Universal Logistics Holdings, Inc. Files 2023 Annual Report

TL;DR

<b>Universal Logistics Holdings, Inc. has filed its 2023 10-K annual report detailing financial performance and risks.</b>

AI Summary

UNIVERSAL LOGISTICS HOLDINGS, INC. (ULH) filed a Annual Report (10-K) with the SEC on March 15, 2024. The company filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial elements such as Common Stock, Retained Earnings, and Land, Buildings, and Improvements as of December 31, 2022, are referenced. The report details various financial instruments including a Margin Facility and a Revolving Credit Facility under the Credit and Security Agreement. Customer concentration risk, particularly within the Automotive Industry and with General Motors, is noted for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking UNIVERSAL LOGISTICS HOLDINGS, INC., this filing contains several important signals. This filing provides investors with a comprehensive overview of the company's financial health, operational performance, and strategic direction for the past fiscal year. Understanding the customer concentration risk, especially with major players like General Motors in the automotive sector, is crucial for assessing revenue stability and potential vulnerabilities.

Risk Assessment

Risk Level: medium — UNIVERSAL LOGISTICS HOLDINGS, INC. shows moderate risk based on this filing. The company faces medium risk due to significant customer concentration, particularly within the automotive industry and with General Motors, as detailed in the 2023 10-K filing.

Analyst Insight

Investors should analyze the company's strategies for mitigating customer concentration risk and diversifying its client base.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-15 — Filing Date (Date the report was submitted)
• 2021-01-01 to 2023-12-31 — Customer Concentration Risk Period (Years for which automotive industry and GM risk was assessed)

Key Players & Entities

• UNIVERSAL LOGISTICS HOLDINGS, INC. (company) — Filer name
• 10-K (document) — Filing type
• 20231231 (date) — Report period end date
• 20240315 (date) — Filing date
• General Motors (company) — Key customer mentioned in risk assessment
• Automotive Industry (industry) — Sector with noted customer concentration risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces significant customer concentration risk, particularly within the automotive industry and with General Motors, as evidenced by data from 2021 through 2023.

Industry Context

Universal Logistics Holdings operates in the trucking industry, a sector characterized by its essential role in supply chains and susceptibility to economic cycles and customer demand.

Regulatory Implications

The filing is a standard 10-K report required by the SEC under the Securities Exchange Act of 1934, ensuring public companies provide annual financial disclosures.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Assess the company's strategies for managing customer concentration risk and potential impacts on future revenue.
3. Compare key financial metrics and risk factors with previous filings to identify trends and changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-15: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-K filing provides the annual overview for the fiscal year ending December 31, 2023, superseding previous quarterly and annual reports.

Key Financial Figures

• $213.9 m — load services represented approximately $213.9 million, or 12.9%, of our operating reven
• $244.0 m — rage services represented approximately $244.0 million, or 14.7%, of our operating reven
• $374.7 m — Intermodal support services represented $374.7 million, or 22.5%, of our operating reven
• $343.5 m — ated services represented approximately $343.5 million, or 20.7%, of our operating reven
• $486.0 m — dded services represented approximately $486.0 million, or 29.2%, of our operating reven
• $1.0 million — lity and general liability claims up to $1.0 million per occurrence. Accordingly, in the Uni
• $4.0 million — re we are self-insured for claims above $4.0 million. In Mexico, our operations and investme
• $2.0 million — ers to as deadhead bobtail coverage) of $2.0 million per occurrence. Technology We use m

Filing Documents

• ulh-20231231.htm (10-K) — 2834KB
• ulh-ex4_2.htm (EX-4.2) — 33KB
• ulh-ex21_1.htm (EX-21.1) — 45KB
• ulh-ex23_1.htm (EX-23.1) — 4KB
• ulh-ex31_1.htm (EX-31.1) — 15KB
• ulh-ex31_2.htm (EX-31.2) — 15KB
• ulh-ex32_1.htm (EX-32.1) — 7KB
• ulh-ex97_1.htm (EX-97.1) — 34KB
• img177160594_0.jpg (GRAPHIC) — 7KB
• img266820442_0.jpg (GRAPHIC) — 36KB
• 0000950170-24-032216.txt (&nbsp;) — 13052KB
• ulh-20231231.xsd (EX-101.SCH) — 1655KB
• ulh-20231231_htm.xml (XML) — 2682KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. Reserved 22 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 71 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accounting Fees and Services 71 PART IV Item 15. Exhibits and Financial Statement Schedules 72 Item 16. Form 10-K Summary 73

Signatures

Signatures 73 EX-4.2 Description of Capital Stock EX-21.1 List of Subsidiaries EX-23.1 Consent of Grant Thornton LLP EX-31.1 Section 302 CEO Certification EX-31.2 Section 302 CFO Certification EX-32.1 Section 906 CEO and CFO Certification EX-101.INS Inline XBRL Instance Document EX-101.SCH Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Form 10-K") contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Many of the forward-looking statements are located in Part II, Item 7 of this Form 10-K under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as "future," "anticipates," "believes," "targets," "estimates," "expects," "intends," "will," "would," "could," "can," "may," and similar terms. Forward-looking statements are not a guarantee of future performance, and the Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of this Form 10-K under the heading "Risk Factors," which are incorporated herein by reference. All information presented herein is based on the Company's fiscal calendar. Unless otherwise stated, references to particular years, quarters, months, or periods refer to the Company's fiscal years ended December 31 and the associated quarters, months, and periods of those fiscal years. Each of the terms "Universal," the "Company," "we," "us" and "our" as used herein refers c

: BUSINESS

ITEM 1: BUSINESS Company Background Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico, Canada and Colombia. Our operating subsidiaries provide customers with a broad scope of services across their entire supply chain, including truckload, brokerage, intermodal, dedicated and value-added services. Our operating subsidiaries provide a comprehensive suite of transportation and logistics solutions that allow our customers to reduce costs and manage their global supply chains more efficiently. We market and deliver our services in several ways: Through a direct sales and marketing network focused on selling our portfolio of services to large customers in specific industry sectors; Through company-managed facilities; and Through a network of agents who solicit freight business directly from shippers. At December 31, 2023, we operated 50 company-managed terminal locations, serviced 71 value-added programs at locations throughout the United States and in Mexico, Canada and Colombia, and had an agent network totaling approximately 230 agents. We were incorporated in Michigan on December 11, 2001. We have been a publicly held company since February 11, 2005, the date of our initial public offering. Our principal executive offices are located at 12755 E. Nine Mile Road, Warren, Michigan 48089. Operations We broadly group our revenues into the following service categories: truckload, brokerage, intermodal, dedicated, and value-added services. Truckload . Our truckload services include dry van, flatbed, heavy-haul and refrigerated operations. Truckload services represented approximately $213.9 million, or 12.9%, of our operating revenues in 2023. We transport a wide variety of general commodities, including automotive parts, machinery, building materials, paper, food, consumer goods, furniture, steel and other metals o

View Full Filing

View this 10-K filing on SEC EDGAR