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Press Release: Universal Logistics Holdings -3-

· 02/04/2021 16:15
-- 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.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.

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:

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:

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.

/CONTACT: For Further Information: Steven Fitzpatrick, Investor Relations, SFitzpatrick@UniversalLogistics.com

/Web site: http://www.universallogistics.com

(END) Dow Jones Newswires

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