Universal logistics holdings, inc. (ULH)
CashFlow / TTM
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

32,452

37,586

37,869

61,344

59,041

52,178

67,559

49,199

34,269

28,153

6,475

14,777

21,085

24,244

30,827

35,077

39,314

40,001

41,214

45,061

45,410

45,370

0

0

0

44,623

47,688

84,413

74,796

62,986

51,446

0

0

0

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

77,365

74,765

68,117

63,294

59,125

54,425

52,780

50,591

48,886

46,995

43,608

40,889

38,483

36,702

35,181

34,649

34,381

34,873

35,370

35,295

34,450

33,053

0

0

0

18,844

18,237

22,400

20,893

19,313

17,731

0

0

0

Noncash lease expense

30,356

29,904

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss (gain) on marketable equity securities

-2,744

1,540

-637

-130

89

-1,306

291

312

417

923

1,282

756

437

412

0

0

0

-

-

-

-

-

-

-

-

1,880

2,189

2,124

1,164

655

1,136

0

0

0

Gain on disposal of property and equipment

1,727

1,245

211

375

369

354

-51

82

69

10

-316

269

-353

-161

409

-519

-125

-239

-564

-344

-261

-233

0

0

0

35

-45

-87

60

-58

-2

0

0

0

Amortization of debt issuance costs

585

586

770

1,450

1,391

1,329

1,078

332

326

321

326

320

324

312

345

452

543

648

704

696

693

693

0

0

0

0

-

-

-

-

-

-

-

-

Stock-based compensation

195

73

240

240

241

413

414

414

413

414

519

519

605

571

619

619

643

494

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for doubtful accounts

3,674

3,133

2,520

1,572

1,728

924

411

511

538

1,533

3,413

3,512

3,256

3,099

2,356

2,632

2,811

3,004

4,036

4,090

3,936

3,504

0

0

0

1,287

1,190

944

1,353

1,566

1,306

0

0

0

Deferred income taxes

9,199

7,161

965

11,511

4,907

6,583

-10,502

-20,788

-17,371

-19,014

2,090

9,831

6,342

6,610

1,796

-914

-2,271

478

2,954

3,788

3,031

1,433

0

0

0

4,642

4,389

3,885

4,501

5,048

4,289

0

0

0

Change in assets and liabilities:
Trade and other accounts receivable

-11,603

-21,798

-14,019

-24,942

5,041

26,466

37,395

52,730

45,445

29,398

26,194

17,376

17,425

7,510

-14,744

-19,353

-22,399

-4,424

9,004

7,778

12,384

19,857

0

0

0

2,272

8,076

-1,205

5,380

8,550

7,865

0

0

0

Prepaid income taxes, prepaid expenses and other assets

1,636

2,230

-7,439

-296

-252

-2,509

1,476

-10,440

-6,846

-8,051

953

9,470

8,168

12,748

3,141

-3,104

-5,758

-4,347

436

4,905

-566

-984

0

0

0

1,153

-1,276

10,459

600

-1,835

4,655

0

0

0

Principal reduction in operating lease liabilities

-29,627

-29,061

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-40,864

-13,791

13,670

-30,989

-1,736

-2,139

6,275

44,697

44,126

40,633

49,174

23,929

12,387

18,003

7,846

113

2,393

-11,695

532

-1,957

3,962

13,027

0

0

0

4,638

7,922

16,555

17,670

11,130

16,083

0

0

0

Due to/from affiliates, net

-10,627

-623

-5,067

-9,054

-6,048

-3,238

-8,018

2,867

-1,553

-7,192

-192

-3,269

646

-595

-553

806

1,501

-83

-1,662

-1,636

714

1

0

0

0

-1,194

3,769

2,937

2,478

2,691

363

0

0

0

Other long-term liabilities

490

274

250

704

1,309

1,614

1,424

773

464

-98

432

408

-141

-998

-1,341

-881

-620

253

-1,350

-1,149

-2,197

-532

0

0

0

47

646

2,452

2,161

1,785

1,999

0

0

0

Net cash provided by operating activities

105,436

128,036

152,976

143,364

126,559

94,901

87,321

80,178

74,119

83,849

78,116

69,583

56,018

68,629

90,754

95,387

105,169

78,304

77,628

76,503

78,562

79,392

0

0

0

72,979

70,403

116,824

113,437

91,688

78,700

0

0

0

Cash flows from investing activities:
Capital expenditures

101,738

79,753

73,130

60,092

70,039

66,585

70,890

61,672

53,027

63,360

65,377

84,550

78,905

97,351

91,531

63,146

60,184

26,257

32,992

38,848

51,184

59,784

0

0

0

29,688

29,566

40,753

35,384

28,889

29,603

0

0

0

Proceeds from the sale of property and equipment

12,521

11,152

6,767

3,443

3,555

3,897

2,629

2,475

2,272

1,211

915

801

2,302

2,426

2,536

2,600

1,006

816

611

795

1,069

1,326

0

0

0

934

987

1,124

1,356

1,349

1,190

0

0

0

Purchases of marketable securities

0

-

-

-

-

1,228

0

0

0

-

-

-

-

17

22

13

114

1,159

3,158

3,168

3,109

2,063

0

0

0

0

-

-

-

-

3,383

0

0

0

Proceeds from sale of marketable securities

-

-

-

-

-

5,733

0

0

0

-

-

-

-

866

0

0

0

-

-

-

-

-

-

-

-

6,530

7,500

7,373

4,121

2,715

2,398

0

0

0

Acquisition of business

-

75,963

95,269

160,951

139,176

173,599

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Affiliate notes receivables-LINC

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,000

0

0

0

-

-

-

-

Net cash used in investing activities

-163,609

-143,060

-160,975

-212,267

-201,264

-229,199

-161,463

-91,666

-82,053

-61,289

-63,098

-82,425

-75,820

-94,076

-88,540

-60,369

-58,780

-26,159

-37,865

-43,547

-55,872

-63,169

0

0

0

-18,097

-21,948

-38,196

-38,561

-33,198

-30,448

0

0

0

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

455,093

379,458

398,079

404,496

414,286

488,571

397,620

369,488

335,062

316,458

303,862

306,056

288,662

220,633

212,172

172,464

148,557

172,758

133,350

126,009

140,531

135,019

0

0

0

90,171

94,871

0

0

0

-

-

-

-

Repayments of debt - revolving debt

351,656

308,821

431,059

428,933

446,567

477,667

363,860

364,045

323,536

320,833

300,212

289,899

272,462

217,368

230,972

166,564

143,057

161,293

114,700

140,198

143,888

135,149

0

0

0

53,171

44,871

0

0

0

-

-

-

-

Proceeds from borrowing - term debt

78,275

56,494

216,469

239,019

250,742

255,169

98,468

60,666

48,746

39,069

38,955

50,562

83,330

99,534

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt - term debt

73,141

70,016

119,262

115,392

112,266

112,157

51,976

49,618

51,538

48,305

48,315

49,102

80,256

78,520

229,012

222,793

180,936

175,428

0

0

0

-

-

-

-

-

-

-

0

0

-

-

-

-

Borrowings under margin account

0

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under margin account

256

541

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to LINC shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

95,985

0

0

0

-

-

-

-

Dividends paid

14,672

15,042

18,022

15,043

15,043

10,930

9,937

8,947

7,957

7,960

7,962

7,959

7,957

7,954

7,952

7,950

8,059

8,171

8,280

8,391

8,401

8,409

0

0

0

-

-

0

0

0

-

-

-

-

Payment of capital lease obligations

-

-

-

-

-

92

92

90

95

100

108

108

128

1,789

1,998

2,228

2,451

1,050

1,093

1,159

1,288

1,349

0

0

0

-

-

-

-

-

-

-

-

-

Purchases of treasury stock

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

35,065

35,946

1,831

5,936

5,631

0

0

0

-

991

991

1,562

1,851

1,700

0

0

0

Payment of earnout obligations related to acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

181

206

126

146

166

189

0

0

0

Capitalized financing costs

-

-

-

-

-

3,137

0

0

0

-

-

-

-

396

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

64,195

16,747

13,231

74,326

80,862

138,827

72,809

11,132

4,806

-23,159

-14,297

9,426

10,795

14,114

-10,716

-37,603

-39,404

-46,170

-37,961

-32,236

-23,196

-17,591

0

0

0

-56,126

-51,494

-72,417

-73,009

-57,148

-52,556

0

0

0

Effect of exchange rate changes on cash and cash equivalents

-4,363

276

-1,292

-628

-1,966

-474

981

-19

1,920

516

632

1,435

629

158

-144

-1,102

-801

-1,046

-1,616

-1,119

-1,280

-854

0

0

0

182

82

0

0

0

-

-

-

-

Net increase in cash

1,659

1,999

3,940

4,795

4,191

4,055

-352

-375

-1,208

-83

1,353

-1,981

-8,378

-11,175

-8,646

-3,687

6,184

4,929

186

-399

-1,786

-2,222

0

0

0

-1,062

-2,957

6,295

1,941

1,448

-4,262

0

0

0

Supplemental cash flow information:
Cash paid for interest

16,415

16,349

16,207

16,246

15,006

13,323

10,744

10,024

9,368

9,104

8,836

8,031

7,841

7,802

8,143

8,317

7,978

7,649

7,278

7,150

7,681

7,379

0

0

0

3,380

2,990

0

0

0

-

-

-

-

Cash paid for income taxes

11,745

12,459

12,967

11,292

4,376

4,792

4,296

3,628

2,605

2,207

4,126

7,283

13,094

20,896

19,405

20,384

21,077

21,541

24,162

23,680

26,154

20,833

0

0

0

17,362

12,759

12,921

10,143

10,885

13,051

0

0

0

Fair value of assets acquired

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to LINC shareholders:
Distribution for shareholder state tax withholding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

383

0

0

0

-

-

-

-

Net cash paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

95,985

0

0

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,406

0

0

0

Liabilities assumed

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition obligation

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of acquisition obligations

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Net cash paid for acquisition of businesses

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,050

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0