Landstar System Inc (LSTR) 2025 Q2 法說會逐字稿

Good afternoon and welcome to Landar System Incorporated second quarter earnings release conference call. (Operator Instructions) Joining us today from Landstar are Frank Lonegro, President and CEO; Jim Todd, Vice President and CFO; Matt Miller, Vice President Chief Safety and Operations Officer; Jim Applegate, Vice President and Chief Corporate Sales Strategy and Specialized Freight Officer; Matt Dannegger, Vice President and Chief Field Sales Officer.

下午好，歡迎參加 Landar System Incorporated 第二季財報發布電話會議。（操作員指示）今天與我們一起出席 Landstar 會議的有總裁兼首席執行官 Frank Lonegro、副總裁兼首席財務官 Jim Todd、副總裁兼首席安全與營運官 Matt Miller、副總裁兼首席企業銷售戰略與專業貨運官 Jim Applegate 以及副總裁兼首席現場銷售官 Matt Dannegger。

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

現在我想把電話交給吉姆·托德先生，先生，您可以開始。

Thank you, Bell. Good afternoon and welcome to Landstar's 2025 second quarter earnings conference call before we begin, let me read the following statement.

謝謝你，貝爾。下午好，歡迎參加 Landstar 2025 年第二季財報電話會議，在我們開始之前，請容許我宣讀以下聲明。

The following is a safe harbor statement on the privacy securities litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts or forward-looking statements. During this conference call we may make statements that contain forward-looking information that relates to Landstar's business objectives, plans, strategies, and expectations.

以下是關於 1995 年隱私證券訴訟改革法案的安全港聲明。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。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。

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 risks factors, Landstar's form 10-Q for the 2025 first quarter and our other SEC filings from time to time.

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 表格中詳細說明的營運、財務和法律風險（風險因素部分中描述）、Landstar 2025 年第一季 10-Q 表格以及我們不時向 SEC 提交的其他文件中所述。

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

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。現在我將把發言權交給 Landstar 執行長 Frank Lonegro，請他致開幕詞。

I'd like to thank our BCOs and Agents and all of the Landstar employees who support them every day.

我要感謝我們的 BCO 和代理商以及每天支持他們的所有 Landstar 員工。

It was great to spend time with our BCO Million Milers and Roadstars at our annual All-Star event in Savannah, Georgia recently, and to celebrate their incredible safety accomplishments.

最近，我們在喬治亞州薩凡納舉辦了年度全明星活動，很高興與 BCO 百萬英里賽跑者和 Roadstars 一起度過美好時光，並慶祝他們令人難以置信的安全成就。

It was my honor to preside over Landstar's fifty-first truck giveaway, awarding newly inducted Million Mile safe driver George Eason, from Owensboro, Kentucky, with a new 2026 Freightliner Cascadia.

我很榮幸主持 Landstar 的第五十一次卡車贈送活動，向來自肯塔基州歐文斯伯勒的新入選百萬英里安全駕駛員 George Eason 贈送一輛全新的 2026 Freightliner Cascadia。

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.

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。

Their adaptability and dedication to safety, security, and service for our customers is truly impressive.

他們的適應能力以及對客戶安全、保障和服務的奉獻精神確實令人印象深刻。

They are exceptional business leaders and key to driving the continued success of Landstar's business model.

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。

Amidst the ongoing challenges in the freight environment compounded by volatile trade policy and lingering inflation concerns, the 2025 second quarter included several important positive developments for Landstar.

在貨運環境持續面臨挑戰、貿易政策動盪和通膨擔憂持續加劇的情況下，2025 年第二季 Landstar 取得了幾項重要的正面進展。

While overall revenue was down 1% year over year, truck revenue was up year over year for the first time since the third quarter of 2022, as noted in our earnings release, our second quarter revenue per truckload outperformed pre-pandemic typical seasonality and the number of trucks provided by BCOs was approximately equal to the 2025 first quarter, representing the best sequential truck performance in 12 quarters.

雖然總收入同比下降 1%，但卡車收入自 2022 年第三季度以來首次同比增長，正如我們的收益報告所指出的，我們第二季度每卡車的收入超過了疫情前的典型季節性，BCO 提供的卡車數量大約相當於 2025 年第一季度，代表了 12 個季度以來最好的連續卡車錶現。

Notwithstanding the political and macro uncertainty thus far in 2025, our focus continues to be on accelerating our business model and executing on our strategic growth initiatives.

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。

In one continued major bright spot, I am extremely pleased with the performance of Landar's heavy haul service offering.

一個持續的主要亮點是，我對 Landar 重型貨運服務的表現感到非常滿意。

We generated approximately $138 million of heavy haul revenue during the 2025 second quarter for a 9% increase over the 2024 second quarter.

2025 年第二季度，我們的重型貨運收入約為 1.38 億美元，比 2024 年第二季度成長 9%。

This achievement was driven by a 5% increase in heavy haul revenue per load and a 4% increase in heavy haul volume.

這項成就得益於每車重載貨物收入增加 5% 以及重載貨物運輸量增加 4%。

Turning more broadly to our core truckload service offering, the foundational work, we continue to invest in, puts us in a great position to leverage the freight environment when it eventually turns our way.

更廣泛地談到我們的核心整車服務產品，我們持續投資的基礎工作使我們在貨運環境最終轉向我們時處於有利地位，能夠充分利用貨運環境。

We are also focused on our commitment to continuous improvement in the level of service and support we provide to our customers, agents, BCOs, and carriers each and every day.

我們也致力於持續提高我們每天為客戶、代理商、BCO 和承運商提供的服務和支援水準。

Turning to slide 5, the freight environment in the 2025 second quarter was characterized by relatively soft demand from a seasonal perspective, admittedly comping off a seasonally strong first quarter.

轉到投影片 5，從季節性角度來看，2025 年第二季的貨運環境特點是需求相對疲軟，不可否認的是，第一季的季節性強勁。

The impact of accumulated inflation remains a drag on the amount of truckload freight generated in relation to consumer spending.

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。

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, as evidenced by an ISM index below 50 for the entire 2025 second quarter, I would note, however, that the combination of sequential truck revenue per load improvement coupled with the sequential compression of our brokerage net revenue margins would indicate a market that we believe is working its way back toward being balanced.

卡車運力繼續保持充足供應，小範圍的供需平衡，在工業經濟波動的環境下，市場條件繼續有利於托運人，正如整個 2025 年第二季度 ISM 指數低於 50 所證明的那樣，然而，我要指出的是，每輛卡車的連續裝載收入改善，加上經紀淨收入利潤率的連續壓縮，表明我們認為市場正在恢復平衡。

Considering that backdrop, Landstar's revenue performance was admirable in the 2025 second quarter with truck revenue per load 2.6% above the 2024 second quarter, partially offset by a 1.5% decrease in the number of loads hauled via truck over the same period.

考慮到這一背景，Landstar 在 2025 年第二季度的收入表現令人欽佩，每輛卡車的收入比 2024 年第二季度高出 2.6%，但同期卡車運輸量下降 1.5% 部分抵消了這一影響。

Our balance sheet continues to be very strong, and our capital allocation priorities are unchanged.

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。

We will continue to patiently and opportunistically execute on our existing buyback authority to benefit our long-term stockholders.

我們將繼續耐心、抓住機會地執行我們現有的回購權，以造福我們的長期股東。

As noted in the release during the 1st 6 months of 2025, we deployed approximately $103 million of capital towards buybacks and repurchased approximately 686,000 shares of common stock.

正如 2025 年前 6 個月的新聞稿中所述，我們部署了約 1.03 億美元的資金用於回購，並回購了約 686,000 股普通股。

We continue to invest through the cycle.

我們在整個週期內持續投資。

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 on unsided/platform equipment.

我們致力於為獨立企業主網路提供領先的技術解決方案，並在今年投入大量資金用於更新我們的拖曳設備，特別是單面/平台設備。

Turning to slide 6 and looking at our network, the scale systems and support inherent in the Landstar model help to drive the operating results generated during the 2025 second quarter.

翻到投影片 6 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 年第二季產生的經營業績。

JT will get into the details on revenue, loadings and rate per load in a few moments.

JT 稍後將詳細介紹收入、裝載量和每裝載量的費率。

As noted during previous earnings calls, Landstar safety culture is a crucial component of our continued success.

正如先前的財報電話會議所指出的，Landstar 安全文化是我們持續成功的關鍵因素。

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.

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。

I'm proud to report an accident frequency rate of 0.67 DOT reportable accidents per million miles during the 2025 1st half, well below the last available national average released from the FMCSA for 2021.

我很自豪地報告，2025 年上半年的事故頻率為每百萬英里 0.67 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 年最新全國平均水平。

We continue to be committed to driving down that number closer to the company's trailing 5-year average of 0.61 or lower.

我們將繼續致力於將這一數字降低至接近公司過去 5 年的平均值 0.61 或更低。

This long run average is an impressive operating metric that speaks to the strength, skill, talent, and dedication of our BCOs and the differentiation, our agents are able to highlight in discussions with our freight customers.

這一長期平均值是一個令人印象深刻的營運指標，體現了我們的 BCO 的實力、技能、才能和奉獻精神，以及我們的代理商在與貨運客戶的討論中能夠強調的差異化。

I'd also like to take a moment to recognize Landstar's nearly 500 million dollar agents based on our 2024 fiscal year results.

我還想花點時間根據我們 2024 財年的業績來表彰 Landstar 近 5 億美元的代理商。

Importantly, retention within the million dollar agent network continues to be extremely high.

重要的是，百萬美元代理網絡內的保留率仍然非常高。

Turning to slide 7 and the capacity side on a year over year basis, BCO truck count decreased approximately 6% compared to the end of the 2024 second quarter. On a sequential basis, BCO truck count was essentially flat, decreasing only 9 trucks in the second quarter from the 1st quarter, representing the best net truck count performance in 12 quarters.

轉到幻燈片 7 和容量方面，與去年同期相比，BCO 卡車數量與 2024 年第二季末相比減少了約 6%。與上一季相比，BCO 卡車數量基本上持平，第二季僅比第一季減少了 9 輛，是 12 個季度以來淨卡車數量表現最好的季度。

It is typical to incur turnover in BCO truck count in a low rate for load environment, BCO turnover continues to be influenced by a persistent low rate per load environment, combined with the significant increase in the cost to maintain and operate a truck today compared to before the pandemic.

在低裝載率環境下，BCO 卡車數量的周轉率很常見，BCO 週轉率繼續受到持續低裝載率環境的影響，再加上與疫情之前相比，如今卡車的維護和運營成本大幅增加。

Directionally, we are pleased to see our trailing 12 month truck turnover rate dropped from 34.5% as the fiscal year in 2024 to 31.9% at the end of the 2025 second quarter.

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 2024 財年的 34.5% 下降到 2025 年第二季末的 31.9%。

Through the 1st 4 weeks of our 2025 3rd fiscal quarter, the number of trucks provided by BCO Independent contractors has declined by 23 directionally consistent with the trend in truck revenue per load experienced during fiscal July.

在 2025 財年第三季的前 4 週內，BCO 獨立承包商提供的卡車數量減少了 23 輛，與 7 月每批卡車收入的趨勢一致。

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

我現在將回電給 JT，向你更詳細地介紹 2025 年第二季的財務狀況，JT，

Thanks, Frank.

謝謝，弗蘭克。

Turning to slide 9, as Frank mentioned earlier, overall truck revenue per load increased 2.6% in the 2025 second quarter compared to the 2024 second quarter, primarily attributable to a 3.2% increase in revenue per load on loads hauled by unsided/platform equipment and by 1.2% increase in revenue per load on loads hauled via van equipment. On a sequential basis, truck revenue per load increased 3.2% in the 2025 second quarter versus the 2025 1st quarter, stronger than the typical pre-pandemic normal seasonality increase of approximately 2%.

翻到幻燈片 9，正如弗蘭克之前提到的，2025 年第二季度卡車每車次的總收入與 2024 年第二季度相比增加了 2.6%，這主要歸因於通過無側/平台設備運輸的每車次收入增加了 3.2%，通過廂式貨車設備運輸的每車次收入增加了 1.2%。以環比計算，2025 年第二季每載卡車收入較 2025 年第一季成長 3.2%，高於疫情前正常的季節性增幅（約 2%）。

In comparison to overall truck revenue per load, we consider revenue per mile on 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.

與卡車每車次的總收入相比，我們考慮的是 BCO 卡車運輸的每英里收入，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 second quarter, revenue per mile on unsided/platform equipment hauled by BCOs was 14% above the 2024 second quarter, and revenue per mile on van equipment hauled by BCOs was 3% above the 2024 second quarter. Delving deeper into seasonal trends on unsided/platform equipment declined 1% from March to April was approximately flat April to May and increased 8% from May to June. The March to April decline and the April to May approximately flat performance both underperformed pre-pandemic seasonal trends while the May to June increase outperformed pre-pandemic historical trends.

2025 年第二季度，BCO 運輸的無側面/平台設備每英里收入比 2024 年第二季度高出 14%，BCO 運輸的廂式設備每英里收入比 2024 年第二季度高出 3%。深入研究單面/平台設備的季節性趨勢，3 月至 4 月下降了 1%，4 月至 5 月基本持平，5 月至 6 月增長了 8%。3 月至 4 月的下降和 4 月至 5 月的大致持平表現均低於疫情前的季節性趨勢，而 5 月至 6 月的增長則超過了疫情前的歷史趨勢。

With respect to loads hauled by BCOs on van equipment, revenue per mile was more stable, grinding slightly higher as we move through the second quarter, revenue per mile on van equipment hauled by BCOs was approximately flat from March to April outperforming these trends, increased 1% from April to May, outperforming these trends and increased another 1% from May to June underperforming pre-pandemic May to June historical trends.

對於 BCO 使用廂式設備運輸的貨物，每英里收入更加穩定，隨著我們進入第二季度，每英里收入略有上升，從 3 月到 4 月，BCO 運輸廂式設備每英里收入基本持平，表現優於這些趨勢，從 4 月到 5 月增長了 1%，表現優於這些趨勢，從 5 月到 6 月又增長了 16 月的歷史趨勢。

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. As Frank alluded to, we've been pleased with the recent performance in our heavy haul service offering.

值得注意的是，與廂型車設備相比，無側板/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。正如弗蘭克所提到的，我們對近期重型貨物運輸服務的表現感到非常滿意。

Heavy haul revenue was up an impressive, 9% year over year in the second quarter, significantly outperforming core truckload revenue. Heavy haul loadings were up approximately 4% year over year in revenue per heavy haul load increased 5% year to year.

第二季重型貨物運輸收入年增 9%，增幅顯著，遠超過核心整車運輸收入。重載貨物量年增約 4%，每輛重載貨物的收入年增 5%。

This represented a mixed tailwind to our unsided/platform revenue for load as heavy haul revenue is a percentage of the category increase from approximately 33% during the 2024 second quarter to approximately 35% in the 2025 second quarter. Non-truck transportation service revenue in the 2025 second quarter was 22% or 21 million below the 2024 second quarter. The decrease in non truck transportation revenue was mostly due to a 20% decrease in ocean revenue per shipment of 14% decrease in ocean volume and a 9% decrease in intermodal revenue per load.

這對我們的單側/平台載重收入來說是一個好壞參半的順風，因為重載收入佔該類別的百分比從 2024 年第二季的約 33% 增加到 2025 年第二季的約 35%。2025 年第二季非卡車運輸服務收入比 2024 年第二季低 22% 或 2,100 萬美元。非卡車運輸收入的下降主要是由於每批海運收入下降20%、海運量下降14%以及每批多式聯運收入下降9%。

Turning to slide 10, we've provided revenue share by commodity and year over year change in revenue by commodity.

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。

Transportation logistics segment revenue was down 1% year over year on a 2% decrease in loadings partially offset by a 1% increase in revenue per load compared to the 2024 second quarter. It should be noted that our US-Mexico and US Canada cross border businesses both underperformed our domestic revenue performance during the 2025 second quarter.

運輸物流部門營收年減 1%，裝載量下降 2%，但與 2024 年第二季相比，每批貨物收入成長 1%，部分抵銷了這一影響。值得注意的是，2025 年第二季度，我們的美墨和美加跨國業務表現均遜於國內營收表現。

Within our largest commodity category, consumer durables, revenue decreased 3% year over year on a 5% decrease in volume partially offset by a 2% increase in revenue per load. Aggregate revenue across our top five commodity categories which collectively make up about 69% of our transportation revenue declined approximately 3% compared to the 2024 second quarter. While slide 10 displays revenue share commodity, we thought it would also be helpful to include some color on volume performance within our top five commodity categories. From the 2024 second quarter to the 2025 second quarter total loadings and machinery increased 4%, automotive equipment and parts decreased 16%, building products decreased 6% and Hazmat decreased 7%.

在我們最大的商品類別耐用消費品中，收入年減 3%，銷量下降 5%，但每批貨物收入增長 2% 部分抵消了這一影響。我們五大商品類別的總收入（共占我們運輸收入的 69%）與 2024 年第二季相比下降了約 3%。雖然幻燈片 10 展示了商品的收入份額，但我們認為在前五大商品類別中加入一些銷售表現的顏色也會有所幫助。從 2024 年第二季到 2025 年第二季度，總裝載量和機械增加 4%，汽車設備和零件減少 16%，建築產品減少 6%，危險品減少 7%。

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 second quarter. As we've mentioned many times before, Landstar is a truck capacity provider to other trucking companies, 3PLs and truck brokers. 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.

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 年第二季度增長了 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。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。

The amount of freight hauled 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.

Landstar 代表其他卡車運輸公司運輸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 second quarter with 19% below the 2024 second quarter, a clear indicator that capacity is readily accessible in the marketplace. Revenue hauled on behalf of other truck transportation companies was 11% and 13% of transportation revenue in the 2025 and 2024 second quarters respectively. Even with ups and downs in various customer categories our business remains highly diversified, with over 23,000 customers, none of which contributed over 8% of our revenue in the 2025 first half. Turning to slide 11 in the 2025 second quarter gross profit was 109.3 million compared to gross profit of 120 million in the 2024 second quarter. Gross profit margin was 9% of revenue in the 2025 second quarter, as compared to gross profit margin of 9.8% in the corresponding period of 2024.

2025 年第二季代表其他卡車運輸公司運輸的總收入比 2024 年第二季低 19%，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 年第二季運輸收入的 11% 和 13%。即使各個客戶類別出現起伏，我們的業務仍然高度多樣化，擁有超過 23,000 名客戶，但沒有一個客戶在 2025 年上半年為我們的收入貢獻超過 8%。翻到第 11 張投影片，2025 年第二季的毛利為 1.093 億，而 2024 年第二季的毛利為 1.2 億。2025 年第二季毛利率為營收的 9%，而 2024 年同期毛利率為 9.8%。

In the 2025 second quarter, variable contribution was $170.5 million compared to $175.1 million in the 2024 second quarter. Variable contribution margin was 14.1% of revenue in 2025 second quarter compared to 14.3% in the same period last year.

2025 年第二季度，可變貢獻為 1.705 億美元，而 2024 年第二季為 1.751 億美元。2025 年第二季變動貢獻利潤率的 14.1%，去年同期為 14.3%。

The decrease in variable contribution margin compared to the 2024 second quarter was primarily attributable to a decreased variable contribution margin on revenue generated via truck brokerage carriers, as the rate paid to truck brokerage carriers is 46 basis points higher than the rate paid in the 2024 second quarter.

與 2024 年第二季度相比，可變貢獻利潤率的下降主要歸因於透過卡車經紀公司產生的收入的可變貢獻利潤率下降，因為支付給卡車經紀公司的費率比 2024 年第二季度支付的費率高出 46 個基點。

Turning to slide 12 operating income declined as a percentage of both gross profit and variable contribution primarily due to 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 bases. Other operating costs were $19.6 million in the 2025 second quarter compared to 4.1 million in 2024.

轉到投影片 12，營業收入佔毛利和可變貢獻的百分比均有所下降，這主要是由於公司固定成本基礎設施的影響，主要是銷售一般和管理費用的某些組成部分，與較小的毛利和可變貢獻基數相比。2025 年第二季的其他營運成本為 1,960 萬美元，而 2024 年為 410 萬美元。

This increase was primarily due to the reclassification of the $4.8 million dollar supply chain fraud charge established during the 2025

這一增長主要是由於 2025 年建立的 480 萬美元供應鏈詐欺指控被重新分類

1st quarter from customer bad debt to contractor bad debt during the 2025 second quarter, as a result of the finalization of certain financial responsibility-related agreements with the affected independent commission sales agency. Excluding the 4.8 million P&L reclassification, other operating costs increased approximately $700,000 as compared to the 2024 second quarter, primarily attributable to increased trailing equipment maintenance costs partially offset by increased gains on disposal of used trailing equipment.

第一由於與受影響的獨立佣金銷售機構最終達成了某些財務責任相關協議，2025 年第二季度，公司壞帳準備金將從客戶壞帳轉為承包商壞帳。不包括 480 萬美元的損益重新分類，其他營運成本與 2024 年第二季相比增加了約 70 萬美元，主要歸因於尾隨設備維護成本的增加，但處置二手尾隨設備收益的增加部分抵消了這一影響。

Insurance and claims costs were $30.4 million in the 2025 second quarter compared to 27.2 million in 2024.

2025 年第二季的保險和索賠成本為 3,040 萬美元，而 2024 年為 2,720 萬美元。

Total insurance and claims costs were 6.6% of BCO revenue in 2025 second quarter as compared to 5.8% in 2024 second quarter.

2025 年第二季度，總保險和索賠成本佔 BCO 收入的 6.6%，而 2024 年第二季度為 5.8%。

The increase in insurance and claims costs as compared to 2024 was primarily attributable to increased severity of trucking accidents during the 2025 period, increased severity on cargo claims primarily due to strategic cargo theft and increased net unfavorable development of prior year claim estimates, partially offset by decreased BCO miles traveled during the 2025 period and a decreased frequency of cargo claims during the 2025 period.

與 2024 年相比，保險和索賠成本的增加主要歸因於 2025 年期間卡車事故嚴重程度的增加、貨物索賠嚴重程度的增加（主要由於戰略貨物盜竊）以及上一年索賠估計的淨不利發展增加，部分被 2025 年期間 BCO 行駛里程的減少和 2025 年期間索賠頻率的下降所抵消。

During the 2025 and 2024 second quarters insurance and claims costs included $2.3 million $1.0 million dollars of net unfavorable adjustment to prior years' claim estimates, respectively.

2025 年和 2024 年第二季的保險和索賠成本分別包括 230 萬美元和 100 萬美元的對前幾年索賠估計的淨不利調整。

Selling general and administrative costs were $55.7 million in the 2025 second quarter compared to 54.9 million in the 2024 second quarter.

2025 年第二季的銷售一般及行政費用為 5,570 萬美元，而 2024 年第二季為 5,490 萬美元。

Excluding the favorable impact of the previously mentioned 4.8 million reclassification, selling general and administrative costs increased approximately $5.6 million as compared to the 2024 second quarter.

不包括前面提到的 480 萬美元重新分類的有利影響，銷售一般和行政費用與 2024 年第二季相比增加了約 560 萬美元。

The increase in selling general and administrative costs were primarily attributable to an increased provision for incentive compensation, increased information technology costs, increased wages and employee benefit costs and increased costs associated with our annual agent convention.

銷售一般和行政費用的增加主要歸因於獎勵薪酬撥備的增加、資訊科技成本的增加、工資和員工福利成本的增加以及與我們的年度代理商大會相關的成本的增加。

The provision for incentive compensation was approximately $1 million during the 2025 second quarter compared to a $1.4 million dollar reversal of previously recorded incentive compensation costs during the 2024 second quarter.

2025 年第二季的激勵薪酬準備金約為 100 萬美元，而 2024 年第二季先前記錄的激勵薪酬成本沖銷為 140 萬美元。

Depreciation and amortization was $12.1 million in the 2025 second quarter compared to 14.5 million in 2024.

2025 年第二季的折舊和攤提為 1,210 萬美元，而 2024 年為 1,450 萬美元。

This decrease is primarily due to decreased depreciation on software applications.

這一下降主要是由於軟體應用程式折舊減少。

The effective income tax rate was 24.6% in the 2025 second quarter compared to an effective income tax rate of 24.5 percent in the 2024 second quarter.

2025 年第二季的有效所得稅率為 24.6%，而 2024 年第二季的有效所得稅率為 24.5%。

Turning to slide 13 and looking at our balance sheet, we ended the quarter with cash and short-term investments of $426 million dollars. Cash flow from operations for the 2025 1st half was $63 million dollars and cash capital expenditures were $4 million dollars.

翻到第 13 張投影片並查看我們的資產負債表，我們在本季結束時擁有 4.26 億美元的現金和短期投資。2025 年上半年的營運現金流為 6,300 萬美元，現金資本支出為 400 萬美元。

The company continues to return significant amounts of capital back to stockholders with $97 million of dividends paid and approximately $102 million of share repurchases during the 2025 1st half.

該公司繼續向股東返還大量資本，在 2025 年上半年支付了 9,700 萬美元的股息，並回購了約 1.02 億美元的股票。

The strength of our balance sheet is a testament to the cash generating capabilities of the Landstar model.

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。

iven the highly fluid freight transportation backdrop and an uncertain political and macroeconomic environment, as well as challenging industry trends with respect to insurance and claims costs, the company will be providing third quarter revenue commentary rather than formal guidance.

鑑於貨運運輸背景高度不穩定、政治和宏觀經濟環境不確定，以及保險和索賠成本方面充滿挑戰的行業趨勢，該公司將提供第三季度收入評論而非正式指引。

Turning to slide 15, the number of loads hauled via truck in July was approximately 1% above July 2024 on a dispatch basis while revenue per load in July was approximately 3% below July 2024 on a processed basis.

翻到投影片 15，以調度計算，7 月透過卡車運輸的貨物數量比 2024 年 7 月高出約 1%，而按處理計算，7 月每批貨物的收入比 2024 年 7 月低約 3%。

As a result, we view July's truck volumes as slightly better than normal seasonality, whereas July truck revenue per load was below normal seasonality.

因此，我們認為 7 月的卡車運輸量略好於正常季節性，而 7 月的卡車每載收入低於正常季節性。

It should be noted that the launch point of the second quarter from a sequential pricing perspective was relatively high, given the strong seasonal performance of 2025, second quarter truck revenue per load.

值得注意的是，鑑於 2025 年第二季卡車每載收入的強勁季節性表現，從連續定價角度來看，第二季的啟動點相對較高。

Looking at historical seasonality from Q2 to Q3, pre-pandemic patterns would normally yield a slight decrease in the number of loads all via truck, almost entirely offset by a slight increase in truck revenue per load, yielding a relatively flat top line sequentially.

從第二季到第三季的歷史季節性來看，疫情前的模式通常會導致卡車運輸量略有下降，但幾乎完全被每車卡車收入的略有增加所抵消，從而導致營收環比持平。

As noted above, fiscal July truck volumes trended slightly above normal seasonality while fiscal July truck pricing tended slightly below.

如上所述，7 月份卡車銷量略高於正常季節性水平，而 7 月份卡車價格略低於正常季節性水平。

With respect to variable contribution margin, the company typically experiences a relatively flat variable contribution margin from the second quarter to the third quarter.

就變動貢獻利潤率而言，公司通常從第二季到第三季經歷相對平穩的變動貢獻利潤率。

Although we're not providing guidance, there are 3 points regarding the expense side in the 2025 third quarter that we want to bring to everyone's attention.

雖然我們沒有提供指導，但關於 2025 年第三季的費用方面，有 3 點我們希望提請大家注意。

First, assuming a normalized provision for customer bad debt and normalized employee benefit costs, we would assume SG&A costs would decline by approximately $3 million sequentially as we cycle the impact of the 2025 agent convention held during fiscal April 2025. Second, that approximately $3 million sequential tailwind to SG&A will be partially offset by the impact of our BCO all-star celebration in fiscal July, which we expect to result in a $1.5 million dollar sequential headwind on the other operating costs line, and third, one of Landstar's operating companies, Landstar Ranger, is a defendant in a trial currently underway in El Paso, Texas, involving a tragic accident between an RV occupied by a family and a small independent trucking company that at the time of the accident was hauling a load brokered to it, by Landstar Ranger.

首先，假設顧客壞帳準備金和員工福利成本都已正常化，我們假設隨著 2025 年 4 月舉行的 2025 年代理商大會的影響循環，銷售、一般及行政費用將連續下降約 300 萬美元。其次，銷售、一般及行政費用 (SG&A) 環比增長約 300 萬美元，但這將被 7 月份 BCO 全明星慶祝活動的影響部分抵消，我們預計這將對其他運營成本項目造成 150 萬美元的環比逆風；第三，Landstar 的一家運營公司 Landstar Ranger是目前正在德克薩斯州埃爾帕索進行的一場審判的被告，該審判涉及一輛載有一戶人家的房車與一家小型獨立貨運公司之間的悲慘事故，事故發生時，該公司正在運送 Landstar Ranger 代理的貨物。

The plaintiffs assert that with respect to the accident, Landar Ranger acted as the responsible motor carrier and not a broker.

原告聲稱，就這起事故而言，Landar Ranger 是負責任的汽車承運人，而不是經紀人。

Although it is hard to predict the potential outcome of this matter, the trial could result in a substantial verdict against Landstar during the 2025 3 quarter.

儘管很難預測此事的潛在結果，但審判可能會在 2025 年第三季對 Landstar 作出實質判決。

Landstar intends to preserve its rights to appeal any such verdict.

Landstar 打算保留對此類判決提出上訴的權利。

Additional information regarding this matter is included in Landstar's second quarter 10Q filed today with the SEC. With that Bell, we'd like to open the line for questions.

有關此事的更多資訊包含在 Landstar 今天向美國證券交易委員會提交的第二季 10Q 報告中。隨著鈴聲響起，我們想開始回答問題。

Thank you very much, sir.

非常感謝您，先生。

This time we will begin the question and answer session (Operator Instructions)

這次我們將開始問答環節（操作員指示）

Jon Chapell, Evercore ISI.

喬恩‧查佩爾 (Jon Chapell)，Evercore ISI。

Good afternoon. Jim hate to start off with super minutia question, but here we go. Frank gave us that SGA outlook for 3Q. You had mentioned earlier the 4.8 million impact to the good guy, in second quarter, SG&A. So when we think about that 3 million minus the 1.5 million sequential decline, is that off the 557 that was actually reported in 2Q or is that the 557 plus the 4.8. And then make the the seasonal adjustment.

午安.吉姆不想以極度細枝末節的問題開始，但我們還是開始吧。弗蘭克向我們介紹了 SGA 對第三季的展望。您之前提到過，第二季銷售、一般及行政費用 (SG&A) 對好人的影響為 480 萬美元。那麼，當我們用300萬減去環比下降的150萬時，是減去第二季實際報告的557萬，還是減去557萬加上480萬？然後再進行季節性調整。

Hey, Jon, all good, yes, so the 557 on an as reported basis was inclusive of a P&L reclassed out of SG&A into other operating costs so that favorably impacted the bad debt line in the second quarter of 25, so I would tell you to put that back and then have the $3 million fall off from convention.

嘿，喬恩，一切都很好，是的，因此，按報告計算的 557 包括從銷售、一般和行政費用中重新分類為其他運營成本的損益，因此這對 25 年第二季度的壞賬線產生了有利影響，所以我會告訴你把它放回去，然後從慣例中減少 300 萬美元。

Great, helpful. And then, another one maybe be a bit in the weeds, the unsigned platform revenue per load, really stepped up sequentially. You'd mentioned kind of the monthly, cadence and then that big 8%. Move from May to June. So how do we kind of put those two together? Did you just have a phenomenal June kind of exit rate, that kind of help you both from a volume perspective and a pricing perspective at the same time, and is that the right kind of launch point if you think about seasonal trends in the 3Q .

很棒，很有幫助。然後，另一個可能有點棘手的問題，即未簽約平台每次加載的收入，確實在連續增加。您提到了每月的節奏，然後是 8% 的那個。從五月移至六月。那我們要如何將這兩者結合起來呢？你們 6 月的退出率是否非常高，這對你們的銷售和定價都有幫助嗎？如果考慮第三季的季節性趨勢，這是否是正確的啟動點？

No, Jon, it's a great question.

不，喬恩，這是一個很好的問題。

So that that comment was specific to BCO van rate per mile on one side of the platform, so our BCO is a percentage of that category is probably 30% or so and the folks that that play in that space, the BCOs, they tend to skew more on the heavy specialized side. So to your point on a sequential basis or unsided/platform revenue per load stepped up about 7% sequentially. It was steady, John, so it was 320 basis point good guy March to April 620 April to May and 440 May to June, so it was impressive and each month and a quarter I would tell you VA revenue per load as well wasn't as, pronounced, but, plus 0.8% plus 0.6% and plus 1.1% April, May to June. So we felt good about rates on both equipment types all the way through the quarter.

因此，該評論具體針對的是平台一側每英里的 BCO 貨車費率，因此我們的 BCO 佔該類別的百分比大概是 30% 左右，而從事該領域的人，即 BCO，他們往往更傾向於重型專業化方面。因此，正如您所說，以連續基礎計算，單邊/平台每負載收入連續增長了約 7%。約翰，它很穩定，所以 3 月到 4 月是 320 個基點，4 月到 5 月是 620 個基點，5 月到 6 月是 440 個基點，所以它令人印象深刻，每個月和每個季度我都會告訴你 VA 每次負載的收入也不那麼明顯，但是，4 月、5 月到 6 月分別增加了 0.0%。因此，我們對整個季度這兩種設備類型的價格都感到滿意。

Great. Thanks a lot, Jim. For sure. Thank you.

偉大的。非常感謝，吉姆。一定。謝謝。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Yeah, hey, good evening, thanks for taking the questions. For sure. Maybe starting on a higher level one, Frank, I feel like a few months ago, a lot of uncertainty from shippers.

是的，嘿，晚上好，感謝您回答問題。一定。也許從更高層次開始，弗蘭克，我覺得幾個月前，托運人有很多不確定性。

I think about some of your bigger movers this quarter I think auto down 17 energy electrical up meaningfully can you offer some color by any market on how you're thinking about the back half of the year, any updated thoughts and how they're changing and by those big end markets you're exposed to.

我認為本季度一些較大的推動因素是汽車價格下跌 17%，而能源電氣價格上漲幅度很大，您能否透過任何市場提供一些信息，說明您對下半年的看法，任何最新的想法以及它們如何變化，以及您所接觸的那些大型終端市場。

Yeah, no, good question. Nice to hear your voice and I'll kick it, over to Jim Applegate here in a second, but when you look at the second quarter and then think about the translation into the third quarter, I think you're largely going to see the same trends I would say, automotive absent a move in interest rates, or incentives or something like that to stimulate demand, I would continue to see auto as being something that is a bit sluggish until we see interest rates and tariffs find their equilibrium.

是的，不，好問題。很高興聽到您的聲音，我馬上就把話題交給吉姆·阿普爾蓋特，但是當您看第二季度，然後考慮第三季度的轉化時，我認為您基本上會看到相同的趨勢，我會說，汽車如果沒有利率變動，或者激勵措施或類似的東西來刺激需求，我會繼續看到汽車行業有點低迷，直到我們看到利率和關稅找到平衡點。

Housing hasn't been our friend either, so on the construction side that's obviously going to impact building products and things like that. On the other side of building products is going to be the data center business and things like that which have done fairly well in JT's remarks, he did mention the cross-border business both US, Mexico and US Canada and it's again until I, until we see something that shows a level of stability politically and through trade, I do think we're going to continue to see that on the year over year probably trend to the negative side, I think that on the positive side, the data are all things that we are seeing on the positive side, the data centers, the wind business, the government, the heavy haul business that we mentioned are all things that we are seeing on the positive side and I think you're going to continue to see that in the, into the third quarter.

住房也不是我們的朋友，所以在建築方面，這顯然會影響建築產品和類似的東西。在建立產品的另一面將是資料中心業務以及諸如此類的業務，這些業務在 JT的演講中表現得相當不錯，他確實提到了美國、墨西哥和美國加拿大的跨境業務，直到我看到某種東西顯示出政治和貿易上的穩定，我確實認為我們將繼續看到同比可能趨向負面的趨勢，我認為從積極的一面來看，數據都是我們看到的積極的一面，數據中心、風能業務、政府、我們提到的重型貨運業務都是我們提到的重型貨運業務的情況。

Yeah, no, I think it, I mean Frank well said, we do look at, kind of the data centers and everything it's kind of powering that whole infrastructure build with AI, the electrical equipment, we need the power generation, type stuff is really been a positive and that's going to continue.

是的，不，我認為，我的意思是弗蘭克說得很好，我們確實在關注資料中心以及所有為整個基礎設施建設提供動力的東西，包括人工智慧、電氣設備、我們需要的發電等，這些都是積極的，而且這種情況還會持續下去。

We see we see a pretty long runway, and I think a lot of that infrastructure build out is just in infancy, and I think you know you can tack on, just some of the administration things now that they're doing with the big beautiful bill and trying to spur domestic investment, it plays very nicely into additional Infrastructure type investment so we're very positive about that, I think Frank touched on, kind of some of the negatives that, around the tariff related, impacted industries, automotive, obviously, very down, and until you get some clarity as far as you know where some of these tariffs are going to shake out I think that continues, same thing with, other like metals and kind of some of the consumer related products I think you're going to continue to see some choppiness over on that end.

我們看到一條相當長的跑道，我認為很多基礎設施建設才剛剛開始，而且我認為你可以附加一些行政事務，現在他們正在用這個大而美麗的法案來做，並試圖刺激國內投資，這對額外的基礎設施投資非常有利，所以我們對此非常樂觀，我認為弗蘭克談到了一些與關稅相關的負面因素，影響了汽車行業，顯然，影響非常大，在你弄清楚這些關稅將在哪裡產生影響之前，我認為這會持續下去，其他金屬和一些消費相關產品也是如此，我認為你會繼續看到這方面的一些波動。

That's helpful, and then JT maybe a near term one on the 3Q kind of set up I guess. I think Frank mentioned variable contribution margins typically flat sequentially from 3q or 2q to 3q obviously rates have underperformed seasonality I would think that's helping variable contribution margin, but how should we think about BCM relative to the historical flat, is there any offset we should be aware of from mixed or something else that would keep us from being better than that seasonally normal.

這很有幫助，然後我猜 JT 可能是 3Q 設定中的近期一個。我認為弗蘭克提到了可變貢獻利潤率通常從第三季度或第二季度到第三季度連續持平，顯然利率表現不如季節性，我認為這有助於可變貢獻利潤率，但我們應該如何看待 BCM 相對於歷史持平，是否有任何我們應該注意的抵消，混合或其他因素會阻止我們比季節性正常情況更好。

It's a good question, Dan sort of Frank's point, I mean, we're essentially flat if you go back 15 years and walk 22 to 3Q to your point, if the if the rate softness, today, full disclosure today is day two of July close, so I don't have perfect visibility, but to your point, if the rate revenue for load softness we're seeing in July results in wider spreads on the brokerage side that could be a tailwind to VCM outperformance. The other thing I would call out, that Miller can speak to better than me. the BCO utilization number was a good number in the second quarter. I think it ticked up 3% year over year. Now that could be face a little bit of a headwind with the rate direct direction we see rates going in July, but if that continues at a strong clip, that could help, and conversely, if rates fade a little bit, that could be a headwind from utilization side that that's how I'm thinking about it.

這是個好問題，丹，有點像弗蘭克的觀點，我的意思是，如果你回顧 15 年前，然後沿著 22 到 3Q 的軌跡走，我們基本上是持平的，如果利率疲軟，今天，完全披露今天是 7 月收盤的第二天，所以我沒有完美的可見性，但對於你的觀點，如果我們在 7 月份看到收入的軟負荷，我要指出的另一件事是，米勒比我更了解這一點。第二季的 BCO 使用率數字是一個不錯的數字。我認為它比去年同期上漲了 3%。現在，這可能會面臨一點阻力，因為利率直接方向我們看到 7 月份的利率會上升，但如果利率繼續保持強勁增長，這可能會有所幫助，相反，如果利率略有下降，這可能會對利用率方面造成阻力，這就是我的想法。

Great, appreciate the color, guys. Good luck.

太好了，夥計們，欣賞這個顏色。祝你好運。

Thanks.

謝謝。

Thank you, we'll move on to the next person coming from the line it's Scott Group of Wolf Research, your line is now open.

謝謝，我們接下來聯絡下一位來電者，他是 Wolf Research 的 Scott Group，您的線路現已開放。

Hey, thanks afternoon guys, I just want to clarify one thing about Q2 just to start, right? So the, there was a reclassification of that what 4.8 million or whatever of costs from one line to another, but the net of it is clean, right?

嘿，謝謝大家下午好，我只是想先澄清一下關於 Q2 的一件事，對嗎？因此，將 480 萬美元或其他費用從一條線路重新分類到另一條線路，但其淨額是乾淨的，對嗎？

So like the dollar $20 is a is a clean quarter and we just take like the earnings from Q2 and then add back 1.5 million for the net of the agent convention, is that right? Or do we need to I just did that, is that right?

因此，20 美元是一個乾淨的季度，我們只需從第二季度獲取收益，然後再加上 150 萬美元作為代理商大會的淨額，對嗎？或者我們需要我剛才這麼做，對嗎？

Yeah, so what, when you think about the agent matter that we talked about last quarter, as you think about the classification on the P&L we had to move a couple of things around, but you're correct, the net number is 0 in terms of that reclass. I'll let JT hit the other moving parts.

是的，那又怎樣，當您考慮我們上個季度討論的代理問題時，當您考慮損益表上的分類時，我們必須移動一些東西，但您是對的，就重新分類而言，淨數是 0。我會讓 JT 擊打其他活動部件。

That's absolutely right, Scott.

完全正確，斯科特。

You're thinking about the right way. It was a zero penny impact in the second quarter just P&L geography, so yeah, the convention falls off, $3 million tailwind BCO all starts by 1.2 to $1.5 million headwind discrete to the third quarter.

您正在思考正確的方法。僅對第二季度的損益地理影響為零，所以是的，慣例消失了，300 萬美元的順風 BCO 全部以 120 萬美元至 150 萬美元的逆風開始，與第三季度無關。

Okay, perfect. Okay, that's what I thought. And then the BCO count flat sequentially that's good to see the number of approved and active brokerage carriers fell off a decent amount is. Is that you're, are you seeing accelerated pieces of bankruptcies, is that what's causing that or any additional color there?

好的，完美。好的，我也是這麼想的。然後，BCO 數量連續持平，很高興看到經批准和活躍的經紀公司數量大幅下降。您是否看到破產數量加速成長，這是造成這現象的原因嗎，還是有其他原因嗎？

Yeah, one of the things we telegraph, Scott on the last call was we mentioned on the last call that there would be a pretty significant change as a result of some things that Matt's doing there, so we did exactly what we thought it was going to do but I'll let Matt pick up the color

是的，我們在上次電話會議上向斯科特透露的一件事是，我們在上次電話會議上提到，由於馬特在那裡做的一些事情，將會發生相當大的變化，所以我們做了我們認為會做的事情，但我會讓馬特來選擇顏色

Just a great deal of efforts is happening on the fraud front and really becoming more selective on who we're choosing to do business with is a result of all the work that's going on there to really cull through the carriers that are in the database and make sure we're partnering with those we want to partner with.

我們在反詐騙方面做出了巨大的努力，在選擇合作夥伴時也變得更加謹慎，這是我們在資料庫中篩選營運商並確保與我們希望合作的營運商進行合作的所有工作的結果。

and then just last one, you talked about the rev per load finally inflecting positive and in Q2 and I guess July is back negative again, do we think this is there something unusual about July from a comp standpoint, or is this just we can't get a sustained inflection yet.

然後最後一個問題，您談到每負載轉速最終轉為正值，而在第二季度，我猜 7 月份又回到了負值，從比較的角度來看，我們是否認為 7 月份有什麼不尋常的地方，還是我們還無法獲得持續的拐點。

I think the short answer is the last thing that you said when I look at the sequential improvement, which literally started, March to April to May to June, we thought maybe we were catching a bid there, when you look at it in retrospect, I think there's a couple of things. There were some unique items in Q2, you've got certainly the road checks and Memorial Day, and then you had the very late quarter implementation of the English language proficiency, which we got what, Matt, weeks of or something like that, so that will remain to be seen what happens there, and then we probably had some tariff full forwards in the first half of the year which probably give it a little bit of bid and then the launch point, from June to July, it was a pretty good June number for us and it'll be good July 2024 number, so I think you're coming off of some heavier comps and demands just, inventory levels are probably a little higher based on some of the pull forward you've got the tariff uncertainty and I think it's too early to tell what the ultimate impact is going to be from the big bill, but we're certainly favorable on the things that we saw in there.

我認為簡短的回答就是您最後說的一件事，當我看到連續的改進時，實際上是從三月到四月到五月到六月開始的，我們認為也許我們在那裡得到了出價，當你回想起來時，我認為有幾件事。第二季度有一些獨特的項目，當然有道路檢查和陣亡將士紀念日，然後是本季度末實施的英語水平測試，馬特，我們得到了幾週或類似的東西，所以還有待觀察那裡會發生什麼，然後我們可能在上半年有一些關稅全額遠期，這可能會給它一點出價，然後是啟動點，從六月到，對我們來說這是一個相當不錯的六月數字，到2024年7月也將是一個不錯的數字，所以我認為你正在擺脫一些更重的比較和需求，庫存水平可能會根據一些拉動而略高，你有關稅的不確定性，我認為現在判斷大賬單的最終影響還為時過早，但我們對我們在那裡看到的事情肯定是有利的。

Thank you, appreciate it guys. Thanks.

謝謝你們，非常感謝你們。謝謝。

Thank you, we'll move on to the next person coming from the line of Bruce Chan.

謝謝，我們接下來請出場的是陳小龍這一系的下一位嘉賓。

Hey, good evening guys appreciate the time here. Maybe just a follow up on some of the end markets, you mentioned that, substitute lion hall was nicely this quarter, wondering if that was related to post pauses restocking at the end of the quarter and maybe, get your thoughts on whether that sustains into 3 q or, maybe that falls off a little bit and then, I know it's early, but any kind of early read on, what the sort of peak season looks like, especially with that line.

嘿，大家晚上好，感謝您的惠顧。也許只是對一些終端市場的跟進，您提到，替代獅子大廳本季度表現不錯，想知道這是否與本季度末的暫停補貨有關，也許，您認為這種情況是否會持續到第三季度，或者可能會有所下降，然後，我知道現在還為時過早，但任何早期的閱讀，旺季是什麼樣子的，特別是那條線。

Hey Bruce, so substitute line off for us is probably our least diversified end market so we had some pretty good demand in the first quarter from one of the big parcel players, in the second quarter we had pretty solid demand from the other parcel player, along with one of the LTLs, so, just less diversified and you could have one or two shippers, really move the needle there for thoughts on read through to the back half.

嘿，布魯斯，對於我們來說，替代線路可能是我們最不多樣化的終端市場，所以第一季度我們從一家大型包裹公司獲得了相當不錯的需求，第二季度我們從另一家包裹公司以及一家 LTL 公司獲得了相當穩定的需求，所以，多樣化程度較低，你可能只有一兩家托運人，這真的讓我們在閱讀後半部分時有了想法。

I'll let the sales team come in.

我會讓銷售團隊進來。

Hey, Bruce, this is Matt Dannegger, in regards to the peak, we're right at that time of year where we start looking into that and to JT's point, it's really just on our part, a handful of the parcel players and substitute line haul.

嘿，布魯斯，我是馬特·丹尼格，關於巔峰，我們正處於一年中的那個時候，我們開始研究這個問題，對於 JT 的觀點，這實際上只是我們這邊的問題，少數包裹球員和替補線路運輸。

So we're starting to look at that now. We don't have a full look at what that's going to be yet we're only firm that up September October, and have a better look at rates and volumes, but the early is, we're not looking for a huge peak, just like last year, a lot's changed, since the post COVID over the last couple of years, I think there's more people going back into the stores.

所以我們現在開始研究這個問題。我們還沒有完全了解情況，但我們只是確定了 9 月至 10 月的情況，並對費率和交易量進行了更好的觀察，但早期的情況是，我們並不期待出現巨大的峰值，就像去年一樣，自從過去幾年 COVID 疫情爆發以來，很多事情都發生了變化，我認為會有更多的人回到商店。

You got e-commerce, they're finding different ways to manage their own transportation, so we're just not seeing the same amount of that substitute line haul from our traditional customers that we've seen in the past.

有了電子商務，他們正在尋找不同的方式來管理自己的運輸，所以我們沒有看到傳統客戶像過去那樣有相同數量的替代幹線運輸。

So, early estimation like I said, probably a little bit flat I think last year we were 1 or 2% over 23 and we're probably looking pretty similar this year, flat, maybe up a little, maybe down a little bit, but no huge swings like we've seen in in some of the years past, but we'll have better information on that, later on in the in the fall.

因此，就像我說的，早期的估計可能有點持平，我認為去年我們比 23 增長了 1% 或 2%，今年的情況可能非常相似，持平，可能上升一點，可能下降一點，但沒有像過去幾年那樣出現巨大的波動，但我們將在秋季晚些時候獲得更好的信息。

Okay, yeah, super helpful and then just a quick follow up on the forwarding side.

好的，是的，非常有幫助，然後只是在轉發方面進行快速跟進。

I know, smaller part of the business, but, obviously a big drop off in the second quarter I imagine, related to tariff, kerfuffle, any line of sight on that, improving so far in in 3Q.

我知道，業務規模較小，但我想，第二季顯然會大幅下滑，這與關稅、混亂有關，目前來看，第三季有所改善。

Bruce, I do not have a view based on July, thus far, we saw ocean rates probably start to roll over a quarter or two ago and I think on a year to year basis that continued, and sequential, I believe it continued as well, but to your point, not a huge piece for us and cut some project type stuff can influence that from quarter to quarter.

布魯斯，我沒有基於七月份的觀點，到目前為止，我們看到海運費率可能在一兩個季度前開始回落，我認為從逐年來看，這種情況會持續下去，而且我相信這種情況也會持續下去，但正如你所說，這對我們來說不是一個很大的部分，削減一些項目類型的東西可能會對每個季度產生影響。

Got it. Thank you.

知道了。謝謝。

Thank you, we'll move on to the next person coming from the line of David Zazula of Barclays, your line is now open.

謝謝，我們接下來聯絡巴克萊銀行的 David Zazula，您的線路現已開放。

Hey, thanks for taking my question. But you answered the question about the brokerage capacity providers but sequentially the BCO count, the losses seems to have stemmed. We there any actions you took to be able to, better recruit or better retain BCS during the quarter.

嘿，謝謝你回答我的問題。但是您回答了有關經紀能力提供者的問題，但隨後 BCO 數量出現下降，損失似乎已經停止。我們了解您採取了什麼措施以便能夠在本季度更好地招募或留住 BCS。

Yeah, no, David, good question, a quarter ago, we mentioned that as the rate environment stabilized and as the actions that Matt and his team have started to take, to hold, that we would see fewer cancellations and more ads, obviously being in the second quarter versus the 1st quarter is helpful just from a seasonal perspective.

是的，不，大衛，好問題，一個季度前，我們提到，隨著利率環境的穩定以及馬特和他的團隊開始採取的行動，我們會看到更少的取消和更多的廣告，顯然，從季節性的角度來看，第二季度與第一季度相比是有幫助的。

We were delighted to see effectively a flat, quarter over quarter of BCO count and continuing to do everything we can on the, recruiting and the qualifications and the orientation and everything we do from a retention perspective.

我們很高興地看到，BCO 數量與上一季相比基本持平，並且我們將繼續盡一切努力進行招聘、資格認證、入職培訓以及從保留角度開展的一切工作。

I will let Matt sing his own praises because he's done a heck of a job for us in the last 6 months.

我會讓馬特自己歌頌，因為他在過去的六個月裡為我們做了大量的工作。

I appreciate that, Frank. I appreciate the question. Yeah, ads are tough in this environment would love to get a little bit more help on rate that said, as Frank mentioned, we have a number of strategic initiatives focusing on how we recruit, how we qualify, how we onboard without sacrificing safety. Safety is one of those things we hold near and dear to the heart, a big differentiator for us.

我很感激，弗蘭克。我很感謝你提出這個問題。是的，在這種環境下投放廣告很困難，希望能在費率方面得到更多幫助，正如弗蘭克提到的那樣，我們有許多戰略舉措，重點關注如何招募、如何獲得資格、如何在不犧牲安全的情況下入職。安全是我們最重視的事情之一，也是我們最大的差異。

That said, best gross ads in 7 quarters, sequentially the gross ads were up 9.5% and year over year the gross ads were up 12.5%, so overall, pleased with the improvement we've seen.

也就是說，這是 7 個季度以來的最佳廣告總收入，環比增長 9.5%，同比增長 12.5%，因此總體而言，我們對所看到的改善感到滿意。

Thanks, and then if I just squeeze one in on heavy haul seems like a very positive environment for you out there are there any headwinds on the horizon?

謝謝，那麼如果我只擠進一個重型運輸業，這對你來說似乎是一個非常積極的環境，那麼未來會有什麼阻力嗎？

Is that segment, exposed to tariffs or you know anything else that would keep that from continuing the momentum.

該部分是否會受到關稅或其他因素的影響，從而阻礙其繼續保持成長勢頭。

Yeah, I think on the on the heavy haul side, not necessarily tariff related, there's a little bit that goes cross border, we keep our eyes on, but a lot of that's domestic, I think the question on everybody's mind as we look at the big bill is what the impact of that's going to be on wind energy and some of the things that have been subsidized but let me let Jim Applegate talk a little bit more about that.

是的，我認為在重型運輸方面，不一定與關稅有關，有少量是跨境的，我們一直在關注，但很多是國內的，我認為當我們看這張大賬單時，每個人心中的問題是，這將對風能和一些已經獲得補貼的東西產生什麼影響，但讓我讓吉姆·阿普爾蓋特再談一下這個問題。

Yeah, and it relates to, kind of near term, no, I mean we're hearing from all of our customers and it's pretty broad based. I mean we're not just kind of, pigeonholed in one customer or one industry we're seeing it and when machinery, electrical equipment, data centers, even 3PLs that kind of specialize in that type of movement of equipment, we're seeing it across the board so we feel we're pretty well insulated from a customer and industry standpoint there are some things in the bill to Frank's point, the alternative energy credits, we're keeping an eye on that, but we do feel, no matter what happens, people need energy, people need power, we're going to see that business.

是的，這與近期有關，不，我的意思是我們聽到了所有客戶的聲音，而且範圍相當廣泛。我的意思是，我們並不局限於某個客戶或某個行業，我們看到機械、電氣設備、資料中心，甚至專門從事此類設備運輸的第三方物流，我們看到的是全方位的，所以我們覺得從客戶和行業的角度來看，我們受到的影響相當大。法案中有一些內容與弗蘭克的觀點相符，即替代能源信用，我們正在密切關注，但我們確實覺得，無論發生什麼，人們都需要能源，人們需要電力，我們會看到這項業務。

Just kind of moved it to different customers, and different providers depending on where they're going to need to kind of build their power to power all this investment that's happening across North America right now. So we still remain bullish on it, but we're keeping a good eye on, what, customers might benefit from this bill. Thanks so much.

只是將其轉移到不同的客戶和不同的供應商，這取決於他們需要在哪裡建立自己的電力來支援目前在北美發生的所有投資。因此，我們仍然對此持樂觀態度，但我們正在密切關注客戶可能從該法案中受益什麼。非常感謝。

Thank you so much.

太感謝了。

We will move now to the next person coming from the line of Brian Ossenbeck of JP Morgan. .

現在讓我們來談談下一位來自摩根大通的 Brian Ossenbeck。。

Hey, thanks. Good evening, appreciate you taking the question, just to go back to the comment on the EOP and it was a lot of other different implications from that via their truckload.

嘿，謝謝。晚上好，感謝您回答這個問題，回到對 EOP 的評論，他們的評論中還有很多其他不同的含義。

Regulations out there as well that might tighten some capacity but just want to get your thoughts, having some, exposure to that, especially down around the border, we imagine a lot of the focuses so any thoughts in terms of what you've seen so far and any trends you expect, with that going to be a big impact to capacity or not.

現有的法規也可能會收緊一些容量，但我只是想聽聽您的想法，了解一些情況，特別是在邊境附近，我們想像到了很多焦點，所以就您目前所看到的情況和您預期的任何趨勢而言，任何想法，這是否會對容量產生重大影響。

A good question, Brian.

布萊恩，這個問題問得好。

I'll let Matt fill in some of the numbers that we've been looking at, and obviously the FMCSA is publishing in arrears of their experience with ELP enforcement.

我會讓馬特填寫一些我們一直在關注的數字，顯然聯邦汽車運輸安全管理局正在發布他們在 ELP 執法方面的經驗。

We think from a BCO Fleet perspective that we don't have any exposure. I mean we have a very disciplined approach to qualifying and recruiting and retaining our BCO so we don't feel like we have any unique exposure, at Landstar, but obviously if there are, any other capacities that happen to come out, we see it as a benefit to us certainly regionally, if not nationally, depending on the size of the bill might take over.

我們認為從 BCO 艦隊的角度來看，我們沒有任何風險。我的意思是，我們對 BCO 的資格認定、招募和保留採取了非常嚴謹的方法，因此我們並不覺得 Landstar 擁有任何獨特的曝光度，但顯然，如果有任何其他能力出現，我們認為這對我們肯定是有利的，即使不是全國性的，也至少在地區範圍內有利，這取決於可能接管的賬單規模。

Hey Brian, I appreciate the question. So to Frank's point, we really don't see that as a Landstar specific challenge and to this point we've not received any violations that relate to that, that said, this was implemented June 25, coming out of the executive order on April 28, so the data that we have so far from FMCSA really covers 10 days, so it's June 25 through July 4.

嘿，布萊恩，我很感謝你的提問。因此，對於弗蘭克的觀點，我們確實不認為這是 Landstar 特有的挑戰，到目前為止，我們還沒有收到任何與此相關的違規行為，也就是說，這是在 6 月 25 日實施的，源於 4 月 28 日發布的行政命令，因此到目前為止我們從 FMCSA 獲得的數據實際上涵蓋了 10 天，即 6 月 25 日至 7 月 4 日。

So far 349 out of service violations, that's the big change here is that it's now an out of service violation, so you wouldn't have likely seen any out of services prior to June 25th, so that 349, it's hard to read into 10 days with, the potential enforcement ramp up so we think come next quarter we'll have a much better read on that. Coming out of that executive order on April 28th, there's also a review of non-domiciled CDLs, and that has the potential to have an impact, but right now, Secretary Duffy announced an FMCSA compliance reviews of the state's issuing non-domiciled CDLs, so that's kind of a wait and see right now. I think there is potential there, Brian.

到目前為止，已有 349 起服務中斷違規事件，這裡最大的變化是，它現在是服務中斷違規事件，因此在 6 月 25 日之前，您可能不會看到任何服務中斷事件，因此，由於執法力度可能加大，因此很難在 10 天內讀到 349 起，因此我們認為下個季度我們會對此有更清楚的了解。4 月 28 日發布的行政命令還規定對非居住 CDL 進行審查，這可能會產生影響，但目前，達菲部長宣布將對該州簽發非居住 CDL 的情況進行聯邦汽車運輸安全管理局 (FMCSA) 合規性審查，所以現在只能拭目以待。我認為那裡有潛力，布萊恩。

Okay, thanks for the thanks for the rundown there. Maybe it's a follow up for Jim. Can you just talk about the insurance, costs and claim trends. It sounds like you've got a potential settlement coming out so we can talk a little bit more about that and then also just the underlying trends that you're seeing when it comes to claims and then you know what you think renewals are going to start to look like, before we get there before too long.

好的，感謝您的簡要介紹。也許這是對吉姆的後續行動。您能談談保險、費用和索賠趨勢嗎？聽起來你們可能已經達成和解，所以我們可以就此再多談一點，然後談談你在索賠方面看到的潛在趨勢，然後你就知道在我們不久之後到達那里之前，續保將會是什麼樣子。

Just to be clear color on the second quarter?

只是為了明確第二季的色彩？

The one coming up you mentioned that could hit in the third quarter, I think, the accident claim, and then just more broad comments about just severity instance premiums, just generally about the backdrop.

您提到的即將在第三季度出現的問題，我認為是事故索賠，然後是關於嚴重程度實例保費的更廣泛的評論，一般是關於背景的。

Yeah, on the first one, Brian, let me take that one obviously we we're alerting investors and analysts to the fact that we have an ongoing trial, and given the fact that it's an ongoing trial would probably shouldn't go into any level of detail, if you go back to my prepared remarks and look at a couple of the disclosures in the 10-Q. You get a sense of what we're talking about. I'll let JT hit the trends as well as, potential impact on renewal as we get into to next year.

是的，關於第一個問題，布萊恩，讓我來談談這個問題，顯然我們正在提醒投資者和分析師，我們正在進行一項正在進行的審判，鑑於這是一項正在進行的審判，可能不應該深入細節，如果你回顧我準備好的發言稿並查看 10-Q 中的幾個披露內容。您了解我們在談論什麼。我會讓 JT 了解趨勢以及明年對續約的潛在影響。

Thanks Frank, yeah, Brian, so, you heard Frank in his prepareds talk about a little slightly higher DOT accident frequency and as a result of that we've seen our severity or cost per crash, on the trucking side run hotter thus far in 2025, than in 2024. We wrapped up our, insurance renewal, back on May 1, on an apples to apples basis we actually achieved a slight decrease, but we procured some additional risk transfer, on some other policies that basically brought it to flat, year over year which if you go back, two years, three years, five years, we were pleased to achieve a flat renewal despite the fact, clearly exposure is running lower and truck revenue per load, has continued to, run soft, as compared to 2022, which then pressures your insurance as a percentage of that BCO revenue number.

謝謝弗蘭克，是的，布萊恩，所以，你聽到弗蘭克在他的準備中談到了交通部事故頻率略高一點，因此，我們看到，到目前為止，2025 年卡車運輸方面的嚴重程度或每次事故的成本比 2024 年更高。我們於 5 月 1 日完成了保險續保，按同類比較來看，我們實際上實現了略微下降，但我們對其他一些保單進行了額外的風險轉移，基本上使其與去年同期持平。如果回顧兩年、三年、五年，我們很高興實現了持平的續保，儘管與 2022 年相比，風險敞口顯然在下降，每輛卡車的收入持續疲軟，這會對您的保險佔 BCO 收入的百分比造成壓力。

I've got to think Brian, that flat year over year compares really well against the peer group.

布萊恩，我認為，與同齡人相比，這種同比持平的勢頭確實很好。

Credit to the safety profile and the professionalism of the of the BCOs.

感謝 BCO 的安全狀況和專業精神。

Right, okay. Thanks very much guys.

好的，好的。非常感謝大家。

Thanks Brian.

謝謝布萊恩。

Thank you. So we will have the last person to ask the question coming from the line Stephanie Moore of Jefferies. Stephanie Moore from Jefferies

謝謝。因此，我們將請最後一位提問者來提問，她是 Jefferies 的 Stephanie Moore。傑富瑞的史蒂芬妮·摩爾

Bell, we can go ahead and close out it sounds like we lost her.

貝爾，我們可以繼續前進，聽起來我們失去了她。

That is noted so at this time I show no further questions. I would like to turn the call back over to you, sir, for closing remarks.

我已經注意到了這一點，所以目前我沒有其他問題。先生，我想把電話轉回給您，請您做最後發言。

Thank you, Bell. In closing, while the freight environment remains challenging. We do see some positives in the near term. We were encouraged by the sequential pricing trends during the second quarter and with a choppy industrial economic backdrop, we were pleased with the 9% year over year revenue increase in our heavy haul service offering and regardless of the economic environment, the resiliency of the Landstar variable cost business model continues to generate significant free cash flow.

謝謝你，貝爾。最後，貨運環境依然充滿挑戰。我們確實看到了短期內的一些正面因素。我們對第二季連續的定價趨勢感到鼓舞，在動盪的工業經濟背景下，我們對重型貨運服務收入同比增長 9% 感到滿意，無論經濟環境如何，Landstar 可變成本業務模式的彈性都會繼續產生大量的自由現金流。

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. Thank you for joining us this afternoon. We look forward to speaking with you again on our 2025 3rd quarter earnings conference call in late October. Thank you.

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。感謝您今天下午加入我們。我們期待在 10 月下旬的 2025 年第三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 afternoon. Please disconnect your lines at this time.

感謝您參加今天的電話會議。祝您下午愉快。此時請斷開您的線路。