Landstar System, Inc. (LSTR) 2026 Q1 法說會逐字稿

Good afternoon and welcome to Landstar Systems Incorporated first quarter earnings release conference call. (Operator Instructions) Today's call is being recorded.

下午好，歡迎參加 Landstar Systems Incorporated 第一季財報發布電話會議。(接線員指示) 今天的電話會議將被錄音。

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

(接線員指示) 今天與會的 Landstar 代表包括：總裁兼執行長 Frank Lonegro；企業銷售副總裁兼企業銷售、策略與專案貨運長 Jim Applegate；副總裁兼財務長 Jim Todd；副總裁兼現場銷售長 Matt Dannegger；以及副總裁兼安全與營運長 Matt Miller。

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

現在我想把電話交給 Jim Todd 先生。先生，您可以開始了。謝謝。

Thanks, Arlene. Good afternoon, and welcome to Landstar's 2026 first quarter earnings conference call. Before we begin, let me read the following statement. Following is the safe harbor statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements.

謝謝你，Arlene。各位下午好，歡迎參加 Landstar 2026 年第一季財報電話會議。在開始之前，讓我宣讀以下聲明。以下為 1995 年《私人證券訴訟改革法》下的安全港聲明。本次電話會議中所作、非基於歷史事實的陳述均屬前瞻性陳述。

During this conference call, we may make statements that contain forward-looking information that relates to Landstar's business objectives, plans, strategies and expectations. Such information is by nature subject to uncertainties and risks, including, but not limited to, the operational, financial and legal risks detailed in Landstar's Form 10-K for the 2025 fiscal year described in the section Risk Factors and our other SEC filings from time to time.

在本次電話會議中，我們可能會作出包含前瞻性資訊的陳述，該等資訊涉及 Landstar 的業務目標、計畫、策略與預期。此類資訊本質上存在不確定性與風險，包括但不限於 Landstar 2025 會計年度 Form 10-K 中「風險因素」章節所述，以及我們不時向 SEC 提交之其他文件中詳述的營運、財務與法律風險。

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.

這些風險與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存在重大差異。投資人不應過度依賴此類前瞻性資訊，且 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.

現在我把電話交給 Landstar 執行長 Frank Lonegro，請他發表開場致詞。

Thanks, JT, and good afternoon, everyone. We are excited to discuss our results this quarter, given the overall sense of optimism many in our network are sharing with us. It was great to spend time with many of our BCOs at the Mid-America Trucking Show in March and to celebrate the success of our agent network earlier this month at our Annual Agent Convention.

謝謝，JT，各位下午好。鑑於我們網路中的許多人與我們分享的整體樂觀情緒，我們很高興在本季討論我們的業績。3 月我在中美卡車展（Mid-America Trucking Show）與許多 BCO 共度時光非常愉快；本月稍早我們在年度代理商大會上也一同慶祝了代理商網路的成功。

The tone and positivity I heard from my personal interactions with BCOs and agents at these events was the best I've experienced during my tenure at Landstar and provides an emerging sense of competence as we head further into 2026.

在這些活動中，我與 BCO 與代理商的親身互動所感受到的氛圍與正向程度，是我任職 Landstar 期間所經歷過最好的，並在我們進一步邁入 2026 年之際，帶來一種逐步浮現的信心感。

Before diving into our results, I'd like to thank our BCOs and agents and all the Landstar employees who support them every day. 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.

在深入討論業績之前，我想感謝我們的 BCO 與代理商，以及每天支持他們的所有 Landstar 員工。我們由獨立企業主所組成的網路，日復一日展現的能力、韌性與投入程度，在貨運運輸產業中獨樹一幟。

Their adaptability and dedication to safety, security, and service for our customers is truly impressive. They are exceptionally business leaders and key to driving the continued success of Landstar's business model. I'd also like to thank Derek Barrs, the Head of the FMCSA, who recently appeared at our Agent Convention and discussed many of the significant initiatives he is leading at the FMCSA.

他們的適應力，以及對客戶在安全、保全與服務方面的投入，確實令人印象深刻。他們是卓越的企業領導者，也是推動 Landstar 商業模式持續成功的關鍵。我也要感謝 FMCSA 負責人 Derek Barrs，他近日出席我們的代理商大會，並分享了他在 FMCSA 所主導的多項重大倡議。

These regulatory efforts are having a real tangible impact on the trucking industry and have been very positive for Landstar. We look forward to continuing our dialogue with the USDOT and the FMCSA in support of these efforts.

這些監管作為正對卡車運輸產業產生真實且具體的影響，並且對 Landstar 非常正面。我們期待持續與美國運輸部（USDOT）及 FMCSA 對話，以支持這些努力。

Amidst our improved operating performance, the 2026 first quarter was not without challenges that required our focus and attention. We are driving to incorporate AI into our business and do everything we can to mitigate any perceived industry-specific AI disintermediation risk.

在營運表現改善之際，2026 年第一季仍非毫無挑戰，仍有一些議題需要我們專注與投入。我們正推動將 AI 納入業務，並盡一切努力降低任何被認為與產業相關的 AI 去中介化風險。

We were pleased to have Jim Applegate and Rick Coro participate in the Goldman Sachs AI and Freight Forum in Chicago in late March, where they shared our AI roadmap and several in-flight initiatives across the network. We continue to be encouraged by the level of engagement we're seeing among agents and BCOs participating in our beta programs.

我們很高興 Jim Applegate 與 Rick Coro 於 3 月下旬在芝加哥參與高盛 AI 與貨運論壇（Goldman Sachs AI and Freight Forum），並在會中分享我們的 AI 路線圖以及網路內多項進行中的計畫。我們持續受到鼓舞，因為我們看到參與 beta 計畫的代理商與 BCO 的投入程度相當高。

That collaboration is already yielding tangible progress across a number of workflows, including customer quoting, carrier negotiations, dispatch decision-making, automated tracking, appointment scheduling, network modeling, and bid optimization. Importantly, these tools are being developed alongside our agents and BCOs with early pilots already live in production or in advanced testing.

這種協作已在多項工作流程上帶來具體進展，包括客戶報價、承運商議價、派車決策、自動化追蹤、預約排程、網路建模與投標最佳化。重要的是，這些工具是在與我們的代理商與 BCO 並肩開發之下完成，且已有早期試點在正式環境上線或進入進階測試階段。

Initial feedback points to meaningful time savings. Higher shipment lifecycle throughput and improved visibility across the network, empowering our entrepreneurs to spend more time on revenue-generating and relationship-driven activities.

初步回饋顯示可節省大量時間。提升貨件全生命週期的處理吞吐量，並改善整個網路的可視性，使我們的企業家能把更多時間投入在創造營收與建立關係的活動上。

At the same time, we are advancing several AI-driven efficiency initiatives at the corporate level, including our Tier 1 ERP modernization, proprietary fraud prevention and detection capabilities, service center workflows, BCO retention models, and self-service analytics for operations and customer management.

同時，我們也在公司層級推進多項 AI 驅動的效率計畫，包括第一級（Tier 1）ERP 現代化、自有的詐欺預防與偵測能力、服務中心工作流程、BCO 留任模型，以及用於營運與客戶管理的自助式分析工具。

Across both the agent network and in our corporate offices, our focus remains on disciplined deployment and scalable adoption. We look forward to providing additional updates as these initiatives continue to progress.

無論是在代理商網路或公司辦公室，我們的重點仍是有紀律的部署與可擴展的採用。隨著這些計畫持續推進，我們期待提供更多更新。

We, like everyone else, are monitoring the news on the geopolitical conflict in the Middle East and the related volatility in energy and diesel prices. We also continued to monitor the potential effect of tariff and trade policy on our business, including the impact of the recent Supreme Court decision and tariff refunds from the federal government. Tariffs have certainly already impacted trade flows. For example, the 2025 first quarter reflected a desire by many customers to pull forward shipments in an effort to get ahead of potential tariffs. This contributed to a relatively tough first-quarter volume comp for Landstar.

我們和其他人一樣，正關注中東地緣政治衝突的新聞，以及能源與柴油價格的相關波動。我們也持續關注關稅與貿易政策對我們業務的潛在影響，包括近期最高法院裁決以及聯邦政府退還關稅的影響。關稅確實已經影響貿易流向。例如，2025 年第一季反映出許多客戶為了趕在潛在關稅之前，傾向提前出貨。這使得 Landstar 第一季的貨量同比基期相對較具挑戰。

We will also be closely monitoring any developments with respect to trade relations among the United States, Canada and Mexico this year.

今年我們也將密切關注美國、加拿大與墨西哥之間貿易關係的任何發展。

Against that backdrop, the Landstar business model performed well, with revenue increasing approximately 2% compared to the 2025 first quarter, gross profit increasing approximately 14%, variable contribution dollars increasing approximately 7% and basic and diluted earnings per share increasing approximately 36%. As a reminder, earnings per share during the 2025 first quarter were unfavorably impacted by approximately $0.10 per share related to the previously disclosed supply chain fraud matter.

在此背景下，Landstar 的商業模式表現良好：與 2025 年第一季相比，營收約增加 2%，毛利約增加 14%，變動貢獻金額約增加 7%，基本與稀釋每股盈餘約增加 36%。提醒各位，2025 年第一季的每股盈餘曾因先前已揭露的供應鏈詐欺事件而受到不利影響，約為每股 0.10 美元。

As JT will discuss in more detail during his remarks, the 2026 first quarter also experienced lower insurance and claim cost expense compared to the 2025 first quarter, primarily due to the company's ongoing efforts to address strategic cargo theft. These efforts helped Landstar to achieve both a decrease in the frequency of cargo planes incidents during the 2026 period compared to the 2025 period, as well as decreased severity of cargo plane incidents.

如 JT 稍後在發言中將更詳細說明，2026 年第一季的保險與理賠成本費用亦低於 2025 年第一季，主要歸因於公司持續致力於因應策略性貨物竊盜。這些努力協助 Landstar 在 2026 期間相較 2025 期間，不僅降低貨物理賠事件的發生頻率，也降低貨物理賠事件的嚴重程度。

One consistent highlight in our results remains the strength of our industry-leading unsighted platform equipment business. This part of our business posted another strong quarter with an 8% year-over-year revenue increase driven by the performance of Landstar's heavy haul service offering.

我們業績中一項持續的亮點，仍是我們業界領先的非標準平台設備（unsighted platform equipment）業務的強勁表現。該業務本季再度繳出亮眼成績，營收年增 8%，主要由 Landstar 的重型運輸（heavy haul）服務表現所帶動。

We generated approximately $134 million of heavy haul revenue during the 2026 first quarter, representing an 18% increase over the 2025 first quarter. This achievement reflected a 12% increase in heavy haul revenue per load and a 6% increase in heavy haul volume.

我們在 2026 年第一季創造約 1.34 億美元的重型運輸營收，較 2025 年第一季成長 18%。此一成果反映重型運輸每趟載運營收增加 12%，以及重型運輸貨量增加 6%。

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 puts Landstar in a great position to leverage improving freight market conditions. We also remain 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.

我們的重點仍然是加速推進我們的商業模式，並落實我們的策略性成長計畫。我們持續投資於基礎性工作，使 Landstar 能在貨運市場環境改善時處於極佳位置以加以運用。我們也持續專注於我們對持續改善的承諾，提升我們每天為客戶、代理商、BCO 與承運商所提供的服務與支援水準。

Turning to slide 5. The freight environment in the 2026 first quarter was characterized by relatively strong demand from a seasonal perspective and an improving price environment as we moved through the quarter. We were encouraged to see the ISM index above 50 for each of the three months in the first quarter, a positive sign for our business, as readings from the prior three years too often reflected a far more challenging economic backdrop.

接著看第 5 頁投影片。2026 年第一季的貨運環境，從季節性角度來看需求相對強勁，且隨著季度推進，價格環境也在改善。我們很高興看到第一季三個月的 ISM 指數皆高於 50，這對我們的業務是正面訊號，因為過去三年的讀數往往反映出更具挑戰性的經濟背景。

We were pleased to see sequential outperformance in the number of loads hauled via truck and truck revenue per load compared to pre-pandemic normal seasonal patterns. As litered in the press release, we were encouraged to see that overall truck revenue per load increased 6% compared to the 2025 first quarter.

我們很高興看到，透過卡車承運的載運量（loads）數以及每載運量的卡車營收（truck revenue per load），相較於疫情前正常的季節性模式呈現連續性的優於預期表現。如新聞稿所述，我們也很受鼓舞地看到整體每載運量的卡車營收較 2025 年第一季增加 6%。

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.

我們的資產負債表仍然非常強健，而我們的資本配置優先順序維持不變。我們將持續以耐心且把握機會的方式，依據既有的庫藏股回購授權執行回購，以造福長期股東。

As noted in the slide deck, during the 2026 first quarter, the company returned approximately $104 million to shareholders through our capital return programs. The company returned approximately $82 million in dividends to stockholders during the first quarter. And deployed approximately $22 million to share repurchases during the first quarter. And yesterday afternoon, our board declared a regular quarterly dividend of $0.40 per share, payable on June 9 to stockholders of record as of the close of business on May 19.

如投影片所示，在 2026 年第一季，公司透過資本回饋計畫向股東返還約 1.04 億美元。公司在第一季以股利形式向股東返還約 8,200 萬美元。並在第一季投入約 2,200 萬美元進行股票回購。此外，昨天下午董事會宣告每股 0.40 美元的例行季度股利，將於 6 月 9 日支付給截至 5 月 19 日營業日結束時的在冊股東。

We continue to invest through the cycle in leading technology and AI 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 new van equipment.

我們持續在景氣循環中投資領先的科技與 AI 解決方案，以造福我們的獨立企業主網路；同時，今年也配置了相當可觀的資本，用於更新我們的拖車設備車隊，並特別聚焦於投資新的廂式（van）設備。

Turning to slide 7 and looking at our network, the scale systems and support inherent in the Landstar model helped to drive the operating results generated during the 2026 first quarter. JT will get into the details on revenue, loadings, and rate for load in a few minutes.

接著看第 7 頁，從我們的網路來看，Landstar 模式所內建的規模、系統與支援，協助推動 2026 年第一季的營運成果。JT 將在幾分鐘後就營收、載運量與每載運量費率（rate per load）的細節進一步說明。

Safety is crucial to 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, security, and service at Landstar.

安全對我們持續成功至關重要。我們的安全表現直接來自於數以千計每天安全營運的 Landstar BCO 的專業，以及持續強化在 Landstar 對安全、保全與服務之關鍵重要性的代理商與員工。

I'm proud to report an accident frequency rate of 0.64 DOT reportable accidents per million miles during the 2026 first quarter, well below the last available national average DOT reportable frequency rate released by the FMCSA for 2021, and slightly better than the 0.69 DOT accident frequency we reported during the 2025 first quarter.

我很自豪地報告，2026 年第一季每百萬英里 DOT 可申報事故的事故頻率為 0.64，遠低於 FMCSA 釋出的 2021 年最新全國平均 DOT 可申報事故頻率，且也略優於我們在 2025 年第一季所報告的 0.69 DOT 事故頻率。

The company's 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 great customers. We remain committed to driving a best-in-class safety culture.

公司的長期平均是一項令人印象深刻的營運指標，彰顯我們 BCO 的實力、技能、才華與投入，也形成差異化優勢。我們的代理商能在與我們優秀客戶的討論中加以強調。我們仍致力於打造同級最佳的安全文化。

I'd also like to take a moment to recognize Landstar's $457 million agents based on our 2025 fiscal year results. Importantly, retention within the million-dollar agent network continues to be extremely high.

我也想花點時間表揚依據 2025 會計年度成果所認定、為 Landstar 創造 4.57 億美元的代理商。重要的是，百萬美元代理商網路中的留任率仍然極高。

Turning to slide 8, on a year-over-year basis, BCO truck count decreased approximately 2% compared to the end of 2025 first quarter and approximately 40 basis points sequentially.

接著看第 8 頁，以年對年來看，BCO 卡車數量較 2025 年第一季末約下降 2%，且較前一季約下降 40 個基點。

It is important to note, however, that the 38 BCO truck decline experienced during the 2026 first quarter is significantly better than our experience in other recent first quarters, when on average, Landstar experienced a decline of 365 BCO trucks across the first quarters of 2023, 2024, and 2025.

不過需要注意的是，2026 年第一季 BCO 卡車減少 38 輛，明顯優於我們在其他近期第一季的經驗；在 2023、2024 與 2025 年的第一季，Landstar 平均每個第一季減少 365 輛 BCO 卡車。

We are also very pleased to see our trailing 12-month BCO truck turnover rate drop from 31.4% as of fiscal year in 2025 to 29.5% at the end of the 2026 first quarter. This is a directionally positive trend that we hope to continue in the second quarter. Through the first four weeks of 2026 second fiscal quarter, the number of trucks provided by BCO independent contractors is approximately equal to the end of the 2026 first quarter.

我們也很高興看到，過去 12 個月的 BCO 卡車流失率（turnover rate）從 2025 會計年度末的 31.4% 降至 2026 年第一季末的 29.5%。這是方向上正面的趨勢，我們希望在第二季能延續。在 2026 會計年度第二季的前四週，BCO 獨立承包商所提供的卡車數量約與 2026 年第一季末相當。

I'll now have to call back to JT to walk you through the 2026 first quarter financials in more detail. JT?

接下來我把時間交回給 JT，請他更詳細帶大家看 2026 年第一季財務表現。JT？

Thanks, Frank. Turn to slide 10. As Frank mentioned earlier, overall truck revenue per load increased 5.6% in the 2026 first quarter compared to 2025 first quarter, primarily attributable to a 10.8% increase in revenue per load on loads hauled by unsided platform equipment and a 5.2% increase in revenue per load on loads hauled via van equipment.

謝謝，Frank。請看第 10 頁投影片。如 Frank 先前提到，2026 年第一季整體每載運量的卡車營收較 2025 年第一季增加 5.6%，主要來自於無側板平台（unsided platform）設備承運之載運量的每載運量營收增加 10.8%，以及廂式（van）設備承運之載運量的每載運量營收增加 5.2%。

On a sequential basis, truck revenue per load increased 0.2% in the 2026 first quarter versus the 2025 fourth quarter. It is an unusual sign for truck revenue per load to be higher in the first quarter than in the immediately preceding fourth quarter as pre-pandemic normal seasonality would typically be expected to yield a 4% sequential decrease and revenue per load in a given first quarter compared to the immediately preceding fourth quarter.

以季對季來看，2026 年第一季每載運量的卡車營收較 2025 年第四季增加 0.2%。在疫情前的正常季節性下，第一季的每載運量營收通常會低於緊接著的第四季，通常預期會出現約 4% 的季對季下降；因此第一季高於前一季第四季屬於不尋常的訊號。

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. In the 2026 first quarter revenue per mile and unsided platform equipment hauled by BCOs was 2% above the 2025 first quarter, and revenue per mile on van equipment hauled BCOs was 3% above the 2025 first quarter.

相較於整體每載運量的卡車營收，我們認為由 BCO 卡車承運之載運的每英里營收（revenue per mile）更能純粹反映市場定價，因其排除了向客戶收取並 100% 支付給 BCO 的燃油附加費。2026 年第一季，BCO 承運之無側板平台設備的每英里營收較 2025 年第一季高 2%，而 BCO 承運之廂式設備的每英里營收較 2025 年第一季高 3%。

Delving deeper into seasonal trends, revenue per mile and loads hauled by BCOs on unsided platform equipment declined 6% from December to January was approximately flat January to February and increased 2% from February to March. Importantly, the sequential month-to-month performance as we move through the first quarter when compared against typical pre-pandemic trends suggest growing positive momentum in this aspect of our business.

進一步看季節性趨勢，BCO 在無側板平台設備上的每英里營收與承運載運量，從 12 月到 1 月下降 6%，1 月到 2 月大致持平，2 月到 3 月增加 2%。重要的是，當我們將第一季內逐月的連續表現與疫情前的典型趨勢相比，顯示我們這部分業務的正向動能正在增強。

In fact, while the December to January change in revenue per mile in BCO loads hauled on unsided platform equipment underperformed pre-pandemic seasonal trends, January to February's flat performance outperformed pre-pandemic trends and the February to March increase outperformed pre-pandemic seasonal trends.

事實上，雖然無側板平台設備之 BCO 載運的每英里營收在 12 月到 1 月的變化低於疫情前的季節性趨勢，但 1 月到 2 月的持平表現優於疫情前趨勢，而 2 月到 3 月的增幅也優於疫情前的季節性趨勢。

Turning to van freight. Revenue per mile on van equipment hauled by BCOs was approximately flat from December to January, outperforming historical trends. increased 3% from January to February, also outperforming these trends, but decreased 1% from February to March, underperforming pre-pandemic February to March historical trends. Based on preliminary April BCO process revenue for load data, we expect the underperformance experience from February to March to reverse during fiscal April. It should be noted that month-to-month seasonal trends on unsided platform equipment are generally more volatile compared to that van equipment.

接著看廂式（van）貨運。BCO 承運之廂式設備每英里營收從 12 月到 1 月大致持平，優於歷史趨勢；從 1 月到 2 月增加 3%，同樣優於這些趨勢；但從 2 月到 3 月下降 1%，低於疫情前 2 月到 3 月的歷史趨勢。根據 4 月 BCO 流程（process）每載運量營收的初步資料，我們預期 2 月到 3 月的相對弱勢將在 4 月會計期間出現反轉。需要注意的是，無側板平台設備的逐月季節性趨勢通常比廂式設備更為波動。

This relative volatility is often due to the mix between heavy specialized lows and standard flatbed volume. As Frank alluded to, we've been particularly pleased with the sustained strong performance of our heavy hauled service offering. Heavy hauled revenue was up an impressive 18% year-over-year in the first quarter, significantly outperforming core truckload revenue.

這種相對波動性通常源自於重型專業低底盤運量與標準平板車運量之間的組合。正如 Frank 所提到的，我們對重型運輸服務產品持續強勁的表現感到特別滿意。第一季重型運輸營收年增達到令人印象深刻的 18%，顯著優於核心整車（truckload）營收。

Heavy hauled loadings were up approximately 6% year-over-year and revenue per heavy hauled load increased 12% year-over-year. This represented a mixed tailwind to our unsighted platform revenue per load as heavy hauled revenue as a percentage of the category increased from approximately 33% during the 2025 first quarter to approximately 36% in the 2026 first quarter.

重型運輸裝載量年增約 6%，每趟重型運輸裝載的營收年增 12%。由於重型運輸營收占該類別的比重由 2025 年第一季約 33% 提升至 2026 年第一季約 36%，這對我們未指派（unsighted）平台的每趟營收帶來了複合性的順風影響。

Non-truck transportation service revenue in the 2026 first quarter was 19% or $16 million below the 2025 first quarter, the decrease in non-truck transportation revenue was mostly due to a 31% decrease in ocean volume, which we believe was partially driven by shipper pull-forward behavior during the first quarter of 2025.

2026 年第一季非卡車運輸服務營收較 2025 年第一季下降 19%（或 1,600 萬美元）；非卡車運輸營收的下降主要是因海運量下滑 31%，我們認為這部分是由於 2025 年第一季託運人提前出貨（pull-forward）行為所致。

Turning to slide 11. We've provided revenue share by commodity and year-over-year change in revenue by commodity, transportation and logistics segment revenue was up 2% year-over-year on a 4% increase in revenue per load, partially offset by a 3% decrease in volume compared to the 2025 first quarter. Within our largest commodity category, consumer durables revenue increased 1% year-over-year on a 7% increase in revenue per load, partially offset by a 5% decrease in volume.

接著看第 11 頁投影片。我們提供了按商品別的營收占比，以及按商品別的營收年增變化；運輸與物流部門營收年增 2%，係因每趟營收增加 4%，但部分被相較 2025 年第一季運量下降 3% 所抵銷。在我們最大的商品類別中，耐久消費品營收年增 1%，係因每趟營收增加 7%，但部分被運量下降 5% 所抵銷。

Aggregate revenue across our top five commodity categories, which collectively make up about 70% of our transportation revenue increase approximately 4% compared to the 2025 first quarter.

我們前五大商品類別合計約占運輸營收的 70%，其合計營收相較 2025 年第一季約增加 4%。

While slide 11 displays revenue share by commodity, we thought it would also be helpful to include some color on volume performance within our top commodity categories from the 2025 first quarter to 2026 first quarter, total loadings on machinery increased 5%. Automotive equipment and parts decreased 4%, building products decreased 10% and Hazmat decreased 6%.

雖然第 11 頁投影片呈現按商品別的營收占比，我們也認為補充一些關於 2025 年第一季至 2026 年第一季期間、前幾大商品類別運量表現的說明會有所幫助；機械類總裝載量增加 5%。汽車設備與零件下降 4%，建材下降 10%，危險物品（Hazmat）下降 6%。

Additionally, substitute line haul loading is one of the strongest performers first during the pandemic and one which varies significantly based on consumer demand, increased 1% from the 2025 first quarter. The decline in automotive, hazmat and building product loadings noted above was partially offset by a 23% increase in electrical volumes, a 17% increase in energy volumes and an 8% increase in government volumes. Even with the ups and downs in various customer categories, our business remains highly diversified with over 20,000 customers, none of which contributed over 8% of our revenue in the 2026 first quarter.

此外，替代性長途幹線（line haul）裝載量是疫情期間最強勁的表現者之一，且會隨消費需求而大幅波動，較 2025 年第一季增加 1%。上述汽車、危險物品與建材裝載量的下滑，部分被電氣類運量增加 23%、能源類運量增加 17%以及政府類運量增加 8%所抵銷。即便各客戶類別有起有落，我們的業務仍高度多元化，客戶超過 20,000 家，且在 2026 年第一季沒有任何單一客戶貢獻超過我們營收的 8%。

Turning to slide 12. The 2026 first quarter gross profit was $112.5 million compared to gross profit of $98.3 million in the 2025 first first quarter. Gross profit margin was 9.6% of revenue in the 2026 first quarter as compared to gross profit margin of 8.5% in the corresponding period of 2025. In the 2026 first quarter, variable contribution was $172.2 million compared to $161.3 million in the 2025 first quarter. Variable contribution margin was 14.7% of revenue in 2026 first quarter compared to 14% in the same period last year.

接著看第 12 頁投影片。2026 年第一季毛利為 1.125 億美元，較 2025 年第一季的 9,830 萬美元增加。2026 年第一季毛利率為營收的 9.6%，相較 2025 年同期為 8.5%。2026 年第一季變動貢獻（variable contribution）為 1.722 億美元，較 2025 年第一季的 1.613 億美元增加。2026 年第一季變動貢獻率為營收的 14.7%，相較去年同期為 14%。

The increase in variable contribution margin compared to the 2025 first quarter was primarily attributable to an increase in the percentage of revenue generated from BCO independent contractors.

相較 2025 年第一季，變動貢獻率的提升主要歸因於由 BCO 獨立承包商所產生的營收占比提高。

Turning to slide 13. Operating income increased as a percentage of both gross profit and variable contribution as we cycle the impact of the international supply chain fraud matter in the 2025 first quarter, lower insurance and claim costs in the 2026 first quarter and the impact of the company's fixed cost infrastructure, principally certain components of selling, general and administrative costs in comparison to larger gross profit and variable contribution basis.

接著看第 13 頁投影片。由於我們在比較基期中消化了 2025 年第一季國際供應鏈詐欺事件的影響、2026 年第一季保險與理賠成本較低，以及公司固定成本基礎設施（主要為部分銷售、一般及行政費用）相對於更大的毛利與變動貢獻基礎之影響，營業利益占毛利與變動貢獻的比率均有所提高。

Other operating costs were $14.8 million in the 2026 first quarter compared to $11.8 million in 2025. This increase was primarily due to increased trailing equipment maintenance costs, increased trailing equipment rental costs and decreased gains on disposal of used trailing equipment.

2026 年第一季其他營業成本為 1,480 萬美元，較 2025 年的 1,180 萬美元增加。此增加主要由於拖車設備維修成本上升、拖車設備租賃成本上升，以及處分二手拖車設備的處分利益減少。

Insurance and claims costs were $35.6 million in the 2026 first quarter compared to $39.9 million in 2025. Total insurance and claim costs were 7.5% of BCO revenue in the 2026 first quarter as compared to 9.3% in the 2025 first quarter. The decrease in insurance and claim costs as compared to 2025 was primarily attributable to decreased net unfavorable development of prior year claim estimates, decreased severity of current year trucking claims in the 2026 period and a decrease in both cargo claim frequency and cargo claim severity, which reflects a significant decrease in expense related to strategic cargo effect in the 2026 period, partially offset by increased BCO miles traveled during the 2026 period.

2026 年第一季保險與理賠成本為 3,560 萬美元，較 2025 年的 3,990 萬美元下降。2026 年第一季保險與理賠總成本占 BCO 營收的 7.5%，相較 2025 年第一季為 9.3%。相較 2025 年，保險與理賠成本下降主要歸因於前期年度理賠估計的淨不利發展減少、2026 期間當年度卡車理賠嚴重度降低，以及貨損理賠的發生頻率與嚴重度均下降（反映 2026 期間與策略性貨物影響相關費用顯著降低）；但部分被 2026 期間 BCO 行駛里程增加所抵銷。

During the 2026 and 2025 first quarters, insurance and claims costs included $4.9 million and $11.4 million of net unfavorable adjustment to prior year claim estimates, respectively. Selling, general and administrative costs were $61 million in the 2026 first quarter compared to $61.6 million in the 2025 first quarter.

在 2026 年與 2025 年第一季，保險與理賠成本分別包含 490 萬美元與 1,140 萬美元的前期年度理賠估計淨不利調整。2026 年第一季銷售、一般及行政費用為 6,100 萬美元，較 2025 年第一季的 6,160 萬美元下降。

The decrease in selling, general and administrative costs was primarily attributable to the impact of the $4.8 million charge to selling, general and administrative costs during the first quarter of 2025, in connection with the previously disclosed international supply chain fraud matter and a lower provision for customer bad debt, largely offset by an increased provision for incentive compensation and increased employee benefit costs.

銷售、一般及行政費用的下降主要歸因於 2025 年第一季因先前揭露之國際供應鏈詐欺事件而認列的 480 萬美元費用，以及客戶呆帳提列較低；但多數被獎酬性薪酬提列增加與員工福利成本上升所抵銷。

The provision for incentive compensation was $3.4 million during the 2026 first quarter as compared to $1 million during the 2025 first quarter. Depreciation and amortization was $10.6 million in the 2026 first quarter compared to $12.2 million in 2025. This decrease was primarily due to decreased depreciation on software applications and decreased depreciation on our fleet of trailing equipment. The effective income tax rate was 25.2% in the 2026 first quarter compared to an effective income tax rate of 24.7% in the 2025 first quarter.

2026 年第一季獎酬性薪酬提列為 340 萬美元，相較 2025 年第一季為 100 萬美元。2026 年第一季折舊與攤銷為 1,060 萬美元，較 2025 年的 1,220 萬美元下降。此下降主要由於軟體應用的折舊減少，以及我們拖車設備車隊的折舊減少。2026 年第一季有效所得稅率為 25.2%，相較 2025 年第一季的有效所得稅率為 24.7%。

The increase in the effective income tax rate from the 2025 first quarter to the 2026 first quarter was primarily due to an increased provision for state taxes, the impact of tax deficiencies on stock-based compensation arrangements during the 2026 period and the impact of nondeductible executive compensation on the 2026 income tax provision.

有效所得稅率自 2025 年第一季至 2026 年第一季上升，主要由於州稅提列增加、2026 期間股票基礎薪酬安排的稅務不足（tax deficiencies）影響，以及不可扣抵的高階主管薪酬對 2026 年所得稅費用提列的影響。

Turning to slide 14. Looking at our balance sheet. We ended the quarter with cash and short-term investments of $411 million. Cash flow from operations for the 2026 first quarter was $78 million and cash capital expenditures were $6 million.

接著看第 14 頁投影片。來看我們的資產負債表。本季末我們的現金與短期投資為 4.11 億美元。2026 年第一季營運活動現金流為 7,800 萬美元，現金資本支出為 600 萬美元。

The company continues to return significant amounts of capital back to stockholders with approximately $82 million of dividends paid and approximately $22 million of share repurchases during the 2026 first quarter. The strength of our balance sheet is a testament to the cash-generating capabilities of Landstar model. Back to you, Frank.

公司持續向股東返還大量資本，2026 年第一季約支付 8,200 萬美元股利，並回購約 2,200 萬美元股份。我們資產負債表的強勁，證明了 Landstar 模式的現金創造能力。交回給你，Frank。

Thanks, JT. Given the highly fluid freight transportation backdrop and a volatile geopolitical and macroeconomic environment, the company will be providing second quarter financial and operational commentary rather than formal guidance.

謝謝，JT。鑑於貨運運輸背景高度流動，以及地緣政治與總體經濟環境波動，公司將提供第二季的財務與營運評論，而非正式指引。

Turning to slide 16 and looking at historical seasonality from Q1 to Q2, pre-pandemic patterns would normally be expected to yield sequential increases of 7% in the number of loads hauled via truck and 2% in truck revenue per load resulting in a top line that typically increases by a mid-single digit to a high single-digit change. It should be noted that with respect to the sequential truck volume increase during more recent history, it has been closer to plus 3% to plus 4%. The number of loads hauled via truck in April 2026 was essentially equal to April 2025 on a dispatch basis, while revenue per load in April was approximately 13% above April 2025 on a process basis.

接著看第16頁投影片，從第一季到第二季的歷史季節性來看，疫情前的型態通常預期：以卡車承運的載運量（loads）季比增加7%，每載運收入（truck revenue per load）季比增加2%，使得營收通常呈現中個位數到高個位數的成長幅度。需要注意的是，就較近期歷史的卡車載運量季比增加而言，幅度更接近+3%到+4%。以派車（dispatch）口徑計算，2026年4月以卡車承運的載運量與2025年4月基本持平；而以流程（process）口徑計算，4月每載運收入約較2025年4月高出13%。

As a result, we view anticipated truck revenue per load in April is outperforming normal seasonality while anticipated April truck volumes are trending essentially in line with normal seasonality. Please also note that historically, the company has often experienced a 25 to 45 basis point compression in variable contribution margin from the first quarter to the second quarter, primarily driven by mix, as BCO revenue typically represents a larger percentage of overall revenue in the first quarter of a given year as compared to the immediately following second quarter.

因此，我們認為4月預期的卡車每載運收入表現優於正常季節性，而4月預期的卡車載運量走勢基本符合正常季節性。另請注意，歷史上公司從第一季到第二季，變動貢獻毛利率（variable contribution margin）常出現25到45個基點的壓縮，主要由組合所致；因為在每年第一季，BCO營收通常占整體營收的比重較高，相較於緊接著的第二季。

We're excited to build upon the positive momentum generated during the first quarter and are energized by the opportunity to support the best network of independent business owners in the transportation space in an environment that after nearly four years appears to be turning in our favor. With that, operator, we'd like to open the line for questions.

我們很期待在第一季所帶來的正向動能上再接再厲，也對於能在一個在近四年後看來正逐步轉向有利於我們的環境中，支持運輸領域最優秀的獨立企業主網路而感到振奮。接下來，接線員，我們想開放提問。

(Operator Instructions)

(接線員指示)

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Frank or Jim, heavy haul obviously doing really well and also in the backdrop of a narrative about unsided platform or flatbed being incredibly strong. But your 1Q volumes were down 2% year-over-year, 2% sequentially, clearly made up some of that in the rev per load. So can you just help us understand, is that market as strong as it's been portrayed? And if it continues to, say, strengthen or build momentum from here, does that start to show up in the loads as well as in the rev per load? Or is it mostly going to be represented in the price side?

Frank或Jim，重型運輸（heavy haul）顯然表現非常好，而且市場上也有一種敘事認為無側板平台車（unsided platform）或平板（flatbed）非常強勁。但你們第一季的運量年減2%、季減2%，很明顯是靠每載運收入彌補了一部分。所以能否請你們協助我們理解：那個市場真的如外界所描述的那麼強嗎？如果它持續走強、或從現在開始累積動能，這是否也會反映在載運量以及每載運收入上？還是主要只會體現在價格端？

Jon. So clearly, if we see an incremental uptick in demand, you're going to see it on the volume side. I think everything right now is being supply-induced on the capacity side and getting us higher rates. We do think we've got a competitive advantage in heavy hauled and honestly on the platform side. So when you see those ISM numbers and some of the ITP numbers in the kind of low single digits.

Jon。很明顯，如果我們看到需求有額外上升，你會在運量端看到反映。我認為目前一切都是由供給端的運能所驅動，進而推升我們的運價。我們確實認為在重型運輸，坦白說在平台車業務上，我們都有競爭優勢。所以當你看到那些ISM數據以及一些ITP數據落在低個位數區間時。

We're pretty optimistic about how that's going to play through volumes and rate for us going forward into the rest of the year. And maybe either Jim Todd or Jim Applegate can comment on that.

我們對於這將如何在今年剩餘時間推動我們的運量與運價，抱持相當樂觀的看法。也許Jim Todd或Jim Applegate可以就此補充。

Yes, Jon. No, good question. From the heavy hauled side, which did experience year-over-year volume growth, Jon, I would tell you, it continues to be very, very strong, broad-based strength. We had 17 individual heavy-hauled customers grow volumes less by at least 50 loads year-over-year in the 91-day first quarter. And those customers came from wide degree of industries of data center customers, energy, government, machinery, aerospace and defense, I think some of the softness to your point, year-over-year, if you look at some of the commodity categories we called out, building products, automotive, that kind of stuff on the standard flatbed, standard step has been a little weaker.

是的，Jon。這是個好問題。就重型運輸而言，該業務確實出現年比運量成長；Jon，我會告訴你，它仍然非常、非常強勁，而且是廣泛性的強勢。在第一季的91天期間，我們有17位重型運輸的單一客戶，其運量年增至少50趟（loads）。這些客戶來自非常多元的產業，包括資料中心客戶、能源、政府、機械、航太與國防；而你提到的年比疲弱，若看我們點名的一些商品類別，例如建材、汽車等，在標準平板（standard flatbed）與標準階梯式平板（standard step）確實較弱一些。

One thing I do want to call out, Jon, from a pricing standpoint on the unsided platform, it's really been a heavy haul mix story, and that continued in the first quarter. But standard platform step deck pricing year-over-year in the fourth quarter was only up 50 basis points that accelerated the 730 basis points year-over-year. So a meaningful lift in yields on the standard flats and standard steps from a pricing standpoint.

Jon，我還想補充一點：就無側板平台車的定價而言，這其實很大程度是重型運輸組合的故事，而這在第一季仍然延續。但標準平台／階梯式平板的定價方面，第四季年比僅上升50個基點，而第一季年比加速到上升730個基點。因此，從定價角度來看，標準平板與標準階梯式平板的收益率（yields）有顯著提升。

And Jim, you might just want to talk about the designation of heavy haul as a strategic initiative and the things you guys are doing. Along with Rob Simon in that particular area?

另外Jim，你或許也可以談談你們把重型運輸定位為策略性倡議（strategic initiative），以及你們在那個領域所做的事情？包括你們與Rob Simon在該領域的合作？

Yes. This is one of our areas that we really identified as far as Landstar goes, where we do the hard stuff well. This is definitely one of those areas that we can lean in. And we've invested quite a bit not only into leadership. We actually brought in almost a couple of years now, a new heavy hauled leader that's really kind of put his arms around that department, brought in some talent and laid out a strategy that's agent engagement, recruiting BCOs into the model making sure that we have the right equipment to go ahead and handle that those agent opportunities, investing in technology.

好的。這是我們在Landstar內部真正辨識出來的領域之一：我們很擅長做困難的事情。這絕對是我們可以加大投入的領域之一。我們已投入相當多資源，不僅在領導層面。事實上，大約近兩年前我們引進了一位新的重型運輸主管，他真正把這個部門整合起來，引進一些人才並制定策略：包括代理商（agent）參與、招募BCO加入這個模式、確保我們具備合適的設備以承接那些代理商機會，以及投資科技。

You name it, we've got initiatives in place to make sure that our agents can be successful. Paired on top of that, we have a dedicated sales and marketing effort. We're really leaning into those markets with messaging and some sales support for our agents to help them grow in those different industries. And I think what's really nice about what JT laid out is the growth is broad-based. It's also a mix of new and existing customers.

你想得到的，我們都有相應的倡議，確保我們的代理商能夠成功。此外，我們也有專責的銷售與行銷投入。我們正以訊息傳遞與一些銷售支援，深入耕耘那些市場，協助代理商在不同產業中成長。而我認為JT所說很棒的一點是：成長是廣泛性的。同時也包含新客戶與既有客戶的組合。

So we're seeing a lot of new customers come into the fold across the different industries that are seeing success right now. And we're seeing industries even outside of the data centers, you'll start to see oil and gas and some of the other industries that have been historically depressed starting to come back a little bit. So we see this as an area for continued growth, and we've been strengthening up that area over the last couple of years and expect it to continue to be strong for Landstar.

因此，我們看到許多新客戶在各個目前表現成功的產業中加入我們。我們也看到一些甚至在資料中心以外的產業，例如油氣以及其他過去長期低迷的產業，開始有些回溫。所以我們把這視為持續成長的領域；過去幾年我們一直在強化這一塊，並預期它將持續成為Landstar的強項。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So your rev per load tends to lag industry spot rates by a matter of months, quarter or whatever. We're seeing it play out, do you think, is it realistic to think that we see a meaningful further acceleration from that 13% in April, as the rest of the quarter plays out. And if that's what's happening, how should we think about margin or a margin in a quarter like that.

你們的每載運收入通常會落後於產業即期運價（spot rates）幾個月、或一季之類的時間。我們正看到這種情況在發生；你認為是否合理期待：隨著本季其餘時間推進，4月的13%還會出現顯著的進一步加速？如果確實如此，我們應該如何看待那樣一季的毛利率，或利潤率表現？

Yes. So fair questions, Scott, as always, thanks. I'll let JT walk you through the sequential pricing through the quarter. I think the month-over-month trends are important to understand, and he's got that detail for you. I think if we look forward, assuming that capacity continues to exit and/or we see demand in a spring on lock like we do in many years.

是的。Scott，一如既往，這些問題很中肯，謝謝。我會讓JT帶你走一遍本季內的連續定價走勢。我認為理解月比趨勢很重要，他手上有相關細節可以提供你。往前看，假設運能持續退出，且／或我們像許多年份一樣在春季看到需求突然回升。

If those two things happen, then the obvious impact on rates broadly is going to be favorable. I think when you see what JT is going to tell you in terms of January, February, March and honestly, March into April, I mean, clearly, we're going to have some level of lag, and we're seeing that come through the numbers.

如果這兩件事發生，那麼對整體利率的明顯影響將會是有利的。我認為，當你看到 JT 將就一月、二月、三月，以及坦白說從三月延伸到四月所要告訴你的內容時，我的意思是，很明顯我們會有某種程度的滯後，而我們也正看到這在數據中反映出來。

Well said, Frank. And Scott, we are seeing above seasonal pricing strength here into April, both on the BCO side and the brokerage side. I would point out from a comp standpoint, last year's second quarter, we got a 320 basis point lift in pricing, and we typically get about 200 basis points. So the comps do step up a little bit as we get into May and get into June. Certainly, from a margin standpoint, I mean, we just printed the first variable contribution dollar increase since, I think, the third quarter of 2022.

說得很好，Frank。Scott，而且我們看到進入四月的價格強勢高於季節性水準，無論是在 BCO 端還是經紀端都是如此。我想指出，從可比基期的角度來看，去年第二季我們的定價提升了 320 個基點，而我們通常大約是 200 個基點。因此，當我們進入五月、六月時，可比基期確實會提高一些。當然，從毛利角度來看，我是說，我們剛剛印出了自我記得 2022 年第三季以來，首次可變貢獻美元的增加。

And if you do some back of the envelope on adjusting 2025 for the international fraud matter. I think the incremental push-through numbers were well above 70%. So that's where we'll be judging ourselves.

而且如果你用粗略估算的方式，把 2025 年因國際詐欺事件做調整。我認為增量的傳導（push-through）數字遠高於 70%。所以這就是我們用來衡量自己的標準。

And obviously, when that comes through as rate, it's certainly easier to drop it all the way down.

而且很明顯，當那以費率的形式反映出來時，把它一路往下調就容易得多。

Absolutely right. Yes. And the final point there, Scott, the BCO utilization numbers, we've talked about in the last three quarters strong third quarter '25, accelerated in the fourth quarter '25, accelerated further first quarter '26. So we'll look for that trend to continue. Certainly, that has a big impact on the number of BCO loads that capture that rate increase in the second quarter.

完全正確。是的。最後一點，Scott，BCO 的利用率數據，我們在過去三個季度談過：2025 年第三季很強，2025 年第四季加速，2026 年第一季又進一步加速。所以我們會期待這個趨勢持續。當然，這會對第二季能夠抓住那次費率上調的 BCO 載運量（loads）數量產生很大影響。

Okay. Helpful. And then on the volume side, it's interesting. You got BCO volume up 7% and brokerage volume down 9%, what do you think is driving such a big sort of mix difference? Is this -- are the agents or maybe the underlying customer?

好的。很有幫助。然後在運量方面，這很有意思。你們的 BCO 運量成長 7%，而經紀運量下滑 9%，你覺得是什麼在驅動這麼大的組合差異？這是——代理人，還是可能是底層客戶？

Are they saying we don't want to go through brokerage anymore and maybe tie this into how you think about like the outcome of this Supreme Court case, if you think this could exacerbate some of this trend between BCO and brokerage?

他們是在說我們不想再透過經紀了嗎？也許可以把這和你對最高法院這個案件結果的看法連在一起：你是否認為這可能會加劇 BCO 與經紀之間的這種趨勢？

I'll give you my view, Scott, and then Frank will add on. I think, the agents are going to sell what they can sell. And certainly, we have some customers that will engage with us only as BCO only, and then cargo fraud environment. I think that has probably ticked up some. But I think it's a function of the agents that are going to market, servicing their customers and the BCOs have just really been stepping up in this rate environment, and we've seen it in the last eight or nine months or so.

Scott，我先說我的看法，然後 Frank 會補充。我認為，代理人會賣他們能賣的東西。而且確實有一些客戶只會以 BCO 的方式與我們合作，另外還有貨物詐欺的環境。我認為那可能也有所上升。但我覺得這是代理人走向市場、服務其客戶的結果，而 BCO 在這個費率環境下確實一直在加碼，我們在過去八、九個月左右已經看到了。

Yes. And I think I'd like Matt Miller to comment a little bit on the BCO environment and all the things you're seeing on the BCO front, Matt. But broadly speaking on your Supreme Court question, I mean we're watching it like everybody else and we'll be prepared whichever way it goes. I think ultimately, Congress probably looks at this as a result of the Spring Court decision, whichever way it goes and tries to make policy legislative rather than through the court system, but we're actively looking at what's going to happen there. And I think what many people we would expect a decision sometime in the June, July time period.

是的。而且我想請 Matt Miller 針對 BCO 環境，以及你在 BCO 端看到的各種情況稍微評論一下，Matt。但就你關於最高法院的問題而言，廣義來說，我們和大家一樣在關注，無論結果如何我們都會做好準備。我認為最終國會可能會把這視為最高法院裁決所帶來的結果——不管結果如何——並嘗試以立法方式制定政策，而不是透過法院體系，但我們正在積極關注那邊會發生什麼。而且我想很多人預期會在六月、七月期間出現裁決。

But Matt, maybe a little bit on the BCO.

不過 Matt，或許你可以談談 BCO。

Yes, sure. I appreciate it. First quarter, typically, the most challenging quarter of the year for us when it comes to BCO truck count. And we finished the quarter, as Frank said, earlier, down 38 trucks. That was a better first quarter finish than we've seen in several years.

好的，當然。謝謝。第一季通常是我們在 BCO 卡車數方面一年中最具挑戰的季度。而我們在季度結束時，如 Frank 先前所說，淨減少 38 輛卡車。這是我們多年來見到的較好的第一季收尾表現。

A 100% of that decline happened in January. So that was followed by a positive result -- net result in February and a positive net result in March. So we're encouraged by the trends that we're seeing in net truck count as well as the trends we're seeing in the net weekly check average going to the BCOs after deductions, which more recently is the highest we've seen since the fourth quarter of '22 and an indicator of improving financial health of the BCOs. In the quarter, gross truck adds were up 2.7% sequentially and effectively flat year-over-year. Gross truck cancels were down 7.8% sequentially and down 23.5% year-over-year.

這個下降有 100% 發生在一月。之後二月的淨結果為正，三月的淨結果也為正。因此，我們對目前看到的趨勢感到鼓舞：不僅是淨卡車數的趨勢，也包括在扣除各項扣款後支付給 BCO 的每週支票平均值（net weekly check average）的趨勢；而後者近期是自 2022 年第四季以來的最高水準，並且是 BCO 財務健康改善的指標。本季度，新增卡車總數（gross truck adds）較前一季增加 2.7%，年對年基本持平。取消總數（gross truck cancels）較前一季下降 7.8%，年對年下降 23.5%。

And this marks our ninth consecutive quarter of turnover improvement, where our high watermark on turnover was the fourth quarter of '23 at 41%. And we finished the quarter at 29.5%, just about in line with our long-term average of 29%.

而這也標誌著我們連續第九個季度的流失率（turnover）改善；我們的流失率高點是在 2023 年第四季的 41%。而本季度我們以 29.5% 作收，幾乎與我們 29% 的長期平均水準一致。

As Jim stated, we also saw a very strong BCO utilization in the quarter, up 10% year-over-year. And that comes on the heels of a really strong fourth quarter utilization, which was up 8% compared to the fourth quarter of '24. And then finally, sort of anecdotally, I'd like to add that we experienced strong interest from potential BCOs at the Mid-America Truck Show in March.

如 Jim 所說，我們本季度也看到非常強勁的 BCO 利用率，年對年上升 10%。而這是在第四季利用率非常強勁的基礎上，第四季相較於 2024 年第四季上升了 8%。最後，作為一些軼事補充，我想說我們在三月的 Mid-America Truck Show 上，感受到潛在 BCO 的強烈興趣。

And I think should we see sustained pricing, that level of interest and sentiment will be helpful for us as we move through Q2.

而我認為，如果我們看到定價能夠持續，這種興趣與情緒將在我們進入第二季的過程中對我們有所幫助。

Chris Wetherbee, Wells Fargo.

Wells Fargo 的 Chris Wetherbee。

I just want to kind of piggyback on the BCO kind of outlook. I guess, maybe what do we need to see from a spot perspective, have we seen enough, you think, from a spot perspective to begin to actually moved that up sequentially. It sounded like maybe April was sort of net flattish, I think, from what you said at the end of the first quarter was. But maybe you could elaborate a little bit on how we think about maybe that progress is going to trend throughout the rest of the year.

我想在 BCO 的展望上再延伸問一下。我想，從現貨（spot）的角度來看，我們需要看到什麼？你覺得從現貨角度我們是否已經看到足夠的訊號，開始讓它在季對季上實際往上走？聽起來從你在第一季末所說的，四月可能大致上是淨持平。但也許你可以再多談一點，我們該如何看待這個進展在今年剩餘時間的走勢。

Chris, so yes, absolutely. When BCOs see multiple months in a row of sustained rate improvement, the word gets around pretty quick and the percentage pay model is a really attractive one as Matt Miller just mentioned. I mean, he and I were both at the Mid-America Truck Show, which is nickname Matt. So we were out there. And we have a good spot on the expo floor.

Chris，是的，完全同意。當 BCO 連續好幾個月看到費率持續改善時，消息會很快傳開，而按比例分成的薪酬模式確實非常有吸引力，正如 Matt Miller 剛剛提到的。我是說，他和我都去了 Mid-America Truck Show，這是 Matt 的綽號。所以我們人在那裡。而且我們在展場地板上有一個不錯的位置。

And I think we had sort of a record take away there in terms of potential BCO candidates. I would say we have people there that are actively recruiting and people who are willing to say, yes, I'm interested, please follow up with me. I mean that was a bigger number at least that we've kind of kept on record over a bunch of years. So we feel pretty good about the interest. As Matt was just saying a little while ago, we're continuing to see hundreds of ads every quarter, and the cancels are coming down.

而且我認為，就潛在 BCO 候選人的數量而言，我們那次的收穫算是創紀錄。我會說，我們有人在現場積極招募，也有人願意說：是的，我有興趣，請再跟進我。我的意思是，至少就我們多年來的紀錄來看，那個數字更大。所以我們對這個興趣感覺相當不錯。正如 Matt 剛才說的，我們每一季仍持續看到數百台的新增，而取消數正在下降。

So what he would tell you is the cancel to leave the ad. So you see better cancellations and then you see better additions, but I'll let you pick up the thread from there.

所以他會告訴你的是，取消就先把廣告撤下。因此你會看到更好的取消情況，接著也會看到更好的新增情況，但我就讓你從那裡接著往下說。

No, I would just echo what you said, Frank. Generally speaking, if you look back in history, as the cancels slow and utilization picks up, word starts to spread and it spreads fast. And so that's what I would say as a takeaway. This is pretty much a leading indicator for us on when ads start to turn. And that first quarter tends to be, as I said, a very challenging quarter, and that finish was pretty strong given the backdrop over the past several years.

不，我只是呼應你說的，Frank。一般來說，如果你回顧歷史，當取消放緩、利用率回升時，消息就開始傳開，而且傳得很快。所以我會說這就是重點。這基本上是我們判斷廣告何時開始轉向的領先指標。而第一季往往如我所說，是非常具挑戰的一季；在過去幾年的大環境背景下，這次收尾其實相當強勁。

Okay. That's very helpful. I appreciate that. And then just maybe one quick one on sort of van demand as we think about loads as we go through the second quarter and I guess, trends from an April standpoint. Any sort of indication of if there is some improvement in various end markets kind of towards the end of the month?

好的。這非常有幫助。感謝。接著可能再快速問一個，關於我們在思考第二季載運量（loads）以及從四月的趨勢來看，廂型車需求（van demand）大概會怎麼走。月底前後，各個終端市場是否有任何改善的跡象？

Just trying to get a sense of whether or not, obviously, the pricing side is really accelerating here. Just want to get a sense of what your view broadly speaking about demand.

只是想了解一下，顯然定價端正在加速。我想大致掌握你們對需求面的看法。

Chris, so I think there's a couple of things that happened naturally this time of the year. I mean, building products unlocks on a sequential basis because you're cycling out the January, in the February and you're adding in the May and the June so to speak. So there are certain ones that are much more seasonal in nature Q1 to Q2, which is why you generally get some of the lift on a sequential basis. But then there are things that right now are just not being heavily supported by the interest rate environment. Automotive would be an example of that.

Chris，我認為每年這個時點自然會發生幾件事。我的意思是，建材產品會在序列上解鎖，因為你在循環中把一月、二月的影響移出，並且某種程度上把五月、六月加進來。所以有些品項在第一季到第二季本質上更具季節性，這也是為什麼你通常會在序列上看到一些拉升。但也有一些品項目前就是不太受到利率環境的支持。汽車就是其中一個例子。

But look, I think the demand that we're seeing right now certainly supports rates where they are, but it's more a reflection of where the capacity is. If we happen to get a couple of points of GDP, IDP type growth, when supply is coming down like our chances this year.

不過你看，我認為我們目前看到的需求，確實支撐目前的運價水準，但這更多反映的是運力所在的位置。如果我們剛好出現幾個百分點的GDP、IDP這類成長，而供給又像我們今年這樣在下降，那我們的機會就會更大。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

This is Paul Stoddard on for Jordan Alliger. I guess the First question I have is, so is the mix gets weaker with BCOs going into the second quarter. How did the mix in the first quarter compare historically? And as rates are increasing in the marketplace, could we see brokers come back into your network and potentially see more compression happening from the first quarter to the second quarter?

我是Paul Stoddard，代替Jordan Alliger提問。我第一個問題是，隨著BCO在第二季占比提高、組合變弱，第一季的組合相較於歷史表現如何？第一季的組合在歷史上相比是怎樣？另外，隨著市場運價上升，我們是否會看到經紀商回到你們的網路中，並可能使第一季到第二季出現更多的壓縮？

Yes. Paul, happy to field that one. So if you recall in the January conference call, we did not want to bake in the full variable contribution margin expansion that typically happens fourth quarter to first quarter. There were two reasons for that. One was the utilization number in the fourth quarter was very strong.

是的。Paul，我很樂意回答這題。如果你還記得一月的電話會議，我們不想把通常第四季到第一季會出現的可變貢獻毛利率（variable contribution margin）擴張全部先行納入。原因有兩個。第一，第四季的利用率數字非常強。

And two, we did not think winter storm activity would negatively impact loadings. However, when a BCO is down for a week because of storms, we have seen in quarters past and years past where that could hurt from a BCM standpoint, that clearly did not happen, right? Utilization accelerated further, and we did get our typical or standard fourth quarter, first quarter variable contribution margin expansion.

第二，我們不認為冬季風暴活動會對裝載量（loadings）造成負面影響。然而，當BCO因風暴停擺一週時，我們在過去的季度與年度確實看過，這可能會在BCM（貢獻毛利）角度造成傷害；但這次顯然沒有發生，對吧？利用率進一步加速，我們也確實取得了典型或標準的第四季到第一季可變貢獻毛利率擴張。

In the scenario that Frank laid out, right, of what's normal from a spring peak standpoint and use round numbers, about a seven-point lift in volume sequentially first quarter to second quarter. I would note the last two or three years, we've not seen that degree of lift.

在Frank所描述的情境中，從春季旺季的正常狀況來看，用整數來說，第一季到第二季的量通常會序列增加約7個百分點。我會指出，過去兩三年我們並沒有看到那麼大的拉升幅度。

But if we were to get that it would disproportionately come from third-party trucks, right? Because as much as we'd love to grow the fleet 7% on 8,500 trucks in 90 days, that's just not going to happen. So that's really what drives the historical compression. It's just there's more volume flowing into the network, and we've got to utilize brokerage more.

但如果我們真的出現那樣的拉升，它會不成比例地來自第三方卡車，對吧？因為即使我們很想在90天內把8,500台卡車的車隊規模成長7%，那也不可能發生。所以這才是真正驅動歷史上壓縮的原因。就是有更多貨量流入網路，而我們必須更多地使用經紀（brokerage）。

Makes sense. And then I guess kind of a follow-up to the discussion on the Montgomery Supreme Court case. With your unique structure with the BCOs and having insurance already within your model, how does that set you up versus peers depending on how the decision might go?

了解。接著我想追問一下剛才關於Montgomery最高法院案件的討論。以你們BCO的獨特結構、以及模型中已經包含保險的情況，視判決結果而定，這會讓你們相較同業處於什麼位置？

Yes. I mean, I think the insurance tower we have, it covers BCOs while they're loaded. We also have other insurance programs that cover BCO-type and non-BCO-type issues. I think the entirety of the brokerage population is going to have to look at insurance very differently if the decision goes against the industry than they do today. And right now, they essentially look at F4A and say we're immune.

是的。我的意思是，我們的保險層級（insurance tower）涵蓋BCO在載貨時的保障。我們也有其他保險方案，涵蓋BCO類型與非BCO類型的相關問題。如果判決對產業不利，我認為整個經紀業者族群都必須以截然不同的方式看待保險，相較於他們今天的做法。而目前他們基本上是看著F4A，認為自己是免疫的。

And the truth of the matter is if Supreme Court goes against it, they're going to have to get coverage. I think it likely create a situation where your smaller players are going to get priced out of the market because of the cost structure going up. And I think you've got so much fragmentation in our industry on the brokerage side. That may not survive in an environment where you got to have $5 million or $10 million of insurance just to cover our single incident.

但事實是，如果最高法院判決不利，他們就必須取得保險保障。我認為這很可能造成一種情況：由於成本結構上升，較小的業者會被定價擠出市場。而我們產業在經紀端的分散程度非常高。在一個你必須有500萬或1,000萬美元保險、才能覆蓋單一事故的環境下，這種分散格局可能無法存續。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

Maybe just to start, you've talked about the tailwinds from data center exposures on, I think, at least a couple of calls, and I know that you've got exposure there in several of your end markets. But I don't think you've ever talked about an explicit revenue percentage. Any sense for what that is today and maybe how that's trended versus prior periods?

也許先從這裡開始：你們在至少幾次電話會議中談到資料中心相關曝險帶來的順風，我也知道你們在多個終端市場都有相關曝險。但我不覺得你們曾談過明確的營收占比。能否說明目前大概是多少，以及相較於先前期間的趨勢如何？

Yes. So it's fine. We're sort of smiling at each other because we were looking at this earlier today. So think about it broadly as a data center ecosystem, and I'll let Jim Applegate handle this one in a sec. But you got to look at it not just at the data center itself, but all accoutrements to it.

是的。沒問題。我們彼此相視而笑，因為今天稍早我們才在看這個。所以請把它廣義地視為一個資料中心生態系，我等一下讓Jim Applegate來回答這題。但你必須看的不只是資料中心本體，還包括所有配套。

So it's got to have generators for power, it's got to have batteries for power. It's got to have chillers to make sure that the raised floor is cooled and then it's got all the stuff that goes inside of the data center, but if you can give us a sense of kind of what that business looks like.

它需要發電機供電，也需要電池供電。它需要冷卻機（chillers）以確保架高地板（raised floor）能被冷卻，然後還有所有放進資料中心內部的設備；不過如果你能讓我們了解一下這塊業務大概長什麼樣子。

With our top 100 customers, and we look at this, we look at our exposure, we have nine of our top 100 fall within directly data center related. It represents about 12% of our total revenue. So from an exposure standpoint, that's what you're looking at. But even if you look at this big build-out and what's been happening and even what's in place today, it's not just the constructing and the actual data center players today.

以我們前100大客戶來看，我們檢視曝險後，前100大中有9家是直接與資料中心相關。約占我們總營收的12%。所以就曝險角度而言，你看到的就是這個數字。但即便你看這一波大型擴建、以及目前已經在進行與已經到位的部分，它不只是施工端與當前的資料中心業者本身。

There's real energy needs. There's real kind of side benefits that you get as you're seeing this big build-out happen. So from an exposure standpoint, we feel like it's a limited exposure from that standpoint. And we've got a lot of other kind of side benefits that are happening just because of the macro environment that's been created here.

確實存在能源方面的需求。而且當你看到這種大規模建置正在發生時，也會帶來一些實質的附帶效益。因此，從曝險的角度來看，我們認為在這方面的曝險是有限的。此外，僅僅因為這裡所形成的總體環境，我們也正在享受到許多其他的附帶效益。

That environment is still growing. And then you have all of the refresh and replacement of all of those things over time. So we're pretty bullish on continued investment in maintenance investment on a going forward basis there.

那個環境仍在成長。接著，隨著時間推移，所有這些事物都會需要更新與汰換。所以我們對未來持續投入維護性資本支出、維護性投資相當看多。

Okay. Yes, that's super helpful. And then maybe just one final question here on the supply environment. Obviously, we've heard a lot of commentary about regulatory changes I think a few carriers talked about an affected OTR population somewhere in the 15% range. Any sense for what the noncompliant population would be in unsided and maybe how fungible those two populations of drivers are in your network?

好的。是的，這非常有幫助。那最後一個問題，關於供給環境。顯然，我們聽到很多關於監管變更的評論，我想有幾家承運商提到受影響的 OTR（長途）族群大約在 15% 左右。你們是否能判斷在 unsided（未加入/未歸類）中不合規的族群比例大概是多少？以及在你們的網路中，這兩類司機族群彼此的可替代性有多高？

Yes. I don't know that we have a great read on exactly what that looks like. I mean the interesting thing from a Landstar perspective is we don't have language proficiency challenges. We don't have non-domiciled CDL challenges. All of our folks are professional drivers, average age is 51 years.

是的。我不確定我們是否能非常精準地掌握實際情況。我的意思是，從 Landstar 的角度來看，有趣的是我們沒有語言能力方面的挑戰。我們也沒有非本土居住（non-domiciled）CDL（商用駕照）方面的挑戰。我們所有的人都是專業駕駛，平均年齡是 51 歲。

I mean they suppose to be driving a long time. They are owner-operators. I mean I can go on and on and on. And I'm sure Matt Miller will have some commentary here, too. But at the end of the day, there is capacity coming out of the environment.

我的意思是，他們本來就預期會開很長一段時間。他們是自營車主（owner-operators）。我可以一直講下去。而且我相信 Matt Miller 也會在這裡補充一些看法。但歸根結底，市場環境中的運能正在退出。

It's generally what I believe is coming out of the lower end of the environment, and you're ultimately going to have a much safer and much more professional environment given the work that USDOT and FMCSA are doing. Matt?

一般來說，我認為退出的多半是市場較低端的那一部分；而在 USDOT 與 FMCSA 所做的工作之下，最終你會得到一個更安全、也更專業的環境。Matt？

Yes. No, I'd agree. When you think about English language proficiency, the non-domiciled CDLs, the CDL mills, the ELD technology. We applaud the actions of Secretary Duffy and FMCSA administrator, Derek Barrs. And we find ourselves virtually unimpacted with our BCOs because of a focus on safety, security and service.

是的。不，我同意。當你想到英語能力、非本土居住的 CDL、CDL 工廠（CDL mills）、以及 ELD（電子行車紀錄器）技術。我們肯定（applaud）Duffy 部長以及 FMCSA 管理員 Derek Barrs 的行動。而且由於我們的 BCO（Business Capacity Owners，自營運能車主）聚焦於安全、保全與服務，我們幾乎不受影響。

And I think there's more to come here. They're sort of telegraphing if you saw the 60 minutes piece on Chameleon carriers, my suspicion is that's probably the next target, and that just serves us very, very well in the grand scheme of things.

而且我認為後續還會有更多措施。他們某種程度上已經在釋放訊號——如果你看過《60 Minutes》關於「變色龍承運商（Chameleon carriers）」的報導，我猜那可能就是下一個目標；而這在整體格局上對我們非常、非常有利。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

I actually -- I had a question, but I'm going to ask a different one now just based on this prior question. Maybe just for pure visibility here. I guess, maybe just talk a little bit kind of specifically looking at the [Dalilah's] law and really just the use of foreign dispatch and administrative services. So I think in the past, you guys have disclosed having some foreign brokerage. So maybe just talk a little bit about that, if that's still the case.

我其實——我原本有一個問題，但基於前一個問題，我現在想改問另一個。也許只是為了更清楚的可視性。我想請你們更具體談談所謂的「Dalilah’s law」以及外國調度與行政服務的使用。我記得過去你們曾披露有一些海外經紀業務（foreign brokerage）。所以也許請談談這部分，現在是否仍是如此。

I think this was several years ago, so I could be out of date here. But maybe just if you could talk a little bit about any foreign dispatch that you might have.

我想那已經是好幾年前的事了，所以我可能資訊已經過時。但如果可以的話，請你們談談是否有任何海外調度（foreign dispatch）。

Fair question. All of our agents are US domiciled agents. We do have a handful of agents who do some back office work overseas, but we don't believe we have any exposure under our reading of any of the draft in the Dalilah's law under the phrase that you mentioned.

問得很好。我們所有的代理商都是在美國設籍（US domiciled）的代理商。我們確實有少數代理商把一些後台作業放在海外進行，但依我們對「Dalilah’s law」草案、以及你提到的那個措辭的解讀，我們認為沒有任何曝險。

Okay. That's really helpful. Well, then my actual question here. Maybe just talk a little bit about -- as you think about just your -- as you think about this next cycle, if we are in fact at the beginning of an up cycle. Maybe just talk a little bit about how you think Landstar is positioned from a competitive standpoint to maybe gain share or drive better margin and the like, just as we kind of think through investments that have been made over the course of this down cycle, just how you're in a different position on this up cycle versus past?

好的。這真的很有幫助。那回到我真正的問題。當你們思考下一個循環——如果我們確實正處於上行循環的起點——能否談談你們認為 Landstar 從競爭角度的定位如何，是否有機會提升市占或推動更好的利潤率等；也就是在這一輪下行循環期間所做的投資之後，這一輪上行循環相較過去，你們處於什麼不同的位置？

Yes. No awesome question. So a couple of different reads from my perspective. I think on the last conference call, I said it was hard to tell whether or not we were at the beginning of the end or the beginning of the beginning. I feel pretty convinced we're at the beginning of the beginning.

是的。不，這是個很棒的問題。從我的角度有幾個不同的觀察。我想在上一通電話會議上我說過，很難判斷我們是在「結束的開始」還是「開始的開始」。我現在相當確信，我們是在「開始的開始」。

As we look at the last few months, and our results would prove that out. I think we've done a lot in the last couple of years clearly designating the strategies and the strategic growth areas that we put forward. You know those as heavy all in US Mexico cross-border and things like that. I think we've done the right work internally to put the right leadership there and the right investments as Jim Applegate, referenced a few moments ago.

回顧過去幾個月，我們的業績也能證明這一點。我認為過去幾年我們做了很多工作，清楚界定我們提出的策略與策略性成長領域。你們知道那些領域，例如全力投入美墨跨境等。我認為我們在內部做了正確的工作，配置了合適的領導團隊與投資，正如 Jim Applegate 剛才提到的。

I think on the BCO side, the work that Matt Miller has done in looking at BCO qualifications and time to qualify and the sort of reduct of orientation and what we call the cabs class. I mean there's a lot of things that are happening there. I think that is showing through in the way that BCOs are sticking with us even in more difficult times at the end of last year, the Q1 numbers in terms of the BCO count looked really, really good. I mean they were 10 times better than they were in the last three years. So that makes you feel pretty good.

我認為在 BCO 端，Matt Miller 在檢視 BCO 資格條件、取得資格所需時間、以及縮減訓練導向（orientation）與我們所稱的 cabs class 等方面所做的工作。那裡有很多事情正在推進。我認為這些成果反映在 BCO 即使在去年底較艱難的時期仍願意留在我們這裡；以第一季的 BCO 數量來看，表現真的非常好。我的意思是，改善幅度是過去三年的 10 倍。所以這讓你感覺相當不錯。

I think the work that we've done in working with the regulators over the last year or two. I think our relationships are a lot closer with USDOT and FMCSA than they've ever been. I think we have the ability to talk with them about the realities of our industry and what needs to be done and they're moving at pace that I don't think any of us have ever seen. I've said an open company a number of times that, we've never had a more favorable administration to the US trucker than we have right now.

我認為我們在過去一兩年與監管機構合作所做的工作也很重要。我認為我們與 USDOT 和 FMCSA 的關係比以往任何時候都更緊密。我認為我們有能力與他們討論產業的現實情況以及需要做什麼，而他們推進的速度之快，我想我們任何人都前所未見。我在公開場合多次說過：我們從未遇過像現在這樣，對美國卡車司機如此有利的政府。

And again, as I mentioned earlier, it's making it a safer and more professional environment. And I think those are the important things. That's what Landstar has always been about. I mean we are independent owner operators, who are out there doing a great job for us every single day. And those are the folks who are going to win in this environment.

而且如我先前提到的，這正在讓整體環境更安全、更專業。我認為這些才是重要的事情。這一直都是 Landstar 的核心。我的意思是，我們是獨立自營車主，他們每天都在外面為我們做得非常出色。而這些人將會在這個環境中勝出。

There's been a bit of a flight to quality. I mean we're getting bids back that, freight back that we maybe lost on rate over the last couple of years because of safety, security and service and customers wanting to make sure that their loans get there on time and the load is secured and not stolen and the track and trailers are not over turned in the side of the road. I mean those are the things that we're really good at.

市場上出現了一些「向品質靠攏」（flight to quality）。我的意思是，我們拿回了一些投標、拿回了一些貨量——過去幾年我們可能因為價格而流失——因為安全、保全與服務，以及客戶希望確保他們的貨物能準時送達、貨載被妥善固定且不被偷竊、牽引車與拖車不會翻覆在路邊。我的意思是，這些正是我們非常擅長的事情。

So I think we're winning in the marketplace with respect to that on the flatbed and heavy haul side, clearly, our numbers over the last two years would indicate that we're doing really well relative to that market, and we're going to continue to recruit drivers. We're going to continue to invest in the fleet.

所以我認為，就平板車與重型運輸這一端而言，我們在市場上是占上風的。很明顯，過去兩年的數據顯示，相較於該市場，我們表現得非常好，而且我們會持續招募司機。我們也會持續投資車隊。

We're going to continue to designate the hard things as strategic initiatives, and I look forward to that future.

我們會持續把那些困難的事情指定為策略性計畫，我也期待那樣的未來。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

I just want to see if you can get a little bit more detail on the AI initiatives that you guys listed out here in the back slides, both maybe separate the Landstar corporate for the scale network of entrepreneurs. But maybe more generally, do you feel like you can scale some of these productivity initiatives that we hear about across the industry when you have some of the business, it's a little bit more centralized with either corporate or brokerage, and then you've got agents that are a little bit more decentralized, of course.

我想看看你們能否就你們在後面投影片列出的 AI 計畫提供更多細節，或許也能把 Landstar 的公司端與企業家規模的網路分開來談。但更一般地說，當你們的部分業務（不論是公司端或經紀業務）較為集中，而你們又有相對分散的代理人時，你們是否覺得能把我們在產業中聽到的某些生產力提升計畫擴大規模推行？

So I would like to get a little bit more specifics on that, including what's the -- you talked about the CapEx budget here being about AI being about half of the IT capital budget. But what's also running through the expense line there?

所以我想更具體了解一下，包括——你們提到這裡的資本支出（CapEx）預算中，AI 約占 IT 資本預算的一半。但另外，在費用項目（expense line）裡還有哪些與此相關的支出？

Good question, Brian. Thanks, good to hear your voice. I think the AI work we're doing, as we disclosed in the Q4 call, those two slides are really replicas of what we did in the main deck in the Q4 call, we wanted to put it in there to make sure that everybody had an opportunity to see those that may not have been on the Q4 call. Jim Applegate is the business side of AI. We've obviously got Rick Coro, our CIO, that's on the tech side as we did mention to you a good point.

好問題，Brian。謝謝，也很高興聽到你的聲音。我認為我們正在做的 AI 工作，正如我們在第四季電話會議中揭露的，那兩張投影片其實就是我們在第四季主簡報中使用內容的複製版；我們把它放在這裡，是為了確保每個人都有機會看到，尤其是可能沒有參加第四季電話會議的人。Jim Applegate 負責 AI 的業務面。當然，我們也有資訊長 Rick Coro，負責技術面，正如我們也向你提到的，這是一個很好的觀點。

We sort of laid down the expectation that more than half of our capital budget on the IT side will be AI. We met that. My belief is if you in arrears sitting at 12/31/26, it will probably turn out to be more than that as we revisit the other half of the capital that IT spending, just to decide whether or not we truly do need systems versus a top of the existing systems. So I think you'll see that more over time. And certainly, we'll look at a higher expectation as we turn the page into 2027.

我們先前提出的預期是：在 IT 端的資本預算中，超過一半會用在 AI 上。我們達成了。我認為，如果你在 12/31/26 回頭看（事後回顧），隨著我們重新檢視 IT 支出中其餘一半的資本，判斷我們是否真的需要新系統，或是在既有系統之上再加一層能力，最後結果可能會高於這個比例。所以我想你會隨時間看到更多這樣的趨勢。而且，當我們翻到 2027 年時，我們當然也會設定更高的預期。

On scalability and adoption, as I mentioned in my prepared remarks, are clearly what we're trying to make sure we're accomplishing by virtue of, for example, the pilots that we're doing. Jim Applegate to get you into some details there. We're doing very active agent pilots were working with half a dozen or so AI companies that some of those will be, I'll say, household names. Some of them will be more on the startup side. I mean you've got to make sure that you're playing the field a little bit here.

至於可擴展性與採用度，正如我在事先準備的發言中提到的，這些顯然是我們希望透過例如目前正在進行的試點（pilot）來確保能達成的目標。我請 Jim Applegate 來補充一些細節。我們正在進行非常積極的代理人試點，與大約半打左右的 AI 公司合作；其中一些我會說是家喻戶曉的品牌。有些則更偏新創。我的意思是，你必須確保在這裡稍微多方嘗試。

They're doing pilots with about a dozen or so of our agents. And therefore, we are in the agent office working on AI, which clearly gives you the replicability across the age environment. There are things that agents do different, but there are an awful lot of things that agents do similarly that have to be part of the shipment life cycle. But I'll let Jim Applegate pick up the thread.

他們正與我們大約十來位代理人進行試點。因此，我們是在代理人辦公室裡實際推動 AI，這也就清楚地讓你看到在代理人環境中的可複製性。代理人之間確實有些做法不同，但也有非常多相同的事情，必須納入整個貨運（shipment）生命週期的一部分。不過我讓 Jim Applegate 接著說。

Thanks, Frank. And Brian. I love the way you posed the question separating the corporate from the agent. As you know, corporate is a little bit easier to get your arms around. It's a little bit easier to control with over 1,000 agents in our network.

謝謝，Frank。也謝謝你，Brian。我很喜歡你提問的方式，把公司端與代理人端分開來看。如你所知，公司端比較容易掌握。在我們網路中有超過 1,000 位代理人的情況下，公司端也比較容易控管。

We've got to be a little bit more deliberate on how we go about it, and it's got to be a scalable solution that fits our entrepreneurs, which is really a lot different. I look at the benefit of what Landstar brings to the table, it is our entrepreneurs and pairing our entrepreneurs with technology, I think, is what wins in this market is one for Landstar in the past.

我們必須更審慎、更有計畫地推進，而且必須是能擴大規模、適合我們企業家（代理人）的解決方案，這確實很不一樣。我認為 Landstar 的優勢在於我們的企業家，而把企業家與科技配對，我覺得這就是 Landstar 過去在市場上勝出的關鍵。

We feel in this next run with AI, it's going to help us win even more so with the motivated agents that we have and given the right tools to compete. As Frank mentioned, we have several pilots going on right now. We have seven active pilots.

我們相信，在這一波 AI 的推進中，憑藉我們有動力的代理人，再加上正確的工具來競爭，將能幫助我們贏得更多。如 Frank 提到的，我們現在有好幾個試點正在進行。我們目前有七個正在運作的試點。

We're hitting all stages of our shipment life cycle. We started off with six, we got about 10 stages that we're going to get within the shipment life cycle. And when I say that, those are things like how our agents market sell, how they price how they actually find capacity and manage that capacity, assign that capacity, dispatching that capacity, making sure that they're tracking and tracing those shipments within the network. And we're hitting that right now.

我們涵蓋了貨運生命週期的各個階段。我們一開始從六個階段著手，而整個貨運生命週期大概有 10 個階段我們會逐步涵蓋。我所說的階段，包括代理人如何行銷與銷售、如何定價、如何實際尋找運力並管理運力、指派運力、派車調度，並確保他們在網路內對這些貨運進行追蹤與查詢（tracking and tracing）。而我們現在正在做的就是這些。

We've got about a dozen agents that are in active pilots. And as Frank mentioned, we've got household names, and a lot of new start-ups that we're working with from a pilot standpoint. Those start-ups are going to sit up on top of our technology stack. And we're right now working with our agents to identify the workflows and to implement a agentic AI bots over at the agent office within those different shipment life cycle categories that I mentioned. We've got a lot of excitement right now with the agents that are using it.

我們大約有十來位代理人正在參與試點。如 Frank 提到的，我們合作的既有家喻戶曉的品牌，也有許多從試點角度合作的新創公司。這些新創會建置在我們的技術堆疊之上。我們目前正與代理人一起辨識工作流程，並在代理人辦公室內，針對我提到的不同貨運生命週期類別，導入代理式（agentic）的 AI 機器人。目前使用的代理人非常興奮。

We're identifying really a lot of the business cases that you hear out in the industry that's applying directly for our agents. We're getting a lot more shipment life cycle throughput. They're doing things faster. They're able to do more, and we're actually seeing more wins as well, too. It's very early on.

我們正在辨識許多你在產業裡聽到的商業案例，並把它們直接應用到我們的代理人身上。我們看到貨運生命週期的處理量（throughput）提升了很多。他們做事更快。他們能做得更多，而且我們也確實看到更多的贏單。但這一切都還非常早期。

As far as how that actually deploys across the network, we're going to get to a point where we say, hey, these pilots are done. We're building out our use cases, and we'll identify the right vendors to work with, and they will also identify how we want to go out to the market to our different agent family. And if you really look at it, Brian, it's a little bit different. You can't really push that down into the network. It is more influence and control.

至於要如何在整個網路中部署，我們會走到一個階段，說：好，這些試點完成了。我們正在建立我們的使用案例，並會辨識合適的供應商合作；同時也會決定要如何把這些方案推向市場、推向我們不同的代理人家族。而如果你仔細看，Brian，這有點不一樣。你其實無法真正把它自上而下硬推到整個網路。它更像是影響力與控管。

So part of our plan is to actively look for agents that are going to adopt that technology, we'll do an assessment and we've got agents that want to grow and they want to use their resources to grow, we'll start with them. We'll do that outreach. We'll get them excited about what we're doing. And then from there, there's a consultation and design that we need to do at each agent office. We need to take a look at their business, the types of customers that they actually operate with and we did design the workflows along with the agentic solutions that we put in place specific for those agents.

所以我們計畫的一部分，是主動尋找願意採用這項技術的代理人；我們會做評估，而對於那些想成長、也願意運用資源來成長的代理人，我們會先從他們開始。我們會進行外展溝通。讓他們對我們正在做的事情感到興奮。接著，我們需要在每個代理人辦公室進行諮詢與設計。我們需要檢視他們的業務、他們實際服務的客戶類型，並與代理人一起設計工作流程，以及為那些代理人量身打造我們所導入的代理式解決方案。

And then behind that, we're going to be easy behind that. We're going to make sure that we do it safely. We're going to make sure that they have the right resources in place and we're going to be monitoring along the way. Brian, we've done this before. We've done this with our rollout with our different technology tools.

接著在那之後，我們會採取較為審慎的步調。我們會確保以安全的方式來執行。我們會確保他們具備適當的資源配置，並且在過程中持續監控。Brian，我們以前做過這件事。我們在推出不同的科技工具時也做過同樣的事。

We've been doing this since 2014. I don't see it a big difference from what we've done over there, but it's going to be a lot more integrated within our agent offices and is very excited about where we're going. So more to come on that, but thank you for asking the question. I think it's very fitting for us to be able to tell our story specific to Landstar because I think we've got a great story to tell there.

我們從2014年就一直在做。我不覺得這跟我們在那邊做過的事情有很大的差異，但它會在我們的代理辦公室內更高度整合，而且我們對未來的方向感到非常興奮。所以後續還會有更多內容，但謝謝你提出這個問題。我認為我們能夠講述一個專屬於Landstar的故事非常貼切，因為我覺得我們在那方面確實有一個很好的故事可以分享。

[Harry Sindbauer], Susquehanna.

[Harry Sindbauer]，Susquehanna。

Great. You guys have talked extensively about the BCO capacity dynamics. But your third-party brokerage carrier side, approved carrier count there was down significantly around 20% year-over-year, although up a little bit versus last quarter. Can you walk through what's changed in your carrier vetting and approval process, and then maybe connect that to how you could help decrease your expenses related to cargo theft, fraud and then maybe insurance costs and then tie that into how technology might be helping that expense line as well.

很好。你們已經相當深入地談過BCO運力的動態。但在你們第三方經紀承運人端，核准承運人數量年對年大幅下降約20%，雖然相較上一季略有回升。你能否說明你們的承運人審核與核准流程有哪些改變，並且或許把它連結到你們如何協助降低與貨物竊盜、詐欺相關的費用，以及可能的保險成本，並再談談科技如何也在幫助這條費用線。

Thanks, Harry. I think you actually answered your own question. You're absolutely right. We have, I'd say, put a higher degree of rigor around vetting our carriers, and it is largely because of the advances that we've made in technology and AI and then some of the relationships that we have with some of our vendor partners and what they're doing to make sure that we have a good understanding of who owns the entity, what is their safety record, whether or not they've involved the double brokering, whether they've been involved in cargo theft incidents like all those things and many more are part of that analysis.

謝謝你，Harry。我想你其實已經回答了你自己的問題。你說得完全正確。我們可以說是對承運人的審核提高了更高程度的嚴謹性，而這在很大程度上是因為我們在科技與AI方面的進展，以及我們與部分供應商夥伴的合作關係，還有他們所做的工作，來確保我們能充分了解：誰擁有該實體、其安全紀錄如何、是否涉及雙重經紀（double brokering）、是否曾牽涉貨物竊盜事件——這些以及更多項目都納入了分析的一部分。

I'd say that we probably got religion a little bit earlier than most because we did have what, JT, about a year or so ago, we had a tough cargo that quarter.

我想我們可能比大多數人更早一點提高警覺，因為我們確實在——JT，大概一年前左右吧——那一季遇到了一次棘手的貨損/貨物事件。

And so we started down that path before many, and even before that, we had started creating our anti-fraud department and putting resources and technology with one of our early AI projects. that we deploy to make sure that we could understand what the parameters that will potentially lost load would look like so that we could try to prevent it before it happened. Part of that is making sure that we're doing business with carriers who are reputable carriers. Matt, why don't you pick it up on this?

因此我們在許多同業之前就開始走上這條路；甚至在那之前，我們就已開始成立反詐欺部門，並投入資源與科技，推動我們早期的AI專案之一，用來確保我們能理解可能發生失貨（lost load）的參數會是什麼樣子，從而在事情發生前盡量預防。其中一部分就是確保我們與具備良好聲譽的承運人往來。Matt，你要不要接著補充一下？

Sure. Sure. I appreciate the question. And I would say if you went back in time, we had probably three attributes that we used to determine if a carrier was eligible to be approved our network. And with the advent of fraud and strategic theft and everything that's happened over the past several years, we've invested heavily.

當然。當然。謝謝你的提問。我會說，如果你回到過去，我們大概只有三個屬性用來判斷某家承運人是否符合資格、能被核准加入我們的網路。而隨著詐欺與策略性竊盜，以及過去幾年發生的一切，我們已大幅加碼投資。

We invested in people, stood up a fraud group. We invested in the process and refining that process and we invested in technology. I don't expect that to stop anytime soon. But we continue to add layers upon layers of attributes. We're up to, say, dozens of attributes that we're looking at to scrub that area database to do our best to mitigate to prevent detect, any sort of anomalies and the tools that we've invested in are proving to be working, as you saw on the first quarter results.

我們投資在人員上，成立了一個詐欺小組。我們投資在流程上，並精進該流程；我們也投資在科技上。我不預期這會在短期內停止。但我們持續一層又一層地增加審核屬性。我們現在大概已經增加到數十項屬性，用來清理/篩查該承運人資料庫，盡最大努力去降低、預防、偵測任何異常；而我們投入的工具也證明是有效的，正如你在第一季結果中所看到的。

But this is something that today is a constant defense, and we're continuing to find ways that we can mitigate against it. It's very sophisticated bad actors out there, so you have to remain vigilant, but the technologies that we're adopting are proving very, very valuable and would expect that sort of rigor to continue for the foreseeable future.

但這件事在今天是一種持續性的防禦，我們也持續在尋找可以降低風險的方法。外面的不法分子非常老練，所以你必須保持警覺；但我們正在採用的技術證明非常、非常有價值，而且我預期在可預見的未來，這種嚴謹程度會持續下去。

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

目前我這邊顯示沒有其他問題。我想把電話會議交回給您，先生，請您做結語。

Thank you. In closing, the management team has been energized by our interactions with our BCOs and agents thus far in 2026. And we are all encouraged by the current pricing environment and what we believe is the strongest heavy haul service offering in our industry. And regardless of the economic environment, the Landstar variable cost business model continues to generate significant free cash flow. Landstar has always been a cyclical growth company, and we are well positioned to capitalize on improving conditions and gathering momentum in freight markets.

謝謝。最後，管理團隊在2026年迄今與我們的BCO與代理的互動中深受鼓舞、也充滿幹勁。我們也都對目前的定價環境感到振奮，並相信我們擁有業界最強的重載（heavy haul）服務方案。而且不論經濟環境如何，Landstar的變動成本商業模式仍持續產生可觀的自由現金流。Landstar一向是一家循環性成長公司，我們也已做好準備，把握景氣改善的機會，並在貨運市場累積動能。

Thank you for joining us this afternoon. We look forward to speaking with you again on our 2026 second quarter earnings conference call in late July. Thank you.

感謝各位今天下午加入我們。我們期待在7月下旬的2026年第二季財報電話會議上再次與各位交流。謝謝。

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

感謝您今天參加電話會議。祝您今晚愉快。請現在掛斷您的線路