Landstar System LSTR

Landscape system, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third party capacity providers and employees. The Company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to comprehensive third party logistics solutions to meet all of a customer’s transportation needs. Landscades system emphasizes safety, cargo security, information coordination and customer service in its operations.

Landscades system generates revenue primarily through transportation services billed on a per shipment basis for the physical transportation of freight, referred to as transportation revenue. Additional revenue is derived from the insurance segment, which represents reinsurance premiums from third party insurance companies that provide insurance programs to BCO Independent Contractors where all or a portion of the risk of loss is ultimately borne by Signature Insurance Company. The Company’s revenue is diversified across truckload, less-than-truckload, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery, heavy-haul/specialized, hazardous materials, cold chain/temperature-controlled, cross-border, project cargo and customs brokerage services.

The company operates through the following segments: the transportation logistics segment and the insurance segment.

• Transportation Logistics Segment: This segment provides a wide range of integrated transportation management solutions through operating subsidiaries including Landscader Ranger, Inc., Landscader Inway, Inc., Landscader Ligon, Inc., Landscader Gemini, Inc., Landscader Transportation Logistics, Inc., Landscader Global Logistics, Inc., Landscader Express America, Inc., Landscader Canada, Inc., Landscader Metro, S. A. P. I. de C. V., and Landscader Blue, LLC. Services offered include truckload, less-than-truckload and other truck transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, hazardous materials, cold chain/temperature-controlled, U. S.-Canada and U. S.-Mexico cross-border, intra-Mexico, intra-Canada, project cargo and customs brokerage. The segment serves industries such as automotive parts and assemblies, consumer durables, building products, metals, chemicals, foodstuffs, heavy machinery, retail, electronics, military equipment and general commodities, and also provides transportation services to other transportation companies including third party logistics and less-than-truckload service providers.

• Insurance Segment: The insurance segment is comprised of Signature Insurance Company, a wholly owned offshore insurance subsidiary, and Risk Management Claim Services, Inc. This segment provides risk and claims management services to certain of Landscades system’s operating subsidiaries and reinsures certain risks of the Company’s BCO Independent Contractors. It also provides certain property and casualty insurance and reinsurance to certain of Landscades system’s operating subsidiaries, with revenue representing reinsurance premiums from third party insurance companies that provide insurance programs to BCO Independent Contractors where all or a portion of the risk of loss is ultimately borne by Signature.

Landscades system holds a strong position in the highly competitive and fragmented transportation and logistics services industry, competing with truckload carriers, third party logistics companies, digital freight brokers, intermodal transportation and logistics service providers, railroads, less-than-truckload carriers and other asset-light transportation and logistics service providers. The Company’s competitive advantages stem from its overall size, service offerings, availability of a wide range of equipment, geographically dispersed local independent agent network, and its technology-driven approach that enhances efficiency and service for its network of agents and capacity providers.

Landscades system serves a highly diversified customer base dispersed across many industries, commodities and geographic regions, with the top 100 customers accounting for approximately 46% of consolidated revenue in both 2025 and 2024. The Company’s national account customers include the United States Department of Defense and many companies from the Fortune 500, and its top 25 customers for 2025 included eight transportation service providers, including third party logistics providers. No single customer accounted for more than 8% of the Company’s 2025 revenue.