<SEC-DOCUMENT>0001193125-21-168837.txt : 20211112
<SEC-HEADER>0001193125-21-168837.hdr.sgml : 20211112
<ACCEPTANCE-DATETIME>20210521110158
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-168837
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LANDSTAR SYSTEM INC
		CENTRAL INDEX KEY:			0000853816
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				061313069
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		13410 SUTTON PARK DRIVE SOUTH
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32224
		BUSINESS PHONE:		9043901224

	MAIL ADDRESS:	
		STREET 1:		LANDSTAR SYSTEM INC
		STREET 2:		13410 SUTTON PARK DRIVE SOUTH
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32224
</SEC-HEADER>
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 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;21, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp;
Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Landstar System, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;26, 2020 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Filed February&nbsp;23, 2021 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;000-21238</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets forth the responses of
Landstar System, Inc. (the &#147;Company&#148;, and collectively with its subsidiaries and affiliates, &#147;Landstar&#148;) to the comments contained in your letter, dated April&nbsp;14, 2021, relating to the Company&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;26, 2020 (the &#147;Form <FONT STYLE="white-space:nowrap">10-K&#148;)</FONT> filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on
February&nbsp;23, 2021. The Commission&#146;s comment is set forth below in bold/italics and the Company&#146;s response is set forth in plain text immediately following the comment. Please let us know if we can provide additional information to
assist in the review process. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;26, 2020 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Changes in Financial Condition and Results of Operations, page 22
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We note that you have a table on page 27 presenting, under the heading of &#147;indirect costs and expenses,&#148; percentages that various
amounts reported in your financial statements are of your measure of gross profit, similarly for operating income and we see that you describe your computation of gross profit on page 25 as &#147;revenue less the cost of purchased transportation and
commissions to agents.&#148; </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>However, on page 26 you describe certain items that are reported in other cost categories which appear to
represent costs that would be attributable to costs of revenues under GAAP, and thereby ordinarily considered in calculating gross profit in accordance with GAAP. For example, you explain that maintenance on your trailering equipment, BCO
Independent Contractor recruiting and qualification costs, and trailer rental costs are components of other operating costs, and that depreciation and amortization primarily relates to trailing equipment and information technology hardware and
software. </I></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We see that you have utilized the percentages based on your apparently incomplete gross profit measure
in your discussion and analysis of operating results on pages 29 and 31 and have quantified the measure in earnings releases and presentations filed on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Please revise your filing to distinguish the measures that you have presented from those that would be calculated in accordance with GAAP. Specifically,
you should (i)&nbsp;recalculate gross profit to reflect all costs of sales as would be reported in accordance with GAAP, (ii)&nbsp;choose an alternate label for your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure, and (iii)&nbsp;provide a
reconciliation between gross profit in accordance with GAAP and your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure. Please refer to Item 10(e)(1)(i)(A), Item 10(e)(1)(ii)(E), and Item 10(e)(1)(i)(B) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> Similar requirements are applicable with regard to your earnings releases and presentations pursuant to &#167;244.100(a) of Regulation G. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Please ensure that when presenting <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures you include corresponding information based on the most
directly comparable GAAP measures with equal or greater prominence. Given your current disclosures, this would include adding tabulations and narratives based on gross profit in accordance with GAAP. You may refer to the Answer to Question 102.10 of
our Compliance and Disclosure Interpretations, dated April&nbsp;4, 2018, which is available on our website at the following address. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>https://www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm </I></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Landstar is an asset-light
provider of integrated transportation management solutions. In providing these services, Landstar utilizes third party capacity providers to transport and store customers&#146; freight and independent commission sales agents who are responsible for
locating freight, making that freight available to Landstar&#146;s capacity providers and coordinating the transportation of the freight with customers and capacity providers. Revenue is recognized on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">shipment-by-shipment</FONT></FONT> basis, as the Company does not provide dedicated services to customers based on minimum volume commitments by such customers over time. Payments to the third party transportation capacity
providers and independent commission sales agents are only made to the extent transportation services have been completed on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">shipment-by-shipment</FONT></FONT> basis and revenue has
been recognized. The portion of the operating costs of the Company&#146;s transportation services business that is attributable to purchased transportation and commissions to agents varies directly with revenue. Incremental amounts of transportation
revenue have a direct, associated cost of purchased transportation and commissions to agents and, as such, the Company considers these cost items to be direct operating costs. As defined by the Company, &#147;gross profit&#148; represents revenue
less these direct operating costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is not aware of any uniform definition of the term &#147;gross profit&#148;
under GAAP. The Company believes that such term is generally understood under GAAP as related to the term &#147;gross margin,&#148; where &#147;gross profit&#148; represents revenue less cost of goods sold (or, alternatively, direct costs of
revenue) and &#147;gross margin&#148; refers to gross profit divided by revenue. The definition of &#147;gross margin&#148; in the FASB Master Glossary recognizes that not all operating costs are included in gross margin. Accordingly, for clarity
the Company clearly defines its measure of gross profit as &#147;revenue less the cost of purchased transportation and commissions to agents&#148; in its filings, earnings releases and presentations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company respectfully disagrees with the Commission&#146;s characterization of the Company&#146;s measure of gross profit as a <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. In the Final Rule adopting Regulation G (Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8176),</FONT> the Commission stated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We do intend that the definition of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure capture all measures that have the
effect of depicting either: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a measure of performance that is different from that presented in the financial statements, such as income or
loss before taxes or net income or loss, as calculated in accordance with GAAP; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a measure of liquidity that is different from cash flow or cash flow from operations computed in accordance with
GAAP. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is the Company&#146;s belief that its measure of gross profit does neither. The Company&#146;s measure of
gross profit is not presented in its financial statements, and, as noted above, the Company is not aware of any uniform definition of the term &#147;gross profit&#148; under GAAP. The Company&#146;s measure of gross profit also is not a measure of
liquidity. Moreover, the Company&#146;s measure of gross profit is calculated using exclusively financial measures calculated in accordance with GAAP: revenue less the cost of purchased transportation and commissions to agents. This is consistent
with Item 10(e)(4)(ii) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> which states <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures exclude . . . [r]atios or statistical measures calculated using exclusively one
or both of . . . [f]inancial measures calculated in accordance with GAAP&#148; and Section&nbsp;101(a)(2) of Regulation G, which states &#147;[a] <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure does not include operating and other
financial measures and ratios or statistical measures calculated using exclusively one or both of . . . </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[f]inancial measures calculated in accordance with
GAAP.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that the cost items reported in other operating cost categories are appropriately characterized as
indirect operating costs associated with operating a transportation management business because these costs are not directly related to specific shipments and are therefore not a direct cost of revenue. For example, the Company maintains a fleet of
approximately 13,000 pieces of trailing equipment. Maintenance on this trailing equipment is an ongoing and regular cost of doing business but is not tied to any specific shipment or revenue transaction. Trailing equipment is maintained and trailer
rental costs are incurred in support of the Company&#146;s entire customer base, and specific pieces of equipment are not contractually obligated to specific customers or shipments. There is no direct and corresponding amount of trailer maintenance
or trailer rent associated with any single shipment, and these operating costs are not incurred in respect of any particular revenues. Similarly, the Company recruits and qualifies thousands of BCO Independent Contractors each year to support its
entire customer base, but specific BCO Independent Contractors are not recruited and qualified solely to provide </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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service to a specific customer or shipment, and these recruiting and qualification costs are not incurred in respect of any particular revenues. Likewise, insurance and claims, SG&amp;A and
information technology hardware and software are attributable to supporting the entirety of the Company&#146;s transportation management business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount represented by &#147;revenue less the cost of purchased transportation and commissions to agents&#148; is a critical financial
measure for both the Company and investors.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> Management believes that a discussion of this financial metric is useful and meaningful to investors for the following principal reasons:
(1)&nbsp;disclosure of this metric is key to understanding the ability of the Company&#146;s transportation network to generate margin on a market-driven, purely variable cost basis; (2)&nbsp;disclosure of this information is key to understanding
trends over time in the margin contributed to the Company by each incremental dollar of transportation revenue generated by the Company&#146;s freight transportation business; (3)&nbsp;disclosure of this information allows investors to better
understand the underlying trends with respect to direct costs and indirect costs reflected in the Company&#146;s results of operations and the amount of indirect operating costs in relation to the amount of gross profit generated;
(4)&nbsp;management considers this financial information in its decision-making, such as budgeting for IT infrastructure, trailing equipment and selling, general and administrative costs; (5)&nbsp;this information is meaningful to investors&#146;
evaluations of the Company&#146;s management of direct and indirect operating costs; and (6)&nbsp;this information facilitates comparisons by investors of the Company&#146;s results to the results of other
<FONT STYLE="white-space:nowrap">non-asset</FONT> or asset-light companies in the transportation and logistics services industry. The Company believes that, based on its experience interacting with its investors and industry analysts, investors
would be much better served by the Company continuing to provide this information in its current form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should the Staff have further
questions or comments, we would welcome direct dialogue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company expanded its discussion of &#147;gross profit&#148; in MD&amp;A in response to the Staff&#146;s
comment contained in the letter dated June&nbsp;11, 2014, relating to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;28, 2013.&nbsp;In the 2014 letter, the Staff stated
&#147;[w]e note that you define gross profit as revenue less the cost of purchased transportation and commissions to agents,&#148; and requested that the Company &#147;expand your discussion in MD&amp;A to discuss the reasons why you believe this
presentation is useful and meaningful to potential investors and other users of your financial statements.&#148; Accordingly, the Company has included an expanded discussion of this financial metric and why the Company believes it is useful and
meaningful to investors in its filings subsequent to the 2014 letter. Notably, the Staff&#146;s 2014 letter did not raise any comments relating to the Company&#146;s definition of gross profit. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this letter, please do not hesitate to call me at (904) <FONT
STYLE="white-space:nowrap">390-1558.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James Todd</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James Todd</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vice President and Corporate Controller</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Landstar System Holdings, Inc.</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael K. Kneller, Vice President, General Counsel and Secretary </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mark Wojciechowski, Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Karl Hiller, Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Steven J. Slutzky, Debevoise&nbsp;&amp; Plimpton, LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
