Landstar System 第二季收入增18%至14.32億美元 每股盈利1.44美元 貨運需求回暖

EX-99.1
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d123956dex991.htm
EX-99.1

EX-99.1

 

 Exhibit 99.1 
  

 
  

For Immediate Release
  
July 28, 2026

 LANDSTAR SYSTEM REPORTS SECOND QUARTER 

REVENUE OF $1.432B AND EARNINGS PER SHARE OF $1.44 

Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported its financial results for
the 2026 second quarter. The Company reported total revenue of $1.432 billion in the 2026 second quarter, an increase of 18% as compared to revenue of $1.211 billion in the 2025 second quarter, and basic and diluted earnings per share
(“EPS”) of $1.44 in the 2026 second quarter, an increase of 20% as compared to EPS of $1.20 per share in the 2025 second quarter. The Company also reported a 21% increase in gross profit and a 17% increase in variable contribution
(defined as revenue less the cost of purchased transportation and commissions to agents) in the 2026 second quarter, as compared in each case to the 2025 second quarter. 

“The Landstar team of independent business owners and employees truly shined in a rapidly improving freight transportation backdrop. I was pleased that
our network generated both truck volumes and truck revenue per load that outpaced normal seasonal patterns, with variable contribution increasing approximately 17% year-over-year,” said Landstar President and Chief Executive Officer Frank
Lonegro. “I was delighted to see our net 68 BCO truck additions during the second quarter, the strongest quarterly improvement since the first quarter of 2022. Although the Company experienced a lower DOT accident frequency during the 2026
first half, increased insurance and claims expense, primarily attributable to unfavorable development of prior years’ claims, had an adverse impact on our second quarter results. The claim environment for freight transportation providers
remains challenging, especially with the U.S. Supreme Court’s recent Montgomery decision relating to potential broker liability.” 

 

 LANDSTAR SYSTEM/2 
  

 
  
2Q 2026
 
  
2Q 2025
 
  
Change ($)
 
  
Change (%)
 

 Revenue

  
$
1,432,264
 
  
$
1,211,383
 
  
$
220,881
 
  
 
18.2
% 

 Gross profit

  
$
132,337
 
  
$
109,261
 
  
$
23,076
 
  
 
21.1
% 

 Variable contribution

  
$
199,429
 
  
$
170,450
 
  
$
28,979
 
  
 
17.0
% 

 Operating income

  
$
66,228
 
  
$
56,280
 
  
$
9,948
 
  
 
17.7
% 

 Basic and diluted earnings per share (“EPS”)

  
$
1.44
 
  
$
1.20
 
  
$
0.24
 
  
 
20.0
% 

  

(1)
 Dollars above in thousands, except per share amounts. 

(2)
 Please refer to the Consolidated Statements of Income and the Reconciliation of Gross Profit to Variable
Contribution included below. 

 Landstar also announced today that its Board of Directors declared a quarterly dividend of $0.44 per share
payable on September 9, 2026, to stockholders of record as of the close of business on August 18, 2026. This quarterly dividend includes a 10% increase over the amount of the Company’s regular quarterly dividend declared following
each of the prior five quarters. It is currently the intention of the Board to continue to pay dividends on a quarterly basis going forward. Landstar continues to return capital to stockholders through the Company’s stock purchase program
and dividends. While Landstar did not purchase shares in the second quarter, during the 2026 first half, Landstar purchased 150,923 shares of its common stock at an aggregate cost of $22.6 million. The Company is currently
authorized to purchase up to an additional 1,115,195 shares of the Company’s common stock under its longstanding share purchase program. 
 During the
2026 second quarter, truck revenue was $1,334 million, or 19% higher, as compared to the 2025 second quarter truck revenue of $1,118 million. Truck revenue per load increased approximately 17% in the 2026 second quarter compared to the
2025 second quarter, and the number of loads hauled via truck increased approximately 2% compared to the 2025 second quarter. 
 Truck transportation
revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2026 second quarter was 93% of revenue, compared to 92% of revenue in the 2025 second quarter. Truckload transportation revenue hauled
via van equipment in the 2026 second quarter was $718 million, compared to $591 million in the 2025 second quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2026 second quarter was $492 million,
compared to $401 million in the 

 

 LANDSTAR SYSTEM/3 
  

 
2025 second quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2026 second quarter was $99 million, compared to $101 million
in the 2025 second quarter. Revenue hauled by rail, air and ocean cargo carriers was $78 million, or 5% of revenue, in the 2026 second quarter, compared to $73 million, or 6% of revenue, in the 2025 second quarter. 

Gross profit in the 2026 second quarter was $132 million, as compared to $109 million in the 2025 second quarter. Variable contribution in the 2026
second quarter was $199 million, compared to $170 million in the 2025 second quarter. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2026 and 2025 second quarters
and year-to-date periods are provided in the Company’s accompanying financial disclosures. 

The Company’s balance sheet continues to be very strong, with cash and short-term investments of approximately $348 million as of June 27,
2026. Trailing twelve-month return on average shareholders’ equity was 16%. Return on invested capital, representing net income divided by the sum of average equity plus average debt, was 14%. 

Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 4:30 p.m. ET. To access the webcast, visit
www.investor.landstar.com; click on “Webcasts,” then click on “Landstar’s Second Quarter 2026 Earnings Release Conference Call.” A slide presentation to accompany the webcast presentation is also available on
Landstar’s investor relations website at https://investor.landstar.com/. 
 Contact: 

Jim Todd 
 Chief Financial Officer 

904-398-9400 

 

 LANDSTAR SYSTEM/4 
  

 About Landstar: 

Landstar System, Inc., is a technology-enabled, asset-light provider of freight transportation and logistics solutions focused on safety, security and service
to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental,
health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol
LSTR. 
 Non-GAAP Financial Measures: 

In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed non-GAAP financial measures: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we
incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to
our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons:
(1) disclosure of these matters will allow investors to better understand the underlying trends in the Company’s financial condition and results of operations; (2) this information will facilitate comparisons by investors of the
Company’s results as compared to the results of peer companies; and (3) management considers this financial information in its decision making. 

Forward Looking Statements Disclaimer: 
 The
following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are “forward-looking statements.” This press
release contains forward-looking statements, such as statements which relate to Landstar’s business objectives, plans, strategies and expectations. Terms such as “anticipates,” “believes,” “estimates,”
“intention,” “expects,” “plans,” “predicts,” “may,” “should,” “could,” “would,” “will,” the negative thereof and similar expressions are
intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: decreased demand for transportation services; U.S. trade relationships and potential or imposed tariffs;
an increase in the frequency or severity of accidents or 

 

 LANDSTAR SYSTEM/5 
  

 
other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party
capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company’s second largest such agent by revenue in the 2025 fiscal year; substantial industry
competition; disruptions or failures in the Company’s computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative
changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; acquisitions and investments; and
other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10-K for the 2025 fiscal year, described in Part I, Item 1A Risk Factors, and in other SEC filings from time to
time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no
obligation to publicly update or revise any forward-looking statements. 

 

 LANDSTAR SYSTEM/6 
  

 Landstar System, Inc. and Subsidiary 

Consolidated Statements of Income 

(Dollars in thousands, except per share amounts) 

(Unaudited) 
  

 
  
Twenty-Six Weeks Ended
 
  
Thirteen Weeks Ended
 

 
  
June 27,2026
 
  
June 28,2025
 
  
June 27,2026
 
  
June 28,2025
 

 Revenue

  
$
 2,603,555
 
  
$
 2,363,885
 
  
$
 1,432,264
 
  
$
 1,211,383
 

 Investment income

  
 
5,679
 
  
 
7,327
 
  
 
2,705
 
  
 
3,729
 

 Costs and expenses:

  

  

  

  

 Purchased transportation

  
 
2,030,397
 
  
 
1,839,289
 
  
 
1,123,400
 
  
 
941,411
 

 Commissions to agents

  
 
201,578
 
  
 
192,836
 
  
 
109,435
 
  
 
99,522
 

 Other operating costs, net of gains on asset sales/dispositions

  
 
32,745
 
  
 
31,424
 
  
 
17,945
 
  
 
19,595
 

 Insurance and claims

  
 
74,923
 
  
 
70,301
 
  
 
39,359
 
  
 
30,449
 

 Selling, general and administrative

  
 
129,158
 
  
 
117,288
 
  
 
68,193
 
  
 
55,706
 

 Depreciation and amortization

  
 
20,969
 
  
 
24,375
 
  
 
10,409
 
  
 
12,149
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Total costs and expenses

  
 
2,489,770
 
  
 
2,275,513
 
  
 
1,368,741
 
  
 
1,158,832
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Operating income

  
 
119,464
 
  
 
95,699
 
  
 
66,228
 
  
 
56,280
 

 Interest and debt expense

  
 
1,330
 
  
 
539
 
  
 
812
 
  
 
698
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Income before income taxes

  
 
118,134
 
  
 
95,160
 
  
 
65,416
 
  
 
55,582
 

 Income taxes

  
 
29,743
 
  
 
23,461
 
  
 
16,465
 
  
 
13,689
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Net income

  
$
 88,391
 
  
$
 71,699
 
  
$
 48,951
 
  
$
 41,893
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Basic and diluted earnings per share

  
$
 2.60
 
  
$
 2.05
 
  
$
 1.44
 
  
$
 1.20
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Average basic and diluted shares outstanding

  
 
33,979,000
 
  
 
35,037,000
 
  
 
33,935,000
 
  
 
34,870,000
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 Dividends per common share

  
$
 0.80
 
  
$
 0.76
 
  
$
 0.40
 
  
$
 0.40
 

  
  

  

 
  
  

  

 
  
  

  

 
  
  

  

 

 

 LANDSTAR SYSTEM/7 
  

 Landstar System, Inc. and Subsidiary 

Consolidated Balance Sheets 

(Dollars in thousands, except per share amounts) 

(Unaudited) 
  

 
  
June 27,2026
 
 
December 27,2025
 

 ASSETS

  

 

 Current assets:

  

 

 Cash and cash equivalents

  
$
 294,350
 
 
$
 396,694
 

 Short-term investments

  
 
53,352
 
 
 
55,531
 

 Trade accounts receivable, less allowance of $9,135 and $12,490

  
 
866,879
 
 
 
670,137
 

 Other receivables, including advances to independent contractors, less allowance of $14,727 and
$18,759

  
 
47,306
 
 
 
52,784
 

 Assets held for sale

  
 
— 
 
 
 
12,231
 

 Other current assets

  
 
59,159
 
 
 
28,949
 

  
  

  

 
 
  

  

 

 Total current assets

  
 
1,321,046
 
 
 
1,216,326
 

  
  

  

 
 
  

  

 

 Operating property, less accumulated depreciation and amortization of $488,271 and
$473,642

  
 
252,963
 
 
 
261,322
 

 Goodwill

  
 
34,005
 
 
 
34,005
 

 Other assets

  
 
134,521
 
 
 
124,282
 

  
  

  

 
 
  

  

 

 Total assets

  
$
 1,742,535
 
 
$
 1,635,935
 

  
  

  

 
 
  

  

 

 LIABILITIES AND SHAREHOLDERS’ EQUITY

  

 

 Current liabilities:

  

 

 Cash overdraft

  
$
 71,849
 
 
$
 56,654
 

 Accounts payable

  
 
468,780
 
 
 
369,567
 

 Current maturities of long-term debt

  
 
24,686
 
 
 
28,342
 

 Insurance claims

  
 
59,020
 
 
 
87,343
 

 Dividends payable

  
 
— 
 
 
 
68,117
 

 Liabilities held for sale

  
 
— 
 
 
 
6,961
 

 Other current liabilities

  
 
99,588
 
 
 
78,856
 

  
  

  

 
 
  

  

 

 Total current liabilities

  
 
723,923
 
 
 
695,840
 

  
  

  

 
 
  

  

 

 Long-term debt, excluding current maturities

  
 
42,088
 
 
 
48,480
 

 Insurance claims

  
 
98,686
 
 
 
62,706
 

 Deferred income taxes and other non-current
liabilities

  
 
41,108
 
 
 
33,244
 

 Shareholders’ equity:

  

 

 Common stock, $0.01 par value, authorized 160,000,000 shares, issued 68,631,174 and
68,590,708

  
 
686
 
 
 
686
 

 Additional paid-in capital

  
 
266,673
 
 
 
261,256
 

 Retained earnings

  
 
2,913,890
 
 
 
2,852,680
 

 Cost of 34,694,249 and 34,531,982 shares of common stock in treasury

  
 
(2,336,862
) 
 
 
(2,313,245
) 

 Accumulated other comprehensive loss

  
 
(7,657
) 
 
 
(5,712
) 

  
  

  

 
 
  

  

 

 Total shareholders’ equity

  
 
836,730
 
 
 
795,665
 

  
  

  

 
 
  

  

 

 Total liabilities and shareholders’ equity

  
$
 1,742,535
 
 
$
 1,635,935
 

  
  

  

 
 
  

  

 

 

 LANDSTAR SYSTEM/8 
  

 Landstar System, Inc. and Subsidiary 

Supplemental Information 

(Unaudited) 
  

 
  
Twenty-Six Weeks Ended
 
 
Thirteen Weeks Ended
 

 
  
June 27,2026
 
 
June 28,2025
 
 
June 27,2026
 
 
June 28,2025
 

 Revenue generated through (in thousands):

  

 

 

 

 Truck transportation

  

 

 

 

 Truckload:

  

 

 

 

 Van equipment

  
$
1,320,919
 
 
$
1,186,071
 
 
$
 717,513
 
 
$
 591,276
 

 Unsided/platform equipment

  
 
860,737
 
 
 
741,270
 
 
 
492,168
 
 
 
400,862
 

 Less-than-truckload

  
 
48,912
 
 
 
47,749
 
 
 
25,124
 
 
 
25,313
 

 Other truck transportation (1)

  
 
185,591
 
 
 
192,766
 
 
 
99,073
 
 
 
100,687
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total truck transportation

  
 
2,416,159
 
 
 
2,167,856
 
 
 
1,333,878
 
 
 
1,118,138
 

 Rail intermodal

  
 
47,075
 
 
 
39,515
 
 
 
27,761
 
 
 
22,028
 

 Ocean and air cargo carriers

  
 
97,713
 
 
 
116,426
 
 
 
49,744
 
 
 
50,789
 

 Other (2)

  
 
42,608
 
 
 
40,088
 
 
 
20,881
 
 
 
20,428
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

  
$
2,603,555
 
 
$
2,363,885
 
 
$
1,432,264
 
 
$
1,211,383
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Revenue on loads hauled via BCO Independent Contractors (3) included in total truck transportation

  
$
1,038,421
 
 
$
 888,489
 
 
$
 563,073
 
 
$
 461,432
 

 Number of loads:

  

 

 

 

 Truck transportation

  

 

 

 

 Truckload:

  

 

 

 

 Van equipment

  
 
575,472
 
 
 
572,154
 
 
 
297,761
 
 
 
284,091
 

 Unsided/platform equipment

  
 
246,695
 
 
 
246,241
 
 
 
132,141
 
 
 
128,996
 

 Less-than-truckload

  
 
65,895
 
 
 
76,830
 
 
 
30,970
 
 
 
41,250
 

 Other truck transportation (1)

  
 
95,768
 
 
 
90,185
 
 
 
49,378
 
 
 
46,173
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total truck transportation

  
 
983,830
 
 
 
985,410
 
 
 
510,250
 
 
 
500,510
 

 Rail intermodal

  
 
15,110
 
 
 
13,970
 
 
 
8,520
 
 
 
7,820
 

 Ocean and air cargo carriers

  
 
13,870
 
 
 
16,560
 
 
 
7,160
 
 
 
7,440
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

  
 
1,012,810
 
 
 
1,015,940
 
 
 
525,930
 
 
 
515,770
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Loads hauled via BCO Independent Contractors (3)
included in total truck transportation

  
 
432,210
 
 
 
398,000
 
 
 
224,600
 
 
 
203,930
 

 Revenue per load:

  

 

 

 

 Truck transportation

  

 

 

 

 Truckload:

  

 

 

 

 Van equipment

  
$
 2,295
 
 
$
 2,073
 
 
$
 2,410
 
 
$
 2,081
 

 Unsided/platform equipment

  
 
3,489
 
 
 
3,010
 
 
 
3,725
 
 
 
3,108
 

 Less-than-truckload

  
 
742
 
 
 
621
 
 
 
811
 
 
 
614
 

 Other truck transportation (1)

  
 
1,938
 
 
 
2,137
 
 
 
2,006
 
 
 
2,181
 

 Total truck transportation

  
 
2,456
 
 
 
2,200
 
 
 
2,614
 
 
 
2,234
 

 Rail intermodal

  
 
3,115
 
 
 
2,829
 
 
 
3,258
 
 
 
2,817
 

 Ocean and air cargo carriers

  
 
7,045
 
 
 
7,031
 
 
 
6,947
 
 
 
6,826
 

 Revenue per load on loads hauled via BCO Independent Contractors (3)

  
$
 2,403
 
 
$
 2,232
 
 
$
 2,507
 
 
$
 2,263
 

 Revenue by capacity type (as a % of total revenue):

  

 

 

 

 Truck capacity providers:

  

 

 

 

 BCO Independent Contractors (3)

  
 
40
% 
 
 
38
% 
 
 
39
% 
 
 
38
% 

 Truck Brokerage Carriers

  
 
53
% 
 
 
54
% 
 
 
54
% 
 
 
54
% 

 Rail intermodal

  
 
2
% 
 
 
2
% 
 
 
2
% 
 
 
2
% 

 Ocean and air cargo carriers

  
 
4
% 
 
 
5
% 
 
 
3
% 
 
 
4
% 

 Other

  
 
2
% 
 
 
2
% 
 
 
1
% 
 
 
2
% 

 
  
 
 
 
 
 
 
June 27, 2026
 
 
June 28, 2025
 

 Truck Capacity Providers:

  

 

 

 

 BCO Independent Contractors (3)

  

 

 
 
7,719
 
 
 
7,844
 

  

 

 
  

  

 
 
  

  

 

 Truck Brokerage Carriers:

  

 

 

 

 Approved and active (4)

  

 

 
 
37,656
 
 
 
41,842
 

 Other approved

  

 

 
 
26,951
 
 
 
27,672
 

  

 

 
  

  

 
 
  

  

 

  

 

 
 
64,607
 
 
 
69,514
 

  

 

 
  

  

 
 
  

  

 

 Total available truck capacity providers

  

 

 
 
72,326
 
 
 
77,358
 

  

 

 
  

  

 
 
  

  

 

 Trucks provided by BCO Independent Contractors
(3)

  

 

 
 
8,544
 
 
 
8,611
 

  

(1)
 Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue
generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. 

(2)
 Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico
transportation services revenue generated by Landstar Metro. 

(3)
 BCO Independent Contractors are independent contractors who provide truck capacity to the Company under
exclusive lease arrangements. 

(4)
 Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the
fiscal quarter end. 

 

 LANDSTAR SYSTEM/9 
  

 Landstar System, Inc. and Subsidiary 

Reconciliation of Gross Profit to Variable Contribution 

(Dollars in thousands) 
 (Unaudited)

  

 
  
Twenty-Six Weeks Ended
 
 
Thirteen Weeks Ended
 

 
  
June 27,2026
 
 
June 28,2025
 
 
June 27,2026
 
 
June 28,2025
 

 Revenue

  
$
2,603,555
 
 
$
2,363,885
 
 
$
1,432,264
 
 
$
1,211,383
 

 Costs of revenue:

  

 

 

 

 Purchased transportation

  
 
2,030,397
 
 
 
1,839,289
 
 
 
1,123,400
 
 
 
941,411
 

 Commissions to agents

  
 
201,578
 
 
 
192,836
 
 
 
109,435
 
 
 
99,522
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Variable costs of revenue

  
 
2,231,975
 
 
 
2,032,125
 
 
 
1,232,835
 
 
 
1,040,933
 

 Trailing equipment depreciation

  
 
12,619
 
 
 
13,844
 
 
 
6,351
 
 
 
6,867
 

 Information technology costs (1)

  
 
5,683
 
 
 
7,609
 
 
 
3,080
 
 
 
3,934
 

 Insurance-related costs (2)

  
 
75,654
 
 
 
71,317
 
 
 
39,716
 
 
 
30,793
 

 Other operating costs

  
 
32,745
 
 
 
31,424
 
 
 
17,945
 
 
 
19,595
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Other costs of revenue

  
 
126,701
 
 
 
124,194
 
 
 
67,092
 
 
 
61,189
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total costs of revenue

  
 
2,358,676
 
 
 
2,156,319
 
 
 
1,299,927
 
 
 
1,102,122
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Gross profit

  
$
 244,879
 
 
$
 207,566
 
 
$
 132,337
 
 
$
 109,261
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Gross profit margin

  
 
9.4
% 
 
 
8.8
% 
 
 
9.2
% 
 
 
9.0
% 

 Plus: other costs of revenue

  
 
126,701
 
 
 
124,194
 
 
 
67,092
 
 
 
61,189
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Variable contribution

  
$
 371,580
 
 
$
 331,760
 
 
$
 199,429
 
 
$
 170,450
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Variable contribution margin

  
 
14.3
% 
 
 
14.0
% 
 
 
13.9
% 
 
 
14.1
% 

  

(1)
 Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company’s independent commission sales agents, third party capacity providers, and customers, included
as a portion of depreciation and amortization and of selling, general and administrative in the Company’s Consolidated Statements of Income. 

(2)
 Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and
other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs
available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company’s Consolidated Statements of Income.