WARREN, Mich., Feb. 4, 2021 /PRNewswire/ -- Universal Logistics
Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of
customized transportation and logistics solutions, today reported
consolidated fourth quarter 2020 net income of $16.2 million, or $0.60 per basic and diluted share, on total
operating revenues of $386.0 million.
This compares to net income of $8.7
million, or $0.32 per basic
and diluted share, during fourth quarter 2019 on total operating
revenues of $375.9 million. Included
in fourth quarter 2019 operating income was a pre-tax charge of
$2.9 million, or $0.08 per share, for a previously disclosed legal
matter. Fourth quarter 2020 results include a $1.5 million pre-tax holding gain, or
$0.04 per share, on marketable
securities due to changes in fair value recognized in income
compared to $0.5 million, or
$0.01 per share, in the fourth
quarter of 2019.
In the fourth quarter 2020, Universal reported operating income
of $23.5 million compared to
operating income of $15.5 million in
the fourth quarter one year earlier. As a percentage of operating
revenue, operating margin for the fourth quarter 2020 was 6.1%
compared to 4.1% during the same period last year. EBITDA, a
non-GAAP measure, increased by $6.4
million during the fourth quarter 2020 to $44.2 million, compared to $37.7 million one year earlier. As a
percentage of operating revenue, EBITDA margin for the fourth
quarter 2020 was 11.4% compared to 10.0% during the same period
last year.
"I am excited to announce that the fourth quarter of 2020 was
Universal's highest fourth quarter earnings on record," stated
Tim Phillips, Universal's Chief
Executive Officer. "In the face of so many challenges, I
would like to express my sincerest gratitude to the thousands of
employees and contractors who have worked so hard to make this year
a success. As we exit the year on a high note, we have a
significant amount of opportunity in front of us. I remain bullish
on the strength of North American automotive and Class 8 truck
production, as well as our potential to capitalize on import
volumes which are forecast to increase 2021. We remain razor
focused on execution and achieving operational excellence in each
of our service lines. This year has proven the agility of our
business model and the strength of our people, and I am confident
in the prospect of an even more successful year in 2021."
Operating revenues from truckload services in the fourth quarter
decreased $8.7 million to
$49.8 million, compared to
$58.4 million for the same period
last year. Included in truckload revenues for the recently
completed quarter were $3.7 million
in separately identified fuel surcharges compared to $6.1 million during the same period last year.
The decrease in truckload services also 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 December 31,
2020, Universal moved 47,717 loads compared to 54,804 during
the same period last year, while its average operating revenue per
load, excluding fuel surcharges, increased by 3.3%.
Revenues for the fourth quarter 2020 from brokerage services
increased $11.9 million, or 13.9%, to
$97.1 million compared to
$85.3 million one year earlier. The
increase is primarily due to a 19.7% increase in average operating
revenue per load, which was partially offset by a 7.0% decrease in
the number of brokerage loads moved. During the fourth quarter of
2020, Universal brokered 51,888 loads, compared to 55,812 loads
during the same period last year.
Intermodal services revenues decreased $6.4 million to $105.9
million in the fourth quarter 2020, compared to $112.3 million for the same period last
year. Included in intermodal revenues for the recently
completed quarter were $8.9 million
in separately identified fuel surcharges compared to $13.5 million during the same period last
year. Fourth quarter 2020 intermodal revenues also included
$12.5 million of demurrage charges,
compared to $0.6 million one year
earlier. Intermodal services also reflects a decrease in the number
of loads hauled and a decrease in the average operating revenue per
load, excluding fuel surcharges. During the quarter ended
December 31, 2020, Universal moved
182,582 intermodal loads, compared to 186,646 loads during the same
period last year, while its average operating revenue per load,
excluding fuel surcharges, fell by 17.2%.
Fourth quarter 2020 operating revenues from dedicated services
increased 16.6% to $38.5 million
compared to $33.0 million one year
earlier. Dedicated services revenues included $3.5 million in separately identified fuel
surcharges in each of the fourth quarters 2020 and 2019. The
increase in revenue was attributable to continued strength in North
American automotive production compared to the fourth quarter of
last year which included a UAW labor strike against General Motors
early in the quarter. During the fourth quarter of 2020,
Universal moved 135,821 dedicated loads, compared to 119,745 loads
during the same period last year, an increase of 13.4%.
Overall, revenues from value-added services increased 8.9%
during the fourth quarter 2020 to $94.6
million. This compares to $86.9 million one year earlier. The increase
was primarily driven by strong demand in operations supporting
passenger vehicle programs during the fourth quarter 2020, compared
to the prior year which was adversely impacted by the UAW labor
strike early in the quarter. The increase was partially offset by
our value-added operations supporting heavy-truck production where
revenues fell $3.3 million in the
fourth quarter 2020 compared to the same period last year.
The Company also announced a realignment of its current
operating segments into four reportable segments. Consistent with
Universal's strategic initiatives to grow both organically and
through acquisitions, these segment changes reflect how the Company
evaluates the operating performance of our businesses, and has
grown and diversified over the last several years. The new
reportable operating segments are contract logistics, intermodal,
trucking and company-managed brokerage.
In the contract logistics segment, which includes value-added
and dedicated services, continued strength in North American
automotive manufacturing led to improved performance during the
period. For the fourth quarter 2020, income from operations in
the contract logistics segment was $12.0 million on total operating revenues of
$133.2 million. This compares to
$7.2 million of income from
operations in the fourth quarter 2019, which included the
then-existing labor strike by the UAW against General Motors. As a
percentage of revenue, operating margin for the fourth quarter 2020
in the contract segment was 9.0% compared to 6.0% during the same
period last year.
During the fourth quarter 2020, the intermodal segment reported
operating income of $7.8 million
on total operating revenues of $105.9
million. As a percentage of revenue, operating margin for
the fourth quarter 2020 in the intermodal segment was 7.3% compared
to 12.0% during the same period last year. Continued rate pressure,
significant demurrage spend, and a slower-than-anticipated rate of
trucks returning to work adversely impacted the intermodal segment
during the quarter.
The trucking segment, which includes agent-based and
company-managed trucking operations, reported operating income of
$3.5 million on total operating
revenues of $80.9 million during the
fourth quarter 2020. This compares to operating revenues of
$90.0 million and an operating loss
of $2.9 million in the same period
last year, which included the settlement of a previously disclosed
legal matter.
During the fourth quarter 2020, the company-managed brokerage
segment reported an operating profit of $0.2
million on total operating revenues of $65.8 million during the fourth quarter of 2020.
Although underperforming compared to the same period last year,
reporting an operating profit in the fourth quarter 2020 represents
a sequential improvement as the Company continues to rationalize
both lanes and customers.
As of December 31, 2020, Universal
held cash and cash equivalents totaling $8.8
million, and $6.5 million in
marketable securities. Outstanding debt at the end of the
fourth quarter 2020 was $461.7
million and capital expenditures totaled $17.9 million.
Universal Logistics Holdings, Inc. 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 March 1, 2021 and is
expected to be paid on April 5,
2021.
Universal also announced that Tim
Phillips, Universal's Chief Executive Officer, and
Jude Beres, Chief Financial Officer,
will participate in the Stifel 2021 Virtual Transportation &
Logistics Conference. Universal's presentation begins at 9:20
AM ET on Tuesday, February 9, 2021.
Management will present on Universal's unique capabilities, reflect
on current market and operating trends, and outline plans and
expectations for future growth.
The conference will be broadcast live via webcast
at http://www.universallogistics.com. Click on "Investor
Relations" and then click the webcast link. A webcast replay
will be available for 30 days following each event.
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, February 5,
2021
Call Toll Free: (866) 622-0924
International Dial-in: +1 (660) 422-4956
Conference ID: 5249878
A replay of the conference call will be available beginning two
hours after the call through February 12,
2021, by calling (855) 859-2056 (toll free) or +1 (404)
537-3406 (toll) and using conference ID 5249878. 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," "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 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
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload
services
|
|
$
|
49,786
|
|
|
$
|
58,441
|
|
|
$
|
201,419
|
|
|
$
|
251,574
|
|
Brokerage
services
|
|
|
97,116
|
|
|
|
85,260
|
|
|
|
336,365
|
|
|
|
354,940
|
|
Intermodal
services
|
|
|
105,887
|
|
|
|
112,256
|
|
|
|
393,633
|
|
|
|
390,299
|
|
Dedicated
services
|
|
|
38,524
|
|
|
|
33,046
|
|
|
|
127,510
|
|
|
|
138,664
|
|
Value-added
services
|
|
|
94,640
|
|
|
|
86,928
|
|
|
|
332,156
|
|
|
|
376,521
|
|
Total operating
revenues
|
|
|
385,953
|
|
|
|
375,931
|
|
|
|
1,391,083
|
|
|
|
1,511,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
transportation and equipment rent
|
|
|
187,469
|
|
|
|
183,495
|
|
|
|
674,143
|
|
|
|
723,079
|
|
Direct personnel and
related benefits
|
|
|
93,756
|
|
|
|
89,480
|
|
|
|
337,618
|
|
|
|
368,243
|
|
Operating supplies and
expenses
|
|
|
32,398
|
|
|
|
28,796
|
|
|
|
111,056
|
|
|
|
120,767
|
|
Commission
expense
|
|
|
7,711
|
|
|
|
7,519
|
|
|
|
26,661
|
|
|
|
31,204
|
|
Occupancy
expense
|
|
|
8,097
|
|
|
|
9,122
|
|
|
|
34,586
|
|
|
|
36,645
|
|
General and
administrative
|
|
|
9,177
|
|
|
|
14,187
|
|
|
|
33,267
|
|
|
|
44,497
|
|
Insurance and
claims
|
|
|
4,597
|
|
|
|
6,203
|
|
|
|
19,252
|
|
|
|
47,418
|
|
Depreciation and
amortization
|
|
|
19,199
|
|
|
|
21,626
|
|
|
|
74,141
|
|
|
|
74,765
|
|
Total operating
expenses
|
|
|
362,404
|
|
|
|
360,428
|
|
|
|
1,310,724
|
|
|
|
1,446,618
|
|
Income from
operations
|
|
|
23,549
|
|
|
|
15,503
|
|
|
|
80,359
|
|
|
|
65,380
|
|
Interest expense,
net
|
|
|
(3,428)
|
|
|
|
(4,466)
|
|
|
|
(14,579)
|
|
|
|
(17,012)
|
|
Other non-operating
income (loss)
|
|
|
1,418
|
|
|
|
606
|
|
|
|
(1,870)
|
|
|
|
1,818
|
|
Income before income
taxes
|
|
|
21,539
|
|
|
|
11,643
|
|
|
|
63,910
|
|
|
|
50,186
|
|
Provision for income
taxes
|
|
|
5,316
|
|
|
|
2,906
|
|
|
|
15,778
|
|
|
|
12,600
|
|
Net income
|
|
$
|
16,223
|
|
|
$
|
8,737
|
|
|
$
|
48,132
|
|
|
$
|
37,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.60
|
|
|
$
|
0.32
|
|
|
$
|
1.78
|
|
|
$
|
1.34
|
|
Diluted
|
|
$
|
0.60
|
|
|
$
|
0.32
|
|
|
$
|
1.78
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
26,917
|
|
|
|
27,282
|
|
|
|
26,997
|
|
|
|
28,069
|
|
Diluted
|
|
|
26,926
|
|
|
|
27,283
|
|
|
|
27,000
|
|
|
|
28,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share:
|
|
$
|
0.105
|
|
|
$
|
0.105
|
|
|
$
|
0.210
|
|
|
$
|
0.420
|
|
UNIVERSAL
LOGISTICS HOLDINGS, INC.
|
Unaudited Condensed
Consolidated Balance Sheets
|
(In
thousands)
|
|
|
|
December
31,
2020
|
|
|
December
31,
2019
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,763
|
|
|
$
|
7,726
|
|
Marketable
securities
|
|
|
6,534
|
|
|
|
9,369
|
|
Accounts receivable -
net
|
|
|
259,154
|
|
|
|
210,534
|
|
Other current
assets
|
|
|
47,073
|
|
|
|
44,214
|
|
Total current
assets
|
|
|
321,524
|
|
|
|
271,843
|
|
Property and equipment
- net
|
|
|
364,795
|
|
|
|
339,823
|
|
Other long-term assets
- net
|
|
|
376,730
|
|
|
|
383,769
|
|
Total
assets
|
|
$
|
1,063,049
|
|
|
$
|
995,435
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
Current liabilities,
excluding current maturities of debt
|
|
$
|
213,094
|
|
|
$
|
190,943
|
|
Debt - net
|
|
|
460,120
|
|
|
|
457,612
|
|
Other long-term
liabilities
|
|
|
150,262
|
|
|
|
141,663
|
|
Total
liabilities
|
|
|
823,476
|
|
|
|
790,218
|
|
Total shareholders'
equity
|
|
|
239,573
|
|
|
|
205,217
|
|
Total liabilities and
shareholders' equity
|
|
$
|
1,063,049
|
|
|
$
|
995,435
|
|
UNIVERSAL
LOGISTICS HOLDINGS, INC.
|
Unaudited Summary of
Operating Data
|
|
|
|
Thirteen Weeks
Ended
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Truckload
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
47,717
|
|
|
|
54,804
|
|
|
|
187,561
|
|
|
|
233,829
|
|
Average operating
revenue per load,
excluding fuel surcharges
|
|
$
|
1,023
|
|
|
$
|
990
|
|
|
$
|
1,019
|
|
|
$
|
965
|
|
Average operating
revenue per mile,
excluding fuel surcharges
|
|
$
|
3.67
|
|
|
$
|
3.18
|
|
|
$
|
3.52
|
|
|
$
|
3.27
|
|
Average length of
haul
|
|
|
279
|
|
|
|
311
|
|
|
|
289
|
|
|
|
295
|
|
Average number of
tractors
|
|
|
1,276
|
|
|
|
1,472
|
|
|
|
1,324
|
|
|
|
1,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads
(a)
|
|
|
51,888
|
|
|
|
55,812
|
|
|
|
215,656
|
|
|
|
228,203
|
|
Average operating
revenue per load (a)
|
|
$
|
1,797
|
|
|
$
|
1,501
|
|
|
$
|
1,516
|
|
|
$
|
1,499
|
|
Average length of haul
(a)
|
|
|
612
|
|
|
|
669
|
|
|
|
613
|
|
|
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intermodal
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads
|
|
|
182,582
|
|
|
|
186,646
|
|
|
|
719,947
|
|
|
|
671,184
|
|
Average operating
revenue per load,
excluding fuel surcharges
|
|
$
|
442
|
|
|
$
|
534
|
|
|
$
|
451
|
|
|
$
|
507
|
|
Average number of
tractors
|
|
|
1,951
|
|
|
|
2,294
|
|
|
|
2,168
|
|
|
|
1,916
|
|
Number of
depots
|
|
|
12
|
|
|
|
15
|
|
|
|
12
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dedicated
Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads
(b)
|
|
|
135,821
|
|
|
|
119,745
|
|
|
|
493,733
|
|
|
|
553,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value-added
Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
direct employees
|
|
|
3,507
|
|
|
|
3,702
|
|
|
|
3,444
|
|
|
|
3,636
|
|
Average number of
full-time equivalents
|
|
|
1,387
|
|
|
|
1,177
|
|
|
|
1,233
|
|
|
|
1,487
|
|
Number of active
programs
|
|
|
58
|
|
|
|
55
|
|
|
|
58
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Operating Revenues
by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
logistics
|
|
$
|
133,164
|
|
|
$
|
119,974
|
|
|
$
|
459,666
|
|
|
$
|
515,185
|
|
Intermodal
|
|
|
105,887
|
|
|
|
112,256
|
|
|
|
393,633
|
|
|
|
390,299
|
|
Trucking
|
|
|
80,863
|
|
|
|
89,956
|
|
|
|
318,385
|
|
|
|
389,629
|
|
Company-managed
brokerage
|
|
|
65,822
|
|
|
|
53,526
|
|
|
|
218,123
|
|
|
|
215,750
|
|
Other
|
|
|
217
|
|
|
|
219
|
|
|
|
1,276
|
|
|
|
1,135
|
|
Total
|
|
$
|
385,953
|
|
|
$
|
375,931
|
|
|
$
|
1,391,083
|
|
|
$
|
1,511,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
logistics
|
|
$
|
11,956
|
|
|
$
|
7,202
|
|
|
$
|
35,967
|
|
|
$
|
48,376
|
|
Intermodal
|
|
|
7,770
|
|
|
|
13,421
|
|
|
|
30,353
|
|
|
|
39,196
|
|
Trucking
|
|
|
3,545
|
|
|
|
(2,890)
|
|
|
|
16,413
|
|
|
|
(21,485)
|
|
Company-managed
brokerage
|
|
|
227
|
|
|
|
630
|
|
|
|
(2,681)
|
|
|
|
1,833
|
|
Other
|
|
|
51
|
|
|
|
(2,860)
|
|
|
|
307
|
|
|
|
(2,540)
|
|
Total
|
|
$
|
23,549
|
|
|
$
|
15,503
|
|
|
$
|
80,359
|
|
|
$
|
65,380
|
|
Non-GAAP Financial Measure
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
|
|
|
Year
Ended
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
|
( in
thousands)
|
|
|
( in
thousands)
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,223
|
|
|
$
|
8,737
|
|
|
$
|
48,132
|
|
|
$
|
37,586
|
|
Income tax
expense
|
|
|
5,316
|
|
|
|
2,906
|
|
|
|
15,778
|
|
|
|
12,600
|
|
Interest expense,
net
|
|
|
3,428
|
|
|
|
4,466
|
|
|
|
14,579
|
|
|
|
17,012
|
|
Depreciation
|
|
|
15,413
|
|
|
|
18,315
|
|
|
|
58,934
|
|
|
|
59,023
|
|
Amortization
|
|
|
3,786
|
|
|
|
3,311
|
|
|
|
15,207
|
|
|
|
15,742
|
|
EBITDA
|
|
$
|
44,166
|
|
|
$
|
37,735
|
|
|
$
|
152,630
|
|
|
$
|
141,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA margin
(a)
|
|
|
11.4
|
%
|
|
|
10.0
|
%
|
|
|
11.0
|
%
|
|
|
9.4
|
%
|
|
|
(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.