ULH - Earnings call transcript Q4 2018 | Universal Logistics Holdings, Inc.

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Operator

Good morning. My name is Marianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Universal Logistics Holdings, Inc. Fourth Quarter 2018 Financial Results Call. [Operator Instructions]. you. Thank like Universal call Logistics. now Rogers, to turn of CEO to would over the Jeff I

You begin may your conference.

Jeffrey Rogers

quarter XXXX Thanks, for Marianna. the revenue Call. fourth Quarter of a XXXX and joining you record-breaking Fourth Earnings record the Universal quarter set Good Logistics Holdings with morning. in continued the Thank earnings. row trends in Fourth

will $XX.X revenue $XX.X As share our million securities operating The these over of losses Universal legal double-digit of row end quarters in team executed over EPS a provide adjusted a of and operating increased $XXX.X to matter excluding of XX% legal record-breaking earnings income income revenue Jude was increases or The fact, here increased quarter and portfolio, in million. to it last minute. a adjusted marketable a per reserves Consolidated the has Adjusted in $X.XX, XX%. year just year million, been and four reconciliation quarter reserves, last earnings. on fitting year-over-year increased a of numbers Fourth fourth XXX%. excluding year well. by of XXXX.

As I Universal some XXXX, back take look things. good quick at pretty accomplished a

Each of and as our share, intermodal to which are to network. team on facility strategic performing operating our and strategy. addition closed they Universal continuing and in us that brought credit and be, new be well said we in finance acquisition well would dry proven the income new M&A as In accretive, flexibility acquisitions customers as Jude completed a and better our powder as with investing out plenty to locations, drayage earnings opportunities continue business revenue, intermodal build new have nationwide per gives X of expected. than record key all as or we

of important an average average the our Speaking our close from of our history. Obviously, driver is acquisitions our best in age percent XXXX, through we're saw age automotive, trailers a and in equipment our good a growing that XXXX hard less our vertical. operating organic desired but in improving while business, line. is team outside automotive and getting in to growth We worked not and safety decrease the perspective. XX% shape and this investment revenue is from because tractors total to and very back The from XX% for our top very in owned thing on retention margins from

XXXX. XX.X% the of did EBITDA the expected. best adjusted Several be our was since have best XXXX ever. that a go not lot reason XXXX and of was margin since And Our our OR will business areas XXXX, of adjusted best believe I of XX.X% as the to

dedicated talked quarters on while to were commitments unit, previous meet market. that below profitable, our contract have several I Our about as return did expectations, not due

throughout due We and the processes have we end business. on new margin completed The XXXX, The to irregular than will with portion of drivers optimize in to rate in which key Universal route to that XXXX. of fully We administrative primarily ever. expect several be income our revenue expect technology focused truckload planning, experience day and greatly and grew their so operating drivers to team improved better day-to-day will strong with planning the truckload our by is for meet visibility, continue goal XXXX enhance week. drivers business negotiations deploy overall the customers agent to but dedicated lose environment, and a in over-the-road XXXX, that

XXXX good. the to with would Now is good normal expect I environment remains really shifting current the a to seasonality. economy view XXXX. the of be on year and The pretty remainder strong

digit mid-single is rate plenty contract to overall has is stronger pricing capacity in compared and freight There range tight. of a for are what increases still truckload we experienced year, spot last still are and While for the softened little holding intermodal.

over Our remains billion. sales pipeline $X.XX

strategic Our how about our record chains needs our we relationship how supply can capability, our changing problems. are robust proven their offerings with key and those Universal customers diversified continual are been meet better, never solving conversation and service because has and of of our track having

plant in capacity but desperately to clearly business. secure value-add annual As with business what piece our assembly this substantial of a $XX Dedicated will do close over be of I additional run customer. that an do. automotive short-haul can million believe to is so be an very a has where that We XXXX. pricing example need, few for dedicated provide variable do automotive and we of automotive capacity. fixed to to can perfect blueprint find our And is customer they agreed could have OEM will said Transportation and the for opportunities time, the win already companies many times, recent Universal that A an This for us operated first within not win rate

XXXX forecast forecast Our a million goal to to remain saw XXXX materialize. to own the units. be plant record year. Class XX for near A Automotive continues our truck production

expectations. strong the As still give you around are performance. color our Jude well as to positioned is consumer strong, as well I and XXXX continue our said, economy is Jude? still more will reiterate spending the we financials our now

Jude Beres

$XXX.X XXXX. net Good per morning, the fourth XXXX. Jeff. million of earnings reported of XXXX Universal's total XXXX need or compares to This of both Universal $X.XX to revenues or adjustments fourth quarter that on certain per of normalized operating on in Logistics share margin share everyone. Holdings million million income income $XX.X per quarter includes and total determine be operating $X in operating net our $X.XX reconciled to Thanks, revenues quarter and million of the of the fourth results $XXX share. of in

Let's start with XXXX.

Cuts by EPS as in of $XXX,XXX from XXXX, On share. unfavorable included Jobs of XXXX, Universal's a reported $XX.X tax Trump liabilities share of also income Tax On quarter and as in revaluing Universal's recall, XXXX. normalized netted of a legislation included tax million reported tax $XX.X well the $X.XX million signed million, adjustments to of fourth benefit mentioned. you of In fourth per deferred late an these fourth was $X.XX the net If net additional basis, items in adjustment. due per Act XXXX our we resulting couple basis, a an $X income which already per the quarter quarter of share we have President

was related of which The the of First, about total to recorded of after-tax in million, was $X million the an a basis. charge disclosed XXXX. $X share accident per of quarter settling we of which incurred a accident, settlement cost third on previously equivalent was the million $X.XX $X this

experienced versus the million The significant quarter or After share negatively EPS of reported, decline was the million the these quarter share. fourth $XX.X which from $XX.X of in in losses Universal's to second quarter Universal's in excluding to of the for XXXX, settlement, per to per portfolio fourth $X.XX holding quarter quarter was $XX.X $X.X impacted million earlier. fourth the item fourth per $XX.X per the X.X% $X.XX XXXX. back, approximately $X.XX million adjusted compares from X.X% EBITDA was share. in $XX.X adjustments stock million would increased Adjusted X-year XXXX fourth compared these XXXX, million $X million a which to adding X the of by adjusted Together, of quarter operations XXXX. and the be quarter Universal's operating adjusted compared margin, legal items the income in of $X.XX share

revenues. of total are fourth Our operating and of quarter and quarter These metrics X.X%, margins and the X.X% XXXX. XXXX EBITDA adjusted X.X% X.X% respectively, operating for of fourth compare to the in

$X.X Transportation revenues in of million sheet, $XXX.X the the totaled $XXX income totaled Dedicated we at for XX.X% performance Looking to held for increased total of income million marketable to $XXX.X year service $XX.X totaling operating $X.X million last and the of of Outstanding the NVOCC Class cash quarter of operations excluding million. rose million $X.X the expenditures securities. and from businesses, on $X the our intermodal, after balance our In and to million the $XX.X comprised we heavy value-add which quarter transportation cost operating where $X.X charge our million segment, XXXX. million our of fourth quarter million in million truckload, debt compared million services, logistics A is XX.X% includes for compared and On operating revenues of revenue truck from including fourth XXXX. quarter income our business, net which million to the $X.X the our to of cash market our brokerage $XXX.X $XXX.X in end million period. operating Capital issuance equivalents in $X.X debt million $X.X compared segment, of to same on freight operations and of quarter total segment increased settlement at XXXX, million

For would also $XX Universal's remind its XXXX, million, I while million like free totaled released X, flow. CapEx outlook. on XXXX to the Universal everyone February year, that financial $XX.X generating cash of

expect operating are between million the on expense results. quarterly Wednesday, well expenditures $X.XXX -- billion, $X.X in $XX share a $X.X $X.XX million. X%. expected $XX special operating $XX our continue margins based and to dividend of per and as Directors between share On be of and regular million to interest We XX.X% declared be as billion $XX million, Universal's total the range for XXXX XXXX revenues total to to dividend of in Board range per our Capital of X% to of

we're quarter's are be With X, March that, is questions. at This payable business close dividends XX, expected on of March XXXX, paid of take on record and to the some to XXXX. to ready shareholders

Operator

Instructions]. [Operator

Chris with Your Wetherbee from first Citi. question comes

Christian Wetherbee

the help the XXXX. little as a step-up you look perspective step-up -- margin across to I particularly the walk sort X% business guidance. margin is -- bit? your key book is pretty wanted portfolio What you us, finished the a of, little to guidance, to where what Obviously Could from from are touch that get meaningful base drivers on gap the bridge bit of businesses? you a your a that X%

Jeffrey Rogers

that, Chris. help I Right. can with

at go through choppy we where we're space, where look from a little getting logistics it we're if So bit at through year. the margins. a back to you -- went to and we at But was value-add if you normal look as

So if that into helps you that project just XXXX. forward,

which continues are margins intermodal better very existing all us. the on intermodal. our -- than acquisitions time, With intermodal, those margins higher is for intermodal get within the our good legacy to And

if a those is just So X into the margin out big play you areas. that's what part XXXX, of improvement from that

of also in has We the strength from lot our we where pretty in be margin perspective, there's was areas dedicated, which or either to it XXXX big of from XXXX actually needed a that business a a been but other feel drag. not

can in that feel basically dedicated X%. $XXX the on to all that it going to expect So we renegotiations do there to we get and pretty and that's million X% million based margin business, if back what step-up and you $XX because that take XXXX in pricing we see our XX% to big we forward, the was that on a margin X% in

well that's as big So there. the step-up

us range, and So X% if really that's the we you with feel take X to that. what to those areas, comfortable X% gives pretty

Christian Wetherbee

that's you're business, the And in about nice some thinking Okay, acceleration then we've intermodal helpful. profitability. when specifically seen

the that, of Some there you shake you And looking out stages rate has of think expectations in terms intermodal the the about are for what bit think, a How of could sort early players sort XXXX? what that through at bidding are for out year? you do talk little been? you contract that of are full -- going of, could

Jeffrey Rogers

digits that starting X Tim probably Yes. up I are even would stronger still knows The than contract two. is on a X% or We're X%, seeing President X% getting side. truckload. area. rates was still Everybody that truckload -- be to bit. call, a X what we're our may truckload a -- still intermodal to And case talking that intermodal bit of from head point Intermodal's are maybe to rate seeing, a little point I or soften rates up just mid-single to we're the higher. or another Phillips, one in in

truckload, good than would from So a pretty an little it stronger intermodal I still but perspective. darn bit call

good So that. about pretty feel we

Christian Wetherbee

increases. dynamic of sort of that sort course maybe year. it dislocation. rate comping see to of at dynamic? But some an an of other talk maintained heard rate it's think of there about truckload interesting And it's you're that you the Maybe Okay. is just against. bit over increases prospects Can really the be of for temporary great intermodal sort because sustainability rate little folks I hard talk about from we've that a increases looking we're entire the XXXX the could sort outpace that view a obviously,

So any sense sustainability of about how intermodal we to think that of outperformance relative about the truckload?

Jeffrey Rogers

going going customer we're X% of in say not the hard from X% year. pushback seeing increase, we're getting a from by at It's customer. extremely is you end what's we're on. going a congested. with depending And to to any Everything the railroading a all happen railroads Yes. perspective X% what's look perspective, to ports precision when if at The congested. The the going are on extremely still are everything where on to

end the at what do of day, So we drayage. is the

are customers pay port rate So to got willing higher get the to that they've the out railhead. of that stuff because either or

we why think a piece. perspective, sustainable that intermodal in And are why that's confident more acquisitions drayage than with and from sustainability better. playing feel of think, domestic is I our intermodal that's we targeted that so, the space the more really there, we're because that's And drayage maybe

Christian Wetherbee

question Okay. A One That specific the side. sense. Class on makes

how rate seeing thoughts So of those the into meaningfully as could cycle? truckload business want going cyclicality your from obviously, that Contract just how production you I too year get bit of end 'XX decelerating Class to side. numbers tick sure Is here. to of pretty There's a of A looking about think a you different sense the there? of possibility kind your mentioned, rates I normal there cycle what had be relative rates with just that a down 'XX. make standpoint, plays do a the But a on to get understand be spot big sort probably kind build in bit production to little little we we're tail the that of are. the

Jeffrey Rogers

Yes, that's interesting.

a the the enough level. because keep year we're produce high but couldn't the at from in production great there to If side, you XXXX, look from perspective supply where disruptions we at, a because a lot production was had parts suppliers at of

been some think corrected. I of that's

Some of as maybe XXXX. it we not go into

about I everybody. that hard you've just from and So think --

You may XXXX. still but there's have get into some over didn't and ordered they delivered, tractors production carrying in XXXX,

bigger I us from a OEMs year forecast schedule, our a think from XXXX's that. still telling going production be least the to are at

I chain better. is think going be supply the to

I have their figured it they capacity. out increased have and people now, think

very up, 'XX from So which If some different robust I different production expect would XXXX be 'XX may a have picture XXXX, they're have than seeing and see. but they make to from what story, whole can wait a is think, really we'll may keep you I 'XX, right schedule. carryover a now. to into

just didn't 'XX we'll so just So just there's much that think really, have to still production in 'XX, see. year. good to is But a really happen I going pent-up be

to perspective the We ever. best a forecast it from expect year than be

Christian Wetherbee

maybe intermodal or was -- that, there side, a of that volume in of early you networks, ahead quarter. think of quarter, And seen if a when low potentially or Okay, volume at the be Do last a your activity the first it's you across the half okay. then that or maybe feel value-added make on two, early any one? any trade look little looking number forward we're a hangover of think otherwise, sense. in some And you've the tariff-type whether you about some the the into is maybe number the lead second bit evidence That just that macro quarter? trends question and of warehousing it quarter, then fourth does of first like of curious of issues, as you to sort was pull in second

Jeffrey Rogers

some with did space that saw, very, -- our we they large very few pull we've to very what we warehouse the we and obviously, Southern inventory. because what I'll to there answer California, customers. the talked acquisitions the it because customers got in specific And forward, we retail didn't and hold ones to by know we what anything talk not extra have

that pull to would from there cost has seen than We more customer have do know that So base. been not Now figure just it our to pull try specifically to out but I that forward, us. forward?

a was New -- the right intermodal of the because starting of extremely now. time to comes in strong side. are February is soften right that bit We January and period Year, Chinese on

some next that of now, the that significant there's lot from So be from for forward. customer I couple anything pull our with our to says weakness, there perspective, But basis going forward weeks see didn't think, right because a going was whole a I of base.

Operator

comes Your from next question Stifel. with Chan Bruce

Bruce Chan

the the value-added services value-added discussed can just Just think headcount you've here And you on this declines a side. But on remind the services what's in couple us the driving side? past. continued I

Jeffrey Rogers

ago talked and larger one struggled, about year much than we now. a a we Mexico project Yes, was Remember, it Mexico. really is was where that specific

there's add. improvement control and really we're heads asked of squeezing is which operation, reduced over anything The just day, margin. Back value squeezing because, time, rest just question margin significant seeing that So Chris is at end to in the in out is Mexico the heads, like what it a the cost from it's the of our that else. about

You you And over in better. you years, reductions hold these bit seeing smarter, business of get bit for time. should pieces you get a little headcount start a little when multiple

Bruce Chan

And side. helpful I on value-added That's being good great. that aerospace opportunity you've a Okay, know services big discussed as that certainly and news.

on where opportunity? and Just you to you terms of give sales an can want if see are us update that cycle in

Jeffrey Rogers

Yes.

they sure are They aerospace, to might just they to they expensive couple risk-averse, partners. pieces very grow to very and of aerospace you think we It's imagine. little vertical. of picked and right absolutely picking as a with are cycle aggressive I -- the be We last make are sales in additionally trying extremely long business a small want up want year so the faster. that

we're business be of more very off expect got with a OEM ark now, forward. we're yesterday business that we word good and have coming just an that going with the to them relationship fee on fact, we -- We doing included with going Matter of forward.

we So about pretty good that. feel

Bruce Chan

assuming to then of to investment you the typical margin hopefully substantial that's in that made bring business And kind the do a be in in got of win you it? And startup lag get order costs? to business, on of that there Okay. do what have online terms of is some terms to that what's

Jeffrey Rogers

typically, is the about thing or they Whether cool than piece little what whether found for it, is price. the all the in the it's The life with investment -- have you is a pay upfront capital price aerospace, different all which contract. bit guys, of automotive we it the of pay one, over it's whether in

So with they aerospace is experience far, pay upfront. our typically

too and a be cost whatever. being additional these it's big contract, there's projects start capital when costs for project, There's covered whether concerned the costs wouldn't extra about X-year, within or any always X-year we So an it's you start-up on the that us side. really always but or

So there, of that's extra of typically cost it upfront. aerospace a but pay some guys -- with lot cool it's you'll see kind they actually for

Bruce Chan

is Then the here That question logistics one nice. just side. last on certainly

about your pressure maybe, payment the you all for factoring do? in any of this the and business. you? that something on was case that And more something common line? broadly, that the capital side talked are that, said working introducing place seeing factoring business you that competitors One in Is fairly that's Is

Jude Beres

I I We Bruce, pretty personally never mean, No, weeks. hard. our every with Jude. group hit factoring. done we've two it's collections meet collections

days XX, here stable since I between got very XX in DSO has XXXX. Our been

the really So as are their to terms with really collections, lot long we of They drama payment the I as pretty stick don't a see don't mean we -- much right. no, bills OEMs. have

end, have off doesn't on on sense a getting ever margin That the money you -- you back we'll in focus of points to willing additional receivables. door. this the not in the right any if invoices get to don't plus, the upfront, business. shave we're lot Plus, problem shave So really make never factor

Bruce Chan

your you And one I then hop last just record average else off and for Okay, getting to talked before fleet that's age one levels equipment. Jeff, your an owned opportunity. helpful. give super down about someone

it small of the production kind square are with and want kind how and the that's of come of it results? that owner-operator what some independent And know Are Just on seeing insurance the of to for still you we're trending up age of potential these fleet count, there? side down seeing claims? that implications numbers or fleet some some maybe is

Jeffrey Rogers

there's because they mind, the what in don't owner-operators, choose keep between I do not. equipment. They Well, in control get with to or difference their track

really we're age average to years. average of know couldn't going that that an -- investment tell fleet. to years close X age to I And want very of our of X, want on age X with to get average of been there. And X So than that's that and close tractors been was to that just a I get capital I've trailers an what's lot we different previous. you over we're to very the obviously, the here

So goal. we're going to spend, consistent a get and the that's capital whole through

Bruce Chan

what fleet helpful. seeing than all was where increasing that's been fleet Class go, large that do And lot something and we've a some it's A idea that I say guess growth. I we're people small talking trying was orders of these growth heard is about of get lot year. Okay, an really faster a We've just to

had you is going. to color again where some just as any know if to that front on this So capacity wanted of

Jeffrey Rogers

going to I say, we piece in it and the have how -- gotten are offer but in a of dedicated as it's similar could that what for made business, some what we business large little do they most fleets, of business. We're I growth on piece there's I picked very, going we're we the there, to equipment smaller here because like be. do, see very just additional know again, irregular driver where the we very some fleets especially drivers. actually of of and route our are replacing, that, Well, that defections up. we specific we bit mean, by point

or not of force one, mileage age the and on that may tractor those of ELDs the the guys the run. going are some depending smaller guys that, they to So

some smaller we've of ELD the know the the where So on there's there add I really I about because issues some the don't that's fleets. of what's exactly drivers are all can going going to to really But with thing fleets some heard. of the only small requirements that. that

Operator

Jason Your with Cowen. Seidl from next question comes

Jason Seidl

questions the to talk little here. a Couple side. bit in margins about Want dedicated quick the

You will, was in to an some said Did final guys it you in had amount you inordinate due contracts sort were market. XXXX? under year, of that if their contracts of

Jeffrey Rogers

a mind, cycle in of been the all on one of year nonautomotive almost growing in dedicated lot Keep or automotive most guys, were year part, some which is a we But our two those the automotive. past, now. are for always predominantly a it's cycle. the And

if So the 'XX, significantly different of 'XX. if of at -- the something market like the in by was locked think we you about beginning end

locked really I you with. so -- been can now If that dealt those dependent. in But majority of have just it's the tell you vast

year we'll with more X working large that ends figured now in bring to out that of we've it fairly this market. one that think, get got June we're I and

we year. feel in that get confident we why that's margins very we'll need So feel the I dedicated -- this

Jason Seidl

So basically settled terms the but of in got contract? all you one

Jeffrey Rogers

we're we've just with mind, big program, of a But already lot matter one more for one of we've mean, I day-out. with. had keep All the And specific got lanes what accepting there's part, programs a large asking always most day-in for. change OEM, the big It's that really one to discussion. one. big in and but deal a the

Jason Seidl

That's case. always the

obviously Speaking down the pretty of of it's next XX% but year, the last and, for automotive high. still couple is thing come

out of sort sort Just acquisitions goal when of you're branch automotive? from at the X looking away future

Jeffrey Rogers

because we're have do what don't is to would -- outside tough I've But to to space, I'm you acquire in the that I specific those tell going also try good said, And we're always I've expand we're us can to All that that. automotive. continue to one, the if will always so number to in it's continue continue business, plan grow do giving continue a we are sure going going be guys which be. I to As That's nonautomotive, verticals yes, good because is percentages. in the our intermodal another mind a thing. is, that not really number more in vertical. to to past, also which constantly automotive help always it's to of said going

good my So you in for. have because that I'm head one number really don't I just a I can't shooting give

Jason Seidl

sort Okay, any about And the congestion interchange it? the for of intermodal been sort -- from with and business. railroads of railroads? has of to from speaking you told what of from fair implementing three enough. what How guys sort not expect port the you have your are been And conjunction impacts PSR either

Jeffrey Rogers

be didn't There's together for time about things a some or just yet haven't the think, congestion that any from their of PSR, they that materialize congestion I are definitely get of we talk perspective. in hear gummed anything getting the seeing in And I railroads effect. But but terminals, railheads. just where just But different of where different closing the to part real we railroads of last the question. period up. railheads the seen it's act kind that are it to a shifting to there's really, creates PSR a while of want quite

Jason Seidl

fair community? companies Okay, that's even start the at considering, maybe Amazon, Walmart out some a you think with taking and operations will, We've on. seen sort should INC enough. some sort customers, guys? shipper we that this sort of, this Amazon some looking been automotive have announce You in more for look Last with leader, again of might if you question. in-house to in-house, business Walmart early starting still of, Is XPO. something large with although

Jeffrey Rogers

that as far keep Well, as has in a for mind, automotive time in in space long just been time.

time. have doing to think guys warehouses just in big the closer plant, long a you whatever we next that the the that parts The They they're about built when can building right e-commerce, deliver to automotive done time. So assembly is consumer. warehouses it's for the so

it, done how not we're a part -- of there's change and it that. to does be going from that's already they've automotive So a big because

where we Walmart. with about, are one, business lot cross-dock Walmart that having because being are difference conversations We of customers awful looking just talked you they an at the do for

their have their within of X distribution cross-docks network. We

looking they're at it's So going like the lose to going be I business. be how we're are going do it's going to think they But to things to don't not -- different.

to to it's as change conversations solution great chain. may I they type different for having want warehouse distribution them be their it whether them done think bigger to or to where a arrangement, shift closer a have they with that of part a we're supply of

Operator

Instructions]. [Operator

comes Your next Kauffman from Jeff Capital with Loop question Markets.

Jeffrey Kauffman

basis a tax quarter. questions. quarter Jude, What rate the part And a below the a year. on XXXX bit about was side. the couple XXX what is looking tax fourth below little true-up for, the in just I rates XQ? way outlook? the was know your lower think points what's I terms detail rate Tax Solid about to right caused always in of of

Jude Beres

Yes.

did to So we study, that tax provision which between XX% We accelerate was return suggest had cost-ag to 'XX, going that favorable. you QX, some the allowed a forward. model us we XX% from and depreciation.

rate. run in bit a really noise little that's So we the not had quarter of

comfortable land. that's keep to going we and that to So XX%, we just where using feel it's XX%

Jeffrey Kauffman

going this or The first in XXX the that we operating to how announce does point the is on Are affect quarter? you? perfect. new capitalize in to we of do guidance Okay, And ASC it have leases, that leases? at any

Jude Beres

through going right we're No, that now. Yes.

through in we're have So going shake auditors still how so lot all out, a more to our color our that we'll that's on QX call. with working

Jeffrey Kauffman

hit Jeff, in Okay. And because question of mine lot questions. final then earlier one a were for the

phenomenon. the industry something structural reconfiguring this talking rate were or network more it's challenges that's or that Is having any life? with or this of drivers, is at higher about about wage fixes for rates any and the an quality higher You and wages issue, you're a OTR the

Jeffrey Rogers

rates went I cases, mile. I what or rates per -- because would those higher in what think revenue XX% XX%, if say in about the latter did you some through XXXX, on guys

yes, were per quality But ever. in guys XXXX of those probably life load So paid still basically. more than the sucked getting

supply the the really we're out, day, at of end chain our solves a wrestling and end the that. with figure think it's that's there's groups I of a and the with in business think don't the I day, and to shift So the in working agents what truckload shift because money And models. at

more more be a opportunity berth. sleeper has those versus think to a of the for regional-based more to spend I little bit home approach, back of of the really guys a in at it time

it's So to think time. got over just I something change that's

Operator

at over time. There now back the are the further questions presenters. no will turn I to this call

Jeffrey Rogers

to appreciate a in you Great. everybody. We Well, appreciate support talking look and you couple us. joining here to forward Thanks, your months. we

Operator

This conference call. concludes today's

may now disconnect. You

Universal Logistics (ULH) 22 Feb 192018 Q4 Earnings call transcript