的後續報導。我對你感到震驚——我認為馬特說過，在這個話題上我們可能更多地採取防守而不是進攻的立場。您認為需要多少個季度才能實現這一目標？您使用過哪些科技工具？是否有任何類型的人工智慧應用程式可以用來預測其中的一些情況？

And also in the meanwhile, like what recourse do you have? Can you work with some of your customers, maybe share some of these losses? Is this something that insurance will even consider because in our conversation with the insurance analyst, it doesn't feel like cargo theft and claims is a huge topic for them relative to maybe some of the accident claims here?

同時，您還有什麼補救措施？您能否與您的一些客戶合作，或許分擔一些損失？保險公司是否會考慮這一點，因為在我們與保險分析師的對話中，相對於這裡的一些事故索賠，貨物盜竊和索賠對他們來說不是一個大問題？

Yes. Ravi. So a couple of good thoughts inside of that. I think that the theft environment similar to cybersecurity, like you're always going to be on some level of defense given the fact that the attack vector, so to speak, always is changing as you put up better defenses, people try to find a way around those. Matt mentioned and I'll reinforce the technologies that we are investing in, both as an industry through some of the vendors that we all do business with as well as some of the things we're working on internally, do, in fact, utilize AI and they certainly do a nice job when they're fully deployed, which they're not quite yet.

是的。拉維。這裡面有幾個好的想法。我認為偷竊環境與網路安全類似，你總是處於某種程度的防禦，因為攻擊媒介總是在變化，因為你建立了更好的防禦，人們試圖找到繞過這些攻擊媒介的方法。馬特提到了這一點，我將強調我們正在投資的技術，無論是作為一個行業，透過我們都與之有業務往來的一些供應商，還是我們內部正在進行的一些工作，事實上，它們都利用了人工智慧，而且當它們完全部署時，它們肯定會做得很好，但目前還沒有完全部署。

But as they're fully deployed, they're going to be able to either catch things in advance. And I mean, we literally just talked yesterday about a load that was in the process of being diverted and we caught it. So we are seeing successes in those tools playing good defense and preventing things. But at the end of the day, we're going to continue to have to watch what the bad actors are doing and do everything we can to catch them really, really quickly.

但隨著他們全面部署，他們將能夠提前發現問題。我的意思是，我們昨天剛剛討論了正在轉移的一批貨物，我們抓住了它。因此，我們看到這些工具在發揮良好防禦作用和預防事故方面取得了成功。但最終，我們仍將繼續關注不法分子的所作所為，並盡一切努力迅速抓住他們。

In terms of recourse, it depends. Obviously, it depends on whether it's a BCO load or a brokered load. And on the insurance side, yes, we do have insurance that plays here. It's got a fairly healthy deductible. So a lot of it's going to depend on exactly what the circumstances were as well as with the value of that load was.

就追索權而言，這要視情況而定。顯然，這取決於它是 BCO 負載還是經紀負載。在保險方面，是的，我們確實有保險。它有一個相當健康的免賠額。因此，很大程度上取決於具體情況以及負載的價值。

Yes. I would just add, Ravi, just we got -- just got passed our May 1insurance renewal. The insurers are absolutely taking it on the chin, and they're getting more creative in the policies they're willing to write, some of which you've got to sign your right over and the insurer will fight your customer to look for ways on a legal basis to not pay the claim. Clearly, from a service perspective, we would not want to do that from a service provider perspective.

是的。我只想補充一下，拉維，我們剛剛通過了 5 月 1 日的保險續保。保險公司絕對承受著巨大的壓力，他們在願意簽發的保單上也變得越來越有創意，其中一些保單必須由您簽署，而保險公司將與您的客戶進行鬥爭，尋找合法的方式來拒絕支付索賠。顯然，從服務角度來看，我們不想從服務提供者角度這樣做。

Understood. Maybe a really quick follow-up here. If we dream the dream, how -- what's the scope of upside potential in these next 90 days, if shippers decide that they want to build inventory through holiday season and through the end of the year in the next 90 days, do you think the market could get tight enough that we could maybe see some flashbacks to the pandemic and maybe some supply chain chaos and like really high truck rates here?

明白了。也許這裡真的需要快速跟進。如果我們做夢的話，如果托運人決定在未來 90 天內透過假期和年底建立庫存，那麼未來 90 天內的上行潛力有多大，您是否認為市場會變得足夠緊張，以至於我們可能會看到一些疫情的倒敘，也許會看到一些供應鏈混亂，以及這裡的卡車費率非常高？

Yes, good question. Obviously, multifaceted. We, Landstar generally do well in more volatile times. And obviously, if you look at our core results relative to others who have reported. I think you would reach the conclusion that we did pretty well. So I think in a volatile next 90 days, I'm also coupling that with English proficiency enforcement and things like that, that might tighten up capacity that's going to help Landstar.

是的，好問題。顯然，是多方面的。我們 Landstar 在動盪時期通常表現良好。顯然，如果您看一下我們的核心結果與其他報告的結果相比。我想你會得出這樣的結論：我們做得非常好。因此，我認為在接下來的 90 天裡，我也會將其與英語能力執法等結合起來，這可能會加強對 Landstar 有幫助的產能。

We have business on predominantly in the spot market. So when folks can't cover loads, they generally look for bigger players in the spot market, i.e., us. And so I look forward to that volatility. The question is whether or not there's going to be more certainty in trade policy here and not just vis-a-vis US, China, but also US, Mexico, US, Canada, because as I mentioned in the prepared remarks, you're talking about 15-plus percent of our business that right now, in some respects, people are sitting on their hands, waiting to see exactly what's going to happen.

我們的業務主要集中在現貨市場。因此，當人們無法滿足需求時，他們通常會尋找現貨市場上較大的參與者，也就是我們。因此我期待這種波動。問題在於，這裡的貿易政策是否會更加確定，不僅是針對美國、中國，還包括美國、墨西哥、加拿大，因為正如我在準備好的發言中提到的，你談論的是我們業務的 15% 以上，現在，在某些方面，人們都袖手旁觀，等著看到底會發生什麼。

So I'm trying not to gauge the business on the next 90 days. I do think the strategies that we are focused on are absolutely the right ones and that universe is continuing to expand. Maybe Jim Applegate, you can talk a little bit about what's coming out that we covered with some of the analysts at our meeting at convention. But we're going to continue to look for things that are arguably hard to do and that there are fewer competitors out there, which obviously gives us a competitive advantage if we're good at and certainly helped us on the rate and the VC side.

所以我盡量不去評估未來 90 天的業務。我確實認為我們所關注的策略是絕對正確的，而且宇宙正在繼續擴張。也許吉姆·阿普爾蓋特，你可以稍微談談我們在大會會議上與一些分析師討論過的事情。但我們將繼續尋找那些可以說很難做到的事情，而且競爭對手較少，如果我們擅長的話，這顯然會給我們帶來競爭優勢，並且肯定會在利率和風險投資方面幫助我們。

Yes. So Ravi, from a strategic initiative standpoint, you guys have heard a lot about heavy haul, you've heard a lot about cross-border. We put those in flight last year. And we've had great results. I mean we've really gotten our agents engaged. We've gotten a lot more strength around those different -- those different services that we provide. And as that's really kind of played itself out to Frank's point, there's a lot of other things that our agents are really well suited for in this market where we do the really hard stuff well.

是的。所以拉維，從戰略舉措的角度來看，你們已經聽到了很多關於重型運輸和跨境運輸的消息。我們去年就將它們投入飛行。我們取得了很好的成果。我的意思是我們確實讓我們的經紀人參與其中。我們在提供這些不同服務方面獲得了更大的優勢。正如弗蘭克的觀點所言，我們的代理商在這個市場上還有很多其他適合做的事情，我們能夠很好地完成真正困難的事情。

We pulled in cold chain expedite. we pulled in HazMat. We're executing in a very similar way. We're getting the right leaders around it. We're getting the right strategies in place to go ahead and engage the agents to recruit the capacity and sales and marketing from a direct customer approach, and we're starting to really kind of get some good momentum around from a corporate standpoint, put our arms around our agents and directing them into the right areas where they can be successful.

我們引入了冷鏈加急處理。我們引入了危險品處理。我們的執行方式非常相似。我們正在尋找合適的領導者。我們正在製定正確的策略，繼續與代理商合作，透過直接客戶的方式招募人才、銷售和行銷，並且我們開始從企業的角度獲得一些良好的勢頭，我們支持我們的代理商，並引導他們進入能夠取得成功的正確領域。

One of the things that didn't come out in our call today is the performance that we're starting to get around our top 100 customers. We actually grew 5% with our top 100 customers in this first quarter. And I do attribute that to not only the strategic initiatives, but a lot of the other efforts that we're doing, Matt Dannegger, Matt Miller and myself, as far as trying to get our arms around agents pushing them to grow within their existing customer share of wallet and giving them the right support that they need to go ahead and grow not only within the strategic initiatives, but as an organization.

我們今天的電話會議中沒有提到的一件事是我們開始獲得前 100 名客戶的表現。今年第一季度，我們的前 100 名客戶實際上成長了 5%。我確實將此歸功於戰略舉措，也歸功於我們正在做的許多其他努力，馬特·丹尼格 (Matt Dannegger)、馬特·米勒 (Matt Miller) 和我，我們試圖讓代理商參與進來，推動他們在現有客戶份額內實現增長，並為他們提供正確的支持，使他們不僅在戰略舉措中，而且作為一個組織繼續發展。

So we'll continue to do that. To Frank's point, 90 days is going to make or break the company. I think we've got a really good long-term game plan in place to make sure that we can continue to grow in these what we feel are real competitive advantages for our agents. And as the market corrects, we'll be in really good shape.

因此我們會繼續這樣做。正如弗蘭克所說，90 天可以決定一家公司的成敗。我認為我們已經制定了一個非常好的長期計劃，以確保我們能夠在我們認為對我們的代理商來說真正的競爭優勢方面繼續發展。隨著市場的調整，我們將會處於非常好的狀態。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

To ask another one here on the fraud issue. I know it's under investigation, but you've called out a $0.10 impact here, and there's an implication that it's more onetime in nature. Outside of just the magnitude of this charge and the fact that it's in forwarding, is this a separate issue because it's more preventable than the double brokering and imposter scams?

在這裡向另一個人詢問有關詐欺問題的問題。我知道這件事正在調查中，但你指出這裡的影響是 0.10 美元，這意味著它本質上是一次性的。除了收費金額和轉運費用這一事實之外，這是否是一個單獨的問題，因為它比雙重經紀和冒名頂替騙局更容易預防？

Yes. This one is extremely unique. I mean this was a relationship which was created 10, 15 years ago, which over a period of time, there were some ownership changes and things like that in this satellite environment. And then there was a very unique set of circumstances. This is not your typical double brokering or anything like that.

是的。這個非常獨特。我的意思是，這種關係是在 10 到 15 年前建立的，在一段時間內，衛星環境中發生了一些所有權變更之類的事情。然後出現了一系列非常特殊的情況。這並不是典型的雙重經紀或類似的事情。

And that's one of the reasons why we feel comfortable that we got our arms all the way around it, as I mentioned, and that the charge -- if you took the gross and then looked at the actual and probable recoveries, that's how we get down to the net.

這就是我們感到安心的原因之一，正如我所提到的那樣，如果您計算總收入，然後查看實際和可能的回收率，這就是我們得出淨收入的方法。

We've got a fair amount of, I'll say, security around that gross to net changeover. Is it possible that we get some additional recoveries over time? Sure. We obviously are going to spend some money and invest and go after the bad guys through both civil and potentially criminal means as well. So we are we're upset about this, to be candid, both in the way that the relationship developed years ago, but also the fact that somebody arguably stole from us. So we're going to go after the bad guys. And I think it's going to make us all set up a little straighter and look at any additional unique opportunities that come our way in the future. We're going to look really, really hard at it.

我想說，我們在總量到淨額轉換方面有相當多的保障。隨著時間的推移，我們有可能獲得一些額外的恢復嗎？當然。我們顯然會花費一些資金和投資，並透過民事和刑事手段追捕壞人。所以坦白說，我們對此感到不安，不僅因為多年前我們的關係已經發展到這種程度，而且因為有人偷走了我們的東西。所以我們要追捕壞人。我認為這會讓我們大家更加堅定信念，並著眼於未來出現的任何其他獨特機會。我們將非常非常認真地研究這個問題。

Okay. That's good to hear and really helpful. And then just a quick follow-up here. I know you gave some color on the near-term trends with Mexico cross-border. Maybe any commentary there on what you're hearing from shippers in terms of the long-term outlook there? And whether or not you're considering additional investments on an M&A standpoint or maybe on an organic basis?

好的。聽到這個消息我很高興，這真的很有幫助。然後這裡只是快速跟進一下。我知道您對墨西哥跨境的近期趨勢做了一些說明。您能否針對托運人對長期前景的看法發表一些評論？您是否考慮從併購的角度或有機的角度進行額外投資？

Yes. So good set of questions. Again, we do believe that this is the right long-term play. M&A is probably not the first thought that comes to my mind when I think about the US-Mexico cross-border business. We've got some great agents who do a fabulous job for us in shepherding freight northbound, southbound.

是的。非常好的一組問題。再次強調，我們確實相信這是正確的長期策略。當我考慮美墨跨國業務時，併購可能不是我首先想到的。我們擁有一些優秀的代理商，他們在引導南北貨運方面做得非常出色。

We are looking at whether or not we are penetrated enough in other gateways. We feel like Laredo is a wonderful footprint for us. Do we need -- whether it's joint venture lease owned, do we need other facilities along that border as you think further west. It obviously picks up different lanes, it picks up different commodities, things like that.

我們正在研究我們是否已經充分滲透到其他門戶。我們覺得拉雷多對我們來說是一個美好的足跡。我們是否需要—無論是合資租賃的，我們是否需要沿著邊境向西延伸的其他設施。它顯然會選擇不同的車道，選擇不同的商品，諸如此類。

But we are looking at whether or not we should be more penetrated in some of these other locations. But I'll let Jim Applegate touch on some of that.

但我們正在考慮是否應該在其他一些地區進一步滲透。但我會讓吉姆·阿普爾蓋特談談其中的一些內容。

Yes. From a Mexico market standpoint, I mean, obviously, the tariffs, I think have kind of put a cloud over some of these longer-term investment decisions. I think there needs to be a little bit more clarity before you start hearing about any kind of wholesale decisions to deploy capital. But I think from a long-term perspective, Mexico is going to come out of here, I think, is a good winner.

是的。從墨西哥市場的角度來看，顯然，我認為關稅給一些長期投資決策蒙上了一層陰影。我認為，在聽到任何有關部署資本的批發決策之前，需要更加明確。但我認為，從長遠來看，墨西哥將會是個贏家。

And I think you're hearing that from shippers, you're hearing that from other people within the industry that are trying to position themselves over the next 3, 5, 10 years. If you see what's happening with these tariffs and trying to kind of push more manufacturing back here to North America, I think Mexico does still come out a clear winner. And we're doing everything we can to make sure that we're in the right position to capitalize on that.

我想您是從托運人那裡聽到的，也是從業內其他人那裡聽到的，他們正試圖在未來 3 年、5 年、10 年內定位自己。如果你了解這些關稅的後果，並試圖將更多的製造業推回北美，我認為墨西哥仍然是明顯的贏家。我們正在竭盡全力確保我們處於正確的位置來利用這一點。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Jim, you walked us through your -- some of your cost items, sort of directional thoughts into the second quarter. Can we zoom out a little bit on that discussion? Where is your accrual for incentive comp and stock comp for the year relative to where you thought it would be when you started the year? And like ultimately, if we get the recovery year, we're all hoping for into the 2026, how much of that needs to come back to get you back to a normal level?

吉姆，您向我們介紹了您的一些成本項目，以及第二季的一些方向性想法。我們能稍微縮小一下討論範圍嗎？與您年初所預期的相比，您今年的激勵補償和股票補償的累積情況如何？最終，如果我們迎來復甦年，我們都希望在 2026 年實現這一目標，那麼需要恢復多少才能恢復到正常水平？

Bascome, great to hear from you. So on our year-end '24 earnings conference call, I gave a $21 million normalized figure between incentive comp and stock compensation. We're currently accruing to about $12 million this year, Bascome. It's about $4 million from the cash plan and about $8 million from the stock plan.

巴斯科姆，很高興收到你的來信。因此，在我們 24 年底的收益電話會議上，我給了激勵薪酬和股票薪酬之間的標準化數字 2,100 萬美元。巴斯科姆，我們今年的累計金額約為 1200 萬美元。其中現金計畫約 400 萬美元，股票計畫約 800 萬美元。

And if we went back to normal in 2016, would that be reflective of where you started '25 or there'd be something different that we need to consider there?

如果我們在 2016 年恢復正常，這是否會反映出您 25 年開始的情況，或者我們需要考慮一些不同的事情？

There'd be a little bit of impact on merit wages, but I would tell you, Bascome, it's probably -- let's say $12 million is base case for '25. I would tell you, hypothetical for '26 would be that $9 million headwind or $21 million on a full year.

這會對績效工資產生一點影響，但我要告訴你，巴斯科姆，很可能——假設 1200 萬美元是 25 年的基準情況。我想告訴你，假設 26 年的逆風是 900 萬美元，或全年逆風是 2,100 萬美元。

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

此刻，我沒有其他問題。先生，我想把電話轉回給您，請您做最後發言。

Thank you, Al. In closing, while the freight environment remains challenging, we do see some positives in the near term, we were encouraged by first quarter truck volume performance and with a choppy industrial economic backdrop, we were pleased with the 6% year-over-year revenue increase in our heavy haul service offering. I was also pleased to see the impact of some cost performance on items within our control. For example, the first quarter was positively impacted by increased gains on sales of used trailing equipment, decreased depreciation on IT software projects, a decreased provision for contractor bad debt and decreased expenses on the company's trailing equipment fleet.

謝謝你，艾爾。最後，雖然貨運環境仍然充滿挑戰，但我們確實看到了短期內的一些積極因素，第一季卡車銷售表現令我們感到鼓舞，在工業經濟波動的背景下，我們對重型貨運服務收入同比增長 6% 感到滿意。我也很高興看到一些成本效益對我們可控制的項目的影響。例如，第一季受到二手拖掛設備銷售收益增加、IT 軟體專案折舊減少、承包商壞帳準備金減少以及公司拖掛設備車隊費用減少的正面影響。

And regardless of the economic environment, the resiliency of the Landstar variable cost business model continues to generate significant free cash flow. Landstar has always been a cyclical growth company, and we are well positioned to navigate the coming months as we continue to look forward to higher highs when the freight market turns our way.

無論經濟環境如何，Landstar 變動成本業務模式的彈性都能持續產生大量自由現金流。Landstar 一直是一家週期性成長的公司，我們已準備好迎接未來幾個月的挑戰，我們將繼續期待貨運市場轉向時股價能創下新高。

Thank you for joining us this morning. We look forward to speaking with you again on our 2025 second quarter earnings conference call in late July. Thank you.

感謝您今天上午加入我們。我們期待在 7 月下旬的 2025 年第二季財報電話會議上再次與您交談。謝謝。

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

感謝您參加今天的電話會議。祝你早安。此時請斷開您的線路。