WARREN, Mich., Oct. 29, 2020 /PRNewswire/ -- Universal
Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light
provider of customized transportation and logistics solutions,
today reported consolidated third quarter 2020 net income of
$13.6 million, or $0.50 per basic and diluted share, on total
operating revenues of $365.0 million.
This compares to a net loss of $8.4
million, or $(0.30) per basic
and diluted share, during third quarter 2019 on total operating
revenues of $375.5 million.
Included in third quarter 2020 results were $0.5 million of pre-tax holding losses, or
$0.01 per share, on marketable
securities due to changes in fair value recognized in
income.
In the third quarter 2020, Universal reported operating income
of $22.1 million compared to an
operating loss of $7.4 million in the
third quarter one year earlier. Included in the third quarter 2019
reported loss were two non-recurring items: Pre-tax charges of
$27.0 million for previously
disclosed legal matters, and the estimated reduction of Universal's
operating income by $4.0 million
resulting from the then-existing labor strike by the United Auto
Workers (UAW) against General Motors. As a percentage of operating
revenue, operating margin for the third quarter 2020 was 6.0%
compared to (2.0%) during the same period last year. EBITDA, a
non-GAAP measure, increased by $26.8
million during the third quarter 2020 to $38.5 million, compared to $11.6 million one year earlier. As a
percentage of operating revenue, EBITDA margin for the third
quarter 2020 was 10.5% compared to 3.1% during the same period last
year.
"The rapid recovery of North American automotive production was
a primary driver behind Universal's solid performance in the third
quarter 2020," stated Tim Phillips,
Universal's Chief Executive Officer. "We are confident this
rebound has quite a bit of runway, particularly in the light-truck
and SUV markets. The continued strength in this space provides the
foundation for our dedicated transportation and value-added service
businesses, and we expect to build upon this success by launching
several new logistics wins over the next few quarters.
"Our intermodal franchise is also producing solid results. We
experienced robust activity during the quarter and are most
recently seeing a resurgence of imports on the West coast. Although
port congestion and a slower-than-anticipated rate of trucks
returning to work has caused some pockets to underperform, we have
a substantial opportunity to leverage our resources and capitalize
on the recovery we are seeing on the West coast.
"Truckload continues to perform well, albeit on lower
volumes. A favorable rate environment and disciplined cost
control kept third quarter performance in-line with our margin
targets. While beneficial from a rate perspective, tight
truckload capacity adversely impacted our company-managed brokerage
business in the third quarter. As we continued to work through our
book of business, rationalizing both lanes and customers,
persistent margin pressure throughout the quarter led to
underperformance in this service line.
"I firmly believe that we are well under way on the road to
economic recovery. This confidence is further evidenced by
the Board's decision to reinstate Universal's regular quarterly
dividend. We have faced many obstacles this year, and I am proud of
the way this organization has overcome each and every one. I look
forward to rounding out a successful 2020, and excited for the year
to come."
Operating revenues from truckload services in the third quarter
decreased $10.4 million to
$52.2 million, compared to
$62.6 million for the same period
last year. Included in truckload revenues for the recently
completed quarter were $3.6 million
in separately identified fuel surcharges compared to $6.4 million during the same period last year.
The decrease in truckload services reflects a decrease in the
number of loads hauled, which was partially offset by an increase
in average operating revenue per load, excluding fuel surcharges.
During the quarter ended October 3,
2020, Universal moved 46,712 loads compared to 56,510 during
the same period last year, while its average operating revenue per
load, excluding fuel surcharges, increased by 6.2%.
Revenues for the third quarter 2020 from brokerage services
decreased $3.9 million, or 4.1%, to
$90.6 million compared to
$94.4 million one year earlier. The
decrease is primarily due to a 10.1% decrease in the number of
brokerage loads moved, which was partially offset by a 6.4%
increase in average operating revenue per load. During the third
quarter of 2020, Universal brokered 54,919 loads, compared to
61,072 loads during the same period last year.
Intermodal services revenues increased $1.5 million to $94.5
million in the third quarter 2020, up from $93.0 million during the same period last
year. Included in intermodal revenues for the recently
completed quarter were $9.4 million
in separately identified fuel surcharges compared to $11.4 million during the same period last
year. The increase in intermodal services reflects an
increase in the number of loads hauled, which was partially offset
by a decrease in the average operating revenue per load, excluding
fuel surcharges. During the quarter ended October 3, 2020, Universal moved 182,803
intermodal loads, compared to 154,600 loads during the same period
last year, while its average operating revenue per load, excluding
fuel surcharges, fell by 11.0%.
Third quarter 2020 operating revenues from dedicated services
increased 20.3% to $39.4 million
compared to $32.7 million one year
earlier. Dedicated services revenues included $3.4 million in separately identified fuel
surcharges in the third quarter 2020 compared to $3.6 million during the same period last
year. During the third quarter of 2020, Universal moved
160,694 dedicated loads, compared to 138,934 loads during the same
period last year. The increase in 2020 was attributable to strong
volumes in North American automotive production compared to the
third quarter of last year which included a UAW labor strike
against General Motors.
Overall, revenues from value-added services decreased during the
third quarter 2020 to $88.3 million.
This compares to $92.7 million from
value-added services one year earlier. Value-added operations
supporting heavy-truck production fell $6.8
million in the thirteen weeks ended October 3, 2020 compared to the same period last
year. The decrease was partially offset by operations supporting
passenger vehicle programs which saw increases due to robust
activity throughout the third quarter 2020. Additionally, the prior
year was adversely impacted by the UAW labor strike halting vehicle
production at several of our value-added operations.
During the third quarter 2020, the transportation segment, which
is primarily comprised of truckload, brokerage and intermodal
services operations, reported operating income of $10.4 million on total operating revenues of
$237.1 million. Both truckload and
intermodal services performed well during the period; however,
segment results were negatively impacted by continued margin
pressures in company-managed brokerage operations. For the thirteen
weeks ended October 3, 2020, our
company-managed brokerage operations recorded $56.4 million in total operating revenues, and an
operating ratio of 104.5%. During the third quarter 2019,
operating losses in the transportation segment included
$27.0 million in non-recurring
litigation charges for a previously disclosed legal matters.
In the logistics segment, which includes value-added and
dedicated services, the rebound of North American automotive
manufacturing led to improved performance during the period. These
results were however negatively impacted by operations supporting
heavy-truck production, which experienced planned shutdowns during
the period, as well as launch costs in support of recent business
awards. For the third quarter 2020, income from operations in
the logistics segment was $11.6 million on total operating revenues of
$127.7 million. This compares to
$9.8 million of income from
operations in the third quarter 2019, during which the
then-existing labor strike by the UAW against General Motors is
estimated to have reduced operating income by $4.0 million.
As of October 3, 2020, Universal
held cash and cash equivalents totaling $8.7
million, and $6.7 million in
marketable securities. Outstanding debt at the end of the
third quarter 2020 was $468.3 million
and capital expenditures totaled $30.5
million.
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 December 7, 2020 and is
expected to be paid on January 4,
2021.
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, October 30,
2020
Call Toll Free: (866) 622-0924
International Dial-in: +1 (660) 422-4956
Conference ID: 9768474
A replay of the conference call will be available beginning two
hours after the call through November 6,
2020, by calling (855) 859-2056 (toll free) or +1 (404)
537-3406 (toll) and using conference ID 9768474. 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," "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 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
|
|
|
Thirty-nine Weeks
Ended
|
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
services
|
|
$
|
52,212
|
|
|
$
|
62,615
|
|
|
$
|
151,633
|
|
|
$
|
193,133
|
|
Brokerage
services
|
|
|
90,568
|
|
|
|
94,442
|
|
|
|
239,249
|
|
|
|
269,680
|
|
Intermodal
services
|
|
|
94,543
|
|
|
|
93,022
|
|
|
|
287,746
|
|
|
|
278,043
|
|
Dedicated
services
|
|
|
39,376
|
|
|
|
32,730
|
|
|
|
88,986
|
|
|
|
105,618
|
|
Value-added
services
|
|
|
88,289
|
|
|
|
92,676
|
|
|
|
237,516
|
|
|
|
289,593
|
|
Total operating
revenues
|
|
|
364,988
|
|
|
|
375,485
|
|
|
|
1,005,130
|
|
|
|
1,136,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
transportation and equipment rent
|
|
|
177,207
|
|
|
|
183,902
|
|
|
|
486,674
|
|
|
|
539,584
|
|
Direct personnel and
related benefits
|
|
|
88,881
|
|
|
|
91,946
|
|
|
|
243,862
|
|
|
|
278,763
|
|
Operating supplies and
expenses
|
|
|
31,001
|
|
|
|
30,465
|
|
|
|
78,658
|
|
|
|
91,972
|
|
Commission
expense
|
|
|
6,756
|
|
|
|
7,991
|
|
|
|
18,950
|
|
|
|
23,685
|
|
Occupancy
expense
|
|
|
8,674
|
|
|
|
8,380
|
|
|
|
26,489
|
|
|
|
27,523
|
|
General and
administrative
|
|
|
8,586
|
|
|
|
11,435
|
|
|
|
24,090
|
|
|
|
30,309
|
|
Insurance and
claims
|
|
|
4,926
|
|
|
|
29,912
|
|
|
|
14,655
|
|
|
|
41,215
|
|
Depreciation and
amortization
|
|
|
16,894
|
|
|
|
18,807
|
|
|
|
54,942
|
|
|
|
53,140
|
|
Total operating
expenses
|
|
|
342,925
|
|
|
|
382,838
|
|
|
|
948,320
|
|
|
|
1,086,191
|
|
Income (loss) from
operations
|
|
|
22,063
|
|
|
|
(7,353)
|
|
|
|
56,810
|
|
|
|
49,876
|
|
Interest expense,
net
|
|
|
(3,505)
|
|
|
|
(4,077)
|
|
|
|
(11,151)
|
|
|
|
(12,545)
|
|
Other non-operating
income (loss)
|
|
|
(494)
|
|
|
|
163
|
|
|
|
(3,289)
|
|
|
|
1,212
|
|
Income before income
taxes
|
|
|
18,064
|
|
|
|
(11,267)
|
|
|
|
42,370
|
|
|
|
38,543
|
|
Provision for income
taxes
|
|
|
4,486
|
|
|
|
(2,847)
|
|
|
|
10,461
|
|
|
|
9,694
|
|
Net income
(loss)
|
|
$
|
13,578
|
|
|
$
|
(8,420)
|
|
|
$
|
31,909
|
|
|
$
|
28,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.50
|
|
|
$
|
(0.30)
|
|
|
$
|
1.18
|
|
|
$
|
1.02
|
|
Diluted
|
|
$
|
0.50
|
|
|
$
|
(0.30)
|
|
|
$
|
1.18
|
|
|
$
|
1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
26,919
|
|
|
|
28,263
|
|
|
|
27,023
|
|
|
|
28,342
|
|
Diluted
|
|
|
26,922
|
|
|
|
28,264
|
|
|
|
27,023
|
|
|
|
28,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share:
|
|
$
|
—
|
|
|
$
|
0.105
|
|
|
$
|
0.105
|
|
|
$
|
0.315
|
|
UNIVERSAL
LOGISTICS HOLDINGS, INC.
Unaudited Condensed
Consolidated Balance Sheets
(In
thousands)
|
|
|
|
October 3, 2020
|
|
|
December 31, 2019
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,677
|
|
|
$
|
7,726
|
|
Marketable
securities
|
|
|
6,699
|
|
|
|
9,369
|
|
Accounts receivable -
net
|
|
|
248,965
|
|
|
|
210,534
|
|
Other current
assets
|
|
|
50,840
|
|
|
|
44,214
|
|
Total current
assets
|
|
|
315,181
|
|
|
|
271,843
|
|
Property and equipment
- net
|
|
|
363,449
|
|
|
|
339,823
|
|
Other long-term assets
- net
|
|
|
378,236
|
|
|
|
376,331
|
|
Total
assets
|
|
$
|
1,056,866
|
|
|
$
|
987,997
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
Current liabilities,
excluding current maturities of debt
|
|
$
|
212,102
|
|
|
$
|
192,099
|
|
Debt - net
|
|
|
466,595
|
|
|
|
457,612
|
|
Other long-term
liabilities
|
|
|
150,541
|
|
|
|
133,069
|
|
Total
liabilities
|
|
|
829,238
|
|
|
|
782,780
|
|
Total shareholders'
equity
|
|
|
227,628
|
|
|
|
205,217
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,056,866
|
|
|
$
|
987,997
|
|
UNIVERSAL
LOGISTICS HOLDINGS, INC.
Unaudited Summary of
Operating Data
|
|
|
|
Thirteen Weeks
Ended
|
|
|
Thirty-nine Weeks
Ended
|
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
Truckload
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
46,712
|
|
|
|
56,510
|
|
|
|
139,844
|
|
|
|
179,025
|
|
Average operating
revenue per load, excluding fuel surcharges
|
|
$
|
1,062
|
|
|
$
|
1,000
|
|
|
$
|
1,021
|
|
|
$
|
957
|
|
Average operating
revenue per mile, excluding fuel surcharges
|
|
$
|
3.53
|
|
|
$
|
3.34
|
|
|
$
|
3.51
|
|
|
$
|
3.29
|
|
Average length of
haul
|
|
|
301
|
|
|
|
299
|
|
|
|
294
|
|
|
|
291
|
|
Average number of
tractors
|
|
|
1,275
|
|
|
|
1,470
|
|
|
|
1,340
|
|
|
|
1,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads
(a)
|
|
|
54,919
|
|
|
|
61,072
|
|
|
|
163,768
|
|
|
|
172,391
|
|
Average operating
revenue per load (a)
|
|
$
|
1,590
|
|
|
$
|
1,494
|
|
|
$
|
1,427
|
|
|
$
|
1,499
|
|
Average length of haul
(a)
|
|
|
627
|
|
|
|
661
|
|
|
|
614
|
|
|
|
648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
182,803
|
|
|
|
154,600
|
|
|
|
537,365
|
|
|
|
484,539
|
|
Average operating
revenue per load, excluding fuel surcharges
|
|
$
|
468
|
|
|
$
|
526
|
|
|
$
|
478
|
|
|
$
|
504
|
|
Average number of
tractors
|
|
|
2,012
|
|
|
|
1,821
|
|
|
|
2,241
|
|
|
|
1,790
|
|
Number of
depots
|
|
|
14
|
|
|
|
14
|
|
|
|
14
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads
(b)
|
|
|
160,694
|
|
|
|
138,934
|
|
|
|
357,912
|
|
|
|
433,937
|
|
|
(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.
|
(b)
|
Includes shuttle
moves.
|
UNIVERSAL
LOGISTICS HOLDINGS, INC.
Unaudited Summary of
Operating Data - Continued
(Dollars in
thousands)
|
|
|
|
Thirteen Weeks
Ended
|
|
|
Thirty-nine Weeks
Ended
|
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
Value-added
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
direct employees
|
|
|
3,380
|
|
|
|
3,373
|
|
|
|
3,423
|
|
|
|
3,613
|
|
Average number of
full-time equivalents
|
|
|
1,329
|
|
|
|
1,435
|
|
|
|
1,182
|
|
|
|
1,590
|
|
Number of active
programs
|
|
|
57
|
|
|
|
54
|
|
|
|
57
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Operating Revenues
by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
$
|
237,065
|
|
|
$
|
254,129
|
|
|
$
|
677,569
|
|
|
$
|
752,610
|
|
Logistics
|
|
|
127,666
|
|
|
|
120,981
|
|
|
|
326,502
|
|
|
|
382,541
|
|
Other
|
|
|
257
|
|
|
|
375
|
|
|
|
1,059
|
|
|
|
916
|
|
Total
|
|
$
|
364,988
|
|
|
$
|
375,485
|
|
|
$
|
1,005,130
|
|
|
$
|
1,136,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
$
|
10,405
|
|
|
$
|
(17,224)
|
|
|
$
|
32,544
|
|
|
$
|
8,601
|
|
Logistics
|
|
|
11,572
|
|
|
|
9,796
|
|
|
|
24,012
|
|
|
|
40,955
|
|
Other
|
|
|
86
|
|
|
|
75
|
|
|
|
254
|
|
|
|
320
|
|
Total
|
|
$
|
22,063
|
|
|
$
|
(7,353)
|
|
|
$
|
56,810
|
|
|
$
|
49,876
|
|
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
|
|
|
Thirty-nine Weeks
Ended
|
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
|
October 3, 2020
|
|
|
September 28, 2019
|
|
|
|
( in
thousands)
|
|
|
( in
thousands)
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
13,578
|
|
|
$
|
(8,420)
|
|
|
$
|
31,909
|
|
|
$
|
28,849
|
|
Income tax
expense
|
|
|
4,486
|
|
|
|
(2,847)
|
|
|
|
10,461
|
|
|
|
9,694
|
|
Interest expense,
net
|
|
|
3,505
|
|
|
|
4,077
|
|
|
|
11,151
|
|
|
|
12,545
|
|
Depreciation
|
|
|
13,593
|
|
|
|
14,533
|
|
|
|
43,521
|
|
|
|
40,709
|
|
Amortization
|
|
|
3,301
|
|
|
|
4,274
|
|
|
|
11,421
|
|
|
|
12,431
|
|
EBITDA
|
|
$
|
38,463
|
|
|
$
|
11,617
|
|
|
$
|
108,463
|
|
|
$
|
104,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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EBITDA margin
(a)
|
|
|
10.5
|
%
|
|
|
3.1
|
%
|
|
|
10.8
|
%
|
|
|
9.2
|
%
|
|
(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.