Universal logistics holdings, inc. (ULH)
CashFlow / Quarterly
Apr'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

12,163

8,737

-8,420

19,972

17,297

9,020

15,055

17,669

10,434

24,401

-3,305

2,739

4,318

2,723

4,997

9,047

7,477

9,306

9,247

13,284

8,164

10,519

13,094

13,633

8,124

11,374

2,452

15,052

15,745

14,439

39,177

5,435

3,935

2,899

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

19,518

21,625

18,807

17,415

16,918

14,977

13,984

13,246

12,218

13,332

11,795

11,541

10,327

9,945

9,076

9,135

8,546

8,424

8,544

8,867

9,038

8,921

8,469

8,022

7,641

5,060

4,853

4,454

4,477

4,453

9,016

2,947

2,897

2,871

Noncash lease expense

7,555

7,543

7,573

7,685

7,103

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss (gain) on marketable equity securities

-3,409

580

90

-5

875

-1,597

597

214

-520

0

618

319

-14

359

92

0

-39

-

-

-

-

-

-

-

-

52

285

1,034

509

361

220

74

0

842

Gain on disposal of property and equipment

506

1,251

-96

66

24

217

68

60

9

-188

201

47

-50

-514

786

-575

142

56

-142

-181

28

-269

78

-98

56

74

-62

-54

77

-6

-104

93

-41

50

Amortization of debt issuance costs

146

147

146

146

147

331

826

87

85

80

80

81

80

85

74

85

68

118

181

176

173

174

173

173

173

0

-

-

-

-

-

-

-

-

Stock-based compensation

195

0

0

0

73

167

0

1

245

168

0

0

246

273

0

86

212

321

0

110

63

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for doubtful accounts

1,048

976

1,230

420

507

363

282

576

-297

-150

382

603

698

1,730

481

347

541

987

757

526

734

2,019

811

372

302

380

417

80

410

283

171

489

623

23

Deferred income taxes

-1,202

9,038

-7,050

8,413

-3,240

2,842

3,496

1,809

-1,564

-14,243

-6,790

5,226

-3,207

6,861

951

1,737

-2,939

2,047

-1,759

380

-190

4,523

-925

-377

-1,788

806

3,939

258

-361

553

3,435

874

186

-206

Change in assets and liabilities:
Trade and other accounts receivable

11,947

-14,552

8,115

-17,113

1,752

-6,773

-2,808

12,870

23,177

4,156

12,527

5,585

7,130

952

3,709

5,634

-2,785

-21,302

-900

2,588

15,190

-7,874

-2,126

7,194

22,663

3,499

-2,590

-46

1,409

9,303

-11,871

6,539

4,579

8,618

Prepaid income taxes, prepaid expenses and other assets

-2,404

3,466

-3,261

3,835

-1,810

-6,203

3,882

3,879

-4,067

-2,218

-8,034

7,473

-5,272

6,786

483

6,171

-692

-2,821

-5,762

3,517

719

1,962

-1,293

-1,954

301

1,207

-7,592

8,815

-1,277

-1,222

4,143

-1,044

-3,712

5,268

Principal reduction in operating lease liabilities

-7,258

-7,958

-7,165

-7,246

-6,692

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable, accrued expenses and other current liabilities, insurance and claims, and income taxes payable

-5,147

-50,021

35,289

-20,985

21,926

-22,560

-9,370

8,268

21,523

-14,146

29,052

7,697

18,030

-5,605

3,807

-3,845

23,646

-15,762

-3,926

-1,565

9,558

-3,535

-6,415

4,354

18,623

-1,044

-8,025

9,757

3,950

2,240

608

10,872

-2,590

7,193

Due to/from affiliates, net

-5,507

3,880

-4,250

-4,750

4,497

-564

-8,237

-1,744

7,307

-5,344

2,648

-6,164

1,668

1,656

-429

-2,249

427

1,698

930

-1,554

-1,157

119

956

796

-1,870

-2,573

1,021

112

246

2,390

189

-347

459

62

Other long-term liabilities

-719

598

327

284

-935

574

781

889

-630

384

130

580

-1,192

914

106

31

-2,049

571

566

292

-1,176

-1,032

767

-756

489

-144

-940

584

547

455

866

293

171

669

Net cash provided by operating activities

25,166

-3,940

40,139

44,071

47,766

21,000

30,527

27,266

16,108

13,420

23,384

21,207

25,838

7,687

14,851

7,642

38,449

29,812

19,484

17,424

11,584

29,136

18,359

19,483

12,414

14,173

12,796

20,324

25,686

11,597

59,217

16,937

3,937

-1,391

Cash flows from investing activities:
Capital expenditures

32,775

19,001

35,624

14,338

10,790

12,378

22,586

24,285

7,336

16,683

13,368

15,640

17,669

18,700

32,541

9,995

36,115

12,880

4,156

7,033

2,188

19,615

10,012

19,369

10,788

2,710

9,566

8,223

9,189

2,588

20,753

2,854

2,694

3,302

Proceeds from the sale of property and equipment

2,282

6,150

3,830

259

913

1,765

506

371

1,255

497

352

168

194

201

238

1,669

318

311

302

75

128

106

486

349

385

311

236

124

263

364

373

356

256

205

Purchases of marketable securities

360

-

-

-

-

615

114

380

119

-

-

-

-

4

3

5

5

9

-6

106

1,050

2,008

4

47

4

4

-

-

-

-

74

2,749

0

560

Proceeds from sale of marketable securities

-

-

-

-

-

118

2,804

0

2,811

-

-

-

-

508

287

0

71

-

-

-

-

-

-

-

-

353

1,279

3,492

1,406

1,323

1,152

240

0

1,006

Acquisition of business

-

53,506

0

22,030

427

72,812

65,682

255

34,850

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Affiliate notes receivables-LINC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,000

-

-

-

-

Net cash used in investing activities

-30,853

-66,007

-31,197

-35,552

-10,304

-83,922

-82,489

-24,549

-38,239

-16,186

-12,692

-14,936

-17,475

-17,995

-32,019

-8,331

-35,731

-12,459

-3,848

-6,742

-3,110

-24,165

-9,530

-19,067

-10,407

-2,050

-3,054

-4,917

-8,076

-5,901

-19,302

-5,282

-2,713

-3,151

Cash flows from financing activities:
Proceeds from borrowing - revolving debt

91,200

165,065

102,622

96,206

15,565

183,686

109,039

105,996

89,850

92,735

80,907

71,570

71,246

80,139

83,101

54,176

3,217

71,678

43,393

30,269

27,418

32,270

36,052

44,791

21,906

8,113

73,339

8,719

0

12,813

-

-

-

-

Repayments of debt - revolving debt

84,084

79,429

90,055

98,088

41,249

201,667

87,929

115,722

72,349

87,860

88,114

75,213

69,646

67,239

77,801

57,776

14,552

80,843

13,393

34,269

32,788

34,250

38,891

37,959

24,049

18,113

30,339

4,719

0

9,813

-

-

-

-

Proceeds from borrowing - term debt

29,760

11,061

26,905

10,549

7,979

171,036

49,455

22,272

12,406

14,335

11,653

10,352

2,729

14,221

23,260

43,120

18,933

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt - term debt

15,853

25,788

17,448

14,052

12,728

75,034

13,578

10,926

12,619

14,853

11,220

12,846

9,386

14,863

12,007

44,000

7,650

165,355

5,788

2,143

2,142

-

-

-

-

-

-

-

1,936

1,321

-

-

-

-

Borrowings under margin account

256

-

-

-

-

-

2,879

421

9,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under margin account

256

0

0

0

541

-

2,918

867

3,364

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to LINC shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

77,605

7,078

5,159

6,143

-

-

-

-

Dividends paid

5,731

0

5,960

2,981

6,101

2,980

2,981

2,981

1,988

1,987

1,991

1,991

1,991

1,989

1,988

1,989

1,988

1,987

1,986

2,098

2,100

2,096

2,097

2,108

2,108

-

-

7,000

5,000

6,000

-

-

-

-

Payment of capital lease obligations

-

-

-

-

-

23

24

23

22

23

22

28

27

31

22

48

1,688

240

252

271

287

283

318

400

348

-

-

-

-

-

-

-

-

-

Purchases of treasury stock

4,919

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

34,442

0

623

881

327

4,105

318

-

0

0

112

879

0

571

401

728

Payment of earnout obligations related to acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

23

49

53

56

48

-31

73

76

71

Capitalized financing costs

-

-

-

-

-

2,275

738

0

124

-

-

-

-

0

100

268

28

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

10,373

70,910

-8,722

-8,366

-37,075

67,394

52,373

-1,830

20,890

1,376

-9,304

-8,156

-7,075

10,238

14,419

-6,787

-3,756

-14,592

-12,468

-8,588

-10,522

-6,383

-6,743

452

-4,917

-10,023

-18,411

-11,354

-16,338

-5,391

-39,334

-11,946

-477

-799

Effect of exchange rate changes on cash and cash equivalents

-4,417

278

-194

-30

222

-1,290

470

-1,368

1,714

165

-530

571

310

281

273

-235

-161

-21

-685

66

-406

-591

-188

-95

20

164

40

10

-32

64

-

-

-

-

Net increase in cash

269

1,241

26

123

609

3,182

881

-481

473

-1,225

858

-1,314

1,598

211

-2,476

-7,711

-1,199

2,740

2,483

2,160

-2,454

-2,003

1,898

773

-2,890

2,264

-8,629

4,063

1,240

369

623

-291

747

-5,341

Supplemental cash flow information:
Cash paid for interest

4,157

5,067

3,192

3,999

4,091

4,925

3,231

2,759

2,408

2,346

2,511

2,103

2,144

2,078

1,706

1,913

2,105

2,419

1,880

1,574

1,776

2,048

1,752

2,105

1,474

944

688

695

1,053

554

-

-

-

-

Cash paid for income taxes

55

567

2,641

8,482

769

1,075

966

1,566

1,185

579

298

543

787

2,498

3,455

6,354

8,589

1,007

4,434

7,047

9,053

3,628

3,952

9,521

3,732

5,328

5,510

4,552

1,972

725

5,672

1,774

2,714

2,891

Fair value of assets acquired

-

-

-

-

-

-

76,793

0

38,943

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to LINC shareholders:
Distribution for shareholder state tax withholding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

78

159

143

-

-

-

-

Net cash paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

77,605

7,078

5,159

6,143

-

-

-

-

Acquisition of businesses:
Fair value of assets acquired, net of cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,812

0

0

1,406

Liabilities assumed

-

-

-

-

-

-

11,111

0

3,838

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition obligation

-

-

-

-

-

-

-

-

255

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of acquisition obligations

-

-

0

828

427

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-275

-275

906

Net cash paid for acquisition of businesses

-

-

0

22,030

427

-

65,682

255

34,850

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

275

275

500

Non-cash investing and financing activities
Forgiveness of loan from County of Cuyahoga

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

90,000