Universal Logistics Holdings Reports Exit Costs

TL;DR

ULH filed an 8-K for exit/disposal costs. Keep an eye on financials.

AI Summary

Universal Logistics Holdings, Inc. filed an 8-K on August 23, 2024, reporting on cost associated with exit or disposal activities as of August 20, 2024. The filing also includes financial statements and exhibits. The company, formerly known as Universal Truckload Services, Inc., is incorporated in Michigan and headquartered in Warren.

Why It Matters

This filing indicates potential restructuring or divestiture activities within Universal Logistics Holdings, which could impact future financial performance and operational focus.

Risk Assessment

Risk Level: low — The filing is a standard disclosure of exit or disposal activities and does not inherently signal significant new risks.

Key Players & Entities

• UNIVERSAL LOGISTICS HOLDINGS, INC. (company) — Registrant
• Universal Truckload Services, Inc. (company) — Former company name
• Michigan (location) — State of incorporation
• Warren, Michigan (location) — Principal executive offices
• August 20, 2024 (date) — Date of earliest event reported
• August 23, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $6.0 million — l incur pre-tax charges in the range of $6.0 million to $7.0 million, primarily consisting o
• $7.0 m — charges in the range of $6.0 million to $7.0 million, primarily consisting of severanc
• $2.0 million — impairment, and other charges, of which $2.0 million to $3.0 million are expected to be futu
• $3.0 million — other charges, of which $2.0 million to $3.0 million are expected to be future cash expendit

Filing Documents

• ulh-20240820.htm (8-K) — 42KB
• 0000950170-24-100241.txt ( ) — 153KB
• ulh-20240820.xsd (EX-101.SCH) — 26KB
• ulh-20240820_htm.xml (XML) — 4KB

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities. On August 20, 2024, Universal Logistics Holdings, Inc. ("ULH" or the "Company") announced that in order to best position the Company to execute on its highest priorities, it was terminating the operations of subsidiary, Universal Capacity Solutions, LLC ("UCS"), effective August 23, 2024. UCS is a provider of third-party freight brokerage services. In connection with the announcement, UCS informed a total of approximately 125 employees on August 20, 2024 in Nashville, TN of the termination of their employment. UCS terminated approximately 112 of these employees on August 20, 2024, and the Company anticipates that the remainder's employment will terminate by September 13, 2024. The Company currently estimates that it will incur pre-tax charges in the range of $6.0 million to $7.0 million, primarily consisting of severance, related costs, goodwill impairment, and other charges, of which $2.0 million to $3.0 million are expected to be future cash expenditures. The majority of these costs are expected to be incurred during the third quarter of 2024. The charges that we expect to incur are subject to a number of assumptions, including local law requirements, and actual expenses may differ materially from the estimates disclosed above.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Current Report on Form 8-K, including our future results of operations or financial condition and timing and charges associated with our initiatives are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "could," "estimate," "expect," "may," "plan," "potential," "project," or "will" or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this Current Report on Form 8-K. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Current Report on Form 8-K primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to numerous risks, uncertainties, and other factors described in "Risk Factors" and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission which is available on the SEC's website at www.sec.gov. In addition, any forward-looking statements contained in this Current Report on Form 8-K are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this Current Report on Form 8-K or to reflect new information or the occurrence of unanticipated events, including future developments relate

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. 104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNIVERSAL LOGISTICS HOLDINGS, INC. Date: August 23, 2024 By: /s/ Steven Fitzpatrick Steven Fitzpatrick Secretary

View Full Filing

View this 8-K filing on SEC EDGAR