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Here are 1-3 brief analogies to describe Universal Logistics (ULH):

• UPS or FedEx, but for businesses needing to move large industrial shipments and manage complex supply chains.
• Amazon's logistics arm, but offered as an outsourced service for other businesses.
• Ryder, but as a full-service logistics partner specializing in truckload, intermodal, and contract logistics for businesses.

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• Truckload Services: Provides full-service truckload transportation, including dedicated, expedited, and specialized hauling across North America.
• Intermodal Services: Offers drayage and rail transportation services, connecting various modes of transport to move freight efficiently.
• Logistics & Value-Added Services: Delivers contract logistics solutions such as warehousing, inventory management, cross-docking, sub-assembly, and other supply chain management services.
• Brokerage Services: Acts as a third-party logistics provider, arranging transportation for customers by leveraging a network of external carriers.

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Universal Logistics (ULH) primarily sells its logistics and transportation services to other companies (business-to-business or B2B).

The company serves a diverse range of customers and does not publicly disclose the names of specific major customers. According to its latest regulatory filings (10-K), Universal Logistics has a diversified customer base, with no single customer accounting for a significant portion of its consolidated operating revenue. Its largest customer accounted for approximately 6% of its consolidated operating revenue in 2023, and its top 10 customers accounted for approximately 25% of revenue in the same year.

While specific customer names are not disclosed due to this diversification, Universal Logistics serves companies across various industries that require complex supply chain solutions, transportation, and warehousing services. The primary categories of companies it serves include:

• Automotive manufacturers and suppliers: Providing services such as inbound logistics, just-in-time delivery, and sub-assembly.
• Manufacturing companies: Offering transportation, warehousing, and value-added services for diverse manufactured goods.
• Energy sector companies: Supporting logistics needs within the energy industry.
• Retail businesses: Assisting with the movement of goods, distribution, and supply chain management for various retailers.

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Tim Phillips, President and Chief Executive Officer

Tim Phillips assumed the role of President and Chief Executive Officer in January 2020. He brings over 31 years of experience within Universal Logistics, having served in various capacities. Prior to his current role, he was the Executive Vice President of Transportation since January 2019. From October 2009 to January 2019, he was President of Universal Intermodal Services, Inc., an intermodal subsidiary of the company. Before that, he held the position of President of The Mason & Dixon Lines, a former subsidiary and predecessor to Universal Truckload, LLC, from January 2007 to September 2009. His career at Universal Logistics began as an inventory coordinator, and he has also served as Vice President at Mason Dixon Intermodal.

Jude Beres, Chief Financial Officer and Treasurer

Jude Beres has served as Chief Financial Officer and Treasurer since March 2016. He was previously the company's Chief Administrative Officer from April 2015 to March 2016. From 1997 to April 2015, Mr. Beres gained extensive experience in finance and accounting by working for multiple affiliated companies. He possesses over 20 years of experience across the less-than-truckload, truckload, intermodal, and logistics industries. Mr. Beres holds a Bachelor of Accountancy from Walsh College.

Matthew T. Moroun, Chairman

Matthew T. Moroun has been a director and the Chairman of Universal Logistics' Board of Directors since 2004. He oversees other family-owned businesses involved in transportation, insurance, business services, and real estate development and management. He has also served as a director of P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) since 1992 and as its chairman since 2007. The Moroun family's holding company, CenTra Inc., controls approximately 71% of the stock in Universal Logistics and about 68% of P.A.M. Transportation Services.

Matthew J. Moroun, Director

Matthew J. Moroun was appointed to the Board of Directors in April 2020. He is also engaged in other Moroun family-owned transportation and business services. He has been a director of P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) since 2020. Mr. Moroun earned a Bachelor of Business Administration in Finance from the Mendoza College of Business at the University of Notre Dame. He is the son of Matthew T. Moroun.

Frederick P. Calderone, Director

Frederick P. Calderone serves as a Director for Universal Logistics. His background includes experience as a partner with Deloitte, Haskins, & Sells, Certified Public Accountants (now Deloitte LLP). He has also been a member of the Board of Directors of P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) since 1998, where he contributes his expertise in financial reporting, generally accepted accounting principles, and taxation.

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The key risks to Universal Logistics (ULH) primarily revolve around its significant customer concentration, the cyclical and currently soft freight market conditions, and its substantial debt burden.

1. Customer Concentration and Reliance on the Automotive Industry: Universal Logistics generates a large portion of its revenue from a limited number of major customers, with the automotive industry being a particularly significant segment. In 2024, the automotive sector accounted for approximately 47% of ULH's total operating revenues, and sales to its top 10 customers, which include major automotive manufacturers like General Motors and Ford, made up 56% of total operating revenues. This concentration makes the company highly vulnerable to downturns or changes in demand within the automotive sector, as demonstrated by the impact of lower automotive production on its Q1 2025 revenue and net income.
2. Soft Freight Market Conditions and Segment Weakness: The transportation and logistics industry is currently facing a challenging and soft freight market, characterized by overcapacity and pricing pressures. This has significantly impacted Universal Logistics' performance, leading to revenue declines and reduced profitability. Specifically, its intermodal segment has experienced substantial operating losses and an $81.2 million non-cash impairment charge due to reduced demand, while the trucking segment has seen a significant year-over-year revenue decrease.
3. High Debt and Capital Requirements: Universal Logistics operates in a capital-intensive industry and carries a substantial debt load. As of June 30, 2025, the company reported a total debt of $911.7 million, and approximately $740 million in debt as of Q1 2025. This high leverage and the significant ongoing capital requirements could constrain the company's financial flexibility, affect its liquidity and profitability if it cannot generate sufficient cash from operations, or if it struggles to obtain favorable financing.

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• Autonomous Long-Haul Trucking: The rapid advancement and testing of autonomous driving technology for long-haul trucks, by companies such as Waymo Via, Aurora, and Plus.ai, represents a significant emerging threat. This technology has the potential to drastically reduce labor costs, increase asset utilization, and change the operational economics of the truckload sector, which is a core part of Universal Logistics' business. If autonomous trucking solutions achieve widespread commercial deployment, they could provide a lower-cost alternative that traditional, human-driver-reliant carriers may struggle to compete with on price and efficiency.
• Digital Freight Brokerage Platforms: Technology-driven platforms, exemplified by companies like Uber Freight, Loadsmart, and other digital-first freight brokers, are emerging as a clear threat to traditional freight brokerage models. These platforms leverage advanced algorithms, data analytics, and mobile technology to streamline load matching, provide real-time pricing and tracking, and offer greater transparency to both shippers and carriers. This can disintermediate traditional brokers, including Universal Logistics' brokerage segment, by offering more efficient, potentially lower-cost, and user-friendly alternatives that challenge the established human-centric brokerage model.

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Universal Logistics Holdings, Inc. (ULH) operates in several key segments within the logistics and transportation industry, primarily across North America. The addressable market sizes for its main products and services are as follows:

• Truckload Services: Universal Logistics offers a comprehensive suite of truckload services, including dry van, flatbed, heavy-haul, and refrigerated operations. The U.S. freight trucking market reached an estimated $906 billion in gross freight revenues in 2024. Another estimate places the U.S. road freight transport market size at approximately USD 562.68 billion in 2025, with projections to reach USD 674.49 billion by 2030. North America, as a whole, represented 37.22% of the global freight trucking market, which was valued at USD 2,739.24 billion in 2024.
• Intermodal Drayage Services: The company provides intermodal drayage, coordinating local and regional moves of steamship and rail truck containers. The North American intermodal freight market is estimated to be approximately $51 billion. More specifically, the North America intermodal freight transportation market generated a revenue of USD 15,278.8 million in 2023 and is projected to reach US$ 31,588.0 million by 2030.
• Contract Logistics and Value-Added Services: Universal Logistics is a significant provider of contract logistics, encompassing material handling, warehousing, cross-docking, sequencing, sub-assembly, kitting, repacking, and returnable container management. The United States contract logistics market is estimated at USD 62.37 billion in 2025 and is expected to grow to USD 75.33 billion by 2030. Other estimates indicate the U.S. contract logistics market reached USD 128.52 billion in 2024 and is projected to grow to USD 186.61 billion by 2034. Within the broader U.S. Third-Party Logistics (3PL) market, which had gross revenues of $299.5 billion in 2023, Value-Added Warehousing and Distribution accounted for $68.1 billion, and Dedicated Contract Carriage for $29.7 billion.
• Brokerage Services: Universal Logistics offers international and customs brokerage, as well as freight forwarding operations. While specific market sizes for "freight brokerage" are often embedded in larger logistics categories, the Domestic Transportation Management (DTM) segment of the U.S. Third-Party Logistics market, which includes non-asset-based transportation management services, had gross revenues of $123.6 billion in 2023. International Transportation Management (ITM), which covers international air and ocean transportation management services often including freight forwarding and customs brokerage, recorded gross revenues of $74.0 billion in 2023 in the U.S. The overall U.S. logistics market, which includes these services, was valued at USD 455.4 billion in 2024 and is projected to reach USD 795.7 billion by 2033.

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Universal Logistics Holdings (ULH) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives across its diversified service offerings.

1. Expansion in Contract Logistics and Value-Added Services: The Contract Logistics segment consistently delivers strong results, with significant revenue contributions from value-added programs and dedicated transportation services. The company has seen growth in the number of value-added programs it manages, which are crucial for supporting inbound logistics for industrial customers and retailers, including material handling, consolidation, and warehousing.
2. Strategic Acquisitions: Universal Logistics is leveraging strategic acquisitions to expand its market presence and revenue. A notable example is the acquisition of Parsec, which has already contributed substantial revenue to the Contract Logistics segment. This approach of combining strategic acquisitions with organic growth is a stated method for asserting its position in the logistics industry.
3. Focus on Specialized Freight, particularly the Wind Energy Business: The company is strategically investing in and emphasizing specialized freight, especially its heavy haul wind energy business. This segment is identified as a strategic differentiator that supports more resilient margins even in challenging freight markets. Investments in its "wind franchise" are expected to continue driving revenue growth.
4. Sales Pipeline Expansion and Strategic Customer Acquisition: Universal Logistics is actively enhancing its sales capabilities by appointing new executive leadership for enterprise-wide sales and business development, hiring senior sales directors, and implementing a new CRM solution. These initiatives aim to unify sales activities, improve visibility into a "growing $1 billion sales pipeline," and focus on strategic customer acquisition to drive profitable growth.
5. Operational Improvements and Intermodal Segment Transformation: While the Intermodal segment has faced headwinds, Universal Logistics is committed to transforming it into a leaner, more efficient, and eventually profitable operation. Actions are being taken to improve underperforming operations and rationalize costs, which, once successful, are expected to contribute positively to overall revenue and profitability.

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Share Repurchases

• Universal Logistics has a policy that anticipates share repurchases as one of its primary uses of cash.
• The firm has repurchased shares over the years, demonstrating a commitment to buybacks.

Share Issuance

• The number of shares of common stock outstanding as of March 7, 2025, was approximately 26,317,326.
• This represents a slight increase from 26,284,424 shares outstanding as of March 6, 2023.

Outbound Investments

• Universal Logistics made a recent acquisition of Parsec, which contributed $50.2 million to contract logistics segment revenues in Q3 2025 and $56.4 million in Q1 2025.
• The company plans to continue making strategic acquisitions that complement its business model and those deriving revenues from asset-based operations.

Capital Expenditures

• For the full year 2025, Universal Logistics expects capital expenditures for equipment to be in the range of $100 million to $125 million, with an additional $50 million to $65 million for real estate.
• Actual capital expenditures for Q1 2025 were $52.6 million, for Q2 2025 were $84.3 million, and for Q3 2025 were $54.5 million.
• The primary focus of capital expenditures includes transportation equipment, investments in support of value-added service operations, and the expansion of the terminal network.