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Regardless of challenging year-over-year comparisons, a less robust freight environment and the inflationary pressures of labor, equipment and insurance costs, the resiliency of the Landstar variable cost business model continues to generate significant free cash flow and financial returns. For example, if we were to experience a 20% revenue decrease from the $7.4 billion of revenue reported in fiscal year 2022, we believe Landstar could still generate an operating margin, representing operating income over variable contribution of 50% or more. Landstar investor relations Steel Dynamics CFO Theresa Wagler said the company's performance is weighted "very heavily" to demand from the private sector due to a lack of government policymaking in Washington, D.C. Some believed that the Trump administration's efforts to reduce federal regulations on infrastructure projects would stimulate new construction work, though it is unclear if any new demand has resulted from those efforts.

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