Item 2.02 Results of Operations and Financial Condition

On January 27, 2021, Landstar System, Inc. ("Landstar" or the "Company") issued a press release announcing results for the fourth quarter of fiscal 2020. A copy of the press release is attached hereto as Exhibit 99.1.

The information contained in Item 7.01 concerning the presentation to Landstar investors is hereby incorporated into this Item 2.02 by reference.

The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure

A slide presentation, dated January 27, 2021, is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The slide presentation provides information that may be referred to by the Company on its conference call with investors scheduled to occur on January 28, 2021 in connection with the Company's release of results for the fourth quarter of fiscal 2020.

In the slide presentation attached hereto as Exhibit 99.2, the Company provides the following information that may be deemed a non-GAAP financial measure: (1) operating margin in the 2020 fiscal year period was 45.9%, excluding the impact of $15.5 million in one-time costs related to the buyout of certain incentive commission arrangements with several of the Company's independent commission sales agents due to the Company's discontinuation of a truck owner-operator recruitment and retention program formerly involving those agents (the "Commission Program Termination Costs") and $12.6 million in one-time costs due to pandemic relief incentive payments made to the Company's independent commission sales agents and BCO independent contractors in April and May 2020; and (2) operating margin was 54.8% in the 2020 fourth quarter period, excluding the Commission Program Termination Costs.

Management believes that it is appropriate to present this financial information 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.

The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits




Exhibits



99.1     News Release dated January 27, 2021 of Landstar System, Inc.

99.2     Slide Presentation dated January 27, 2021 of Landstar System, Inc.

104    Inline XBRL for the cover page of this Current Report on Form 8-K

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