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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 3, 2021 

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 9, 2021, was 26,919,455.

 

 


 

PART I – FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

 

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Consolidated Balance Sheets

(In thousands, except share data)

 

 

 

July 3,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,098

 

 

$

8,763

 

Marketable securities

 

 

7,915

 

 

 

6,534

 

Accounts receivable – net of allowance for doubtful accounts of $5,676

   and $5,140, respectively

 

 

285,432

 

 

 

259,154

 

Other receivables

 

 

26,075

 

 

 

22,422

 

Prepaid expenses and other

 

 

25,613

 

 

 

23,427

 

Due from affiliates

 

 

1,026

 

 

 

1,224

 

Total current assets

 

 

359,159

 

 

 

321,524

 

Property and equipment – net of accumulated depreciation of $314,451 and

   $298,789, respectively

 

 

350,340

 

 

 

364,795

 

Operating lease right-of-use asset

 

 

100,376

 

 

 

97,820

 

Goodwill

 

 

170,730

 

 

 

170,730

 

Intangible assets – net of accumulated amortization of $100,565 and $93,574, respectively

 

 

95,245

 

 

 

102,236

 

Deferred income taxes

 

 

2,159

 

 

 

2,159

 

Other assets

 

 

4,211

 

 

 

3,785

 

Total assets

 

$

1,082,220

 

 

$

1,063,049

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

104,258

 

 

$

97,916

 

Current portion of long-term debt

 

 

60,008

 

 

 

59,713

 

Current portion of operating lease liabilities

 

 

23,264

 

 

 

21,920

 

Accrued expenses and other current liabilities

 

 

41,364

 

 

 

39,588

 

Insurance and claims

 

 

26,987

 

 

 

25,022

 

Due to affiliates

 

 

13,979

 

 

 

17,093

 

Income taxes payable

 

 

5,348

 

 

 

11,555

 

Total current liabilities

 

 

275,208

 

 

 

272,807

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

372,149

 

 

 

400,407

 

Operating lease liabilities, net of current portion

 

 

80,988

 

 

 

78,093

 

Deferred income taxes

 

 

64,426

 

 

 

64,426

 

Other long-term liabilities

 

 

7,541

 

 

 

7,743

 

Total long-term liabilities

 

 

525,104

 

 

 

550,669

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, no par value. Authorized 100,000,000 shares; 30,986,702 and

   30,979,827 shares issued; 26,919,455 and 26,912,580 shares outstanding,

   respectively

 

 

30,988

 

 

 

30,981

 

Paid-in capital

 

 

4,639

 

 

 

4,484

 

Treasury stock, at cost; 4,067,247 shares

 

 

(82,385

)

 

 

(82,385

)

Retained earnings

 

 

335,252

 

 

 

293,643

 

Accumulated other comprehensive (loss):

 

 

 

 

 

 

 

 

Interest rate swaps, net of income taxes of $(107) and $(142), respectively

 

 

(313

)

 

 

(476

)

Foreign currency translation adjustments

 

 

(6,273

)

 

 

(6,674

)

Total shareholders’ equity

 

 

281,908

 

 

 

239,573

 

Total liabilities and shareholders’ equity

 

$

1,082,220

 

 

$

1,063,049

 

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 3,

2021

 

 

July 4,

2020

 

 

July 3,

2021

 

 

July 4,

2020

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truckload services

 

$

58,880

 

 

$

40,523

 

 

$

118,582

 

 

$

99,421

 

Brokerage services

 

 

102,532

 

 

 

62,782

 

 

 

199,451

 

 

 

148,681

 

Intermodal services

 

 

106,601

 

 

 

82,881

 

 

 

210,318

 

 

 

193,203

 

Dedicated services

 

 

50,396

 

 

 

18,031

 

 

 

98,357

 

 

 

49,610

 

Value-added services

 

 

104,374

 

 

 

53,763

 

 

 

211,307

 

 

 

149,227

 

Total operating revenues

 

 

422,783

 

 

 

257,980

 

 

 

838,015

 

 

 

640,142

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and equipment rent

 

 

198,031

 

 

 

128,611

 

 

 

387,363

 

 

 

309,467

 

Direct personnel and related benefits

 

 

111,000

 

 

 

57,592

 

 

 

218,552

 

 

 

154,980

 

Operating supplies and expenses

 

 

32,713

 

 

 

16,962

 

 

 

69,805

 

 

 

47,657

 

Commission expense

 

 

8,570

 

 

 

5,024

 

 

 

15,894

 

 

 

12,194

 

Occupancy expense

 

 

9,389

 

 

 

8,984

 

 

 

17,569

 

 

 

17,815

 

General and administrative

 

 

9,693

 

 

 

6,580

 

 

 

18,869

 

 

 

15,504

 

Insurance and claims

 

 

5,735

 

 

 

4,858

 

 

 

12,070

 

 

 

9,730

 

Depreciation and amortization

 

 

16,339

 

 

 

18,530

 

 

 

35,424

 

 

 

38,048

 

Total operating expenses

 

 

391,470

 

 

 

247,141

 

 

 

775,546

 

 

 

605,395

 

Income from operations

 

 

31,313

 

 

 

10,839

 

 

 

62,469

 

 

 

34,747

 

Interest income

 

 

14

 

 

 

15

 

 

 

32

 

 

 

23

 

Interest expense

 

 

(2,940

)

 

 

(3,453

)

 

 

(6,121

)

 

 

(7,670

)

Other non-operating income (expense)

 

 

6,079

 

 

 

811

 

 

 

7,085

 

 

 

(2,794

)

Income before income taxes

 

 

34,466

 

 

 

8,212

 

 

 

63,465

 

 

 

24,306

 

Income tax expense

 

 

8,862

 

 

 

2,044

 

 

 

16,205

 

 

 

5,975

 

Net income

 

$

25,604

 

 

$

6,168

 

 

$

47,260

 

 

$

18,331

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.95

 

 

$

0.23

 

 

$

1.76

 

 

$

0.68

 

Diluted

 

$

0.95

 

 

$

0.23

 

 

$

1.75

 

 

$

0.68

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,919

 

 

 

26,919

 

 

 

26,918

 

 

 

27,074

 

Diluted

 

 

26,936

 

 

 

26,919

 

 

 

26,933

 

 

 

27,074

 

Dividends declared per common share

 

$

0.105

 

 

$

-

 

 

$

0.210

 

 

$

0.105

 

 

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 3,

2021

 

 

July 4,

2020

 

 

July 3,

2021

 

 

July 4,

2020

 

Net Income

 

$

25,604

 

 

$

6,168

 

 

$

47,260

 

 

$

18,331

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized changes in fair value of interest rate swaps,

   net of income taxes of $2, $(11), $35 and $(146), respectively

 

 

30

 

 

 

(24

)

 

 

163

 

 

 

(472

)

Foreign currency translation adjustments

 

 

(666

)

 

 

1,824

 

 

 

401

 

 

 

1,144

 

Total other comprehensive income (loss)

 

 

(636

)

 

 

1,800

 

 

 

564

 

 

 

672

 

Total comprehensive income

 

$

24,968

 

 

$

7,968

 

 

$

47,824

 

 

$

19,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 3,

2021

 

 

July 4,

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

47,260

 

 

$

18,331

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

35,424

 

 

 

38,048

 

Noncash lease expense

 

 

12,873

 

 

 

14,724

 

(Gain) loss on marketable equity securities

 

 

(1,384

)

 

 

2,534

 

Gain on disposal of property and equipment

 

 

(721

)

 

 

(591

)

Amortization of debt issuance costs

 

 

240

 

 

 

294

 

Stock-based compensation

 

 

162

 

 

 

195

 

Provision for doubtful accounts

 

 

2,597

 

 

 

1,348

 

Deferred income taxes

 

 

(21

)

 

 

(2,208

)

Change in assets and liabilities:

 

 

 

 

 

 

 

 

Trade and other accounts receivable

 

 

(32,999

)

 

 

25,543

 

Prepaid expenses and other assets

 

 

(2,460

)

 

 

(2,693

)

Principal reduction in operating lease liabilities

 

 

(12,232

)

 

 

(14,310

)

Accounts payable, accrued expenses and other current liabilities, insurance

   and claims, and income taxes payable

 

 

7,637

 

 

 

26,013

 

Due to/from affiliates, net

 

 

(2,916

)

 

 

1,690

 

Other long-term liabilities

 

 

(4

)

 

 

(498

)

Net cash provided by operating activities

 

 

53,456

 

 

 

108,420

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(16,941

)

 

 

(42,369

)

Proceeds from the sale of property and equipment

 

 

3,878

 

 

 

2,509

 

Purchases of marketable securities

 

 

(114

)

 

 

(360

)

Proceeds from sale of marketable securities

 

 

117

 

 

 

 

Net cash used in investing activities

 

 

(13,060

)

 

 

(40,220

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from borrowing - revolving debt

 

 

191,947

 

 

 

141,801

 

Repayments of debt - revolving debt

 

 

(192,820

)

 

 

(203,053

)

Proceeds from borrowing - term debt

 

 

3,946

 

 

 

35,295

 

Repayments of debt - term debt

 

 

(31,276

)

 

 

(28,182

)

Borrowings under margin account

 

 

 

 

 

256

 

Repayments under margin account

 

 

 

 

 

(256

)

Dividends paid

 

 

(8,480

)

 

 

(5,731

)

Capitalized financing costs

 

 

 

 

 

(46

)

Purchases of treasury stock

 

 

 

 

 

(5,000

)

Net cash used in financing activities

 

 

(36,683

)

 

 

(64,916

)

Effect of exchange rate changes on cash and cash equivalents

 

 

622

 

 

 

(3,033

)

Net increase in cash

 

 

4,335

 

 

 

251

 

Cash and cash equivalents – beginning of period

 

 

8,763

 

 

 

7,726

 

Cash and cash equivalents – end of period

 

$

13,098

 

 

$

7,977

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

5,993

 

 

$

7,033

 

Cash paid for income taxes

 

$

22,909

 

 

$

457

 

 

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, 2019

 

$

30,972

 

 

$

4,298

 

 

$

(77,247

)

 

$

251,204

 

 

$

(4,010

)

 

$

205,217

 

Net income

 

 

 

 

 

 

 

 

 

 

 

12,163

 

 

 

 

 

 

12,163

 

Comprehensive (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,128

)

 

 

(1,128

)

Dividends ($0.105 per share)

 

 

 

 

 

 

 

 

 

 

 

(2,865

)

 

 

 

 

 

(2,865

)

Stock based compensation

 

 

9

 

 

 

186

 

 

 

 

 

 

 

 

 

 

 

 

195

 

Purchases of treasury stock

 

 

 

 

 

 

 

 

(4,919

)

 

 

 

 

 

 

 

 

(4,919

)

Balances - April 4, 2020

 

 

30,981

 

 

 

4,484

 

 

 

(82,166

)

 

 

260,502

 

 

 

(5,138

)

 

 

208,663

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,168

 

 

 

 

 

 

6,168

 

Comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,800

 

 

 

1,800

 

Purchases of treasury stock

 

 

 

 

 

 

 

 

(81

)

 

 

 

 

 

 

 

 

(81

)

Balances – July 4, 2020

 

$

30,981

 

 

$

4,484

 

 

$

(82,247

)

 

$

266,670

 

 

$

(3,338

)

 

$

216,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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