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Press Release: Universal Logistics Holdings -2-

· 02/04/2021 16:15
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, December 31, 2020 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

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.

Non-GAAP Financial Measure

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February 04, 2021 16:15 ET (21:15 GMT)