0001564590-22-029127.txt : 20220811 0001564590-22-029127.hdr.sgml : 20220811 20220811161635 ACCESSION NUMBER: 0001564590-22-029127 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20220702 FILED AS OF DATE: 20220811 DATE AS OF CHANGE: 20220811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNIVERSAL LOGISTICS HOLDINGS, INC. CENTRAL INDEX KEY: 0001308208 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 383640097 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51142 FILM NUMBER: 221156107 BUSINESS ADDRESS: STREET 1: 12755 EAST NINE MILE ROAD CITY: WARREN STATE: MI ZIP: 48089 BUSINESS PHONE: (586) 920-0100 MAIL ADDRESS: STREET 1: 12755 EAST NINE MILE ROAD CITY: WARREN STATE: MI ZIP: 48089 FORMER COMPANY: FORMER CONFORMED NAME: Universal Truckload Services, Inc. DATE OF NAME CHANGE: 20041109 10-Q 1 ulh-10q_20220702.htm FORM 10-Q ulh-10q_20220702.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 July 2, 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 August 8, 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)

 

 

 

July 2,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,683

 

 

$

13,932

 

Marketable securities

 

 

8,237

 

 

 

8,031

 

Accounts receivable – net of allowance for doubtful accounts of $11,667

   and $7,841, respectively

 

 

400,017

 

 

 

341,398

 

Other receivables

 

 

24,636

 

 

 

26,318

 

Prepaid expenses and other

 

 

33,613

 

 

 

30,209

 

Due from affiliates

 

 

1,443

 

 

 

807

 

Total current assets

 

 

482,629

 

 

 

420,695

 

Property and equipment – net of accumulated depreciation of $356,211 and

   $333,833, respectively

 

 

343,729

 

 

 

345,583

 

Operating lease right-of-use asset

 

 

106,149

 

 

 

105,859

 

Goodwill

 

 

170,730

 

 

 

170,730

 

Intangible assets – net of accumulated amortization of $114,586 and $107,461, respectively

 

 

81,224

 

 

 

88,349

 

Deferred income taxes

 

 

2,060

 

 

 

2,060

 

Other assets

 

 

4,945

 

 

 

4,215

 

Total assets

 

$

1,191,466

 

 

$

1,137,491

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

118,650

 

 

$

117,837

 

Current portion of long-term debt

 

 

52,448

 

 

 

61,160

 

Current portion of operating lease liabilities

 

 

28,259

 

 

 

24,566

 

Accrued expenses and other current liabilities

 

 

43,953

 

 

 

43,627

 

Insurance and claims

 

 

39,770

 

 

 

43,357

 

Due to affiliates

 

 

14,232

 

 

 

17,839

 

Income taxes payable

 

 

10,539

 

 

 

4,323

 

Total current liabilities

 

 

307,851

 

 

 

312,709

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

362,868

 

 

 

366,188

 

Operating lease liabilities, net of current portion

 

 

83,584

 

 

 

85,984

 

Deferred income taxes

 

 

61,250

 

 

 

61,250

 

Other long-term liabilities

 

 

8,946

 

 

 

9,150

 

Total long-term liabilities

 

 

516,648

 

 

 

522,572

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, no par value. Authorized 100,000,000 shares; 30,995,734 and

   30,986,702 shares issued; 26,277,549 and 26,919,455 shares outstanding,

   respectively

 

 

30,995

 

 

 

30,988

 

Paid-in capital

 

 

4,794

 

 

 

4,639

 

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

 

 

(96,690

)

 

 

(82,385

)

Retained earnings

 

 

437,182

 

 

 

356,071

 

Accumulated other comprehensive (loss):

 

 

 

 

 

 

 

 

Interest rate swaps, net of income taxes of $(193) and $(60), respectively

 

 

(567

)

 

 

(178

)

Foreign currency translation adjustments

 

 

(8,747

)

 

 

(6,925

)

Total shareholders’ equity

 

 

366,967

 

 

 

302,210

 

Total liabilities and shareholders’ equity

 

$

1,191,466

 

 

$

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

 

 

Twenty-six Weeks Ended

 

 

 

July 2,

2022

 

 

July 3,

2021

 

 

July 2,

2022

 

 

July 3,

2021

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload services

 

$

61,061

 

 

$

58,880

 

 

$

118,544

 

 

$

118,582

 

Brokerage services

 

 

101,929

 

 

 

102,532

 

 

 

209,101

 

 

 

199,451

 

Intermodal services

 

 

156,865

 

 

 

106,601

 

 

 

314,478

 

 

 

210,318

 

Dedicated services

 

 

79,452

 

 

 

50,396

 

 

 

154,938

 

 

 

98,357

 

Value-added services

 

 

127,875

 

 

 

104,374

 

 

 

253,982

 

 

 

211,307

 

Total operating revenues

 

 

527,182

 

 

 

422,783

 

 

 

1,051,043

 

 

 

838,015

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and equipment rent

 

 

227,215

 

 

 

198,031

 

 

 

459,346

 

 

 

387,363

 

Direct personnel and related benefits

 

 

127,334

 

 

 

111,000

 

 

 

264,002

 

 

 

218,552

 

Operating supplies and expenses

 

 

46,027

 

 

 

32,713

 

 

 

88,151

 

 

 

69,805

 

Commission expense

 

 

10,757

 

 

 

8,570

 

 

 

20,780

 

 

 

15,894

 

Occupancy expense

 

 

10,001

 

 

 

9,389

 

 

 

20,196

 

 

 

17,569

 

General and administrative

 

 

11,541

 

 

 

9,693

 

 

 

21,603

 

 

 

18,869

 

Insurance and claims

 

 

2,598

 

 

 

5,735

 

 

 

11,180

 

 

 

12,070

 

Depreciation and amortization

 

 

27,058

 

 

 

16,339

 

 

 

43,286

 

 

 

35,424

 

Total operating expenses

 

 

462,531

 

 

 

391,470

 

 

 

928,544

 

 

 

775,546

 

Income from operations

 

 

64,651

 

 

 

31,313

 

 

 

122,499

 

 

 

62,469

 

Interest income

 

 

6

 

 

 

14

 

 

 

6

 

 

 

32

 

Interest expense

 

 

(3,925

)

 

 

(2,940

)

 

 

(6,358

)

 

 

(6,121

)

Other non-operating income (expense)

 

 

(823

)

 

 

6,079

 

 

 

130

 

 

 

7,085

 

Income before income taxes

 

 

59,909

 

 

 

34,466

 

 

 

116,277

 

 

 

63,465

 

Income tax expense

 

 

15,210

 

 

 

8,862

 

 

 

29,570

 

 

 

16,205

 

Net income

 

$

44,699

 

 

$

25,604

 

 

$

86,707

 

 

$

47,260

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.69

 

 

$

0.95

 

 

$

3.25

 

 

$

1.76

 

Diluted

 

$

1.69

 

 

$

0.95

 

 

$

3.25

 

 

$

1.75

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,453

 

 

 

26,919

 

 

 

26,660

 

 

 

26,918

 

Diluted

 

 

26,468

 

 

 

26,936

 

 

 

26,668

 

 

 

26,933

 

Dividends declared per common share

 

$

0.105

 

 

$

0.105

 

 

$

0.210

 

 

$

0.210

 

 

See accompanying notes to consolidated financial statements.

 

3


 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Statements of Comprehensive Income

(In thousands)

 

 

 

Thirteen Weeks Ended

 

 

Twenty-six Weeks Ended

 

 

 

July 2,

2022

 

 

July 3,

2021

 

 

July 2,

2022

 

 

July 3,

2021

 

Net Income

 

$

44,699

 

 

$

25,604

 

 

$

86,707

 

 

$

47,260

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized changes in fair value of interest rate swaps,

   net of income taxes of $(215), $2, $(133) and $35, respectively

 

 

(630

)

 

 

30

 

 

 

(389

)

 

 

163

 

Foreign currency translation adjustments

 

 

1,012

 

 

 

(666

)

 

 

(1,822

)

 

 

401

 

Total other comprehensive income (loss)

 

 

382

 

 

 

(636

)

 

 

(2,211

)

 

 

564

 

Total comprehensive income

 

$

45,081

 

 

$

24,968

 

 

$

84,496

 

 

$

47,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

4


 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Statements of Cash Flows

(In thousands)

 

 

Twenty-six Weeks Ended

 

 

 

July 2,

2022

 

 

July 3,

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

86,707

 

 

$

47,260

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

43,286

 

 

 

35,424

 

Noncash lease expense

 

 

14,337

 

 

 

12,873

 

Gain on marketable equity securities

 

 

(92

)

 

 

(1,384

)

Gain on disposal of property and equipment

 

 

(2,743

)

 

 

(721

)

Amortization of debt issuance costs

 

 

207

 

 

 

240

 

Write-off of debt issuance costs

 

 

583

 

 

 

 

Stock-based compensation

 

 

162

 

 

 

162

 

Provision for doubtful accounts

 

 

5,501

 

 

 

2,597

 

Deferred income taxes

 

 

133

 

 

 

(21

)

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Trade and other accounts receivable

 

 

(64,438

)

 

 

(32,999

)

Prepaid expenses and other assets

 

 

(4,424

)

 

 

(2,460

)

Principal reduction in operating lease liabilities

 

 

(13,085

)

 

 

(12,232

)

Accounts payable, accrued expenses and other current liabilities, insurance

   and claims, and income taxes payable

 

 

8,154

 

 

 

7,637

 

Due to/from affiliates, net

 

 

(4,243

)

 

 

(2,916

)

Other long-term liabilities

 

 

(727

)

 

 

(4

)

Net cash provided by operating activities

 

 

69,318

 

 

 

53,456

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(37,544

)

 

 

(16,941

)

Proceeds from the sale of property and equipment

 

 

5,567

 

 

 

3,878

 

Purchases of marketable securities

 

 

(114

)

 

 

(114

)

Proceeds from sale of marketable securities

 

 

 

 

 

117

 

Net cash used in investing activities

 

 

(32,091

)

 

 

(13,060

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from borrowing - revolving debt

 

 

262,065

 

 

 

191,947

 

Repayments of debt - revolving debt

 

 

(274,828

)

 

 

(192,820

)

Proceeds from borrowing - term debt

 

 

193,926

 

 

 

3,946

 

Repayments of debt - term debt

 

 

(192,262

)

 

 

(31,276

)

Dividends paid

 

 

(8,422

)

 

 

(8,480

)

Capitalized financing costs

 

 

(1,723

)

 

 

 

Purchases of treasury stock

 

 

(14,305

)

 

 

 

Net cash used in financing activities

 

 

(35,549

)

 

 

(36,683

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(927

)

 

 

622

 

Net increase in cash

 

 

751

 

 

 

4,335

 

Cash and cash equivalents – beginning of period

 

 

13,932

 

 

 

8,763

 

Cash and cash equivalents – end of period

 

$

14,683

 

 

$

13,098

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

5,638

 

 

$

5,993

 

Cash paid for income taxes

 

$

23,368

 

 

$

22,909

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,200

 

 

 

1,200

 

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,865

)

 

 

 

 

 

(2,865

)

Stock based compensation

 

 

7

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

162

 

Balances - April 3, 2021

 

 

30,988

 

 

 

4,639

 

 

 

(82,385

)

 

 

312,434

 

 

 

(5,950

)

 

 

259,726

 

Net income

 

 

 

 

 

 

 

 

 

 

 

25,604

 

 

 

 

 

 

25,604

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(636

)

 

 

(636

)

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,786

)

 

 

 

 

 

(2,786

)

Balances – July 3, 2021

 

$

30,988

 

 

$

4,639

 

 

$

(82,385

)

 

$

335,252

 

 

$

(6,586

)

 

$

281,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances – December 31, 2021

 

$

30,988

 

 

$

4,639

 

 

$

(82,385

)

 

$

356,071

 

 

$

(7,103

)

 

$

302,210

 

Net income

 

 

 

 

 

 

 

 

 

 

 

42,008

 

 

 

 

 

 

42,008

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,593

)

 

 

(2,593

)

Purchases of treasury stock

 

 

 

 

 

 

 

 

(5,254

)

 

 

 

 

 

 

 

 

(5,254

)

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,819

)

 

 

 

 

 

(2,819

)

Stock based compensation

 

 

7

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

162

 

Balances - April 2, 2022

 

 

30,995

 

 

 

4,794

 

 

 

(87,639

)

 

 

395,260

 

 

 

(9,696

)

 

 

333,714

 

Net income