Landstar System Inc (LSTR) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Landstar Inc.'s third-quarter earnings release conference call. (Operator Instructions) Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加 Landstar Inc. 第三季財報電話會議。（操作員指示）今天的通話正在錄音。（操作說明）

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

今天，來自 Landstar 的有：總裁兼首席執行官 Frank Lonegro；副總裁兼首席企業銷售、戰略和特種運輸官 Jim Applegate；副總裁兼首席財務官 Jim Todd；副總裁兼首席現場銷售官 Matt Dannegger；以及副總裁兼首席安全和運營官 Matt Miller。

Now I'd 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，您可以開始了。

Thank you, Elmer. Good afternoon, and welcome to Landstar's 2025 third-quarter earnings conference call. Before we begin, let me read the following statement. Following the safe harbor statement of the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements.

謝謝你，埃爾默。下午好，歡迎參加 Landstar 2025 年第三季財報電話會議。在我們開始之前，請允許我宣讀以下聲明。遵循 1995 年《私人證券訴訟改革法案》的安全港條款。本次電話會議中所有非基於歷史事實的陳述均為前瞻性陳述。

During this conference call, we may make statements that contain forward-looking information that relate 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 in the section Risk Factors, Landstar's Form 10-Q for the 2025 first quarter and our 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，我們可能會發表一些包含前瞻性資訊的聲明，這些資訊與 Landstar 的業務目標、計畫、策略和預期有關。此類資訊本質上存在不確定性和風險，包括但不限於 Landstar 2024 財年 10-K 表格「風險因素」部分、Landstar 2025 年第一季 10-Q 表格以及我們不時向美國證券交易委員會提交的其他文件中詳述的營運、財務和法律風險。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訂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.

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

Thanks, JT, and good afternoon, everyone. I'd 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 independent contractors at our annual appreciation days in Bossier City, Louisiana recently and to celebrate their incredible achievements. We were extremely pleased with the turnout. And it was my honor to preside over Landstar's 52nd Truck Giveaway, awarding Christian Sanchez Cantu from Laredo, Texas with a new 2026 Freightliner Cascadian. 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.

謝謝JT，大家下午好。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。最近在路易斯安那州博西爾市舉行的年度答謝日上，我很高興能與我們的 BCO 獨立承包商共度時光，並慶祝他們的卓越成就。我們對到場人數非常滿意。我很榮幸能主持 Landstar 第 52 屆卡車贈送活動，並將一輛全新的 2026 年 Freightliner Cascadian 卡車授予了來自德克薩斯州拉雷多的 Christian Sanchez Cantu。我們獨立企業主網絡日復一日展現的能力、韌性和敬業精神在貨運業中是獨一無二的。

Their adaptability and dedication to safety, security and service for our customers is truly impressive. They are exceptional business leaders and key to driving the continued success of Landstar's business model.

他們展現出的適應能力以及對客戶安全、保障和服務的奉獻精神令人印象深刻。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。

The challenging conditions experienced in the truckload freight environment over the past 10 quarters continued during the 2025 third quarter. Volatile federal trade policy and lingering inflation concerns continue to generate supply chain uncertainty. However, even as overall company revenue decreased approximately 1% year-over-year, the 2025 third quarter included important positive signs for Landstar, which I'll cover shortly.

過去 10 個季度以來，卡車貨運環境一直面臨嚴峻的挑戰，而這種挑戰在 2025 年第三季仍在持續。聯邦貿易政策的不穩定性以及持續存在的通膨擔憂繼續造成供應鏈的不確定性。然而，儘管公司整體營收年減了約 1%，但 2025 年第三季 Landstar 出現了一些重要的正面跡象，我稍後會詳細介紹。

As JT and I will discuss in greater depth later in our prepared remarks, and as disclosed in our earnings release, the 2025 third-quarter financial results were impacted by three discrete noncash nonrecurring items. As we disclosed via the 8-K we filed with the SEC on August 13, the largest of these items related to the decision to actively market for sale Landstar Metro, our wholly owned Mexican logistics subsidiary that is principally engaged in intra-Mexico truck transportation services. We are working towards a late 2025 or early 2026 sale of Landstar Metro and have thus far experienced a good deal of interest in that company.

正如我和 JT 將在稍後準備好的演講稿中更深入地討論的那樣，並且正如我們在收益報告中披露的那樣，2025 年第三季度的財務業績受到了三個獨立的非現金非經常性項目的影響。正如我們在 8 月 13 日向美國證券交易委員會提交的 8-K 文件中披露的那樣，其中最大的項目與積極推銷 Landstar Metro 的決定有關，Landstar Metro 是我們全資擁有的墨西哥物流子公司，主要從事墨西哥境內的卡車運輸服務。我們正努力在 2025 年底或 2026 年初出售 Landstar Metro，到目前為止，我們已經感受到了對該公司濃厚的興趣。

Excluding the revenue contribution from Landstar Metro from both the 2025 and 2024 third quarters as well as approximately $15 million in reported revenue during the 2024 third quarter that was associated with the previously disclosed agent fraud matter, the total revenue increased approximately 1% year-over-year in the 2025 third quarter. This is a positive marker for our business.

剔除 Landstar Metro 在 2025 年和 2024 年第三季的收入貢獻，以及 2024 年第三季與先前揭露的代理詐欺事件相關的約 1,500 萬美元報告收入，2025 年第三季總收入年增約 1%。這對我們公司來說是一個積極的信號。

Encouraging signs in our overall performance were highlighted by strength in the unsided/platform equipment business. This service type posted another strong quarter with a 4% year-over-year revenue increase driven by the performance of Landstar's heavy haul service offering. We generated approximately $147 million of heavy haul revenue during the 2025 third quarter, or a 17% increase over the 2024 third quarter. This achievement reflected a 9% increase in heavy haul revenue per load and an 8% increase in heavy haul volume.

我們整體業績中令人鼓舞的跡像是，非側式/平台設備業務表現強勁。該服務類型又迎來了一個強勁的季度，營收年增 4%，這主要得益於 Landstar 重型運輸服務產品的出色表現。我們在 2025 年第三季創造了約 1.47 億美元的重型運輸收入，比 2024 年第三季成長了 17%。這項成就反映了重型貨物運輸單次運輸收入增加了 9%，重型貨物運輸量增加了 8%。

And as noted in our earnings release and representing the collective efforts of many people at Landstar, Matt Miller and I are very pleased to report that the number of trucks provided by BCO independent contractors increased during the 2025 third quarter, representing the first sequential growth quarter since the 2022 first quarter. Our focus continues to be on accelerating our business model and executing on our strategic growth initiatives. We are continuing to invest in the foundational work that will put Landstar in a great position to leverage the freight environment when it eventually turns our way.

正如我們在收益報告中所指出的，這代表了 Landstar 許多員工的共同努力，我和 Matt Miller 非常高興地宣布，2025 年第三季 BCO 獨立承包商提供的卡車數量有所增加，這是自 2022 年第一季以來的第一個連續增長季度。我們將繼續專注於加速業務模式的推進和策略性成長計畫的實施。我們將繼續投資基礎性工作，這將使 Landstar 在貨運環境最終對我們有利時處於有利地位，從而充分利用這一優勢。

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. As I previously noted, in addition to the decision to sell Landstar Metro, our third quarter financial results reflected two other noncash, nonrecurring charges disclosed in our recent 8-K.

我們也致力於不斷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。正如我之前提到的，除了出售 Landstar Metro 的決定之外，我們第三季的財務業績還反映了我們在最近的 8-K 文件中披露的另外兩項非現金、非經常性支出。

These three discrete items, in the aggregate, resulted in impairment charges in the quarter of approximately $30.1 million or $0.66 per share. As a result, GAAP earnings per share were $0.56. Excluding the impact of these three items, adjusted earnings per share was $1.22. JT will cover these three impairment charges in greater detail during his prepared remarks.

這三項獨立項目合計導致本季產生約 3,010 萬美元或每股 0.66 美元的減損費用。因此，以美國通用會計準則計算的每股收益為0.56美元。剔除這三項的影響後，調整後的每股盈餘為1.22美元。 JT將在其準備好的演講稿中更詳細地介紹這三項減損費用。

Turning to slide 5. The freight environment in the 2025 third quarter was characterized by relatively soft demand from a seasonal perspective. 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, as evidenced by an ISM index below 50 for the entire 2025 third quarter.

翻到第5張投影片。從季節角度來看，2025 年第三季的貨運環境特徵是需求相對疲軟。通貨膨脹累積的影響仍然對卡車貨運量相對於消費支出的成長構成拖累。卡車運力依然充足，供需平衡的情況零星出現，儘管工業經濟形勢動盪，但市場狀況仍然有利於托運人，2025 年第三季 ISM 指數低於 50 便證明了這一點。

Considering that backdrop, Landstar's revenue performance was admirable in the 2025 third quarter, with both truck revenue per load and the number of loads hauled via truck essentially equal to the 2024 third quarter. 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.

考慮到這種背景，Landstar 在 2025 年第三季的收入表現令人欽佩，每車貨運的卡車收入和卡車運輸的貨運量與 2024 年第三季基本持平。我們的資產負債表依然非常穩健，我們的資本配置重點也維持不變。我們將繼續耐心且審慎地運用現有的股票回購授權，以使我們的長期股東受益。

As noted in the slide deck, during the first nine months of 2025, we deployed approximately $143 million of capital toward buybacks and repurchased approximately 995,000 shares of common stock. And yesterday afternoon, our Board declared a $0.40 dividend payable on December 9 to shareholders of record as of the close of business on November 18.

如同幻燈片所述，在 2025 年的前九個月，我們投入了約 1.43 億美元的資金用於股票回購，並回購了約 99.5 萬股普通股。昨天下午，董事會宣布派發每股 0.40 美元的股息，將於 12 月 9 日支付給截至 11 月 18 日營業結束時登記在冊的股東。

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, with a particular focus on investment in unsided/platform equipment.

我們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，並且今年已撥出大量資金用於更新我們的拖掛設備車隊，尤其側重於投資無邊/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 generated during the 2025 third quarter. JT will get into the details on revenue, loadings, and rate per load in a few moments. As noted during previous earnings calls, Landstar's Safety First culture is a crucial component of our continued success. 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 of Landstar.

翻到第 6 張投影片，看看我們的網路。Landstar 模式固有的規模、系統和支援有助於推動 2025 年第三季的營運表現。JT稍後將詳細介紹收入、裝載量和每車運費。正如先前財報電話會議中所提到的，蘭德斯達「安全第一」的企業文化是我們持續成功的關鍵因素。我們的安全表現直接得益於數千名 Landstar BCO 每天安全營運的專業精神，以及為強化 Landstar 安全至關重要性而努力的代理商和員工。

I'm proud to report an accident frequency rate of 0.60 DOT reportable accidents per million miles during the first nine months of 2025, well below the last available national average DOT reportable frequency released from the FMCSA for 2021 and slightly better than the company's trailing 5-year average of 0.61. 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. I'd also like to take a moment to recognize Landstar's nearly 500 Million Dollar Agents based on our 2024 fiscal year results. Importantly, retention within the million-dollar agent network continues to be extremely high.

我很榮幸地報告，2025年前九個月的事故發生率（需向美國交通部報告的事故）為每百萬英里0.60起，遠低於美國聯邦汽車運輸安全管理局（FMCSA）發布的2021年全國平均事故發生率，也略優於公司過去五年的平均水平0.61起。這一長期平均值是一項令人矚目的營運指標，體現了我們業務拓展人員（BCO）的實力、技能、才能和敬業精神，也為我們的代理商在與貨運客戶洽談時提供了一個能夠突出自身優勢的亮點。我還想藉此機會表彰 Landstar 公司根據 2024 財年業績統計的近 5 億美元經紀人。重要的是，百萬美元經紀人網路的留存率仍然非常高。

Turning to slide 7 on the capacity side. On a year-over-year basis, BCO truck count decreased approximately 5% compared to the end of the 2024 third quarter. Importantly, as noted earlier in my remarks, BCO count increased by seven trucks on a sequential basis, representing the first increase in sequential quarterly truck count since the 2022 first quarter. BCO turnover continues to be influenced by a persistent relatively 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.

接下來請看容量方面的第 7 張投影片。與 2024 年第三季末相比，BCO 卡車數量年減約 5%。重要的是，正如我前面提到的，BCO 卡車數量環比增加了 7 輛，這是自 2022 年第一季以來卡車數量首次環比增長。BCO 的營業額持續受到相對較低的單次運輸費率環境的影響，再加上如今維護和運營卡車的成本與疫情前相比大幅增加。

Directionally, we are pleased to see our trailing 12-month truck turnover rate drop from 34.5% as of the fiscal year-end 2024 to 31.5% at the end of the 2025 third quarter. Through the first four weeks of the 2025 fourth fiscal quarter, the number of trucks provided by BCO independent contractors is down fractionally versus the ending truck count of Q3. We were encouraged, however, by a recent visit we had with US Secretary of Transportation Sean Duffy. During our meeting, Matt Miller and I discussed several federal regulatory initiatives and administrative -- administration priorities with the Secretary, with a real focus on issues facing truck drivers and the truck capacity marketplace.

從趨勢上看，我們很高興地看到，截至 2024 財年末，過去 12 個月的卡車週轉率已從 34.5% 下降至 2025 年第三季末的 31.5%。2025 年第四財季的前四周，BCO 獨立承包商提供的卡車數量與第三季末的卡車數量相比略有下降。不過，我們最近與美國交通部長肖恩·達菲的會面讓我們備受鼓舞。在會面期間，我和馬特·米勒與部長討論了幾個聯邦監管舉措和行政優先事項，重點關注卡車司機面臨的問題和卡車運力市場。

We were proud to confirm to Secretary Duffy that Landstar BCOs have had 0 violations of the English language proficiency regulation and no reported issues with nondomiciled CDLs. We do not believe we have thus far experienced significant impact to our business from the federal regulatory agenda, but believe there is a potential longer-term positive impact for our BCO business, in particular.

我們很自豪地向達菲部長確認，Landstar BCO 的英語語言能力規定沒有違規記錄，也沒有關於非本地居民 CDL 的任何報告問題。我們認為，到目前為止，聯邦監管議程尚未對我們的業務產生重大影響，但相信它可能會對我們的 BCO 業務產生長期的積極影響，尤其是對我們的 BCO 業務。

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

現在我將把電話轉回給 JT，讓他更詳細地為大家講解 2025 年第三季的財務狀況。

Thanks, Frank. Turning to slide 9. As Frank mentioned earlier, overall truck revenue per load was essentially flat in the 2025 third quarter compared to the 2024 third quarter, primarily attributable to a 0.1% increase in revenue per load on both loads hauled by van equipment and unsided/platform equipment, offset by a 5% decrease in LTL revenue per load and a 2.2% decrease in revenue per load on other truck transportation loadings. On a sequential basis, truck revenue per load increased 0.5% in the 2025 third quarter versus the 2025 second quarter, slightly softer than the typical pre-pandemic normal seasonality increase of approximately 1.5%. 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.

謝謝你，弗蘭克。翻到第9張投影片。正如弗蘭克之前提到的，2025 年第三季度卡車每車次的總收入與 2024 年第三季度基本持平，這主要是由於廂式貨車和無邊/平台貨車運輸的每車次收入均增長了 0.1%，但零擔運輸每車次收入下降了 5%，其他卡車運輸每車收入下降了 2.2%，抵消了這一增長。與 2025 年第二季相比，2025 年第三季每車貨運收入較上季成長 0.5%，略低於疫情前約 1.5% 的正常季節性成長。與每車貨物的總卡車收入相比，我們認為 BCO 卡車運輸貨物的每英里收入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 third quarter, revenue per mile on unsided/platform equipment hauled by BCOs was 6% above the 2024 third quarter, and revenue per mile and van equipment hauled by BCOs was 2% above 2024 third quarter. Delving deeper into seasonal trends, revenue per mile and loads hauled by BCOs on unsided/platform equipment declined 3% from June to July, declined 2% from July to August and increased 3% from August to September. The June to July decline and the July to August decline both underperformed pre-pandemic seasonal trends, while the August to September increase outperformed pre-pandemic historical trends.

2025 年第三季度，BCO 運輸的無邊/平台設備的每英里收入比 2024 年第三季度增長了 6%，BCO 運輸的廂式貨車設備的每英里收入比 2024 年第三季度增長了 2%。深入分析季節性趨勢，BCO 使用無邊/平台設備運輸的每英里收入和貨運量從 6 月到 7 月下降了 3%，從 7 月到 8 月下降了 2%，從 8 月到 9 月增長了 3%。6 月至 7 月的下降和 7 月至 8 月的下降均低於疫情前的季節性趨勢，而 8 月至 9 月的成長則高於疫情前的歷史趨勢。

With respect to those hauled by BCOs on van equipment, revenue per mile was more stable. Revenue per mile and van equipment hauled by BCOs increased 1% from June to July, underperforming these trends, decreased 1% from July to August, outperforming these trends, and was flat from August to September, underperforming pre-pandemic August to September historical trends. It should be noted that month-to-month seasonal trends on unsided/platform equipment are generally more volatile compared to that van equipment. This relative volatility is often due to the mix between heavy specialized loads and standard flatbed volume.

對於 BCO 使用廂型車運輸的貨物而言，每英里的收入更加穩定。BCO 每英里收入和貨車運輸設備在 6 月至 7 月增長了 1%，低於這些趨勢；在 7 月至 8 月下降了 1%，高於這些趨勢；在 8 月至 9 月持平，低於疫情前 8 月至 9 月的歷史趨勢。值得注意的是，與廂型車設備相比，無邊/平台設備的月度季節性趨勢通常波動較大。這種相對波動性通常是由於重型特殊貨物和標準平板貨車貨運量之間的混合造成的。

As Frank alluded to, we've been pleased with the recent performance in our heavy haul service offering. Heavy haul revenue was up an impressive 17% year-over-year in the third quarter, significantly outperforming core truckload revenue. Heavy haul loadings were up approximately 8% year-over-year, and revenue per heavy haul load increased 9% 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 34% during the 2024 third quarter to approximately 38% in the 2025 third quarter. Non-truck transportation service revenue in the 2025 third quarter was 1% or $1 million below the 2024 third quarter.

正如弗蘭克所暗示的那樣，我們對近期重型運輸服務的表現感到滿意。第三季重型運輸收入年增 17%，增幅顯著，遠超核心整車運輸收入。重型貨物運輸量年增約 8%，每輛重型貨物運輸的收入年增 9%。這對我們的單側/平台每趟貨運收入來說是一個喜憂參半的利好因素，因為重型運輸收入佔該類別的百分比從 2024 年第三季的約 34% 增加到 2025 年第三季的約 38%。2025 年第三季非卡車運輸服務收入比 2024 年第三季減少了 1%，即 100 萬美元。

Excluding approximately $15 million in revenue reported during the 2024 third quarter that was associated with the previously disclosed agent fraud matter, non-truck transportation service revenue in the 2025 third quarter increased by approximately $13 million or 16% compared to the 2024 third quarter.

除 2024 年第三季報告的與先前披露的代理詐欺事件相關的約 1,500 萬美元收入外，2025 年第三季非卡車運輸服務收入比 2024 年第三季增加了約 1,300 萬美元，增幅達 16%。

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 0.6% year-over-year on a slight decrease in both loadings and revenue per load compared to the 2024 third quarter. Within our largest commodity category, consumer durables revenue decreased approximately 4% year-over-year on a 3% decrease in volume and a 1% decrease in revenue per load. Aggregate revenue across our top five commodity categories, which collectively make up about 69% of our transportation revenue, increased approximately 1% compared to the 2024 third quarter.

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。與 2024 年第三季相比，運輸和物流部門的收入年減 0.6%，原因是裝載量和每次裝載的收入均略有下降。在我們最大的商品類別中，耐用消費品收入較去年同期下降約 4%，其中銷量下降 3%，單次運輸收入下降 1%。我們前五大商品類別的總收入（約占我們運輸收入的 69%）與 2024 年第三季相比成長了約 1%。

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 third quarter to the 2025 third quarter, total loadings of machinery increased 4%, automotive equipment and parts decreased 4%, building products decreased 10% and electrical increased 23%. 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 12% from the 2024 third quarter.

雖然第 10 張投影片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增加一些關於銷售表現的說明也會有所幫助。從 2024 年第三季到 2025 年第三季度，機械設備總裝載量增加了 4%，汽車設備及零件下降了 4%，建築產品下降了 10%，電氣產品增加了 23%。此外，替代幹線運輸的裝載量（這是我們在疫情期間表現最強勁的指標之一，並且會根據消費者需求發生顯著變化）比 2024 年第三季度增長了 12%。

We experienced strong demand related to AI infrastructure projects, which is reflected in part in both our electrical and machinery commodity categories, while strong demand for our services and support of wind energy projects drove the strength in our energy commodity grouping. As we've mentioned many times before, Landstar is a truck capacity provided to other trucking companies, 3PLs and truck brokers.

我們感受到了與人工智慧基礎設施項目相關的強勁需求，這在一定程度上反映在我們的電氣和機械商品類別中；同時，對我們服務和風能項目支持的強勁需求推動了我們能源商品組的強勁表現。正如我們之前多次提到的，Landstar 為其他貨運公司、第三方物流公司和貨運經紀人提供卡車運力。

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 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.

在卡車運力緊張時期，其他貨運供應商會比卡車運力充足時期更頻繁地聯繫 Landstar 以獲取卡車運力。Landstar 代表其他卡車運輸公司運送的貨物量幾乎反映在我們所有的商品類別中，包括我們的替代幹線運輸服務。

Overall, revenue hauled on behalf of other truck transportation companies in the 2025 third quarter was 17% below the 2024 third quarter, a clear indicator that capacity is readily accessible in the marketplace. Revenue hauled on behalf of other truck transportation companies was 10% and 12% of transportation revenue in the 2025 and 2024 third 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 8% of our revenue in the first nine months of 2025.

總體而言，2025 年第三季代表其他卡車運輸公司運輸的收入比 2024 年第三季下降了 17%，這清楚地表明市場上的運力很容易獲得。2025 年和 2024 年第三季度，代表其他卡車運輸公司運輸的收入分別佔運輸收入的 10% 和 12%。即使不同客戶類別有所起伏，我們的業務仍然高度多元化，擁有超過 23,000 名客戶，其中沒有一家客戶在 2025 年前九個月的收入貢獻超過 8%。

Turning to slide 11. In the 2025 third quarter, gross profit was $111.1 million compared to gross profit of $112.7 million in the 2024 third quarter. Gross profit margin was 9.2% of revenue in the 2025 third quarter as compared to gross profit margin of 9.3% in the corresponding period of 2024. In the 2025 third quarter, variable contribution was $170.2 million compared to $171.4 million in the 2024 third quarter. Variable contribution margin was 14.1% of revenue in both the 2025 and 2024 third quarters.

翻到第11張幻燈片。2025 年第三季毛利為 1.111 億美元，而 2024 年第三季毛利為 1.127 億美元。2025 年第三季毛利率為營收的 9.2%，而 2024 年同期毛利率為 9.3%。2025 年第三季度，可變貢獻為 1.702 億美元，而 2024 年第三季為 1.714 億美元。2025 年和 2024 年第三季的可變貢獻毛利率均為營收的 14.1%。

Turning to slide 12. Operating income declined as a percentage of both gross profit and variable contribution, primarily due to the impact of the noncash, nonrecurring impairment charges included in the 2025 third quarter and the impact of the company's fixed cost infrastructure, principally certain components of selling, general and administrative costs in comparison to slightly smaller gross profit and variable contribution basis. The decline in adjusted operating income as a percentage of both gross profit and variable contribution was significantly less pronounced given the size of the noncash impairment charges and was attributable to the impact of increased costs negatively impacting operating income, while both gross profit and variable contribution were approximately 1% below the 2024 period. Other operating costs were $15.6 million in the 2025 third quarter compared to $15.1 million in 2024. This increase was primarily due to increased trailing equipment maintenance costs, partially offset by the favorable resolution of a value-added sales tax matter and a decreased provision for contractor bad debt.

翻到第12張投影片。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 2025 年第三季度計入的非現金、非經常性減值費用以及公司固定成本基礎設施（主要是銷售、一般及行政成本的某些部分）與略低的毛利潤和可變貢獻基礎相比所致。考慮到非現金減損費用的規模，調整後營業收入佔毛利和可變貢獻的百分比下降幅度明顯較小，這歸因於成本增加對營業收入的負面影響，而毛利和可變貢獻均比 2024 年同期下降了約 1%。2025 年第三季其他營運成本為 1,560 萬美元，而 2024 年為 1,510 萬美元。這一增長主要是由於後續設備維護成本增加，部分被增值稅銷售稅問題的有利解決方案以及承包商壞帳準備金的減少所抵消。

Insurance and claims costs were $33 million in the 2025 third quarter compared to $30.4 million in 2024. Total insurance and claims costs were 7.2% of BCO revenue in the 2025 third quarter as compared to 6.7% in the 2024 third quarter. The increase in insurance and claims cost as compared to 2024 was primarily attributable to net unfavorable development of prior year claim estimates and increased severity of both current period auto and cargo claims, partially offset by a decreased frequency of both auto and cargo claims during the 2025 period.

2025 年第三季的保險和理賠成本為 3,300 萬美元，而 2024 年為 3,040 萬美元。2025 年第三季保險和理賠總成本佔 BCO 收入的 7.2%，而 2024 年第三季則為 6.7%。與 2024 年相比，保險和理賠成本的增加主要是由於上一年理賠估計的淨不利發展以及當期汽車和貨物理賠的嚴重程度增加，部分被 2025 年期間汽車和貨物理賠頻率的下降所抵消。

During the 2025 and 2024 third quarters, insurance and claims costs included $9.2 million and $4.6 million of net unfavorable adjustment to prior year claim estimates, respectively. Selling, general and administrative costs were $57 million in the 2025 third quarter compared to $51.3 million in the 2024 third quarter. The increase in selling, general and administrative costs were primarily attributable to increased stock-based compensation expense, increased information technology costs and increased employee benefit costs. Stock-based compensation expense was approximately $1.6 million during the 2025 third quarter as compared to a $43,000 reversal of previously recorded stock-based compensation costs during the 2024 third quarter.

2025 年和 2024 年第三季度，保險和理賠成本分別包括 920 萬美元和 460 萬美元的上一年理賠估計淨不利調整。2025 年第三季的銷售、一般及行政費用為 5,700 萬美元，而 2024 年第三季為 5,130 萬美元。銷售、一般及行政成本的增加主要歸因於股票選擇權費用的增加、資訊科技成本的增加、員工福利成本的增加。2025 年第三季的股票選擇權費用約為 160 萬美元，而 2024 年第三季則衝回了先前記錄的股票選擇權費用 4.3 萬美元。

We continue to manage SG&A in part by closely managing headcount at Landstar. Our total number of employees based in the US and Canada is down approximately 40 since the beginning of 2025 and down approximately 80 since peak headcount. We also continue to focus on driving efficiencies and productivity gains throughout our network. Landstar is actively engaged in rolling out an AI-enabled customer service solution throughout the corporate organization.

我們繼續透過嚴格控制 Landstar 的員工人數來控制銷售、一般及行政費用。自 2025 年初以來，我們在美國和加拿大的員工總數減少了約 40 人，自員工人數高峰以來減少了約 80 人。我們將繼續致力於提高整個網路的效率和生產力。Landstar正積極致力於在整個公司範圍內推廣人工智慧客戶服務解決方案。

We also continue to invest in and develop multiple in-flight AI-enabled products within our portfolio of digital tools in support of our network of agents, capacity providers and employees.

我們也將繼續投資和開發我們數位工具組合中的多種機上人工智慧產品，以支援我們的代理商、運力供應商和員工網路。

Depreciation and amortization was $11.5 million in the 2025 third quarter compared to $15.4 million in 2024. This decrease was primarily due to decreased depreciation on software applications. As Frank referenced earlier during this call and as previously disclosed in the current report on Form 8-K filed with the US Securities and Exchange Commission on August 13, 2025, the company conducted a strategic review of our operations during the 2025 third quarter focused on efforts to streamline our core operations and position the company for future growth.

2025 年第三季折舊和攤提費用為 1,150 萬美元，而 2024 年為 1,540 萬美元。這一下降主要是由於軟體應用折舊減少所致。正如弗蘭克在本次電話會議中早些時候提到的，以及此前在2025年8月13日向美國證券交易委員會提交的8-K表格當前報告中披露的那樣，公司在2025年第三季度對我們的運營進行了戰略審查，重點是努力簡化我們的核心運營，並為公司未來的增長做好準備。

In connection with that strategic review, the company recorded noncash, nonrecurring charges in the aggregate for three discrete items of approximately $30.1 million or $0.66 per basic and diluted share. First, in connection with the decision to actively market Landstar Metro for sale, the company recorded noncash impairment charges of approximately $16.1 million or $0.35 per basic and diluted share on the company's 2025 third quarter balance sheet based on the estimated fair value less cost to sell this business.

為配合此策略評估，該公司提列了三項非現金、非經常性費用，總額約 3,010 萬美元，即每股基本和稀釋後每股 0.66 美元。首先，由於決定積極推銷 Landstar Metro 出售，該公司在 2025 年第三季資產負債表上提列了約 1,610 萬美元或每股基本及攤薄收益 0.35 美元的非現金減損費用，該費用基於出售該業務的估計公允價值減去成本計算。

The second charge noted in the earnings release related to the decision to select the Landstar TMS as the company's primary system for truckload brokerage services. And in conjunction with that decision, wind down the Blue TMS, an alternative transportation management system in use by one of the company's operating subsidiaries focused on the truckload brokerage contract services business. The resulting impairment charge, representing the remaining net book value of the Blue TMS, was $9 million or $0.20 per basic and diluted share.

收益報告中提到的第二項支出與選擇 Landstar TMS 作為公司卡車運輸經紀服務的主要係統有關。同時，該公司也將逐步停止使用 Blue TMS，這是一個由公司旗下專注於整車運輸經紀合約服務業務的營運子公司所使用的替代運輸管理系統。由此產生的減損費用，代表 Blue TMS 的剩餘帳面淨值，為 900 萬美元，即每股基本和稀釋後每股 0.20 美元。

Third and finally, the company recorded a $5 million impairment charge relating to a noncontrolling equity investment in a privately held technology startup company. This charge represented the total carrying value of this investment on the company's second-quarter 2025 balance sheet date. The effective income tax rate was 25.8% in 2025 third quarter compared to an effective income tax rate of 22.2% in the 2024 third quarter. The increase in the effective income tax rate was primarily due to: one, the favorable impact of certain federal tax credits during the 2024 period; and two, the deleveraging effect of lower pretax profits, mostly due to the just discussed three noncash impairment items during the 2025 period with a similar population of permanent items in both the 2025 and 2024 periods.

第三，也是最後一點，該公司提列了 500 萬美元的減損費用，該費用與對一家私人科技新創公司的非控股股權投資有關。該費用代表了該公司 2025 年第二季資產負債表日該投資的總帳面價值。2025 年第三季的實際所得稅率為 25.8%，而 2024 年第三季的實際所得稅率為 22.2%。實際所得稅率上升的主要原因是：一是 2024 年期間某些聯邦稅收抵免的有利影響；二是稅前利潤下降的去槓桿化效應，這主要是由於前面討論的 2025 年期間的三個非現金減值項目，而 2025 年和 2024 年期間的永久性項目數量相似。

Turning to slide 13 and looking at our balance sheet. We ended the quarter with cash and short-term investments of $434 million. Cash flow from operations for the first nine months of 2025 was $152 million, and cash capital expenditures were $8 million. The company continues to return significant amounts of capital back to stockholders with $111 million of dividends paid and approximately $143 million of share repurchases during the first nine months of 2025. The strength of our balance sheet is a testament to the cash-generating capabilities to Landstar model.

翻到第 13 張投影片，看看我們的資產負債表。本季末，我們持有現金及短期投資4.34億美元。2025 年前九個月的營運活動現金流為 1.52 億美元，現金資本支出為 800 萬美元。該公司繼續向股東返還大量資本，在 2025 年前九個月支付了 1.11 億美元的股息，並回購了約 1.43 億美元的股票。我們穩健的資產負債表證明了 Landstar 模式的現金創造能力。

Back to you, Frank.

法蘭克，該你了。

Thanks, JT Given 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 fourth-quarter revenue commentary rather than formal guidance.

謝謝 JT。鑑於貨運市場高度不穩定，政治和宏觀經濟環境不確定，以及保險和理賠成本方面充滿挑戰的行業趨勢，公司將提供第四季度收入評論，而不是正式的業績指引。

Turning to slide 15. The number of loads hauled via truck in October was approximately 3% below October 2024 on a dispatch basis, and revenue per load in October was approximately equal to 2024 on a process basis. As a result, we view October's truck volumes as modestly below normal seasonality and truck revenue per load as lagging slightly behind normal seasonality.

翻到第15張投影片。10 月透過卡車運輸的貨物數量（按調度量計算）比 2024 年 10 月減少了約 3%，而 10 月每車貨物的收入（按流程量計算）與 2024 年大致相同。因此，我們認為 10 月的卡車運輸量略低於正常的季節性水平，每車卡車運輸收入也略低於正常的季節性水平。

Looking at historical seasonality from Q3 to Q4, pre-pandemic patterns would normally yield both a 1% increase in the number of loads hauled via truck and truck revenue per load, yielding a slightly higher top line sequentially. As noted above, both fiscal October truck volumes and revenue per truck trended slightly below normal seasonality. With respect to variable contribution margin, the company typically experiences a 20 to 30 basis point compression in variable contribution margin from the third quarter to the fourth quarter, typically driven by a combination of decreased BCO utilization and compressing net revenue spreads on our truck brokerage business associated with peak season.

從第三季到第四季的歷史季節性來看，疫情前的模式通常會使卡車運輸的貨物數量和每車卡車收入都增加 1%，從而使總收入環比略有增長。如上所述，10 月的卡車運輸量和每輛卡車的收入均略低於正常的季節性水準。就可變貢獻毛利而言，公司通常會經歷從第三季度到第四季度 20 至 30 個基點的可變貢獻毛利壓縮，這通常是由於 BCO 利用率下降以及與旺季相關的卡車經紀業務淨收入差額壓縮共同造成的。

As noted in our 10-Q, which we'll file a little later this afternoon, a BCO independent contractor with a subsidiary of the company was involved in a tragic vehicular accident earlier this month during the 2025 fourth quarter. Importantly, Landstar was not involved in the initial collision of this multistage incident. This incident is still in the process of being investigated, but could have a material adverse impact on insurance and claims cost in the 2025 fourth quarter.

正如我們在 10-Q 表格中所述（我們將於今天下午晚些時候提交），本月初（2025 年第四季度），BCO 的一名獨立承包商（隸屬於該公司的子公司）捲入了一起悲慘的交通事故。值得注意的是，蘭德斯塔公司並未捲入這起多階段事故的最初碰撞事件。該事件仍在調查中，但可能會對 2025 年第四季的保險和理賠成本產生重大不利影響。

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

接線員，現在我們開通提問專線。

(Operator Instructions) Reed Seay, Stephens Incorporated.

（操作說明）Reed Seay，Stephens Incorporated。

I want to start off with what you're seeing in the broader truckload market. There's been a lot of noise on some of the temporary tightening we've seen and maybe some subsequent softening. So any commentary you have on the broader market would be greatly appreciated on the capacity exits in particular, if you have any insights there?

我想先談談您在大範圍的整車運輸市場中看到的情況。我們看到一些暫時的收緊措施，以及隨後可能出現的一些放鬆措施，這些都引起了許多爭議。因此，如果您對更廣泛的市場有任何評論，特別是關於產能退出方面，我們將不勝感激，如果您有任何見解的話？

Yes. I mean, I think we're pleased with what we're seeing on the BCO side. Again, given the first sequential increase in our BCO count since the beginning of 2022, that feels pretty good. We've been trending relatively flat there pretty close to even keel, but actually seeing a positive sign there. Was really, really helpful for us, if for nothing else other than just morale, I mean just getting seven additional trucks. I know Matt and his team are fighting every day to keep the folks that we have and to continue to look for ways to onboard high-quality drivers.

是的。我的意思是，我認為我們對BCO方面的情況感到滿意。再次強調，這是自 2022 年初以來我們的 BCO 數量首次連續增長，感覺相當不錯。我們那邊的趨勢一直比較平穩，基本上保持穩定，但實際上已經出現了一些正面的跡象。這對我們來說真的很有幫助，即使沒有其他作用，光是提振士氣這一點就足夠了，我的意思是，我們一下子就多了七輛卡車。我知道馬特和他的團隊每天都在努力留住現有員工，並繼續尋找招募優秀司機的方法。

I think there is a fair amount of conversation that's happening about the regulatory landscape. And obviously, you're seeing headlines of upwards of 200,000 nondomiciled CDL holders out there. We're seeing ELP getting enforced from time to time in various states. So I would tell you that the impact on the capacity has got to be more than 0, but I also think it's going to come out over a little bit longer period of time than just a matter of weeks or months.

我認為目前關於監管環境的討論相當多。顯然，你會看到很多新聞報道，有超過 20 萬名非居民 CDL 持有者在外活動。我們看到，在某些州，ELP（就業限制）時有被強制執行的情況。所以我認為，對產能的影響肯定不只零，但我認為這種影響的顯現需要比幾週或幾個月更長的時間。

Got it. Makes a lot of sense. And touching on kind of the BCO count decline slowing here in 3Q. It is encouraging to see kind of the truck count increase a little bit, but do you have any visibility to when you can return to BCO count growth here maybe in the fourth quarter or in 2026?

知道了。很有道理。並提及第三季 BCO 數量下降速度放緩。看到卡車數量略有增加固然令人鼓舞，但您能否預見到何時才能恢復 BCO 數量的增長，例如在第四季度或 2026 年？

Yes. So again, on the third quarter relative to the end of the second quarter, we actually did increase the count ever so slightly at 7 BCOs positive, so we were happy to see that. We're down just a little bit here in the October to date in the fourth quarter. I'll let Matt give you some commentary around what we normally experience this time of the year. But what I can tell you is that the things that Matt and his team are working on are 100% geared toward making structural changes within what we're doing every day to both maintain the existing BCOs that we have and to onboard new folks.

是的。所以，與第二季末相比，第三季我們的 BCO 數量實際上略有增加，為正數 7，所以我們很高興看到這一點。截至目前，10 月的第四季數據略有下降。我將讓馬特來為大家介紹我們每年這個時候通常會經歷的事情。但我可以告訴你們的是，Matt 和他的團隊正在努力的事情，百分之百是為了在我們日常工作中進行結構性變革，既要維持我們現有的業務能力，又要讓新員工加入進來。

Matt?

馬特？

Thanks, Frank, and thanks for the question. So the rate backdrop, we're pleased with having the best gross truck adds quarter in eight quarters. During the third quarter, we saw gross truck adds up more than 15% compared to the third quarter of 2024. And one of those things -- we can't control rate, but the team is focused on what we can control, which is how we recruit, how we qualify, how we onboard, driving efficiencies and improving that conversion rate of those expressing interest in coming on to Landstar.

謝謝你，弗蘭克，也謝謝你的提問。所以，就利率背景而言，我們很高興取得了八個季度以來最好的卡車總新增數量季度。第三季度，我們看到卡車總產量比 2024 年第三季增加了 15% 以上。其中一件事——我們無法控制轉換率，但團隊專注於我們可以控制的事情，即我們如何招募、如何篩選、如何入職、提高效率並提高那些對加入 Landstar 感興趣的人的轉換率。

Likewise, there's two sides of the coin on the retention side. We saw the seventh consecutive quarter of turnover improvement. High watermark was 41%. That was the fourth quarter of 2023. And we just got down to 31.5% as of the end of the third quarter, really approaching our long-term average of 29%.

同樣，在員工留任方面也存在兩面性。我們連續第七個季度實現了營業額改善。最高水位線為 41%。那是2023年第四季。截至第三季末，我們的失業率已降至 31.5%，真正接近了 29% 的長期平均值。

All that being said, this really hinges on rate, right? If we saw an inflection in rate and rate ticking higher, I could see us finishing the fourth quarter higher than where we finished the third quarter, but that's going to be rate dependent.

綜上所述，這真的取決於利率，對吧？如果利率出現轉折點並小幅走高，我認為我們第四季結束時的利率可能會高於第三季結束時的利率，但這取決於利率走勢。

Got it. And then if I could squeeze in just a real quick one here. The approved and active carriers that declined from 2Q to 3Q, is that -- could that impact your ability to affect -- to more favorably buy freight, just as you have a smaller pool to choose from?

知道了。然後，如果我能在這裡快速補充一點的話。從第二季度到第三季度，獲批且活躍的承運商數量有所下降，這是否會影響您更有利地購買貨物的能力，因為您的選擇範圍縮小了？

No. We don't really see that impacting our ability to source and satisfy demand. We're really being selective here. And we talked about that a little bit in the second quarter comments. We're choosing to be a little bit more selective on who we choose to partner with, a pretty big backdrop as it relates to fraud out there in the space. And so throughout the course of the year, those numbers have been coming down.

不。我們並不認為這會影響我們採購和滿足需求的能力。我們在這裡確實非常挑剔。我們在第二季評論中也稍微談到了這一點。我們選擇在合作夥伴的選擇上更加謹慎，這與該領域存在的詐欺問題密切相關。因此，在這一年中，這些數字一直在下降。

And it was a -- we're all skeptical around the capacity provider or there's something in the background that we can't verify, we're erring on the side of caution given the fraud backdrop.

而且——我們都對容量提供者持懷疑態度，或者說背後有一些我們無法核實的事情，考慮到詐欺的背景，我們傾向於謹慎行事。

And Reed, I would just only add on to that, some of the pruning that in the third quarter around that carrier base during that -- during the third quarter, we saw our net revenue margin on brokerage business actually widened out 78 basis points. So nothing from a capacity procurement side that gives us any concern where we sit today.

里德，我只想補充一點，在第三季度對營運商基礎進行了一些精簡——在第三季度，我們看到經紀業務的淨收入利潤率實際上擴大了 78 個基點。因此，就目前的產能採購情況而言，沒有任何值得我們擔憂的地方。

Jonathan Chappell, Evercore.

喬納森·查佩爾，Evercore。

Thank you. Good afternoon, everyone. So Jim or Frank, you guys can handle this. So I want to go back to the first question. Jim said in his prepared remarks, revenue hauls, other transportation companies down 17%, a clear indicator of spare capacity.

謝謝。大家下午好。吉姆或法蘭克，你們兩個可以處理這件事。所以我想回到第一個問題。吉姆在事先準備好的演講稿中表示，收入運輸量下降了 17%，其他運輸公司下降了 17%，這清楚地表明了運力不足的問題。

Then your revenue per load, October flat year-over-year, slightly below typical seasonal trends. Can you help us align both of those comments with some of the sources out there that have been talking about truckload spot rates spiking basically throughout the month of October? And are you just not seeing that in your particular routes? Or is maybe that a narrative that's kind of more broadly off base?

然後，10 月的每次運輸收入與去年同期持平，略低於典型的季節性趨勢。您能否幫助我們將這兩則評論與一些消息來源進行核對，這些消息來源一直在討論整個 10 月卡車運輸現貨價格飆升的問題？難道你只是在你負責的特定路線上沒有發現這種情況嗎？或者，這或許是一種從根本上就站不住腳的說法？

Jon, so I'll tell you the observations in the third quarter, and all three kind of move the same way. So we talked about how our revenue per load increased 50 basis points and typically goes up 150 basis points. So we saw sub-seasonal pricing. We saw our net revenue margin on brokerage business widen out sequentially, and we saw tender rejections actually dropped down a little bit in the third quarter when we saw an uptick, 1Q to 2Q.

喬恩，那我告訴你第三季的觀察結果，這三者的發展方向基本上都一樣。所以我們討論了每次運輸的收入增加了 50 個基點，通常會增加 150 個基點。因此，我們看到了非季節性定價。我們看到經紀業務的淨收入利潤率環比擴大，而且我們看到，在第三季度，投標拒絕率實際上略有下降，而第一季到第二季度則出現了增長。

As we sit here today, it's day two of October close, I anticipate our October pricing is going to be about flat to September. And if you go back 15 years, historically, we get about a 60 basis point uptick, September to October.

今天是十月交易日的第二天，我預計十月份的價格將與九月的價格基本持平。如果回顧過去 15 年的歷史，我們會發現 9 月到 10 月期間，利率大約會上升 60 個基點。

So it's not that it's significantly lagging, but we are not seeing -- if you're seeing public board data flash that spot rates are ticking up in October, we are not seeing that in our data thus far. Perhaps a bit of a Landstar lag that we've talked about in the past with agent behavior, not wanting to be the first one into their customers with the rate increase, but nothing we see in the numbers so far.

所以並不是說它明顯滯後，而是我們沒有看到——如果你看到公開的董事會數據顯示10月份現貨利率正在上漲，那麼到目前為止，我們還沒有在我們的數據中看到這種情況。或許 Landstar 存在一些我們過去討論過的滯後現象，例如代理商的行為，他們不想成為第一個向客戶宣布漲價的人，但到目前為止，我們在數據中還沒有看到這種情況。

Okay. And then also just -- anything you'd call out? I know you're not giving guidance, but just anything for the fourth quarter that be important to note on the expense side, and also how we think about the bridge to incentive comp in '26 versus '25.

好的。還有什麼要補充的嗎？我知道您沒有給出指導意見，但關於第四季度，在支出方面有什麼需要注意的重要事項嗎？還有，我們如何看待 2026 年與 2025 年的激勵薪酬銜接問題？

Yes, Jon. So on the expense side, insurance is always noisy and a difficult line to predict in a 90-day period. You heard Frank's prepared remarks about an early accident in October. We just went through an actuary review on the third quarter balance sheet date and had the true-up some prior year reserve estimates. So that one is a little noisy.

是的，喬恩。因此，從支出來看，保險總是充滿變數，很難在 90 天內預測其趨勢。你們都聽到了弗蘭克關於十月初發生的一起事故的事先準備好的發言。我們剛剛對第三季資產負債表日進行了精算審查，並對前一年的一些準備金估計進行了調整。那台有點吵。

On the other operating cost line, we held a BCO appreciation event. It's a little over $1 million. That will be a tailwind, 3Q to 4Q. And then finally, on the incentive comp and stock comp, we're accruing to about a $10 million charge, full fiscal year 2025. And that kind of resets. And a onetime number, John, in '26, that'd be about $11 million headwind.

在另一個營運成本方面，我們舉辦了一場 BCO 表彰活動。略高於100萬美元。那將是第三季到第四季的順風。最後，關於激勵性薪酬和股票薪酬，我們預計在 2025 財年將產生約 1,000 萬美元的費用。以及那種重置。約翰，如果以 2026 年的數據來看，那將是一個大約 1100 萬美元的逆風。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So I want to understand maybe some of the October volume trends. Do you have any way of isolating sort of what how government-related volumes are doing? I guess, what I'm trying to figure out is, I think everyone is talking about turns of subseasonal volume in October. Is this a government shutdown phenomenon that you can see it pronounced in this one part of your business? Or is it broader?

所以我想了解十月份的交易量趨勢。你們有什麼辦法可以單獨分析一下政府相關業務量的變化嗎？我想弄清楚的是，我覺得大家都在談論十月份的次季節銷售變化。這是政府停擺現象，以至於您在業務的某個特定領域看到了明顯的體現嗎？還是範圍更廣？

It's a little bit of both, Scott. So I'll start and let Jim Applegate chime in. I mean, it's a combination of the government shutdown, which, as you know, we're a fairly significant hauler for various federal agencies. So we're certain that there's some there. The automotive business continues to be in a tough spot.

斯科特，兩者兼而有之。那我先開始，然後讓吉姆·阿普爾蓋特插話。我的意思是，這既有政府停擺的影響，你也知道，我們是各個聯邦機構相當重要的運輸商。所以我們確信那裡有一些。汽車業依然處境艱難。

Interest rates aren't helping the housing business either. You heard Matt Dannegger on the prior call talk about our peak expectations, and he can certainly chime in as well. So I mean I think we're seeing what we have been seeing in the past couple of quarters. Perhaps adding to that is the government shutdown.

利率對房地產市場也無濟於事。你在上一次電話會議上聽到了馬特·丹內格談到我們對最高期望的看法，他當然也可以發表一些看法。所以我的意思是，我認為我們現在看到的和過去幾季看到的情況一樣。政府停擺或許也加劇了這種情況。

Yes. And just around the government shutdown, we're not seeing it in our actual numbers yet just because billings are kind of catching up, but we are noticing in the dispatch loads, we are down over 30% so far within October from a dispatch standpoint as it relates to government loads, and we expect that to continue to trend down. However, it's temporary. You'll see it trend down. When the government does pop back up, you'll see a bump back up, and we'll gain a lot of that back.

是的。就在政府停擺前後，我們還沒有在實際數據中看到這一點，因為帳單正在陸續到位，但我們注意到調度負荷方面，從調度角度來看，10 月迄今為止，與政府相關的調度負荷下降了 30% 以上，我們預計這一趨勢還將繼續下降。但這只是暫時的。你會看到它呈下降趨勢。當政府重新運作時，你會看到經濟回暖，我們也會重新獲得許多利益。

And actually, from a disruption standpoint, we probably stand long term to make out a little bit better than some of the other traditional asset-based providers just based on the flexibility of our network. So we're watching it closely. We do see it as something that's going to be a temporary blip, but we do see opportunity on the back end to catch up.

實際上，從顛覆性創新的角度來看，從長遠來看，憑藉我們網路的靈活性，我們可能會比其他一些傳統的資產型服務提供者略勝一籌。所以我們正在密切關注。我們認為這只是暫時的波動，但我們也看到了後續趕上的機會。

Matt, do you want to comment at all on the peak season?

馬特，你對旺季有什麼想說的嗎？

Sure. Thanks, Frank. JT talked a little bit ago about our Substitute Line Haul numbers being down this quarter. When we talk at peak at Landstar, we're really talking about a handful of customers in that sub Line Haul sector. And then going back the last couple of years, we've just not seen that, coming off of those post-pandemic highs.

當然。謝謝你，弗蘭克。JT 前段時間提到過，我們本季的替代幹線運輸量有所下降。當我們談到 Landstar 的巔峰時期時，我們實際上指的是乾線運輸子領域的少數客戶。而回顧過去幾年，自從疫情後的經濟高峰過去之後，我們就再也沒有看到這種情況了。

So the last couple of years has been a little bit muted. A lot of the transition and people going back to the stores has made a change. Retailers and these e-commerce finding different ways to manage their transportation. You got the tariffs this year, which -- maybe there's a little pull forward there, maybe some disruption on the back end here. So just not seeing the amount of volume that we saw from our traditional partners in the past just because they're not getting the same amount of volumes that they've had in the past.

所以，過去幾年有點平靜。很多轉變以及人們重返商店都帶來了改變。零售商和電商企業正在尋找不同的運輸管理方式。今年徵收了關稅，這——或許會有一些提前推動作用，或許會在後期造成一些幹擾。所以，我們沒有看到像過去那樣從傳統合作夥伴那裡獲得那麼多的交易量，只是因為他們的交易量不如以前了。

So again, I expect a muted peak season this year, probably similar to what we saw last year and maybe even down a little bit from that.

因此，我預計今年的旺季會比較平淡，可能和去年差不多，甚至可能比去年略有下降。

Yes, Scott, you saw UPS is print. So that will give you some indication of where they are on their peak business anyway to the quarter. And then I look at our numbers in October relative to the backdrop, and I'd say we've performed pretty well in the grand scheme of things.

是的，斯科特，你看到了，UPS是印刷品。這樣可以大致了解他們本季的業務高峰情況。然後我看了看我們十月的數據，結合當時的背景來看，我認為從整體來看，我們的表現相當不錯。

Yes. Okay. And then on the driver side with all these regulations -- so I get what you're saying, you don't have any BCO exposure here. But how about on the brokerage side of your business? Do you have a sense of what percentage of the broker carriers you're working with have exposure here?

是的。好的。然後，在駕駛員方面，由於所有這些規定——所以我明白你的意思，你在這裡沒有任何 BCO 風險。那麼，貴公司在經紀業務方面的情況如何呢？您知道與您合作的經紀保險公司中，有多少比例的人在這裡面臨風險嗎？

It's hard to get a precise type of exposure. I do know -- and Matt can chime in here in a second. I do know that our vetting criteria are pretty significant. So we also have agents that are always directly conversing with those carriers. So they have to be able to do business with us. So we have a, I'd say, kind of a high probability that there's not going to be significant impact there.

很難獲得精確的曝光類型。我知道——馬特馬上就能插話了。我知道我們的審核標準非常嚴格。因此，我們也安排了代理人直接與這些業者溝通。所以他們必須能夠和我們做生意。所以我認為，很有可能不會產生重大影響。

What's interesting is the BCO population should stay relatively stable and increase in that type of an environment. And could actually see some improved utilization there as loads present themselves, that maybe in the past, we're handled by third-party broker carriers who might get impacted by either ELP or nondomiciled CDL.

有趣的是，在這種環境下，BCO 的數量應該會保持相對穩定並增加。隨著貨運需求的出現，我們或許能看到貨運利用率增加。過去，這些貨運可能由第三方經紀承運商處理，而這些承運商可能會受到 ELP 或非本地 CDL 的影響。

Yes. And I appreciate the question. The FMCSA on the nondomicile, they're probably the best place to go for data at this point because it's so recent, that emergency action just happened in September. So we're a little bit more than a month beyond, but they put out $200,000 as the potential estimated number of those impacted on the nondomicile. And then since June 25, when ELP enforcement started to ramp, it started slow.

是的。感謝您的提問。關於非居民身分認定，FMCSA 可能是目前取得資料的最佳途徑，因為相關資料非常新近，緊急措施是在 9 月才實施的。所以現在已經過去一個多月了，但他們估計非居民受影響的潛在人數為 20 萬美元。然後，自 6 月 25 日 ELP 執法力度開始加大以來，執法速度一直很慢。

We've seen more states adopt, even two in the past two weeks have begun training enforcement on it. So far since June, 5,900 unique out-of-service violations. So a ramp is still taking place there, but I don't expect to pop.

我們看到越來越多的州採用了這項規定，甚至在過去兩週內，有兩個州已經開始對執法人員進行相關培訓。自 6 月以來，已發生 5900 起不同的停駛違規事件。所以那裡還在進行斜坡施工，但我預計不會發生爆裂。

And Scott, I have not heard -- I think I would. I have not heard any agents say I had to either give a load back or I got a load that was stopped because I had a third-party broker carrier that was taken out of service. So it's an anecdotal sample size, but we haven't heard anything certainly around this table of that.

斯科特，我還沒聽說過——我想我會聽到的。我沒有聽說任何代理商說我不得不退還貨物，或者因為我的第三方經紀承運商停止服務而導致我接到的貨物被停止運輸。所以這只是個零星的軼事樣本，但我們還沒有聽到任何確切的消息。

And then ultimately, what I'm trying to get at is like, you guys tend to be pretty straight shooters and not like overly promotional. Like, do you think this is a big deal or not? Like, is this going to be -- is this like the big sort of catalyst for the cycle we've been waiting for? Or ultimately, do we just need demand and that's going to be the key. Like, what are you -- how are you thinking about the catalyst to get us going?

最後，我想說的是，你們往往都是直言不諱的人，不太喜歡過度宣傳。你覺得這件事是件大事還是小事？這是否會成為——這是否會成為我們一直期待的周期的重大催化劑？或者歸根究底，我們只需要需求，而這才是關鍵。例如，你認為能夠推動我們前進的催化劑是什麼？

So the point that I would make here is, if -- and I'll put a big if on it -- if DOT is correct, and we're talking about 194,000 owner operators over the next year or two, that would be a pretty big deal relative to that population. And I'd like to think that our BCO population is going to be stable and grow in the backdrop of a tighter supply side environment there.

所以我想說的是，如果——我先聲明一個很大的「如果」——如果交通部的說法是正確的，我們談論的是未來一兩年內將有 194,000 名個體經營者，那麼相對於這個人口來說，這將是一件相當大的事情。我希望，在供應趨緊的環境下，我們的 BCO 人口能夠保持穩定並持續成長。

So I can certainly paint you a nice picture there, but a lot of that's just going to depend on the enforcement. And the enforcement doesn't really happen at the federal level. It happens at the state level, and you can see the politics around there and some of the banter back and forth between, for example, DOT in the State of California. So like a lot of that's got to happen on the ground in the states. It's not federal law enforcement that's involved in it. It's all the states.

所以，我當然可以為你描繪一幅美好的景象，但這很大程度上取決於執法力度。而且，聯邦層級並沒有真正執行這些規定。這種事發生在州一級，你可以看到那裡的政治氛圍，以及例如加州交通部之間的一些來回爭論。所以很多事情都必須在美國本土發生。涉事的並非聯邦執法部門。包括所有州。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

This is [Madison] on for Ravi. Just one quick one on the back of Scott's question. I know you mentioned some impact on -- impact on the dispatch loads for the government shutdown. I was just wondering if you could talk a bit about how quickly that business can ramp back up once the government reopens? And if -- I know you talked about a catch-up coming there, if that comes probably within fourth quarter or if it gets pushed out more into 2026?

這是麥迪遜為拉維上場。關於斯科特的問題，我再補充一個簡短的問題。我知道您曾提到政府停擺對調度負荷的一些影響。我想問一下，一旦政府重新開放，這個產業能以多快的速度恢復運作？如果——我知道你說過會有追趕計劃，如果這可能在第四季度實現，或者推遲到 2026 年？

Yes. No, good question. Really, it's about timing and how long this goes on for. And it's just a matter of the government is getting the money to go ahead and ship. And it's going to be very quickly after the government reopens where you see that pipeline open back up again as well, too.

是的。不，問得好。其實，關鍵在於時機以及這種情況會持續多久。現在的問題只是政府能否拿到資金來推動運輸。政府重新開放後不久，這條輸油管也會重新開放。

So again, we're not looking at it as something that's kind of detrimental to what we're going to see from a volume standpoint. Long term, we're seeing it as something that's kind of a short-term blip that we're going to get through, and I think there will be some opportunity on the back end.

所以，我們並不認為這會對銷售產生不利影響。從長遠來看，我們認為這只是一個短期波動，我們會渡過難關，而且我認為之後會有一些機會。

I think it's going to be measured in days and weeks, not months or quarters.

我認為衡量時間的單位將是天和周，而不是月或季度。

Got it. Okay. That's helpful. And then a little bit more of a bigger picture one. I know there's been a lot of talk in the market about AI usage and brokerage.

知道了。好的。那很有幫助。然後，再從更宏觀的角度來看這個問題。我知道市場上有很多關於人工智慧在經紀業務中的應用的討論。

I was just wondering if you guys can give a little bit of color about what Landstar is doing there and how you kind of think you differentiate versus peers?

我只是想問你們能否詳細介紹一下 Landstar 在那裡的業務，以及你們認為自己與同行相比有哪些差異化優勢？

Yes. So the model is obviously a differentiator in and of itself. We've got three different areas that we're focused on. We're focused on AI to assist our agents. So in the agency office, suggested pricing would be an example of that.

是的。因此，該模型本身顯然就是一個差異化因素。我們專注於三個不同的領域。我們專注於利用人工智慧來輔助我們的客服人員。因此，在代理商辦公室，建議定價就是一個例子。

We're also working on BCO retention. So how do we make sure that we know when a BCO might be sort of sending us the quiet signals that they're maybe not long for the company. So it could be reduced number of loads. It could be a change in the type of freight. It should be the agents that they're dealing with, et cetera. So we're looking at things in that space.

我們也在努力提高 BCO 的留存率。那麼，我們如何知道 BCO 何時可能向我們發出訊號，表明他們可能在公司待的時間不長了呢？因此，可以減少負載數量。這可能是貨物類型發生了變化。應該是他們正在打交道的那些代理人，等等。所以我們正在關注這個領域的發展。

And then we're obviously looking at it inside the building. We are a service provider in many respects, where our corporate support people are designed to serve the BCOs in the agent community. And if they're able to do that more effectively and more efficiently in how they are able to acquire knowledge in a particular question set. So we're working on a whole call center technology and suite of AI tools there that are going to help us be more efficient and effective when we deal with both BCOs and agents.

然後我們顯然是在建築物內部進行觀察。我們在許多方面都是服務提供者，我們的企業支援人員旨在為代理商社群中的 BCO 提供服務。如果他們能夠更有效、更有效率地獲取特定問題集中的知識。因此，我們正在開發一整套呼叫中心技術和人工智慧工具，這些工具將幫助我們在與業務協調員和代理商打交道時更有效率。

Bruce Chan, Stifel.

布魯斯·陳，史蒂費爾。

Yes. Thanks, operator, and good afternoon, gents. Maybe just a follow-up question on the technology side. You mentioned synthesizing the TMS onto one platform. Wondering if there are any identifiable cost savings that come out of that project or program? And then similarly, on the AI side, any margin impact that you expect or that you're targeting internally from the rollout of these tools?

是的。謝謝接線員，各位下午好。或許我想就技術方面再問一個後續問題。您提到將TMS合成到一個平台上。想知道該項目或計劃是否能帶來任何可識別的成本節約？同樣地，在人工智慧方面，您預計或內部計劃透過推出這些工具對利潤率產生任何影響嗎？

Yes. I think on the first one -- and I'll let sort of JT chime in on the exact. But obviously, we're not going to have two TMSs that we're continuing to develop either under capital or operating expense, and he can walk you through the depreciation impacts on that one.

是的。我認為第一個問題是──至於具體細節，就讓 JT 來補充。但顯然，我們不會同時開發兩個TMS系統，無論是作為資本支出還是營運支出，他都可以帶你了解這方面的折舊影響。

But really just getting onto one platform was the important thing there. It will also give our folks within -- which is a very small area, but within our blue organization to be working off of the exact same TMS that our agents are working off of, which I think is going to be helpful on both sides of that equation. On AI, we have not discussed any or disclosed any specific targets. But the increase in service levels is going to be our first area of focus, and then we'll look for opportunities on the efficiency side. JT?

但實際上，能夠進入一個平台才是最重要的。它還將使我們內部（雖然範圍很小，但屬於我們藍色組織內部）的人員能夠使用與我們的代理商完全相同的 TMS，我認為這對雙方都有幫助。在人工智慧方面，我們沒有討論過任何具體目標，也沒有透露任何具體目標。但提高服務水準將是我們首要關注的領域，之後我們才會尋找提高效率的機會。JT？

Yes. Thanks, Frank. Bruce, on the Blue TMS, it was about a $750,000 depreciation tailwind already captured in the third quarter. So 3Q to 4Q, I expect no impact.

是的。謝謝你，弗蘭克。Bruce 表示，Blue TMS 的第三季已經獲得了約 75 萬美元的折舊利好。因此，我預計第三季到第四季不會受到影響。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

I'll keep us a little bit longer term, and I know you don't really want to provide guidance here, but net income margins here -- sorry, net operating margins pretty much near the low, and I think that's very understandable, just given where the market is. But how do you think about the ability to get back to maybe the pre-pandemic range, where you were pretty consistently 40% to 50% on net operating margin?

我再從長遠角度來看，我知道您不太想在這裡提供指導，但是這裡的淨利潤率——抱歉，是淨營業利潤率——幾乎接近低點，我認為這完全可以理解，考慮到目前的市場狀況。但您認為能否恢復到疫情前的水平，也就是淨營業利潤率穩定在 40% 到 50% 的水平？

Yes, Brandon, good to hear your voice. Haven't spoken to you in a while. But look, I think the combination of increased revenue, which allows us to spread our fixed cost, the more that we can get in rate, obviously, that's going to be our friend on OM. We've certainly got to turn the corner on insurance and claims and things of that nature. And then we've got to get the efficiencies out of the technology.

是的，布蘭登，很高興聽到你的聲音。好久沒跟你說話了。但是，我認為收入增加，可以讓我們分攤固定成本，再加上我們能獲得的費率越高，顯然，這對我們的營運管理（OM）來說是有利的。我們當然必須在保險、理賠、類似的事情上扭轉局面。然後，我們還要充分發揮這項技術的效率。

Whether those happen inside our building or they happen in the agency offices and therefore translate into higher sales productivity within the agent community, that's the right outcome. And then from a BCO perspective, the more loads that are hauled via BCOs is better from a BCO perspective for us as well. So we're looking forward to touching all of those things through the tools and the AI that we're putting out there.

無論這些事情發生在我們大樓內，還是發生在代理商辦公室，從而轉化為代理商群體更高的銷售效率，這都是正確的結果。從 BCO 的角度來看，透過 BCO 運輸的貨物越多，對我們來說也是越有利的。因此，我們期待透過我們正在推出的工具和人工智慧來觸及所有這些方面。

Thanks, Frank. And Brandon, I would certainly piggyback to Frank's comment on insurance. I would point you in 2019, we had about 10,500 BCOs leased on with this, and we had an $80 million insurance line that fiscal year. You take a look at where we were in the first nine months of 2025 and run rate, and we've got about 8,600 BCOs in the fleet. We are safer today or as safe today as we were in 2019. It's this persistent claim cost inflation that's not only impacting Landstar; it's impacting all the truckers.

謝謝你，弗蘭克。布蘭登，我當然要附和弗蘭克關於保險的評論。我想指出的是，2019 年，我們透過這種方式租賃了大約 10,500 個 BCO，而該財政年度我們的保險額為 8000 萬美元。看看我們在 2025 年前九個月的狀況和運行速度，我們船隊中大約有 8600 輛 BCO。我們今天比 2019 年更安全，或至少和 2019 年一樣安全。正是這種持續的理賠成本上漲，不僅影響 Landstar，也影響著所有卡車司機。

I think you're starting to see some chunkier exits in the trucking space. And eventually, the folks are going to have to recapture that in the top line in the form of higher rates. We are clearly doing what we can, as I referenced in the prepared remarks around our headcount is down 80 from the peak. It's down 40 since the beginning of the year. We were talking about a company that's got less than 1,300 heads supporting 8,600 owner operators and 1,000 agents and taking care of 23,000-plus customers. So we'll continue to work on the controllables.

我認為你開始看到卡車運輸領域出現一些較大的退出案例。最終，人們將不得不透過提高稅率來彌補這部分損失。我們顯然正在盡我們所能，正如我在事先準備好的演講稿中提到的，我們的員工人數比高峰期減少了 80 人。今年以來已下降40%。我們談論的是一家員工不到 1300 人的公司，卻要為 8600 名個體經營者和 1000 名代理商提供支持，並為超過 23000 名客戶提供服務。所以我們會繼續研究可控因素。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

This is Elliot Alper on for Jason Seidl. How are you guys thinking about capacity planning over the next, call it, a year as these nondomiciled CDLs continue to roll off? Or is it just too early to plan for? And then on the same note, are there conversations with your insurers or underwriting partners taking place on any changes to risk or risk premiums associated with any of these nondomicile regulations?

這裡是艾利歐特·阿爾珀，替傑森·塞德爾為您報道。隨著這些非本地居民的CDL（商業駕駛執照）不斷減少，你們是如何考慮未來一年的運力規劃的？還是現在做計劃還為時過早？同樣地，您是否正在與保險公司或承保合作夥伴就與這些非居民區法規相關的風險或風險保費的任何變化進行溝通？

Yes. Good question. In terms of the nondomiciled, as I mentioned to you a moment ago, we don't have it. Our business model where we -- or has not certified across our entire BCO fleet or Jim Applegate talked about the government business that we have. I mean, there certainly are lots of gates or rigor that we put people through to make sure that we're able to support the customers that we have in the way that they need to be supported. So our insurers are going to ask us those questions as they should. And our answer is going to be we don't have any exposure there.

是的。問得好。至於非居民移民，正如我剛才提到的，我們沒有這方面的數據。我們的商業模式是，我們——或者說，我們尚未獲得整個 BCO 車隊的認證，或者 Jim Applegate 談到了我們擁有的政府業務。我的意思是，我們當然會設置很多關卡或嚴格的考核，以確保我們能夠以客戶需要的方式為他們提供支援。所以，我們的保險公司會問我們這些問題，這是理所當然的。我們的回答是，我們在那裡沒有任何風險敞口。

In terms of capacity planning, I mean, our job is to qualify and onboard as many BCOs as possible and to try to retain all of the BCOs that are currently leased on to us. So you're going to see us continue to focus really, really hard on growing the BCO fleet. In terms of capacity itself, we have a lot of different ways that we go about recruiting and retaining appropriate third-party capacity providers.

就產能規劃而言，我的意思是，我們的工作是盡可能篩選和引進 BCO，並努力留住目前租賃給我們的所有 BCO。所以你們將會看到我們繼續全力以赴地發展 BCO 船隊。就產能本身而言，我們有許多不同的方法來招募和留住合適的第三方產能提供者。

Again, as I mentioned earlier, it's really important that they can support our customers with the appropriate level of safety, security and service that our BCOs do. And so we're going to err on the side of caution when it comes to those three things.

正如我之前提到的，他們能夠為我們的客戶提供與我們的 BCO 相同的安全保障和服務水平，這一點非常重要。因此，在這三件事上，我們將採取謹慎的態度。

And so if we have any thought that they're not going to be able to converse in English or they're holding a nondomiciled CDL, then we're going to -- honestly, we're going to vet those out. The quality is what we is what we sell here. We don't transact in price. You can see that just based on our rate relative to where the DAT board rates are. We're at a different premium level, and we want to maintain that quality.

因此，如果我們有任何理由認為他們無法用英語交流，或者他們持有非本國的商用駕駛執照，那麼我們就會——說實話，我們會仔細審查這些人。我們這裡銷售的就是優質產品。我們不以價格進行交易。從我們的費率與 DAT 板費率的相對位置就能看出這一點。我們處於更高的優質水平，我們希望保持這種品質。

Okay. Great. And then just following up. So I understand October is trending below seasonality, and helpful commentary around peak expectations. But can you discuss how the load and revenue per load comparisons stack up as we move through the quarter? Just trying to gauge if comps get tougher off at October.

好的。偉大的。然後就是後續跟進。所以我了解到10月份的趨勢低於季節性水平，並且對預期高峰期的評論很有幫助。但是，您能否談談隨著本季推進，每次裝載量和每次裝載收入的比較情況如何？我只是想了解10月的比賽是否會變得更難。

Yes. From my recollection, I don't have 4Qs last year. Bear with me 1 second. So it looks like last year, fourth quarter volumes dropped off 190 basis points sequentially, and it looks like rate was up 100 basis points sequential. So rate was basically right in line with normal seasonality.

是的。我記得去年我沒有四個季度的數據。請稍等片刻。所以看起來去年第四季銷量則是季減了 190 個基點，而利率則是環比上升了 100 個基點。所以利率基本上符合正常的季節性法則。

It looks like we're starting out of the gate here in October, flattish, and October rates typically gap up about 60 basis points. So I would tell you, we're achieving that 100 will take a strong lift here in fiscal November and fiscal December.

看來10月的開局比較平穩，10月的利率通常會上漲約60個基點。所以我想說，要實現100%的目標，我們需要在11月和12月這兩個財年取得強勁的成長。

From an October standpoint, you heard Applegate talk about government and Frank talked about some of the parcel carriers and some of the automotive. We're running, I think, down 4.5% loads for Workday in October, and we typically drop off about 2% loads per workday, October versus September. So we'll need a little catch-up baseball there as well.

從十月的情況來看，你聽到阿普爾蓋特談論政府，弗蘭克談論了一些包裹運輸公司和一些汽車行業。我認為，10 月 Workday 的負載量下降了 4.5%，通常情況下，10 月每個工作日的負載量比 9 月下降了約 2%。所以我們也需要稍微補習一下棒球比賽。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Maybe circling back to the part of Scott's question on the supply and demand environment but focusing on the demand environment. Clearly, it's been very weak for some time, and we can all look at the data, including PMIs and the likes. What -- but I guess overall, still a relatively healthy macro depending on what you look at it. So what do you believe we need to see in terms of the demand environment ultimately improving? Are you hearing any early optimism about this in 2026?

或許可以回到 Scott 關於供需環境的問題，但重點放在需求環境。顯然，經濟已經疲軟了一段時間，我們可以看看相關數據，包括採購經理人指數（PMI）等。什麼——但我想總體而言，根據你觀察的角度不同，這仍然是一個相對健康的宏觀經濟狀況。那麼，您認為我們需要看到怎樣的需求環境才能最終改善？你聽過任何關於2026年出現這種情況的樂觀聲音嗎？

And then maybe also anything you can call out from an end market exposure where you're seeing maybe some underlying strength or maybe weaknesses too?

此外，您能否指出終端市場暴露出的任何潛在優勢或劣勢？

Stephanie, so let me try to take a stab at it. What would we need to see in order for the demand environment to improve? I think first and foremost, you need to have stable trade policy and have some of the relations between US, China, US, Canada, US, Mexico. The more normalization we can see there, I think the better for people deploying capital, which is ultimately what it comes down to. I also think the consumer, if they were to shift a little bit more back to goods rather than services, that would certainly be helpful.

史蒂芬妮，那我試著試試看。我們需要看到哪些跡象才能改善需求環境？我認為首先也是最重要的是，你需要穩定的貿易政策，以及美中加美之間的良好關係。我認為，這方面越是正常化，對投資的人就越有利，而這才是最終的問題。我也認為，如果消費者能稍微多一點時間從服務轉向商品，那一定會有幫助。

I think the Big Beautiful Bill and the unlocked potential there, which is certainly going to create the possibility of additional cash flow in companies so they're certainly going to have the capital to deploy. But again, I think you need normalization of trade relations to get to a better spot to allow people to do that. In terms of interest rates and Fed policy, we'll all be ears open tomorrow to see what the Fed is going to do. And ultimately, what's the impact on medium- and longer-term rates because that would help out on the automotive side and on the housing side.

我認為這項宏偉的法案及其釋放的潛力，肯定會為企業創造額外的現金流，使它們肯定有資金進行部署。但是，我認為我們需要貿易關係正常化，才能使人們能夠更好地做到這一點。關於利率和聯準會政策，我們明天都會密切關注聯準會的動向。最終，這對中長期利率會有什麼影響？因為這將有助於汽車產業和住房產業的發展。

In terms of bright spots, we clearly have seen a significant uptick in our unsided business and in their heavy haul business. And so continuing to see that play out over time would certainly be helpful from a Landstar perspective, the AI data center, commercial AC associated with that, the power gen, like all of the things that are in that AI ecosystem, we have seen the benefit of. And then I think we've seen a little bit of an uptick in the quarter relative to prior quarters in the US/Mexico cross-border business, which has been down for us for several quarters, and we're actually seeing it improve. So that feels pretty good.

就亮點而言，我們顯然看到我們的非對稱業務和他們的重型運輸業務都出現了顯著增長。因此，從 Landstar 的角度來看，繼續觀察這種情況的進展肯定會很有幫助，人工智慧資料中心、與之相關的商用空調、發電等人工智慧生態系統中的所有事物，我們都看到了它們帶來的好處。然後，我認為與前幾季相比，我們本季度美國/墨西哥跨境業務出現了一些回升，該業務已經連續幾個季度下滑，而我們現在實際上看到情況有所改善。感覺還不錯。

So I can paint you a good picture for next year, but we just haven't seen it. Right now, it's on paper. I haven't been able to see anything that would tell you that those are actually what's going to transpire when we flip the calendar to January 1.

所以我可以為你描繪一幅明年美好的藍圖，但我們還沒有看到它真正到來。目前，它還停留在紙面上。我沒有看到任何跡象表明，當我們翻到1月1日時，這些事情真的會發生。

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

謝謝。目前我沒有其他問題。先生，我想把電話交還給您，請您作總結發言。

Thank you. In closing, while the freight environment remains challenging, we believe we have seen some positive signals. We were encouraged by the modest sequential pricing improvement we experienced during the third quarter.

謝謝。最後，儘管貨運環境依然充滿挑戰，但我們認為已經看到了一些正面的訊號。第三季價格環比小幅上漲，這令我們倍感鼓舞。

And with a choppy industrial economic backdrop, we were extremely pleased with the 17% year-over-year revenue increase in our heavy haul service offering. We also believe the potential impact of various federal regulatory developments could provide some positive lift for our BCO business, in particular. And regardless of the economic environment, the resiliency of the Landstar variable cost business model continues to generate significant free cash flow.

在工業經濟情勢動盪的情況下，我們的重型運輸服務收入較去年同期成長 17%，我們對此感到非常滿意。我們也認為，各種聯邦監管發展可能為我們的 BCO 業務帶來一些積極的推動作用。無論經濟環境如何，Landstar 變動成本商業模式的韌性使其能夠持續產生可觀的自由現金流。

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 fourth quarter earnings conference call in late January. Thank you.

Landstar 一直是一家週期性成長的公司，我們已做好充分準備應對未來幾個月的挑戰，並期待貨運市場好轉時能夠取得更高的成就。感謝您今天下午蒞臨。我們期待在1月下旬舉行的2025年第四季財報電話會議上再次與您交流。謝謝。

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

感謝您今天參加電話會議。祝你晚上愉快。請立即斷開您的線路。非常感謝。