Financial Data and Key Metrics Changes - In Q4 2025, total revenue decreased approximately 1% year-over-year, primarily due to decreased ocean revenue, while truck transportation revenue remained nearly flat [9][10] - Heavy haul revenue set a new record of $569 million in FY 2025, a 14% increase from FY 2024 [6] - Gross profit was $85.6 million in Q4 2025, down from $109.4 million in Q4 2024, with a gross profit margin of 7.3% compared to 9% in the prior year [31][33] Business Line Data and Key Metrics Changes - Heavy haul service revenue increased by 23% year-over-year in Q4 2025, with loadings up approximately 7% and revenue per load up 16% [12][27] - Non-truck transportation service revenue decreased by 28% year-over-year, or $30 million, in Q4 2025 [27] - Truck revenue per load increased approximately 1% year-over-year, driven by a 7.5% increase in revenue per load on unsided platform equipment [24] Market Data and Key Metrics Changes - The freight environment in Q4 2025 was characterized by soft demand, with the ISM Index below 50 throughout the quarter [12] - Revenue hauled on behalf of other truck transportation companies was 15% below Q4 2024, indicating accessible capacity in the marketplace [30] - The number of loads hauled via truck in January 2026 was approximately 1% below January 2025, while revenue per load was approximately 4% above January 2025 [39] Company Strategy and Development Direction - The company focuses on five key priorities: accelerating the model, executing growth strategy, managing risk, leveraging financial strength, and enhancing support [5] - Landstar is investing approximately 50% of its IT CapEx budget for 2026 in AI enablement and solutions [8] - The company aims to enhance its technology strategy through AI, improving decision-making and operational efficiency [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the freight recession has lasted longer than expected, but they remain optimistic about leveraging their strategic growth initiatives when the environment improves [5][9] - The company will provide revenue commentary for Q1 2026 instead of formal guidance due to the uncertain operating environment [39] - Management expressed confidence in the ability to recover from weather-related disruptions impacting loads in early 2026 [45][47] Other Important Information - The company returned approximately $261 million to shareholders over the last two years through share repurchases and cash dividends [8] - The accident frequency rate was reported at 0.59 DOT reportable accidents per million miles in 2025, below the national average [22] - The effective income tax rate decreased to 18.3% in Q4 2025 from 21.4% in Q4 2024 due to favorable resolutions of state tax matters [37] Q&A Session Summary Question: Impact of recent storms on BCO utilization - Management acknowledged challenges due to storms affecting dispatch loads but expressed optimism about recovery as weather clears [45][46] Question: AI initiatives compared to competitors - Management highlighted that their AI strategy focuses on enabling agents and BCOs rather than cost reduction, differentiating from competitors like C.H. Robinson [51][52] Question: BCO count and retention in Q1 2026 - Management indicated that while seasonality typically leads to a decline in BCO count, they are optimistic about retention and recruitment efforts [62][63] Question: Variable contribution margin with increased BCO count - Management confirmed that an increase in BCO count and improved rates could positively impact variable contribution margin [71]

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4Q 2025 Executive Summary Frank Lonegro Chief Executive Officer 4 Slide header CEO Perspective R E S U L T S Dollars in Millions (except per share amounts) | Metric | | 4Q 2025 | | 4Q 2024 | Chg. | | --- | --- | --- | --- | --- | --- | | Revenue | $ | 1,174.5 | $ | 1,209.3 | (2.9%) | | Operating Income | $ | 29.6 | $ | 57.8 | (48.8%) | | Earnings per Share | $ | 0.70 | $ | 1.31 | (46.6%) | H I G H L I G H T S 4Q revenue performance Strong performance in our services hauled by unsided/platform equipment Over ...

Financial Performance - Total revenue for Q4 2025 was $1,174 million, a decrease from $1,209 million in Q4 2024, reflecting a year-over-year decline of approximately 2.9%[2] - Basic and diluted earnings per share (EPS) for Q4 2025 were $0.70, down from $1.31 in Q4 2024, representing a decline of approximately 46.6%[2] - Gross profit for Q4 2025 was $86 million, down from $109 million in Q4 2024, indicating a decline of approximately 21.1%[10] - Total revenue for the fiscal year ended December 27, 2025, was $4,743,760, a decrease of 1.6% from $4,819,245 in the previous year[21] - Gross profit margin decreased to 8.5% in 2025 from 9.5% in 2024, indicating a decline in profitability[25] Revenue Breakdown - Truck transportation revenue in Q4 2025 was $1,078 million, accounting for 92% of total revenue, compared to $1,081 million or 89% in Q4 2024[8] - Revenue generated from truck transportation was $4,336,014 in 2025, slightly down from $4,346,554 in 2024, a decrease of 0.2%[21] - Truck revenue per load increased by approximately 1% in Q4 2025 compared to Q4 2024, despite a 1% decrease in the number of loads hauled[9] - The number of loads for truck transportation decreased to 1,943,800 in 2025 from 1,960,960 in 2024, a decline of approximately 0.9%[21] Costs and Expenses - Insurance and claims costs in Q4 2025 were $56 million, significantly higher than the $30 million reported in Q4 2024, marking an increase of approximately 86.7%[4] - The company recorded $2.1 million in non-cash impairment charges related to the ongoing sales process of its wholly-owned Mexican subsidiary[4] Shareholder Actions - The company repurchased 286,695 shares at a cost of $37 million in Q4 2025, bringing the total for the fiscal year to 1,281,863 shares at approximately $180.9 million[5] - The company declared a quarterly dividend of $0.40 per share, payable on March 11, 2026, to stockholders of record as of February 18, 2026[5] Balance Sheet - Cash and short-term investments totaled approximately $452 million as of December 27, 2025, reflecting a strong balance sheet[11] - Total current assets decreased to $1,216,326 in 2025 from $1,319,867 in 2024, reflecting a reduction of approximately 7.8%[19] - Total liabilities increased to $840,520 in 2025 from $742,345 in 2024, representing an increase of about 13.2%[19] - Cash and cash equivalents decreased to $396,694 in 2025 from $515,018 in 2024, a decline of approximately 23%[19] - The company’s retained earnings slightly decreased to $2,852,680 in 2025 from $2,859,916 in 2024, reflecting a marginal decline[19] Operational Efficiency - Variable contribution margin remained stable at 14.1% for both fiscal years, indicating consistent operational efficiency[25] - The company reported a total of 36,852 approved and active truck brokerage carriers as of December 27, 2025, down from 43,718 in the previous year[21]

Core Viewpoint - Landstar System, Inc. reported a decline in total revenue and earnings per share for the fourth quarter of 2025 compared to the same period in 2024, primarily due to decreased ocean revenue, despite stable truck transportation revenue and improved truck revenue per load [1][2]. Financial Performance - Total revenue for Q4 2025 was $1,174 million, down from $1,209 million in Q4 2024, representing a decrease of approximately 2.9% [1][4]. - Basic and diluted earnings per share (EPS) were $0.70 for Q4 2025, compared to $1.31 in Q4 2024, reflecting a decline of approximately 46.6% [1][4]. - Gross profit for Q4 2025 was $85.6 million, down from $109.4 million in Q4 2024 [4][11]. - Operating income decreased to $29.6 million in Q4 2025 from $57.8 million in Q4 2024 [4][11]. Revenue Breakdown - Truck transportation revenue was $1,078 million in Q4 2025, nearly flat compared to $1,081 million in Q4 2024, accounting for 92% of total revenue [9]. - Revenue from ocean and air cargo carriers was $77 million, down from $107 million in Q4 2024, indicating a decline in this segment [9]. - Truckload transportation revenue via van equipment was $559 million in Q4 2025, down from $597 million in Q4 2024, while revenue from unsided/platform equipment increased to $401 million from $362 million [9]. Cost and Expenses - Insurance and claims costs rose significantly to $56 million in Q4 2025 from approximately $30 million in Q4 2024, impacting overall profitability [2][6]. - The company recorded additional non-cash impairment charges of $2.1 million related to its Mexican subsidiary [3]. Capital Management - Landstar continued its stock repurchase program, buying back 286,695 shares for $37 million in Q4 2025, totaling 1,281,863 shares for approximately $180.9 million in the fiscal year [5]. - A quarterly dividend of $0.40 per share was declared, payable on March 11, 2026 [8]. Balance Sheet Strength - As of December 27, 2025, Landstar had cash and short-term investments of approximately $452 million, with a trailing twelve-month return on average shareholders' equity of 13% [12].

Core Viewpoint - Landstar System is facing significant financial challenges due to elevated insurance and claims expenses, which are expected to impact its upcoming quarterly earnings report. Financial Impact - The company reported $22 million in insurance-related charges for the recent quarter, contributing to total insurance and claims costs of $56 million, which includes $22 million from unfavorable claims activity [1][2] - Landstar anticipates fourth-quarter earnings per share (EPS) of 70 cents, significantly lower than the previous consensus estimate of $1.22 and the EPS of $1.31 from the same quarter last year [6] - The updated consensus EPS estimate is now $1.04, with expected operating income of $30 million [6] Legal and Claims Developments - The company flagged $11 million in charges from two separate tragic vehicular accidents in the fourth quarter, along with an increase in self-insured claim reserves by $5.3 million following an actuarial review [2] - A Texas jury found Landstar Ranger liable for a portion of damages in a 2021 accident, assigning $3.42 million to Landstar, which is 15% of the total damages of $22.8 million [3] - Following a January 13 judgment, Landstar is now responsible for 100% of the monetary damages plus pre-judgment interest, leading to an additional charge of $5.7 million [4][5] Revenue Performance - Fourth-quarter revenue is projected to be $1.17 billion, slightly below the consensus estimate of $1.18 billion and the $1.21 billion reported in the previous year [6] - The revenue decline is attributed to a 1% year-over-year decrease in truck loads, partially offset by a 1% increase in revenue per load [6]

Core Viewpoint - Lodestar Metals Corp. is conducting a non-brokered private placement financing to raise $1,500,000 through the issuance of 7,500,000 units at a price of $0.20 per unit, aimed at advancing its exploration activities in Nevada [1][4]. Financing Details - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of an additional share at $0.30 for 18 months [2]. - Integrity Capital Group Inc. has been engaged as a finder for the offering, with a potential finder's fee of up to 8% cash and 8% in finder's warrants, reduced to 3% for certain identified investors [3]. Use of Proceeds - The proceeds from the offering will be allocated to exploration and drilling activities on the Gold Run Property, as well as for working capital purposes [4]. Company Overview - Lodestar Metals Corp. is a Canadian gold exploration company focused on the Goldrun Project in Nevada, which is strategically located on a major Carlin-style gold trend and near significant gold deposits [6]. - The company's strategy emphasizes a disciplined approach to discovery, focusing on high-value targets and building a compliant gold resource to enhance shareholder value [6].

Core Viewpoint - Lodestar Metals Corp. has initiated a Dipole-Dipole-Induced-Polarisation (DDIP) geophysics program at its Goldrun Property in Nevada, aimed at identifying chargeability anomalies associated with gold deposits, which is a significant step in their exploration strategy for 2026 [1][2]. Exploration Strategy - The expanded DDIP program is designed to enhance the understanding of the Goldrun Property, with expectations of refining existing targets and discovering new high-priority zones at Robbers Knob and Grindstone Flats [2][6]. - The company aims to transition quickly from target generation to discovery-focused drilling, with a maiden drill campaign planned for March-April 2026, pending necessary approvals [2][12]. Technical Details - The DDIP program will include four new lines to cover high-priority areas that previously lacked geophysical data, enhancing depth penetration and target definition [6][8]. - Historical drilling at Robbers Knob revealed intersections of 18 meters at 4.3 g/t Au, including 1.5 meters at 37.8 g/t Au, while Grindstone Flats showed 13.7 meters at 1.5 g/t Au, including 1.5 meters at 32.5 g/t Au [8][11]. Anticipated Outcomes - Results from the DDIP program are expected in the coming weeks, with interpreted highlights anticipated in February 2026 [6][11]. - The company is currently preparing for its maiden drilling campaign, with permits submitted and drilling expected to commence in March or April 2026, subject to conditions [12]. Company Background - Lodestar Metals Corp. is a Canadian gold exploration company focused on advancing the Goldrun Project, strategically located on a major Carlin-style gold trend adjacent to significant gold deposits in North America [15]. - The company's strategy emphasizes capital allocation towards high-value targets and rapid movement on known mineralization to build a compliant gold resource [15].

Group 1 - Landstar System, Inc. will release its 2025 fourth quarter results on January 28, 2026, after market close [1] - A quarterly conference call with analysts and investors will be held at 4:30 p.m. ET on the same day to discuss the results [1] - The conference call will be accessible via webcast and will also have a telephone replay available for 48 hours for those unable to attend live [1] Group 2 - Landstar is a technology-enabled, asset-light provider of integrated transportation management solutions [2] - The company delivers specialized transportation services to a diverse customer base through a network of agents, third-party capacity providers, and employees [2] - Landstar's services are certified to ISO 9001:2015 and RC14001:2015 standards for quality and environmental management [2]

Core Insights - Lodestar Metals Corp. has appointed David Christie as Chairman, bringing extensive experience in mining and capital markets to the role [2][4] Group 1: Leadership Appointment - David Christie has been recognized for his technical expertise and corporate development leadership, which aligns with the company's goal of becoming a high-impact exploration firm [2] - Christie has a strong conviction in Lodestar's assets and strategy, particularly highlighting the Goldrun Project's advantageous location on a major Carlin-style gold trend [2][4] - His previous roles include significant positions at Globex Mining Enterprises Inc. and Orford Mining Corp, showcasing a robust background in mining finance and exploration [2] Group 2: Stock Options - The company has granted a total of 1,600,000 stock options to its directors, officers, and consultants, exercisable at $0.15 per common share with a five-year term [3] Group 3: Company Overview - Lodestar Metals Corp. is focused on advancing the Goldrun Project in Nevada, strategically located near some of North America's largest gold deposits [4] - The company's strategy emphasizes a disciplined approach to discovery, focusing capital on high-value targets and building a compliant gold resource [4]