- Second Quarter 2022 Operating Revenues: $527.2
million, 24.7% increase
- Second Quarter 2022 Operating Income: $64.7
million, 12.3% operating margin
- Second Quarter 2022 Earnings Per Share: $1.69 per share
- Declares Quarterly Dividend: $0.105 per share
- Repurchases 393,677 shares of its common stock
WARREN,
Mich., July 28, 2022 /PRNewswire/ -- Universal
Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated
second quarter 2022 net income of $44.7
million, or $1.69 per basic
and diluted share, on total operating revenues of $527.2 million. This compares to net income of
$25.6 million, or $0.95 per basic and diluted share, during second
quarter 2021 on total operating revenues of $422.8 million. Universal's second quarter 2022
financial results represent new all-time highs for total operating
revenues, operating income and earnings per share, exceeding the
record results reported in the first quarter 2022
![Universal Logistics Holdings logo (PRNewsfoto/Universal Logistics Holdings) Universal Logistics Holdings logo (PRNewsfoto/Universal Logistics Holdings)](https://mma.prnewswire.com/media/393905/Universal_Logistics_Holdings_Logo.jpg)
In the second quarter 2022, Universal's operating income
increased $33.3 million to
$64.7 million compared to operating
income of $31.3 million in the second
quarter one year earlier. Included in second quarter 2022 operating
results was a $3.0 million credit to
insurance and claims expense resulting from the favorable
settlement of certain auto liability claims during the period.
During the second quarter 2022, Universal also revised the
estimated useful life and salvage value of certain equipment, and
these adjustments resulted in additional depreciation expense of
$9.7 million during the period. As a
percentage of operating revenue, operating margin for the second
quarter 2022 was 12.3% compared to 7.4% during the same period last
year. EBITDA, a non-GAAP measure, increased $37.2 million during the second quarter 2022 to
$90.9 million, compared to
$53.7 million one year earlier. As a
percentage of operating revenue, EBITDA margin for the second
quarter 2022 was 17.2% compared to 12.7% during the same period
last year.
"Universal's second quarter 2022 set another series of record
results, surpassing the all-time record highs achieved just a
quarter ago," stated Tim Phillips,
Universal's Chief Executive Officer. "We are solidly on-track to
achieve over $2.0 billion in top-line
revenues for the year, and we have once again reported our
best-ever financial performance in terms of operating revenues,
operating income, operating margin, and earnings per share.
In fact, Universal has already reported more earnings per share in
the first two quarters of 2022, than in any previous annual period
in the Company's history.
While I am enthusiastic about our performance, I am also keenly
aware of the macro headwinds facing Universal, and the broader
economic conditions. We are keeping a close eye on the impacts of
inflation, rising interest rates, and the direction of consumer
behavior. And while there are some signs of a softening, I believe
there remains a significant amount of freight opportunities across
the country, and strong, pent-up demand for autos in North America, both of which are favorable to
our bottom line. In this ever-changing business climate, I continue
to believe Universal's highly-resilient business model will allow
us to remain agile and deliver solid performance for our customers
and our shareholders."
Segment Information:
Contract Logistics
- Second Quarter 2022 Operating Revenues: $207.3
million, 34.0% increase
- Second Quarter 2022 Operating Income: $29.4
million, 14.2% operating margin
In the contract logistics segment, which includes our
value-added and dedicated services, second quarter 2022 operating
revenues increased $52.5 million, or 34.0% to $207.3 million compared to $154.8 million for the same period last year. At
the end of the second quarter 2022, we managed 64 value-added
programs compared to 60 such programs at the end of the second
quarter 2021. While reported dedicated transportation load volumes
were moderately down, new business wins, including a major shuttle
operation, as well as repricing of existing customer contracts,
were significant contributing factors to the overall growth in
dedicated transportation. Also included in dedicated transportation
revenues for the recently completed quarter were $11.0 million in separately identified fuel
surcharges, compared to $5.2 million
during the same period last year. In the contract logistics
segment, second quarter 2022 income from operations increased
$13.5 million to $29.4 million, compared to $15.9 million during the same period last year.
As a percentage of revenue, operating margin for the second quarter
2022 was 14.2%, compared to 10.3% during the same period last
year.
Intermodal
- Second Quarter 2022 Operating Revenues:
$156.9 million, 47.2%
increase
- Second Quarter 2022 Operating Income:
$21.4 million, 13.6% operating
margin
Operating revenues in the intermodal segment increased
$50.3 million to $156.9 million in the second quarter 2022,
compared to $106.6 million for the
same period last year. Included in intermodal segment revenues for
the recently completed quarter were $25.2
million in separately identified fuel surcharges compared to
$11.7 million during the same period
last year. Intermodal segment revenues also include other
accessorial charges such as detention, demurrage and storage which
totaled $33.6 million during the
second quarter 2022, compared to $15.0
million one year earlier. The average operating revenue per
load, excluding fuel surcharges, increased 42.1%; however, load
volumes fell 13.9% year-over-year. Second quarter 2022 income from
operations increased $15.2 million to
$21.4 million compared to
$6.2 million during the same period
last year. As a percentage of revenue, operating margin for
the second quarter 2022 was 13.6% compared to 5.8% during the same
period last year.
Trucking
- Second Quarter 2022 Operating Revenues: $106.5
million, 6.8% increase
- Second Quarter 2022 Operating Income: $9.6
million, 9.0% operating margin
In the trucking segment, second quarter 2022 operating revenues
increased 6.8% to $106.5 million
compared to $99.8 million for the
same period last year. Second quarter 2022 trucking segment
revenues included $46.8 million of
brokerage services, compared to $42.1
million during the same period last year. Also included in
our trucking segment revenues for the recently completed quarter
were $9.9 million in separately
identified fuel surcharges compared to $6.0
million in such surcharges during the same period last
year. On a year-over-year basis, the average operating
revenue per load, excluding fuel surcharges, increased 43.4%;
however load volumes fell 30.0% as we rationalized some
underperforming operations in this segment. Income from operations
in the second quarter 2022 increased $3.1
million to $9.6 million
compared to $6.5 million during the
same period last year. As a percentage of revenue, operating margin
for the second quarter 2022 was 9.0% compared to 6.5% during the
same period last year. Included in the trucking segment's second
quarter 2022 operating results was a $3.0
million credit to insurance and claims expense resulting
from the favorable settlement of certain auto liability claims
during the period. This credit favorably impacted the trucking
segment's operating margin by 282 basis points.
Company-managed Brokerage
- Second Quarter 2022 Operating Revenues: $55.1
million, 8.8% decrease
- Second Quarter 2022 Operating Income: $4.2
million, 7.5% operating margin
Second quarter 2022 operating revenues in the company-managed
brokerage segment decreased 8.8% to $55.1
million compared to $60.4
million for the same period last year. Company-managed
brokerage segment average operating revenue per load, excluding
fuel surcharges, increased 6.8%; however, load volumes decreased
26.8% on a year-over-year basis. Second quarter 2022 income from
operations in the company-managed brokerage segment was
$4.2 million which compares to
$2.4 million during the same period
last year. As a percentage of revenue, operating margin for
the second quarter 2022 was 7.5% compared to 4.0% one year
earlier.
Cash Dividend
Universal Logistics Holdings, Inc. also announced today that its
Board of Directors has declared a cash dividend of $0.105 per share of common stock. The
dividend is payable to shareholders of record at the close of
business on September 5, 2022 and is
expected to be paid on October 3,
2022.
Other Matters
As of July 2, 2022, Universal held
cash and cash equivalents totaling $14.7
million, and $8.2 million in
marketable securities. Outstanding debt at the end of the
second quarter 2022 was $417.3
million and capital expenditures during the period totaled
$31.5 million.
During the second quarter of 2022, the Company purchased 229,488
shares of its common stock at an average purchase price of
$19.41 per share under a previously
announced share repurchase plan. Universal remains authorized to
purchase up to 513,251 additional shares under this plan. The
Company also announced the final results of a modified "Dutch
auction" tender offer during the second quarter of 2022, whereby
the Company purchased an additional 164,189 shares of its common
stock at a purchase price of $28.00
per share.
Universal calculates and reports selected financial metrics not
only for purposes of our lending arrangements but also 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."
Conference call:
We invite investors and analysts to our quarterly earnings
conference call.
Quarterly Earnings Conference Call Dial-in Details:
Time: 10:00
a.m. Eastern Time
Date: Friday, July 29,
2022
Call Toll Free: (877) 270-2148
International Dial-in: +1 (412) 902-6510
Conference ID: 10169222
A replay of the conference call will be available through
August 5, 2022, by calling (877)
344-7529 (toll free) or +1 (412) 317-0088 (toll) and using encore
replay code 3850245. The call will also be available on
investors.universallogistics.com.
Source: Universal Logistics Holdings, Inc.
About Universal:
Universal Logistics Holdings, Inc. ("Universal") is a holding
company that owns subsidiaries engaged in providing a variety of
customized transportation and logistics solutions throughout
the United States, and in
Mexico, Canada and Colombia. Our operating
subsidiaries provide customers with supply chain solutions that can
be scaled to meet their changing demands and volumes. Universal's
consolidated subsidiaries offer customers a broad array of services
across the entire supply chain, including truckload, brokerage,
intermodal, dedicated, and value-added services. In this press
release, the terms "us," "we," "our," or the "Company" refer to
Universal and its consolidated subsidiaries.
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," "prospect," "seek," "believe," "targets,"
"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 Universal's reports and filings with the
Securities and Exchange Commission. Universal 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
2,
|
|
|
July
3,
|
|
|
July
2,
|
|
|
July
3,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
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 expense,
net
|
|
|
(3,919)
|
|
|
|
(2,926)
|
|
|
|
(6,352)
|
|
|
|
(6,089)
|
|
Other non-operating
income (loss)
|
|
|
(823)
|
|
|
|
6,079
|
|
|
|
130
|
|
|
|
7,085
|
|
Income before income
taxes
|
|
|
59,909
|
|
|
|
34,466
|
|
|
|
116,277
|
|
|
|
63,465
|
|
Provision for income
taxes
|
|
|
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
|
|
UNIVERSAL LOGISTICS
HOLDINGS, INC.
Unaudited Condensed
Consolidated Balance Sheets
(In
thousands)
|
|
|
|
July
2,
2022
|
|
|
December
31,
2021
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
14,683
|
|
|
$
|
13,932
|
|
Marketable
securities
|
|
|
8,237
|
|
|
|
8,031
|
|
Accounts receivable -
net
|
|
|
400,017
|
|
|
|
341,398
|
|
Other current
assets
|
|
|
59,692
|
|
|
|
57,334
|
|
Total current
assets
|
|
|
482,629
|
|
|
|
420,695
|
|
Property and equipment
- net
|
|
|
343,729
|
|
|
|
345,583
|
|
Other long-term assets
- net
|
|
|
365,108
|
|
|
|
371,213
|
|
Total
assets
|
|
$
|
1,191,466
|
|
|
$
|
1,137,491
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
Current liabilities,
excluding current maturities of debt
|
|
$
|
255,403
|
|
|
$
|
251,550
|
|
Debt - net
|
|
|
415,316
|
|
|
|
427,348
|
|
Other long-term
liabilities
|
|
|
153,780
|
|
|
|
156,383
|
|
Total
liabilities
|
|
|
824,499
|
|
|
|
835,281
|
|
Total shareholders'
equity
|
|
|
366,967
|
|
|
|
302,210
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,191,466
|
|
|
$
|
1,137,491
|
|
UNIVERSAL LOGISTICS
HOLDINGS, INC.
Unaudited Summary of
Operating Data
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
Twenty-six Weeks
Ended
|
|
|
|
July
2,
|
|
|
July
3,
|
|
|
July
2,
|
|
|
July
3,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Contract Logistics
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of dedicated
transportation loads (a)
|
|
|
155,899
|
|
|
|
156,119
|
|
|
|
314,118
|
|
|
|
312,494
|
|
Average number of
value-added direct employees
|
|
|
5,129
|
|
|
|
4,475
|
|
|
|
5,113
|
|
|
|
4,182
|
|
Average number of
value-added full-time equivalents
|
|
|
1,342
|
|
|
|
1,508
|
|
|
|
1,463
|
|
|
|
1,597
|
|
Number of active
value-added programs
|
|
|
64
|
|
|
|
60
|
|
|
|
64
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
145,916
|
|
|
|
169,441
|
|
|
|
300,123
|
|
|
|
348,924
|
|
Average operating
revenue per load, excluding fuel surcharges
|
|
$
|
696
|
|
|
$
|
490
|
|
|
$
|
697
|
|
|
$
|
483
|
|
Average number of
tractors
|
|
|
2,162
|
|
|
|
2,034
|
|
|
|
2,143
|
|
|
|
2,003
|
|
Number of
depots
|
|
|
11
|
|
|
|
12
|
|
|
|
11
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucking
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
52,986
|
|
|
|
75,645
|
|
|
|
103,846
|
|
|
|
148,389
|
|
Average operating
revenue per load, excluding fuel surcharges
|
|
$
|
1,844
|
|
|
$
|
1,286
|
|
|
$
|
1,804
|
|
|
$
|
1,266
|
|
Average number of
tractors
|
|
|
910
|
|
|
|
1,337
|
|
|
|
900
|
|
|
|
1,328
|
|
Average length of
haul
|
|
|
399
|
|
|
|
366
|
|
|
|
401
|
|
|
|
370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-Managed
Brokerage Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads
(b)
|
|
|
22,701
|
|
|
|
31,006
|
|
|
|
47,311
|
|
|
|
63,891
|
|
Average operating
revenue per load (b)
|
|
$
|
2,006
|
|
|
$
|
1,879
|
|
|
$
|
2,094
|
|
|
$
|
1,806
|
|
Average length of haul
(b)
|
|
|
599
|
|
|
|
573
|
|
|
|
586
|
|
|
|
569
|
|
|
|
(a)
|
Includes shuttle
moves.
|
(b)
|
Excludes operating data
from freight forwarding division 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
(Dollars in
thousands)
|
|
|
|
Thirteen Weeks
Ended
|
|
|
Twenty-six Weeks
Ended
|
|
|
|
July
2,
|
|
|
July
3,
|
|
|
July
2,
|
|
|
July
3,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Operating Revenues
by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
logistics
|
|
$
|
207,327
|
|
|
$
|
154,770
|
|
|
$
|
408,920
|
|
|
$
|
309,664
|
|
Intermodal
|
|
|
156,865
|
|
|
|
106,601
|
|
|
|
314,478
|
|
|
|
210,318
|
|
Trucking
|
|
|
106,545
|
|
|
|
99,778
|
|
|
|
204,030
|
|
|
|
194,678
|
|
Company-managed
brokerage
|
|
|
55,119
|
|
|
|
60,431
|
|
|
|
120,325
|
|
|
|
121,537
|
|
Other
|
|
|
1,326
|
|
|
|
1,203
|
|
|
|
3,290
|
|
|
|
1,818
|
|
Total
|
|
$
|
527,182
|
|
|
$
|
422,783
|
|
|
$
|
1,051,043
|
|
|
$
|
838,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
logistics
|
|
$
|
29,425
|
|
|
$
|
15,946
|
|
|
$
|
52,900
|
|
|
$
|
32,766
|
|
Intermodal
|
|
|
21,368
|
|
|
|
6,152
|
|
|
|
44,378
|
|
|
|
14,646
|
|
Trucking
|
|
|
9,611
|
|
|
|
6,482
|
|
|
|
17,030
|
|
|
|
11,672
|
|
Company-managed
brokerage
|
|
|
4,155
|
|
|
|
2,445
|
|
|
|
8,018
|
|
|
|
2,886
|
|
Other
|
|
|
92
|
|
|
|
288
|
|
|
|
173
|
|
|
|
499
|
|
Total
|
|
$
|
64,651
|
|
|
$
|
31,313
|
|
|
$
|
122,499
|
|
|
$
|
62,469
|
|
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 and
EBITDA margin, each a non-GAAP measure, as supplemental measures of
our performance. We define EBITDA as net income plus (i) interest
expense, net, (ii) income taxes, (iii) depreciation, and (iv)
amortization. We define EBITDA margin as EBITDA as a percentage of
total operating revenues. 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
2,
|
|
|
July
3,
|
|
|
July
2,
|
|
|
July
3,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
( in
thousands)
|
|
|
( in
thousands)
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
44,699
|
|
|
$
|
25,604
|
|
|
$
|
86,707
|
|
|
$
|
47,260
|
|
Income tax
expense
|
|
|
15,210
|
|
|
|
8,862
|
|
|
|
29,570
|
|
|
|
16,205
|
|
Interest expense,
net
|
|
|
3,919
|
|
|
|
2,926
|
|
|
|
6,352
|
|
|
|
6,089
|
|
Depreciation
|
|
|
23,513
|
|
|
|
12,828
|
|
|
|
36,160
|
|
|
|
28,433
|
|
Amortization
|
|
|
3,545
|
|
|
|
3,511
|
|
|
|
7,126
|
|
|
|
6,991
|
|
EBITDA
|
|
$
|
90,886
|
|
|
$
|
53,731
|
|
|
$
|
165,915
|
|
|
$
|
104,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
(a)
|
|
|
17.2
|
%
|
|
|
12.7
|
%
|
|
|
15.8
|
%
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) EBITDA
margin is computed by dividing EBITDA by total operating revenues
for each of the periods indicated.
|
|
We present EBITDA and EBITDA margin because we believe they
assist 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 and EBITDA margin 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 only
supplementally on EBITDA and EBITDA margin.
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SOURCE Universal Logistics Holdings, Inc.