- Second Quarter 2023 Operating Revenues: $412.6 million, 21.7% decrease
- Second Quarter 2023 Operating Income: $36.4 million, 43.7% decrease
- Second Quarter 2023 Earnings Per Share: $0.90 per share, 46.7% decrease
- Declares Quarterly Dividend: $0.105 per share
WARREN,
Mich., July 27, 2023 /PRNewswire/ -- Universal
Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated
second quarter 2023 net income of $23.6
million, or $0.90 per basic
and diluted share, on total operating revenues of $412.6 million. This compares to net income of
$44.7 million, or $1.69 per basic and diluted share, during second
quarter 2022 on total operating revenues of $527.2 million.
In the second quarter 2023, Universal's operating income
decreased $28.3 million to
$36.4 million, compared to
$64.7 million in the second quarter
one year earlier. Universal's second quarter 2022 operating results
were favorably impacted by a $3.0
million pre-tax credit related to previously disclosed
items. As a percentage of operating revenue, operating margin for
the second quarter 2023 was 8.8%, compared to 12.3% during the same
period last year. EBITDA, a non-GAAP measure, decreased
$35.1 million during the second
quarter 2023 to $55.8 million,
compared to $90.9 million one year
earlier. As a percentage of operating revenue, EBITDA margin for
the second quarter 2023 was 13.5%, compared to 17.2% during the
same period last year.
"The outstanding results in our contract logistics segment
served as a solid foundation for an overall sound financial
performance in the second quarter of 2023," stated Universal's CEO
Tim Phillips. "Demand for our
contract logistics solutions remains strong, and we continue to
realize the benefits of having a diverse offering of services
across the transportation and logistics space. In fact, we were
recently awarded a significant warehouse logistics program for an
all-electric vehicle assembly plant right here in Detroit. We do, however, continue to
experience broad-based declines in freight volumes and rates, which
weighed negatively on the results of our trucking, intermodal and
company-managed brokerage segments. Lackluster import volumes,
particularly on the West Coast, have had a rippling effect across
our transportation services. As always, we remain committed to
managing our controllable costs, providing excellent service to our
customers, and making thoughtful investments in our businesses to
support future growth opportunities."
Segment Information:
Contract Logistics
- Second Quarter 2023 Operating Revenues: $208.8 million, 0.7% increase
- Second Quarter 2023 Operating Income: $32.8 million, 15.7% operating margin
In the contract logistics segment, which includes our
value-added and dedicated services, second quarter 2023 operating
revenues increased 0.7% to $208.8
million, compared to $207.3
million for the same period last year. At the end of
the second quarter 2023, we managed 68 value-added programs
compared to 64 at the end of the second quarter 2022. Included in
contract logistics segment revenues were $8.6 million in separately identified fuel
surcharges from dedicated transportation services, compared to
$11.0 million during the same period
last year. Second quarter 2023 income from operations increased
$3.4 million to $32.8 million, compared to $29.4 million during the same period last year.
As a percentage of revenue, operating margin in the contract
logistics segment for the second quarter 2023 was 15.7%, compared
to 14.2% during the same period last year.
Intermodal
- Second Quarter 2023 Operating Revenues: $91.6 million, 41.6% decrease
- Second Quarter 2023 Operating (Loss): $(0.2) million, (0.3)% operating margin
Operating revenues in the intermodal segment decreased 41.6% to
$91.6 million in the second quarter
2023, compared to $156.9 million for
the same period last year. Included in intermodal segment revenues
for the recently completed quarter were $13.6 million in separately identified fuel
surcharges, compared to $25.2 million
during the same period last year. Intermodal segment revenues also
include other accessorial charges such as detention, demurrage and
storage, which totaled $13.4 million
during the second quarter 2023, compared to $33.6 million one year earlier. The average
operating revenue per load, excluding fuel surcharges, decreased
15.3% and load volumes fell an additional 22.6% on a year-over-year
basis. In the second quarter 2023, the intermodal segment
experienced operating losses of $(0.2)
million compared to income from operations of $21.4 million during the same period last year.
As a percentage of revenue, operating margin in the intermodal
segment for the second quarter 2023 was (0.3)%, compared to 13.6%
one year earlier.
Trucking
- Second Quarter 2023 Operating Revenues: $81.2 million, 23.7% decrease
- Second Quarter 2023 Operating Income: $4.4 million, 5.4% operating margin
In the trucking segment, second quarter 2023 operating revenues
decreased 23.7% to $81.2 million,
compared to $106.5 million for the
same period last year. Second quarter 2023 trucking segment
revenues included $30.7 million of
brokerage services, compared to $46.8
million during the same period last year. Also included in
our trucking segment revenues were $6.4
million in separately identified fuel surcharges during the
second quarter 2023, compared to $9.9
million in fuel surcharges during the same period last year.
On a year-over-year basis, the average operating revenue per load,
excluding fuel surcharges, decreased 10.7% and load volumes
declined 13.7%. Income from operations in the second quarter 2023
decreased $5.2 million to
$4.4 million compared to $9.6 million during the same period last year. As
a percentage of revenue, operating margin in the trucking segment
for the second quarter 2023 was 5.4% compared to 9.0% during the
same period last year. Included in the trucking segment's
second quarter 2022 operating results was a $3.0 million credit related to previously
disclosed items. This credit favorably impacted the trucking
segment's operating margin by 280 basis points.
Company-managed Brokerage
- Second Quarter 2023 Operating Revenues: $29.6 million, 46.3% decrease
- Second Quarter 2023 Operating (Loss): $(0.8) million, (2.7)% operating margin
Second quarter 2023 operating revenues in the company-managed
brokerage segment decreased 46.3% to $29.6
million compared to $55.1
million for the same period last year. On a year-over-year
basis, average operating revenue per load and load volumes in the
company-managed brokerage segment decreased 20.3% and 21.5%,
respectively. Second quarter 2023 operating losses in the
company-managed brokerage segment were $(0.8) million which compares to $4.2 million of operating income during the same
period last year. As a percentage of revenue, operating margin for
the second quarter 2023 was (2.7)% compared to 7.5% during the same
period last year.
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 4, 2023 and is
expected to be paid on October 2,
2023.
Other Matters
As of July 1, 2023, Universal held
cash and cash equivalents totaling $65.0
million, and $10.1 million in
marketable securities. Outstanding debt at the end of the second
quarter 2023 was $382.0 million and
capital expenditures totaled $48.5
million.
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 28,
2023
|
Call Toll
Free:
|
(877)
270-2148
|
International
Dial-in:
|
+1 (412)
902-6510
|
A replay of the conference call will be available through
August 4, 2023, by calling (877)
344-7529 (toll free) or +1 (412) 317-0088 (toll) and using encore
replay code 9150057. The call will also be available
on investors.universallogistics.com.
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
1,
|
|
|
July
2,
|
|
|
July
1,
|
|
|
July
2,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
services
|
|
$
|
51,860
|
|
|
$
|
61,061
|
|
|
$
|
98,261
|
|
|
$
|
118,544
|
|
Brokerage
services
|
|
|
60,325
|
|
|
|
101,929
|
|
|
|
128,998
|
|
|
|
209,101
|
|
Intermodal
services
|
|
|
91,585
|
|
|
|
156,865
|
|
|
|
202,611
|
|
|
|
314,478
|
|
Dedicated
services
|
|
|
86,069
|
|
|
|
79,452
|
|
|
|
171,301
|
|
|
|
154,938
|
|
Value-added
services
|
|
|
122,733
|
|
|
|
127,875
|
|
|
|
248,797
|
|
|
|
253,982
|
|
Total operating
revenues
|
|
|
412,572
|
|
|
|
527,182
|
|
|
|
849,968
|
|
|
|
1,051,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
transportation and equipment rent
|
|
|
139,879
|
|
|
|
227,215
|
|
|
|
295,964
|
|
|
|
459,346
|
|
Direct personnel and
related benefits
|
|
|
138,046
|
|
|
|
126,746
|
|
|
|
277,138
|
|
|
|
262,840
|
|
Operating supplies and
expenses
|
|
|
41,101
|
|
|
|
46,027
|
|
|
|
87,290
|
|
|
|
88,151
|
|
Commission
expense
|
|
|
7,643
|
|
|
|
10,757
|
|
|
|
15,815
|
|
|
|
20,780
|
|
Occupancy
expense
|
|
|
11,041
|
|
|
|
10,001
|
|
|
|
22,193
|
|
|
|
20,196
|
|
General and
administrative
|
|
|
13,418
|
|
|
|
12,129
|
|
|
|
25,334
|
|
|
|
22,765
|
|
Insurance and
claims
|
|
|
5,889
|
|
|
|
2,598
|
|
|
|
13,968
|
|
|
|
11,180
|
|
Depreciation and
amortization
|
|
|
19,160
|
|
|
|
27,058
|
|
|
|
37,675
|
|
|
|
43,286
|
|
Total operating
expenses
|
|
|
376,177
|
|
|
|
462,531
|
|
|
|
775,377
|
|
|
|
928,544
|
|
Income from
operations
|
|
|
36,395
|
|
|
|
64,651
|
|
|
|
74,591
|
|
|
|
122,499
|
|
Interest expense,
net
|
|
|
(5,121)
|
|
|
|
(3,919)
|
|
|
|
(10,096)
|
|
|
|
(6,352)
|
|
Other non-operating
income (loss)
|
|
|
284
|
|
|
|
(823)
|
|
|
|
299
|
|
|
|
130
|
|
Income before income
taxes
|
|
|
31,558
|
|
|
|
59,909
|
|
|
|
64,794
|
|
|
|
116,277
|
|
Provision for income
taxes
|
|
|
7,992
|
|
|
|
15,210
|
|
|
|
16,352
|
|
|
|
29,570
|
|
Net income
|
|
$
|
23,566
|
|
|
$
|
44,699
|
|
|
$
|
48,442
|
|
|
$
|
86,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.90
|
|
|
$
|
1.69
|
|
|
$
|
1.84
|
|
|
$
|
3.25
|
|
Diluted
|
|
$
|
0.90
|
|
|
$
|
1.69
|
|
|
$
|
1.84
|
|
|
$
|
3.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
26,287
|
|
|
|
26,453
|
|
|
|
26,284
|
|
|
|
26,660
|
|
Diluted
|
|
|
26,308
|
|
|
|
26,468
|
|
|
|
26,312
|
|
|
|
26,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 1,
2023
|
|
|
December 31,
2022
|
|
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
65,014
|
|
|
$
|
47,181
|
|
Marketable
securities
|
|
|
10,107
|
|
|
|
10,000
|
|
Accounts receivable -
net
|
|
|
317,254
|
|
|
|
350,720
|
|
Other current
assets
|
|
|
55,523
|
|
|
|
51,751
|
|
Total current
assets
|
|
|
447,898
|
|
|
|
459,652
|
|
Property and equipment
- net
|
|
|
438,663
|
|
|
|
391,154
|
|
Other long-term assets
- net
|
|
|
348,805
|
|
|
|
352,872
|
|
Total
assets
|
|
$
|
1,235,366
|
|
|
$
|
1,203,678
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
Current liabilities,
excluding current maturities of debt
|
|
$
|
216,239
|
|
|
$
|
221,598
|
|
Debt - net
|
|
|
378,043
|
|
|
|
378,500
|
|
Other long-term
liabilities
|
|
|
151,694
|
|
|
|
156,650
|
|
Total
liabilities
|
|
|
745,976
|
|
|
|
756,748
|
|
Total shareholders'
equity
|
|
|
489,390
|
|
|
|
446,930
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,235,366
|
|
|
$
|
1,203,678
|
|
UNIVERSAL LOGISTICS
HOLDINGS, INC.
Unaudited Summary of
Operating Data
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
|
Twenty-six Weeks
Ended
|
|
|
|
July
1,
|
|
|
July
2,
|
|
|
July
1,
|
|
|
July
2,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Contract Logistics
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
value-added direct employees
|
|
|
5,569
|
|
|
|
5,129
|
|
|
|
5,532
|
|
|
|
5,113
|
|
Average number of
value-added full-time equivalents
|
|
|
482
|
|
|
|
1,342
|
|
|
|
647
|
|
|
|
1,463
|
|
Number of active
value-added programs
|
|
|
68
|
|
|
|
64
|
|
|
|
68
|
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
112,925
|
|
|
|
145,916
|
|
|
|
235,224
|
|
|
|
300,123
|
|
Average operating
revenue per load, excluding fuel surcharges
|
|
$
|
590
|
|
|
$
|
696
|
|
|
$
|
578
|
|
|
$
|
697
|
|
Average number of
tractors
|
|
|
2,159
|
|
|
|
2,162
|
|
|
|
2,141
|
|
|
|
2,143
|
|
Number of
depots
|
|
|
9
|
|
|
|
11
|
|
|
|
9
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucking
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
45,717
|
|
|
|
52,986
|
|
|
|
90,572
|
|
|
|
103,846
|
|
Average operating
revenue per load, excluding fuel surcharges
|
|
$
|
1,646
|
|
|
$
|
1,844
|
|
|
$
|
1,627
|
|
|
$
|
1,804
|
|
Average number of
tractors
|
|
|
905
|
|
|
|
910
|
|
|
|
900
|
|
|
|
900
|
|
Average length of
haul
|
|
|
382
|
|
|
|
399
|
|
|
|
390
|
|
|
|
401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-Managed
Brokerage Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads
(a)
|
|
|
17,814
|
|
|
|
22,701
|
|
|
|
37,770
|
|
|
|
47,311
|
|
Average operating
revenue per load (a)
|
|
$
|
1,599
|
|
|
$
|
2,006
|
|
|
$
|
1,650
|
|
|
$
|
2,094
|
|
Average length of haul
(a)
|
|
|
644
|
|
|
|
599
|
|
|
|
631
|
|
|
|
586
|
|
|
|
(a)
|
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
1,
|
|
|
July
2,
|
|
|
July
1,
|
|
|
July
2,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Operating Revenues
by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
logistics
|
|
$
|
208,802
|
|
|
$
|
207,327
|
|
|
$
|
420,098
|
|
|
$
|
408,920
|
|
Intermodal
|
|
|
91,585
|
|
|
|
156,865
|
|
|
|
202,611
|
|
|
|
314,478
|
|
Trucking
|
|
|
81,243
|
|
|
|
106,545
|
|
|
|
160,958
|
|
|
|
204,030
|
|
Company-managed
brokerage
|
|
|
29,595
|
|
|
|
55,119
|
|
|
|
63,551
|
|
|
|
120,325
|
|
Other
|
|
|
1,347
|
|
|
|
1,326
|
|
|
|
2,750
|
|
|
|
3,290
|
|
Total
|
|
$
|
412,572
|
|
|
$
|
527,182
|
|
|
$
|
849,968
|
|
|
$
|
1,051,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
logistics
|
|
$
|
32,789
|
|
|
$
|
29,425
|
|
|
$
|
60,570
|
|
|
$
|
52,900
|
|
Intermodal
|
|
|
(246)
|
|
|
|
21,368
|
|
|
|
6,565
|
|
|
|
44,378
|
|
Trucking
|
|
|
4,423
|
|
|
|
9,611
|
|
|
|
8,212
|
|
|
|
17,030
|
|
Company-managed
brokerage
|
|
|
(786)
|
|
|
|
4,155
|
|
|
|
(1,160)
|
|
|
|
8,018
|
|
Other
|
|
|
215
|
|
|
|
92
|
|
|
|
404
|
|
|
|
173
|
|
Total
|
|
$
|
36,395
|
|
|
$
|
64,651
|
|
|
$
|
74,591
|
|
|
$
|
122,499
|
|
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
1,
|
|
|
July
2,
|
|
|
July
1,
|
|
|
July
2,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
( in
thousands)
|
|
|
( in
thousands)
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
23,566
|
|
|
$
|
44,699
|
|
|
$
|
48,442
|
|
|
$
|
86,707
|
|
Income tax
expense
|
|
|
7,992
|
|
|
|
15,210
|
|
|
|
16,352
|
|
|
|
29,570
|
|
Interest expense,
net
|
|
|
5,121
|
|
|
|
3,919
|
|
|
|
10,096
|
|
|
|
6,352
|
|
Depreciation
|
|
|
15,982
|
|
|
|
23,513
|
|
|
|
31,313
|
|
|
|
36,160
|
|
Amortization
|
|
|
3,178
|
|
|
|
3,545
|
|
|
|
6,362
|
|
|
|
7,126
|
|
EBITDA
|
|
$
|
55,839
|
|
|
$
|
90,886
|
|
|
$
|
112,565
|
|
|
$
|
165,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
(a)
|
|
|
13.5
|
%
|
|
|
17.2
|
%
|
|
|
13.2
|
%
|
|
|
15.8
|
%
|
|
|
(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.