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Universal Logistics Holdings, Inc. Reports Second Quarter 2017 Financial Results

WARREN, Mich., July 27, 2017 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported second quarter 2017 net income of $2.7 million, or $0.10 per basic and diluted share, on total operating revenues of $305.2 million.  This compares to $9.0 million, or $0.32 per basic and diluted share, during second quarter 2016 on total operating revenues of $276.8 million.

Universal Logistics Holdings logo

Operating revenues from truckload services increased $2.9 million to $76.7 million, compared to $73.8 million for the same period last year. Included in truckload revenues in the second quarter 2017 were $7.1 million of separately-identified fuel surcharges compared to $5.9 million during the same period last year.  During the quarter, Universal's average operating revenue per load, excluding fuel surcharges, increased 8.9% primarily due to an increase in length of haul and an increase in revenue per mile.  This increase was partially offset by a 3.5% decrease in the number of loads hauled.  During the quarter ended July 1, 2017, Universal hauled 80,720 loads compared to 83,637 during the same period last year. 

Revenues for the second quarter 2017 from brokerage services increased $8.2 million, or 14.5% to $64.7 million compared to $56.5 million one year earlier. The growth is due to increases in both the average operating revenue per load, excluding fuel surcharges, and in the number of loads hauled.  Universal's average operating revenue per load, excluding fuel surcharges, increased 2.8% to $1,275 per load, up from $1,240 per load in the second quarter 2016.  The number of brokerage loads hauled increased 18.2% in the second quarter 2017 to 48,768 compared to 41,254 during the same period last year. 

Intermodal services revenues increased $2.4 million to $38.7 million in the second quarter of 2017, up from $36.3 million during the same period last year.  During the quarter ended July 1, 2017, Universal moved 87,952 intermodal loads compared to 84,370 during the same period last year.  Included in intermodal revenues in the quarter ended July 1, 2017 were also $3.9 million in separately-identified fuel surcharges compared to $3.3 million during the same period last year. 

Operating revenues from dedicated services in the second quarter 2017 increased $0.3 million to $24.4 million compared to $24.1 million one year earlier. The increase is primarily due to a 2.6% increase average operating revenue per load, excluding fuel surcharges, which was partially offset by a 1.4% decrease in the number of loads hauled.   

Value-added services revenues increased $14.5 million to $100.6 million in the second quarter of 2017, compared to $86.1 million in the same period last year.  Our continued support of major customer vehicle programs, as well as improvements in our heavy-truck operations positively impacted top-line revenues in Universal's value-added services division.  Overall, valued-added services grew by 16.8% compared to the same period last year.

Consolidated income from operations decreased $10.4 million to $6.4 million, compared to $16.8 million in second quarter 2016.  The overall decrease is primarily attributable to an $8.0 million loss in our Mexican value-added operations and higher than anticipated costs supporting one of our major value-added operations still in launch phase.  During the second quarter 2017, Universal's logistics segment, which includes value-added and dedicated services, incurred an operating loss of $2.5 million compared to $10.6 million of operating income in the same period last year.  Income from operations in Universal's transportation segment, which is primarily comprised of truckload, brokerage and intermodal services operations, increased 23.2% to $8.5 million from $6.9 million during the same period last year. 

During the second quarter of 2017, EBITDA decreased $7.6 million to $18.4 million, compared to $26.0 million in the same period last year.  As a percentage of total operating revenues, operating income and EBITDA margins for the second quarter 2017 were 2.1% and 6.0%, respectively.  These profitability metrics compare to 6.1% and 9.4%, respectively, in second quarter 2016. 

"We are pleased with the results our transportation segment delivered for us this quarter," stated Jeff Rogers, Universal's Chief Executive Officer.  "Both our truckload and intermodal operations delivered their strongest results in over a year, and our brokerage business continues to grow at a double-digit pace.  On the logistics side, with the transition of an unprofitable Mexican program, one of our largest domestic value-added programs returning positive results, and a signs of strong recovery in North American Class 8 production, I am optimistic for the remainder of 2017 and beyond. We have some hard work ahead of us, but much of the headwinds have subsided and we are as committed as ever to the success of Universal, its customers, and the thousands of employees, agents and owner-operators we represent."

Universal calculates and reports selected financial metrics in connection with lending arrangements, or in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities.  These statistics are described in more detail below in the section captioned "Non-GAAP Financial Measures."

As of July 1, 2017, Universal held cash and cash equivalents totaling $2.0 million, and $14.1 million in marketable securities.  Outstanding debt at the end of the second quarter 2017 was $251.7 million and capital expenditures totaled $15.6 million.

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a quarterly cash dividend of $0.07 per share of common stock.  The dividend is payable to shareholders of record at the close of business on August 7, 2017 and is expected to be paid on August 17, 2017.

Conference call:

We invite investors and analysts to our quarterly earnings conference call.  During the call, Jeff Rogers, Chief Executive Officer,  Jude Beres, Chief Financial Officer, and Steven Fitzpatrick, Vice President of Finance and Investor Relations, will discuss Universal's second quarter 2017 financial performance, the demand outlook in our key markets and other trends impacting our business.

Quarterly Earnings Conference Call Dial-in Details:




Time:


10:00 AM ET

Date:


Friday, July 28, 2017

Call Toll Free:


(866) 622-0924

International Dial-in: 

+1 (660) 422-4956

Conference ID:  


42884669

A replay of the conference call will be available beginning two hours after the call through August 24, 2017, by calling (855) 859-2056 (toll free) or +1 (404) 537-3406 (toll) and using conference ID 42884669. The call will also be available on investors.universallogistics.com

About Universal:

Universal Logistics Holdings, Inc. is a leading asset-light provider of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia.  We provide our customers with supply chain solutions that can be scaled to meet their changing demands and volumes.  We offer our customers a broad array of services across their entire supply chain, including truckload, brokerage, intermodal, dedicated, and value-added services. 

Forward Looking Statements

Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in the Company's reports and filings with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)




Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016


Operating revenues:

















Truckload services


$

76,744



$

73,827



$

148,234



$

143,648


Brokerage services



64,714




56,498




122,703




106,236


Intermodal services



38,729




36,298




74,656




71,674


Dedicated services



24,375




24,053




49,271




46,136


Value-added services



100,637




86,137




194,777




169,513


Total operating revenues



305,199




276,813




589,641




537,207


Operating expenses:

















Purchased transportation and equipment rent



142,600




132,012




273,827




253,677


Direct personnel and related benefits



81,238




65,903




156,782




130,418


Operating supplies and expenses



31,467




25,421




60,451




50,085


Commission expense



8,237




8,379




15,781




16,451


Occupancy expense



7,666




7,974




15,497




15,697


General and administrative



6,495




6,729




14,453




13,836


Insurance and claims



9,538




4,486




15,396




8,658


Depreciation and amortization



11,541




9,135




21,868




17,681


Total operating expenses



298,782




260,039




574,055




506,503


Income from operations



6,417




16,774




15,586




30,704


Interest expense, net



(2,481)




(2,115)




(4,717)




(4,078)


Other non-operating income



464




112




532




250


Income before provision for income taxes



4,400




14,771




11,401




26,876


Provision for income taxes



1,661




5,724




4,344




10,352


Net income


$

2,739



$

9,047



$

7,057



$

16,524


Earnings per common share:

















Basic


$

0.10



$

0.32



$

0.25



$

0.58


Diluted


$

0.10



$

0.32



$

0.25



$

0.58


Weighted average number of common shares outstanding:

















Basic



28,443




28,414




28,439




28,408


Diluted



28,443




28,414




28,439




28,408


Dividends declared per common share:


$

0.07



$

0.07



$

0.14



$

0.14


 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)





July 1,

2017



December 31,

2016


Assets









Cash and cash equivalents


$

2,039



$

1,755


Marketable securities



14,117




14,359


Accounts receivable - net



154,976




144,712


Other current assets



50,474




46,625


Total current assets



221,606




207,451


Property and equipment - net



260,776




246,277


Other long-term assets - net



114,097




116,729


Total assets


$

596,479



$

570,457











Liabilities and shareholders' equity









Current liabilities, excluding current maturities of debt


$

142,063



$

110,061


Debt - net



250,234




261,267


Other long-term liabilities



52,976




51,397


Total liabilities



445,273




422,725


Total shareholders' equity



151,206




147,732


Total liabilities and shareholders' equity


$

596,479



$

570,457


 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Summary of Operating Data





Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016


Truckload Services:

















Number of loads



80,720




83,637




160,255




162,675


Average operating revenue per load, excluding fuel surcharges


$

866



$

795



$

838



$

796


Average operating revenue per mile, excluding fuel surcharges


$

2.46



$

2.42



$

2.41



$

2.37


Average length of haul



351




329




347




336


Average number of tractors



1,959




2,000




1,944




2,012



















Brokerage Services:

















Number of loads (a)



48,768




41,254




91,126




79,490


Average operating revenue per load, excluding fuel surcharges
(a)


$

1,275



$

1,240



$

1,270



$

1,210


Average length of haul (a)



548




579




572




578


Number of active carriers



37,020




26,268




37,020




26,268



















Intermodal Services:

















Number of loads



87,952




84,370




171,505




166,049


Average operating revenue per load, excluding fuel surcharges


$

387



$

390



$

387



$

391


Average number of tractors



924




914




900




909


Number of depots



12




11




12




11



















Dedicated Services:

















Number of loads



52,310




53,058




104,306




97,644


Average operating revenue per load, excluding fuel surcharges


$

389



$

379



$

392



$

394


Average operating revenue per mile, excluding fuel surcharges


$

1.91



$

1.98



$

1.96



$

1.93


Average length of haul



203




191




200




204


Average number of tractors



812




707




771




729



(a)

Excludes operating data from Universal Logistics Solutions International, Inc., in order to improve the relevance of the statistical data related to our brokerage services and improve the comparability to our peer companies.

 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Summary of Operating Data - Continued





Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016


Value-added Services

















Average number of direct employees



3,931




4,167



$

4,354



$

4,154


Average number of full-time equivalents



1,846




1,498




1,666




1,489


Number of active programs



50




51




50




51



















Operating Revenues by Segment:

















Transportation


$

175,032



$

169,286



$

353,428



$

326,832


Logistics



129,850




107,229




235,585




209,786


Other



317




298




628




589


Total


$

305,199



$

276,813



$

589,641



$

537,207



















Income from Operations by Segment:

















Transportation


$

8,495



$

6,919



$

14,848



$

12,807


Logistics



(2,525)




10,609




1,668




19,158


Other



447




(754)




(930)




(1,261)


Total


$

6,417



$

16,774



$

15,586



$

30,704


Non-GAAP Financial Measures

In addition to providing consolidated financial statements based on generally accepted accounting principles in the United States of America (GAAP), we are providing additional financial measures that are not required by or prepared in accordance with GAAP (non-GAAP). We present EBITDA as supplemental measures of our performance. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes and (iii) depreciation and amortization. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, we are presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial measure to the comparable GAAP measure. Set forth below is a reconciliation of net income, the most comparable GAAP measure, to EBITDA for each of the periods indicated:



Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016




( in thousands)



( in thousands)


EBITDA

















Net income


$

2,739



$

9,047



$

7,057



$

16,524


Provision for income taxes



1,661




5,724




4,344




10,352


Interest expense, net



2,481




2,115




4,717




4,078


Depreciation and amortization



11,541




9,135




21,868




17,681


EBITDA


$

18,422



$

26,021



$

37,986



$

48,635



















EBITDA margin (a)



6.0

%



9.4

%



6.4

%



9.1

%


(a)

 EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.

 

We present EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

EBITDA has limitations as an analytical tool. Some of these limitations are:

  • EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
  • EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and EBITDA only supplementally.

View original content with multimedia:http://www.prnewswire.com/news-releases/universal-logistics-holdings-inc-reports-second-quarter-2017-financial-results-300495686.html

SOURCE Universal Logistics Holdings, Inc.

For further information: Jude Beres, Chief Financial Officer, JBeres@UniversalLogistics.com

Universal Logistics Holdings, Inc. Reports Second Quarter 2017 Financial Results

WARREN, Mich., July 27, 2017 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported second quarter 2017 net income of $2.7 million, or $0.10 per basic and diluted share, on total operating revenues of $305.2 million.  This compares to $9.0 million, or $0.32 per basic and diluted share, during second quarter 2016 on total operating revenues of $276.8 million.

Universal Logistics Holdings logo

Operating revenues from truckload services increased $2.9 million to $76.7 million, compared to $73.8 million for the same period last year. Included in truckload revenues in the second quarter 2017 were $7.1 million of separately-identified fuel surcharges compared to $5.9 million during the same period last year.  During the quarter, Universal's average operating revenue per load, excluding fuel surcharges, increased 8.9% primarily due to an increase in length of haul and an increase in revenue per mile.  This increase was partially offset by a 3.5% decrease in the number of loads hauled.  During the quarter ended July 1, 2017, Universal hauled 80,720 loads compared to 83,637 during the same period last year. 

Revenues for the second quarter 2017 from brokerage services increased $8.2 million, or 14.5% to $64.7 million compared to $56.5 million one year earlier. The growth is due to increases in both the average operating revenue per load, excluding fuel surcharges, and in the number of loads hauled.  Universal's average operating revenue per load, excluding fuel surcharges, increased 2.8% to $1,275 per load, up from $1,240 per load in the second quarter 2016.  The number of brokerage loads hauled increased 18.2% in the second quarter 2017 to 48,768 compared to 41,254 during the same period last year. 

Intermodal services revenues increased $2.4 million to $38.7 million in the second quarter of 2017, up from $36.3 million during the same period last year.  During the quarter ended July 1, 2017, Universal moved 87,952 intermodal loads compared to 84,370 during the same period last year.  Included in intermodal revenues in the quarter ended July 1, 2017 were also $3.9 million in separately-identified fuel surcharges compared to $3.3 million during the same period last year. 

Operating revenues from dedicated services in the second quarter 2017 increased $0.3 million to $24.4 million compared to $24.1 million one year earlier. The increase is primarily due to a 2.6% increase average operating revenue per load, excluding fuel surcharges, which was partially offset by a 1.4% decrease in the number of loads hauled.   

Value-added services revenues increased $14.5 million to $100.6 million in the second quarter of 2017, compared to $86.1 million in the same period last year.  Our continued support of major customer vehicle programs, as well as improvements in our heavy-truck operations positively impacted top-line revenues in Universal's value-added services division.  Overall, valued-added services grew by 16.8% compared to the same period last year.

Consolidated income from operations decreased $10.4 million to $6.4 million, compared to $16.8 million in second quarter 2016.  The overall decrease is primarily attributable to an $8.0 million loss in our Mexican value-added operations and higher than anticipated costs supporting one of our major value-added operations still in launch phase.  During the second quarter 2017, Universal's logistics segment, which includes value-added and dedicated services, incurred an operating loss of $2.5 million compared to $10.6 million of operating income in the same period last year.  Income from operations in Universal's transportation segment, which is primarily comprised of truckload, brokerage and intermodal services operations, increased 23.2% to $8.5 million from $6.9 million during the same period last year. 

During the second quarter of 2017, EBITDA decreased $7.6 million to $18.4 million, compared to $26.0 million in the same period last year.  As a percentage of total operating revenues, operating income and EBITDA margins for the second quarter 2017 were 2.1% and 6.0%, respectively.  These profitability metrics compare to 6.1% and 9.4%, respectively, in second quarter 2016. 

"We are pleased with the results our transportation segment delivered for us this quarter," stated Jeff Rogers, Universal's Chief Executive Officer.  "Both our truckload and intermodal operations delivered their strongest results in over a year, and our brokerage business continues to grow at a double-digit pace.  On the logistics side, with the transition of an unprofitable Mexican program, one of our largest domestic value-added programs returning positive results, and a signs of strong recovery in North American Class 8 production, I am optimistic for the remainder of 2017 and beyond. We have some hard work ahead of us, but much of the headwinds have subsided and we are as committed as ever to the success of Universal, its customers, and the thousands of employees, agents and owner-operators we represent."

Universal calculates and reports selected financial metrics in connection with lending arrangements, or in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities.  These statistics are described in more detail below in the section captioned "Non-GAAP Financial Measures."

As of July 1, 2017, Universal held cash and cash equivalents totaling $2.0 million, and $14.1 million in marketable securities.  Outstanding debt at the end of the second quarter 2017 was $251.7 million and capital expenditures totaled $15.6 million.

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a quarterly cash dividend of $0.07 per share of common stock.  The dividend is payable to shareholders of record at the close of business on August 7, 2017 and is expected to be paid on August 17, 2017.

Conference call:

We invite investors and analysts to our quarterly earnings conference call.  During the call, Jeff Rogers, Chief Executive Officer,  Jude Beres, Chief Financial Officer, and Steven Fitzpatrick, Vice President of Finance and Investor Relations, will discuss Universal's second quarter 2017 financial performance, the demand outlook in our key markets and other trends impacting our business.

Quarterly Earnings Conference Call Dial-in Details:




Time:


10:00 AM ET

Date:


Friday, July 28, 2017

Call Toll Free:


(866) 622-0924

International Dial-in: 

+1 (660) 422-4956

Conference ID:  


42884669

A replay of the conference call will be available beginning two hours after the call through August 24, 2017, by calling (855) 859-2056 (toll free) or +1 (404) 537-3406 (toll) and using conference ID 42884669. The call will also be available on investors.universallogistics.com

About Universal:

Universal Logistics Holdings, Inc. is a leading asset-light provider of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia.  We provide our customers with supply chain solutions that can be scaled to meet their changing demands and volumes.  We offer our customers a broad array of services across their entire supply chain, including truckload, brokerage, intermodal, dedicated, and value-added services. 

Forward Looking Statements

Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in the Company's reports and filings with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)




Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016


Operating revenues:

















Truckload services


$

76,744



$

73,827



$

148,234



$

143,648


Brokerage services



64,714




56,498




122,703




106,236


Intermodal services



38,729




36,298




74,656




71,674


Dedicated services



24,375




24,053




49,271




46,136


Value-added services



100,637




86,137




194,777




169,513


Total operating revenues



305,199




276,813




589,641




537,207


Operating expenses:

















Purchased transportation and equipment rent



142,600




132,012




273,827




253,677


Direct personnel and related benefits



81,238




65,903




156,782




130,418


Operating supplies and expenses



31,467




25,421




60,451




50,085


Commission expense



8,237




8,379




15,781




16,451


Occupancy expense



7,666




7,974




15,497




15,697


General and administrative



6,495




6,729




14,453




13,836


Insurance and claims



9,538




4,486




15,396




8,658


Depreciation and amortization



11,541




9,135




21,868




17,681


Total operating expenses



298,782




260,039




574,055




506,503


Income from operations



6,417




16,774




15,586




30,704


Interest expense, net



(2,481)




(2,115)




(4,717)




(4,078)


Other non-operating income



464




112




532




250


Income before provision for income taxes



4,400




14,771




11,401




26,876


Provision for income taxes



1,661




5,724




4,344




10,352


Net income


$

2,739



$

9,047



$

7,057



$

16,524


Earnings per common share:

















Basic


$

0.10



$

0.32



$

0.25



$

0.58


Diluted


$

0.10



$

0.32



$

0.25



$

0.58


Weighted average number of common shares outstanding:

















Basic



28,443




28,414




28,439




28,408


Diluted



28,443




28,414




28,439




28,408


Dividends declared per common share:


$

0.07



$

0.07



$

0.14



$

0.14


 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)





July 1,

2017



December 31,

2016


Assets









Cash and cash equivalents


$

2,039



$

1,755


Marketable securities



14,117




14,359


Accounts receivable - net



154,976




144,712


Other current assets



50,474




46,625


Total current assets



221,606




207,451


Property and equipment - net



260,776




246,277


Other long-term assets - net



114,097




116,729


Total assets


$

596,479



$

570,457











Liabilities and shareholders' equity









Current liabilities, excluding current maturities of debt


$

142,063



$

110,061


Debt - net



250,234




261,267


Other long-term liabilities



52,976




51,397


Total liabilities



445,273




422,725


Total shareholders' equity



151,206




147,732


Total liabilities and shareholders' equity


$

596,479



$

570,457


 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Summary of Operating Data





Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016


Truckload Services:

















Number of loads



80,720




83,637




160,255




162,675


Average operating revenue per load, excluding fuel surcharges


$

866



$

795



$

838



$

796


Average operating revenue per mile, excluding fuel surcharges


$

2.46



$

2.42



$

2.41



$

2.37


Average length of haul



351




329




347




336


Average number of tractors



1,959




2,000




1,944




2,012



















Brokerage Services:

















Number of loads (a)



48,768




41,254




91,126




79,490


Average operating revenue per load, excluding fuel surcharges
(a)


$

1,275



$

1,240



$

1,270



$

1,210


Average length of haul (a)



548




579




572




578


Number of active carriers



37,020




26,268




37,020




26,268



















Intermodal Services:

















Number of loads



87,952




84,370




171,505




166,049


Average operating revenue per load, excluding fuel surcharges


$

387



$

390



$

387



$

391


Average number of tractors



924




914




900




909


Number of depots



12




11




12




11



















Dedicated Services:

















Number of loads



52,310




53,058




104,306




97,644


Average operating revenue per load, excluding fuel surcharges


$

389



$

379



$

392



$

394


Average operating revenue per mile, excluding fuel surcharges


$

1.91



$

1.98



$

1.96



$

1.93


Average length of haul



203




191




200




204


Average number of tractors



812




707




771




729



(a)

Excludes operating data from Universal Logistics Solutions International, Inc., in order to improve the relevance of the statistical data related to our brokerage services and improve the comparability to our peer companies.

 

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Summary of Operating Data - Continued





Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016


Value-added Services

















Average number of direct employees



3,931




4,167



$

4,354



$

4,154


Average number of full-time equivalents



1,846




1,498




1,666




1,489


Number of active programs



50




51




50




51



















Operating Revenues by Segment:

















Transportation


$

175,032



$

169,286



$

353,428



$

326,832


Logistics



129,850




107,229




235,585




209,786


Other



317




298




628




589


Total


$

305,199



$

276,813



$

589,641



$

537,207



















Income from Operations by Segment:

















Transportation


$

8,495



$

6,919



$

14,848



$

12,807


Logistics



(2,525)




10,609




1,668




19,158


Other



447




(754)




(930)




(1,261)


Total


$

6,417



$

16,774



$

15,586



$

30,704


Non-GAAP Financial Measures

In addition to providing consolidated financial statements based on generally accepted accounting principles in the United States of America (GAAP), we are providing additional financial measures that are not required by or prepared in accordance with GAAP (non-GAAP). We present EBITDA as supplemental measures of our performance. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes and (iii) depreciation and amortization. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, we are presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial measure to the comparable GAAP measure. Set forth below is a reconciliation of net income, the most comparable GAAP measure, to EBITDA for each of the periods indicated:



Thirteen Weeks Ended



Twenty-six Weeks Ended




July 1,



July 2,



July 1,



July 2,




2017



2016



2017



2016




( in thousands)



( in thousands)


EBITDA

















Net income


$

2,739



$

9,047



$

7,057



$

16,524


Provision for income taxes



1,661




5,724




4,344




10,352


Interest expense, net



2,481




2,115




4,717




4,078


Depreciation and amortization



11,541




9,135




21,868




17,681


EBITDA


$

18,422



$

26,021



$

37,986



$

48,635



















EBITDA margin (a)



6.0

%



9.4

%



6.4

%



9.1

%


(a)

 EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.

 

We present EBITDA because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

EBITDA has limitations as an analytical tool. Some of these limitations are:

  • EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
  • EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and EBITDA only supplementally.

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SOURCE Universal Logistics Holdings, Inc.

For further information: Jude Beres, Chief Financial Officer, JBeres@UniversalLogistics.com