10-Q 1 ulh-10q_20221001.htm FORM 10-Q ulh-10q_20221001.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 1, 2022 

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission File Number: 0-51142

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Michigan

 

38-3640097

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

12755 E. Nine Mile Road

Warren, Michigan 48089

(Address, including Zip Code of Principal Executive Offices)

(586) 920-0100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

ULH

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes     No  

The number of shares of the registrant’s common stock, no par value, outstanding as of November 7, 2022, was 26,277,549.

 

 


 

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Balance Sheets

(In thousands, except share data)

 

 

 

October 1,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,646

 

 

$

13,932

 

Marketable securities

 

 

8,557

 

 

 

8,031

 

Accounts receivable – net of allowance for doubtful accounts of $13,426

   and $7,841, respectively

 

 

384,075

 

 

 

341,398

 

Other receivables

 

 

21,718

 

 

 

26,318

 

Prepaid expenses and other

 

 

29,435

 

 

 

30,209

 

Due from affiliates

 

 

789

 

 

 

807

 

Total current assets

 

 

459,220

 

 

 

420,695

 

Property and equipment – net of accumulated depreciation of $358,511 and

   $333,833, respectively

 

 

377,191

 

 

 

345,583

 

Operating lease right-of-use asset

 

 

104,439

 

 

 

105,859

 

Goodwill

 

 

170,730

 

 

 

170,730

 

Intangible assets – net of accumulated amortization of $118,136 and $107,461, respectively

 

 

77,673

 

 

 

88,349

 

Deferred income taxes

 

 

2,060

 

 

 

2,060

 

Other assets

 

 

7,866

 

 

 

4,215

 

Total assets

 

$

1,199,179

 

 

$

1,137,491

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

107,539

 

 

$

117,837

 

Current portion of long-term debt

 

 

62,472

 

 

 

61,160

 

Current portion of operating lease liabilities

 

 

28,251

 

 

 

24,566

 

Accrued expenses and other current liabilities

 

 

41,897

 

 

 

43,627

 

Insurance and claims

 

 

31,055

 

 

 

43,357

 

Due to affiliates

 

 

22,723

 

 

 

17,839

 

Income taxes payable

 

 

11,466

 

 

 

4,323

 

Total current liabilities

 

 

305,403

 

 

 

312,709

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

326,698

 

 

 

366,188

 

Operating lease liabilities, net of current portion

 

 

82,036

 

 

 

85,984

 

Deferred income taxes

 

 

61,250

 

 

 

61,250

 

Other long-term liabilities

 

 

8,783

 

 

 

9,150

 

Total long-term liabilities

 

 

478,767

 

 

 

522,572

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, no par value. Authorized 100,000,000 shares; 30,996,205 and

   30,986,702 shares issued; 26,278,020 and 26,919,455 shares outstanding,

   respectively

 

 

30,996

 

 

 

30,988

 

Paid-in capital

 

 

4,803

 

 

 

4,639

 

Treasury stock, at cost; 4,718,185 and 4,067,247 shares, respectively

 

 

(96,690

)

 

 

(82,385

)

Retained earnings

 

 

482,903

 

 

 

356,071

 

Accumulated other comprehensive (loss):

 

 

 

 

 

 

 

 

Interest rate swaps, net of income taxes of $778 and $(60), respectively

 

 

2,292

 

 

 

(178

)

Foreign currency translation adjustments

 

 

(9,295

)

 

 

(6,925

)

Total shareholders’ equity

 

 

415,009

 

 

 

302,210

 

Total liabilities and shareholders’ equity

 

$

1,199,179

 

 

$

1,137,491

 

See accompanying notes to consolidated financial statements.

2


UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Statements of Income

(In thousands, except per share data)

 

 

 

Thirteen Weeks Ended

 

 

Thirty-nine Weeks Ended

 

 

 

October 1,

2022

 

 

October 2,

2021

 

 

October 1,

2022

 

 

October 2,

2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload services

 

$

58,107

 

 

$

65,458

 

 

$

176,651

 

 

$

184,040

 

Brokerage services

 

 

83,687

 

 

 

102,229

 

 

 

292,789

 

 

 

301,680

 

Intermodal services

 

 

154,391

 

 

 

121,018

 

 

 

468,869

 

 

 

331,336

 

Dedicated services

 

 

86,613

 

 

 

51,742

 

 

 

241,551

 

 

 

150,099

 

Value-added services

 

 

122,894

 

 

 

105,147

 

 

 

376,875

 

 

 

316,453

 

Total operating revenues

 

 

505,692

 

 

 

445,594

 

 

 

1,556,735

 

 

 

1,283,608

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and equipment rent

 

 

208,870

 

 

 

212,910

 

 

 

668,216

 

 

 

600,273

 

Direct personnel and related benefits

 

 

127,721

 

 

 

118,371

 

 

 

391,723

 

 

 

336,923

 

Operating supplies and expenses

 

 

44,734

 

 

 

43,811

 

 

 

132,886

 

 

 

113,616

 

Commission expense

 

 

10,632

 

 

 

9,086

 

 

 

31,412

 

 

 

24,980

 

Occupancy expense

 

 

10,150

 

 

 

9,336

 

 

 

30,345

 

 

 

26,905

 

General and administrative

 

 

13,021

 

 

 

10,998

 

 

 

34,625

 

 

 

29,866

 

Insurance and claims

 

 

5,745

 

 

 

7,912

 

 

 

16,925

 

 

 

19,982

 

Depreciation and amortization

 

 

15,048

 

 

 

16,456

 

 

 

58,333

 

 

 

51,880

 

Total operating expenses

 

 

435,921

 

 

 

428,880

 

 

 

1,364,465

 

 

 

1,204,425

 

Income from operations

 

 

69,771

 

 

 

16,714

 

 

 

192,270

 

 

 

79,183

 

Interest income

 

 

10

 

 

 

8

 

 

 

16

 

 

 

41

 

Interest expense

 

 

(4,500

)

 

 

(3,008

)

 

 

(10,858

)

 

 

(9,130

)

Other non-operating income (expense)

 

 

(454

)

 

 

(112

)

 

 

(324

)

 

 

6,973

 

Income before income taxes

 

 

64,827

 

 

 

13,602

 

 

 

181,104

 

 

 

77,067

 

Income tax expense

 

 

16,347

 

 

 

3,329

 

 

 

45,917

 

 

 

19,534

 

Net income

 

$

48,480

 

 

$

10,273

 

 

$

135,187

 

 

$

57,533

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.84

 

 

$

0.38

 

 

$

5.10

 

 

$

2.14

 

Diluted

 

$

1.84

 

 

$

0.38

 

 

$

5.09

 

 

$

2.14

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,278

 

 

 

26,919

 

 

 

26,533

 

 

 

26,918

 

Diluted

 

 

26,309

 

 

 

26,928

 

 

 

26,551

 

 

 

26,932

 

Dividends declared per common share

 

$

0.105

 

 

$

0.105

 

 

$

0.315

 

 

$

0.315

 

 

See accompanying notes to consolidated financial statements.

 

3


 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Statements of Comprehensive Income

(In thousands)

 

 

 

Thirteen Weeks Ended

 

 

Thirty-nine Weeks Ended

 

 

 

October 1,

2022

 

 

October 2,

2021

 

 

October 1,

2022

 

 

October 2,

2021

 

Net Income

 

$

48,480

 

 

$

10,273

 

 

$

135,187

 

 

$

57,533

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized changes in fair value of interest rate swaps,

   net of income taxes of $972, $17, $838 and $52, respectively

 

 

2,859

 

 

 

37

 

 

 

2,470

 

 

 

200

 

Foreign currency translation adjustments

 

 

(548

)

 

 

(1,573

)

 

 

(2,370

)

 

 

(1,172

)

Total other comprehensive income (loss)

 

 

2,311

 

 

 

(1,536

)

 

 

100

 

 

 

(972

)

Total comprehensive income

 

$

50,791

 

 

$

8,737

 

 

$

135,287

 

 

$

56,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

4


 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Statements of Cash Flows

(In thousands)

 

 

Thirty-nine Weeks Ended

 

 

 

October 1,

2022

 

 

October 2,

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

135,187

 

 

$

57,533

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

58,333

 

 

 

51,880

 

Noncash lease expense

 

 

21,898

 

 

 

19,557

 

Loss (gain) on marketable equity securities

 

 

399

 

 

 

(1,274

)

Gain on disposal of property and equipment

 

 

(4,237

)

 

 

(1,006

)

Amortization of debt issuance costs

 

 

356

 

 

 

360

 

Write-off of debt issuance costs

 

 

583

 

 

 

 

Stock-based compensation

 

 

172

 

 

 

162

 

Provision for doubtful accounts

 

 

7,740

 

 

 

4,610

 

Deferred income taxes

 

 

(838

)

 

 

(49

)

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Trade and other accounts receivable

 

 

(47,098

)

 

 

(74,031

)

Prepaid expenses and other assets

 

 

192

 

 

 

(723

)

Principal reduction in operating lease liabilities

 

 

(20,543

)

 

 

(18,480

)

Accounts payable, accrued expenses and other current liabilities, insurance

   and claims, and income taxes payable

 

 

(12,183

)

 

 

16,131

 

Due to/from affiliates, net

 

 

4,903

 

 

 

(1,840

)

Other long-term liabilities

 

 

(367

)

 

 

918

 

Net cash provided by operating activities

 

 

144,497

 

 

 

53,748

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(85,810

)

 

 

(26,235

)

Proceeds from the sale of property and equipment

 

 

10,366

 

 

 

5,116

 

Purchases of marketable securities

 

 

(925

)

 

 

(114

)

Proceeds from sale of marketable securities

 

 

 

 

 

117

 

Net cash used in investing activities

 

 

(76,369

)

 

 

(21,116

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from borrowing - revolving debt

 

 

398,552

 

 

 

303,078

 

Repayments of debt - revolving debt

 

 

(546,431

)

 

 

(282,220

)

Proceeds from borrowing - term debt

 

 

318,714

 

 

 

8,302

 

Repayments of debt - term debt

 

 

(205,535

)

 

 

(46,051

)

Dividends paid

 

 

(11,181

)

 

 

(11,305

)

Capitalized financing costs

 

 

(4,417

)

 

 

 

Purchases of treasury stock

 

 

(14,305

)

 

 

 

Net cash used in financing activities

 

 

(64,603

)

 

 

(28,196

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(2,811

)

 

 

(189

)

Net increase in cash

 

 

714

 

 

 

4,247

 

Cash and cash equivalents – beginning of period

 

 

13,932

 

 

 

8,763

 

Cash and cash equivalents – end of period

 

$

14,646

 

 

$

13,010

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

9,399

 

 

$

8,810

 

Cash paid for income taxes

 

$

39,593

 

 

$

29,423

 

 

See accompanying notes to consolidated financial statements.

5


 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Statements of Shareholders’ Equity

(In thousands, except per share data)

 

 

Common

stock

 

 

Paid-in

capital

 

 

Treasury

stock

 

 

Retained

earnings

 

 

Accumulated

other

comprehensive

income (loss)

 

 

Total

 

Balances – December 31, 2020

 

$

30,981

 

 

$

4,484

 

 

$

(82,385

)

 

$

293,643

 

 

$

(7,150

)

 

$

239,573

 

Net income

 

 

 

 

 

 

 

 

 

 

 

21,656

 

 

 

 

 

 

21,656

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,200

 

 

 

1,200

 

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,826

)

 

 

 

 

 

(2,826

)

Stock based compensation

 

 

7

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

162

 

Balances - April 3, 2021

 

 

30,988

 

 

 

4,639

 

 

 

(82,385

)

 

 

312,473

 

 

 

(5,950

)

 

 

259,765

 

Net income

 

 

 

 

 

 

 

 

 

 

 

25,604

 

 

 

 

 

 

25,604

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(636

)

 

 

(636

)

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,825

)

 

 

 

 

 

(2,825

)

Balances - July 3, 2021

 

 

30,988

 

 

 

4,639

 

 

 

(82,385

)

 

 

335,252

 

 

 

(6,586

)

 

 

281,908

 

Net income

 

 

 

 

 

 

 

 

 

 

 

10,273

 

 

 

 

 

 

10,273

 

Comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,536

)

 

 

(1,536

)

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,826

)

 

 

 

 

 

(2,826

)

Balances – October 2, 2021

 

$

30,988

 

 

$

4,639

 

 

$

(82,385

)

 

$

342,699

 

 

$

(8,122

)

 

$

287,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances – December 31, 2021

 

$

30,988

 

 

$

4,639