# EDGAR Filing Document

**Accession Number:** 0001308208
**File Stem:** 0001193125-26-201493
**Filing Date:** 2026-5
**Character Count:** 53109
**Document Hash:** c909af198bfda263aae7c1138398f5b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-201493.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001193125-26-201493

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260429

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIVERSAL LOGISTICS HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001308208
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING (NO LOCAL) [4213]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 383640097
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51142
- **FILM NUMBER:** 26932866

**BUSINESS ADDRESS:**
- **STREET 1:** 12755 EAST NINE MILE ROAD
- **CITY:** WARREN
- **STATE:** MI
- **ZIP:** 48089
- **BUSINESS PHONE:** (586) 920-0100

**MAIL ADDRESS:**
- **STREET 1:** 12755 EAST NINE MILE ROAD
- **CITY:** WARREN
- **STATE:** MI
- **ZIP:** 48089

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Universal Truckload Services, Inc.
- **DATE OF NAME CHANGE:** 20041109

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** April 29, 2026<br>

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Universal Logistics Holdings, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Nevada | 0-51142 | 38-3640097 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 12755 E. Nine Mile Road |  |  |
| Warren**,** Michigan |  | 48089 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 586 920-0100<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, no par value | ULH | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On May 1, 2026, Universal Logistics Holdings, Inc. (the "Company") issued a press release announcing its financial and operating results for the thirteen weeks ended April 4, 2026, a copy of which is furnished as Exhibit 99.1 to this Form 8-K.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*Chief Financial Officer and Treasurer*

As previously disclosed in the Current Report on Form 8-K filed by the Company on April 8, 2026, Michael H. Rogers was appointed to serve as Chief Financial Officer and Treasurer of the Company, effective June 1, 2026.

On April 29, 2026, the Company's subsidiary, Universal Management Services, Inc., entered into an employment agreement (the "Employment Agreement") with Mr. Rogers in connection with his appointment as the Company's Chief Financial Officer and Treasurer. The Employment Agreement provides that Mr. Rogers' employment will commence on June 1, 2026 (the "Effective Date").

Under the Employment Agreement, effective as of the Effective Date, Mr. Rogers will receive an annual base salary of $425,100, which, subject to his continued employment with the Company, will increase to $500,000 in June 2027. Mr. Rogers will also be eligible to participate in the Company's annual cash incentive compensation program and, for 2026, will be eligible to receive a minimum cash bonus of $300,000, payable in October 2026, subject to his continued employment through the applicable payment date.

In addition, effective as of the Effective Date, Mr. Rogers will be eligible to receive a restricted stock award with an aggregate grant date value of approximately $127,500, which is expected to vest over a four-year period, with 25% vesting on each anniversary of the grant date, subject to Mr. Rogers' continued employment. The restricted stock award will be granted under the Universal Logistics Holdings, Inc. 2024 Equity Incentive Plan and will be subject to the terms of such plan and a separate restricted stock award agreement between the Company and Mr. Rogers.

Mr. Rogers will also be entitled to participate in the Company's employee benefit plans and programs generally available to senior executives of the Company, including health, dental, vision, disability, life insurance and paid time off benefits.

The foregoing description of the Employment Agreement is not complete and is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

*Audit Committee Appointment*

On April 29, 2026, the Board of Directors appointed Michael A. Regan to serve as a member of the Audit Committee, effective immediately. Mr. Regan has served as a director of the Company since 2013. The Board of Directors has determined that Mr. Regan is independent under the applicable listing standards of The Nasdaq Stock Market LLC and qualifies as an audit committee financial expert. There are no arrangements or understandings between Mr. Regan and any other person pursuant to which he was selected as a member of the Audit Committee, and there are no transactions involving Mr. Regan that would require disclosure under Item 404(a) of Regulation S-K.

## Item 5.07 Submission of Matters to a Vote of Security Holders.
The Company held its Annual Meeting of Stockholders on April 29, 2026. At the Annual Meeting, the stockholders elected 9 directors to serve as the Board of Directors until the next Annual Meeting of Stockholders, approved on an advisory basis the 2025 compensation awarded to our named executive officers, and ratified the appointment of Ernst & Young, LLP as the Company's independent registered public accounting firm for the calendar year 2026. Final vote tabulations are indicated below:

***Proposal No. 1: Election of Directors***

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| | | |
|:---|:---|:---|
| **Nominee** | **For** | **Withheld** |
| Grant E. Belanger | 23885723 | 2018353 |
| Frederick P. Calderone | 20633906 | 5270170 |
| Clarence W. Gooden | 25493027 | 411049 |
| Marcus D. Hudson | 24051648 | 1852428 |
| Matthew J. Moroun | 20431071 | 5473005 |
| Matthew T. Moroun | 20108850 | 5795226 |
| Tim Phillips | 20296799 | 5607277 |
| Michael A. Regan | 25243141 | 660935 |
| H.E. "Scott" Wolfe | 20640086 | 5263990 |

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There were 196,327 broker non-votes with respect to this proposal.

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***Proposal No. 2: Non-binding advisory vote to approve the compensation of the Company's named executive officers***

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| | | | |
|:---|:---|:---|:---|
| **For** | **Against** |  | **Abstain** |
| 25,683,675 | 176,542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,859 |

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There were 196,327 broker non-votes with respect to this proposal.

***Proposal No. 3: Ratification of the Company's independent registered public accounting firm for 2026***

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| | | | |
|:---|:---|:---|:---|
| **For** | **Against** |  | **Abstain** |
| 26,082,205 | 3,591 | 14,607 | 14,607 |

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**Item 7.01 Regulation FD Disclosure.**

On May 1, 2026, the Company issued a press release announcing that our Board declared a cash dividend of $0.105 per share of common stock. The dividend is payable on July 1, 2026 to stockholders of record on June 1, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

## Item 9.01 Financial Statements and Exhibits.

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| | |
|:---|:---|
| 10.1 | [<u>Employment Agreement between Universal Management Services, Inc. and Michael Rogers</u>](ulh-ex10_1.htm) |
| 99.1 | [<u>Press Release dated May 1, 2026</u>](ulh-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | UNIVERSAL LOGISTICS HOLDINGS, INC. |
| Date: | May 1, 2026 | By:  | */s/ Steven Fitzpatrick* |
|  |  |  | Steven Fitzpatrick<br>Secretary |

---

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## Exhibit 10.1

**Exhibit 10.1**

**<u>EMPLOYMENT AGREEMENT</u>**

This Agreement ("Agreement") is entered into as of April 29, 2026 (the "Execution Date"), by and between Universal Management Services, Inc. and its affiliated companies (collectively, the "COMPANY") and Michael Rogers ("EMPLOYEE"). EMPLOYEE's employment with the COMPANY shall commence on June 1, 2026 (the "Effective Date").

Subject to the terms and conditions contained in this Agreement, COMPANY hereby employs EMPLOYEE in the position of Chief Financial Officer and Treasurer with such duties and responsibilities as are commensurate with such office and may from time-to-time be assigned to EMPLOYEE by COMPANY. EMPLOYEE shall serve as Chief Financial Officer and Treasurer of Universal Logistics Holdings, Inc.

EMPLOYEE hereby accepts such employment as a full-time employee, and while employed, shall devote his or her full business time, skills, energy and attention to the business of COMPANY, shall perform his or her duties in a diligent, loyal, businesslike and efficient manner, all for the sole purpose of enhancing the business of COMPANY, and in a manner consistent with all COMPANY policies, resolutions and directives from time to time stated or made by the COMPANY. Moreover, EMPLOYEE shall perform such services and duties as are consistent with EMPLOYEE's position, are necessary or appropriate for the operation and management of COMPANY, and as are normally expected of persons appointed to executive positions in the business in which COMPANY is engaged.

1. <u>Compensation for Services.</u>

COMPANY shall pay to EMPLOYEE an annual base salary of $425,100.00 ("Base Salary") as COMPANY's Chief Financial Officer and Treasurer. Effective June 1, 2027, EMPLOYEE's annual Base Salary shall increase to $500,000, subject to EMPLOYEE's continued employment with COMPANY as of such date. EMPLOYEE shall be eligible to receive a minimum cash bonus of $300,000, payable in October 2026, subject to EMPLOYEE's continued employment with COMPANY through the applicable payment date.

Base Salary shall be payable in equal installments pursuant to COMPANY's payroll system in effect from time to time, less all applicable taxes required to be withheld by COMPANY pursuant to federal, state or local law.

EMPLOYEE will be reviewed annually for changes in Base Salary and eligibility for a performance bonus, if any.

As of the Effective Date, EMPLOYEE shall be eligible to receive a restricted stock award with an aggregate grant date value of approximately $127,500, which shall vest in four equal annual installments of 25% on each anniversary of the grant date, subject to EMPLOYEE's continued employment with COMPANY. Such award shall be granted under the Universal Logistics Holdings, Inc. 2024 Equity Incentive Plan and shall be subject to the terms and conditions of such plan and a separate restricted stock award agreement.

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2. <u>Benefits</u>.

EMPLOYEE shall be entitled to fringe benefits provided by COMPANY for its employees in the normal course of business.

3. <u>Business Expenses</u>.

COMPANY shall reimburse EMPLOYEE for all reasonable and necessary business expenses incurred by EMPLOYEE in the performance of his or her duties hereunder with respect to travel, entertainment and other business expenses, subject to COMPANY's business expense policies in effect from time to time, including its procedures with respect to the manner of incurring, reporting and documenting such expenses.

4. <u>Proprietary Information</u>

a. EMPLOYEE shall forever hold in the strictest confidence and not disclose to any person, firm, corporation or other entity any of COMPANY's Proprietary Information (as defined below) or any of COMPANY's Records (as defined below) except as such disclosure may be required in connection with EMPLOYEE's work for COMPANY and as expressly authorized by COMPANY in writing.

b. For the purposes of this Agreement, the term "Proprietary Information" shall mean intercompany publications, unpublished works, plans, policies, computer and information systems, software and other information and knowledge relating or pertaining to the products, services, sales or other business of COMPANY or its successor, affiliates and customers in any way which is of a confidential or proprietary nature, the prices it obtains or has obtained from the sale of its services, its manner of operation, its plans, processes or other data, contracts, information about contracts, contract forms, business applications, costs, profits, tax information, marketing information, advertising methods, customers, potential customers, brokers, potential brokers, employees, matters of a technical nature (including inventions, computer programs, concepts, developments, contributions, devices, discoveries, software and documentations, secret processes or machines, including any improvements thereto and know-how related thereto, and research projects, etc.), and other information not generally available to the public, without regard to whether all of the foregoing matters will be deemed confidential, material or important. Anything to the contrary notwithstanding, the parties hereto stipulate that any and all knowledge, data and information gathered by EMPLOYEE through this Agreement, his/her employment with COMPANY and the operation of the business of COMPANY is deemed important, material or confidential, and gravely affects the effective and successful conduct of the business of COMPANY and COMPANY 's good will; could not without great expense and difficulty be obtained or duplicated by others who have not been able to acquire such information by virtue of employment with COMPANY; and that any breach of the terms of this Paragraph 4 shall be deemed a material breach of this Agreement.

c. EMPLOYEE agrees that all creative work, including without limitation, designs, drawings, specifications, techniques, models, processes and software prepared or originated by

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EMPLOYEE during or within the scope of employment whether or not subject to protection under the federal copyright or other law constitutes work made for hire all rights to which are owned by COMPANY. Moreover, EMPLOYEE hereby assigns to COMPANY all right, title and interest whether by way of copyright, trade secret, patent or otherwise, and all such work whether or not subject to protection by copyright or other law.

d. Upon termination of employment with COMPANY or at any other time requested by COMPANY, EMPLOYEE shall immediately return to COMPANY and not retain any copies of, any records, data, lists, plans, policies, publications, computer and information systems, files, diagrams and documentation, data, papers, drawings, memos, customer records, reports, correspondence, note books, service listing and any other business record of any kind or nature (including without limitation records in machine-readable or computer-readable forms) relating to Proprietary Information ("Records").

e. EMPLOYEE acknowledges that, to the extent COMPANY derives independent economic value from any of its Proprietary Information and takes reasonable measures to maintain its secrecy, such Proprietary Information will be considered a trade secret under applicable law. EMPLOYEE further acknowledges that under the Defend Trade Secrets Act of 2016, an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. EMPLOYEE further acknowledges that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer's trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.

5. <u>Covenant Not To Solicit / Not To Compete:</u>

a. As a material part of the consideration for this Agreement, EMPLOYEE agrees for a twenty-four (24) month period following the termination of EMPLOYEE's employment with COMPANY for any reason; EMPLOYEE agrees that he or she will not, either solely or jointly with, or as manager or agent for, any person, corporation, trust, joint venture, partnership, or other business entity, directly or indirectly, approach or solicit for business, accept business from, divert business from, or otherwise interfere with any COMPANY or Affiliated Companies relationship with, any person or entity (or legal successor to such person or entity) that EMPLOYEE had any direct contact with while employed by the COMPANY and that: (a) has been a customer of COMPANY or any of the Affiliated Companies at any time within the six (6) month period prior to EMPLOYEE's termination; or (b) to whom COMPANY or one of the Affiliated Companies had made a proposal within the six (6) month period prior to EMPLOYEE's termination. In the event EMPLOYEE is terminated pursuant to Section 8 subsection (d) the Covenant Not to Compete will be for a period of 90 days unless COMPANY elects the option to extend the Covenant Not To Compete up to one (1) year provided the separation agreement in Section 8 subsection (d) provides for compensation up to one (1) year. Anything contrary notwithstanding, this Paragraph 5 shall survive after the termination or the earlier cancellation of this Agreement.

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b. Both parties agree that the restrictions in this section are fair and reasonable in all respects including the length of time that they shall remain in effect and that COMPANY's employment of EMPLOYEE upon the terms and conditions of this Agreement is fully sufficient consideration for EMPLOYEE's obligations under this section.

c. If any provisions of this section are ever held by a Court to be unreasonable, the parties agree that this section shall be enforced to the extent it is deemed to be reasonable.

6. <u>No Interference With Employment Relationships</u>

EMPLOYEE agrees that, during his or her employment, and for a period of twenty-four (24) months after his/her employment has terminated, for any reason, EMPLOYEE will not, directly or indirectly, solicit for employment, hire, or offer employment to, or otherwise aid or assist any person or entity other than COMPANY, in soliciting for employment, hiring, or offering employment to: (a) any employee of COMPANY, Affiliated Companies, or any independent contractor engaged by COMPANY or Affiliated Companies; or (b) any former employee or independent contractor of COMPANY or Affiliated Companies who was employed, or engaged, by COMPANY or Affiliated Companies within six (6) months before or after the cessation of EMPLOYEE's employment. If EMPLOYEE breaches this provision and EMPLOYEE OR EMPLOYEE'S new principal or employer or an affiliate thereof hires any employee, former employee or independent contractor of COMPANY, EMPLOYEE agrees to pay COMPANY a fee equal to 30% of the employee's or independent contractors gross compensation for his or her last full year of employment with the COMPANY or 30% of the employee's gross compensation for his or her most recent partial year of employment, whichever is greater. This paragraph 6 also applies to employees of companies on Exhibit A.

7. <u>Equitable Relief And Remedies At Law</u>

EMPLOYEE acknowledges that COMPANY would suffer unique and irreparable injury in the event of a breach of the covenants contained in Sections 4, 5 and 6 of this Agreement, which breach could not be adequately compensated by the payment of damages alone. Accordingly in the event of any such breach by EMPLOYEE, EMPLOYEE agrees that this Agreement may be enforced by a decree of specific performance or an injunction without the necessity of posting a bond in addition to any remedies available at law, including damages arising out of or relating to a breach of those covenants, and that any remedy which COMPANY might have at law would be inadequate by itself.

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8. <u>Termination of Agreement</u>

a. Without limitation of any other remedy available to COMPANY, whether in law or in equity, EMPLOYEE's employment relationship shall terminate immediately without any further liability of COMPANY to EMPLOYEE, upon written notice from COMPANY to EMPLOYEE, for Just Cause. For purpose of this Agreement, "Just Cause" means: conviction of a felony, moral turpitude, gross negligence in the performance of duties, intentional failure to perform duties, failure to perform duties as designated in this agreement, insubordination or dishonesty. In the event of EMPLOYEE's termination pursuant to this Section 8(a), COMPANY shall have no obligation to pay Base Salary, bonuses, or benefits after date the employment relationship is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;b. EMPLOYEE's employment relationship shall terminate immediately upon death of EMPLOYEE.

c. EMPLOYEE agrees to submit to a medical examination at any time at COMPANY's request and expense. The medical examination will be related to EMPLOYEE's job and consistent with a business necessity of COMPANY. This Agreement may be terminated by COMPANY immediately upon written notice to EMPLOYEE if the examination reveals that EMPLOYEE is unable to perform the essential functions of this Agreement even with a reasonable accommodation. The Agreement may also be terminated if, for a period of three (3) consecutive months, EMPLOYEE is unable to perform the essential functions of the Agreement even with a reasonable accommodation. Upon such termination due to medical disability, EMPLOYEE's compensation shall be continued for three (3) months from the date of disability. In addition, EMPLOYEE will receive any residual bonus earned but not paid. Residual bonus to be paid in normal course of business

d. Upon the determination by COMPANY that the best interests of COMPANY would be served, COMPANY shall have the further right to terminate EMPLOYEE's employment relationship immediately or at any time, at its option upon written notice to EMPLOYEE, without Just Cause. If EMPLOYEE is terminated pursuant to this Section 8(d), EMPLOYEE shall be entitled to receive one (1) year severance (salary paid weekly) if terminated within first three (3) years of agreement, provided that EMPLOYEE signs the provided Separation Agreement (similar to the attached separation agreement). If EMPLOYEE is terminated pursuant to this Section 8(d) after three (3) years of agreement, EMPLOYEE shall be entitled to receive 90 days severance. If COMPANY elects to extend the Covenant Not To Compete up to one (1) year they agree to extend Base Salary up to one (1) year. These payments shall not constitute employment for purpose of Section 5.

e. Any compensation payable to EMPLOYEE pursuant to this Section 8 following termination pursuant to subsection (d) of this Section 8 shall be reduced by the amount of any compensation earned by EMPLOYEE in any employment or consulting he/she may undertake during said period that constitutes a violation of Section 7 respecting non-competition.

f. Upon 90 days prior written notice to COMPANY at any time, EMPLOYEE shall have the right to terminate his/her employment relationship with COMPANY at his/her option.

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Upon receipt of such notice, COMPANY shall have the option to terminate EMPLOYEE's employment relationship immediately upon written notice to EMPLOYEE. In the event of termination pursuant to this Section 8(f), EMPLOYEE shall be entitled to receive Base Salary only for 90 days. The time period on the covenant not to compete shall commence at the time of notice. Should EMPLOYEE voluntarily terminate their employment with COMPANY and fail to provide COMPANY the requisite 90 days written notice, EMPLOYEE hereby confirms and agrees that it will be difficult or impossible to estimate the financial damage to the COMPANY. EMPLOYEE therefore agrees to immediately pay COMPANY an amount equal to 90 days of EMPLOYEE's weekly salary as liquidated damages, and not as a penalty, to the COMPANY resulting from the failure to provide the required 90 days written notice that EMPLOYEE is voluntarily terminating employment with COMPANY. EMPLOYEE agrees that the foregoing amount reasonably reflects the COMPANY'S probable loss flowing from such failure to provide 90 days notice that EMPLOYEE is voluntarily terminating their employment with COMPANY. Nothing in this section precludes the COMPANY from pursuing any other remedy defined in this Agreement.

g. Upon termination of this Agreement by COMPANY, EMPLOYEE shall, without a claim for compensation, provide COMPANY with written resignations from any and all offices held by his/her in or at the request of COMPANY, and in the event of his/her failure to do so, COMPANY is hereby irrevocably authorized to be, or designated as EMPLOYEE's attorney in fact, to act in his/her name and in his/her behalf to execute such resignations.

9. <u>No Restriction on Performance of Services Contemplated by Agreement</u>

EMPLOYEE represents and warrants to COMPANY that: (i) EMPLOYEE is under no contractual or other restriction which would give a third party a legal right to assert that EMPLOYEE would not be legally permitted to perform the services contemplated by this Agreement; and (ii) by entering into this Agreement EMPLOYEE has not breached, and by performing the services contemplated by this Agreement, shall not breach, any Agreement or duty relating to proprietary information of another person or entity. It shall be considered cause for termination under Section 8(a) if the EMPLOYEE is under a contractual or other restriction which prevents the EMPLOYEE from performing services upon which they are hired to perform.

10. <u>Severability</u>

In case any one or more of the provisions hereof shall be held to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. To the extent possible, there shall be deemed substituted such other provision as will most nearly accomplish the intent of the parties, to the extent permitted by applicable law.

11. <u>Entire Agreement</u>

This Agreement embodies all the representations, warranties, covenants and agreements of the parties in relation to the subject matter hereof, and no representations, warranties, covenants, understandings, or agreements, unless expressly set forth herein or in an instrument in writing

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signed by the party to be bound thereby which makes reference to this Agreement, shall be considered effective.

12. <u>No Rights in Third Parties</u>

Nothing herein expressed or implied is intended to, or shall be construed to confer upon, or give to any person, firm or other entity other than the parties hereto any rights or remedies under this Agreement, except as provided in Section 14.

13. <u>Assignment</u>

COMPANY may assign its rights and delegate its responsibilities under this Agreement to any affiliated company or to any corporation which acquires all or substantially all of the operating assets of COMPANY by merger, consolidation, dissolution, liquidation, combination, sale or transfer of assets or stock or otherwise. EMPLOYEE shall not be entitled to assign his or her rights or delegate his or her responsibilities under this Agreement to any person.

14. <u>Payment to Estate</u>

No person, firm or entity shall have any right to receive any payments owing to EMPLOYEE hereunder, except that EMPLOYEE's estate shall be entitled to receive a final payment of installment of Base Salary for services rendered to COMPANY through date of death, reimbursement for any business expenses previously incurred by EMPLOYEE for which he or she would have been entitled to reimbursement hereunder, and any residual bonus earned but not paid. Any residual bonus shall be paid in normal course of business.

15. <u>Amendment</u>

No modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto.

16. <u>Survival of Covenants</u>

Without limitation of any other provisions of this Agreement, all representations and warranties set forth in this Agreement and the covenants set forth in Sections 4, 5 and 6 shall survive the termination of this Agreement for any reason for the maximum period permitted by law.

17. <u>Governing Law</u>

This Agreement shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the State of Michigan. The parties agree that should any litigation arise out of, in connection with, or relating to this Agreement, such litigation will be commenced in the Circuit Court for Macomb County Michigan or in the United States District Court for the Eastern District of Michigan provided such court has subject matter jurisdiction and venue.

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18. <u>Notices</u>.

Service of all notices under this Agreement must be given personally to the party involved at the address set forth below or at such other address as such party shall provide in writing from time to time.

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| | |
|:---|:---|
| &nbsp;&nbsp;COMPANY: | &nbsp;&nbsp;Universal Management Services, Inc.  |
|  | &nbsp;&nbsp;12755 E. Nine Mile Rd. |
|  | &nbsp;&nbsp;Warren, MI 48089 |
| &nbsp;&nbsp;EMPLOYEE: | &nbsp;&nbsp;Michael Rogers |
|  | &nbsp;&nbsp;12755 E. Nine Mile Rd. |
|  | &nbsp;&nbsp;Warren, MI 48089 |
|  | &nbsp;&nbsp;(principal executive offices) |

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19. <u>Section Headings</u>

The titles to the Sections of this Agreement are for convenience of the parties only and shall not affect in any way the meaning or construction of any Section of this Agreement.

20. <u>Non-Waiver</u>.

No covenant or condition of this Agreement may be waived except by the written consent of COMPANY. Forbearance or indulgence by COMPANY in any regard whatsoever shall not constitute a waiver of the covenants or conditions to be performed by EMPLOYEE to which the same may apply, and, until complete performance by EMPLOYEE of said covenant or condition, COMPANY shall be entitled to invoke any remedy available to COMPANY under this Agreement or by law or in equity, despite said forbearance or indulgence.

21. <u>Construction</u>

Although this Agreement was drafted by COMPANY, the parties agree that it accurately reflects the intent and understanding of each party and should not be construed against COMPANY if there is any dispute over the meaning or intent of any provisions.

[Signatures appear on next page.]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;On Behalf of:  |
|  |  | &nbsp;&nbsp;UNIVERSAL MANAGEMENT SERVICES, INC. |
| &nbsp;&nbsp;*/s/ Jillian Smits* | &nbsp;&nbsp;By: | &nbsp;&nbsp;*/s/ Benjamin Sengstock* |
| &nbsp;&nbsp;[Witness] |  | &nbsp;&nbsp;Benjamin Sengstock |
|  |  | &nbsp;&nbsp;President, HR-1 LLC |
| &nbsp;&nbsp;*/s/ Hannah Mitchell* | &nbsp;&nbsp;By: | &nbsp;&nbsp;*/s/ Michael H. Rogers* |
| &nbsp;&nbsp;[Witness] |  | &nbsp;&nbsp;Michael Rogers |

---

------

**<u>EXHIBIT A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Central Transport, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Universal Logistics Holdings Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Conlan Tire Co LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.P.A.M. Transport, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Hercules Materials Holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.This will include all entities under common ownership to the above companies and/or their successors.

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## Exhibit 99.1

**Exhibit 99.1**

![img73119764_0.gif](img73119764_0.gif)

**Universal Logistics Holdings, Inc. Reports First Quarter 2026 Financial Results; Declares Dividend**

-**First Quarter 2026 Operating Revenues: $367.6 million**

-**First Quarter 2026 Operating Income: $4.8 million**

-**First Quarter 2026 Earnings Per Share: $(0.13) per share**

-**Declares Quarterly Dividend: $0.105 per share**

Warren, MI – May 1, 2026 — Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated first quarter 2026 net loss of $(3.5) million, or $(0.13) per basic and diluted share, on total operating revenues of $367.6 million. This compares to net income of $6.0 million, or $0.23 per basic and diluted share, during first quarter 2025 on total operating revenues of $382.4 million.

In first quarter 2026, Universal's operating income was $4.8 million, compared to $15.7 million in the first quarter one year earlier. As a percentage of operating revenue, operating margin for first quarter 2026 was 1.3%, compared to 4.1% during the same period last year.

The Company's EBITDA, a non-GAAP measure, during first quarter 2026 was $40.7 million, compared to $51.7 million one year earlier. EBITDA margin, a non-GAAP measure, for first quarter 2026 was 11.1%, compared to 13.5% during the same period last year.

The Company provides reconciliations of each non-GAAP financial measure used in this release to the most directly comparable financial measures calculated and presented in accordance with GAAP. These quantitative reconciliations, together with management's explanation of the purposes for which the non-GAAP measures are used, are presented in the accompanying tables and related disclosures.

"Our first-quarter performance reflects a slow start to the year driven primarily by continued weakness in our intermodal segment, including lower volumes and pricing pressure," stated Universal's CEO Tim Phillips. "Although we experienced positive momentum as the quarter progressed, the softness in the first two months proved to be a meaningful drag on our overall results for the period. While the recovery in our intermodal franchise is taking longer than anticipated, we continue to implement operational improvements and remain committed to restoring this segment to profitability. We are confident in the overall strength and resilience of Universal's business model and remain focused on executing our strategy to drive long-term, sustainable success."

**Segment Information:**

**Contract Logistics**

-**First Quarter 2026 Operating Revenues: $269.5 million**

-**First Quarter 2026 Operating Income: $17.5 million**

In the contract logistics segment, which includes our value-added and dedicated services, first quarter 2026 operating revenues increased 5.3% to $269.5 million, compared to $255.9 million for the same period last year.

Included in contract logistics segment revenues were $7.9 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.6 million in the same period last year. At the end of first quarter 2026, we managed 79 value-added programs compared to a total of 87 programs at the end of first quarter 2025.

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Income from operations in the contract logistics segment during first quarter 2026 was $17.5 million, compared to $23.9 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for first quarter 2026 was 6.5%, compared to 9.3% in the prior-year period.

**Intermodal**

-**First Quarter 2026 Operating Revenues: $47.9 million**

-**First Quarter 2026 Operating (Loss): $(13.1) million**

Operating revenues in the intermodal segment decreased 32.3% to $47.9 million in first quarter 2026, compared to $70.7 million for the same period last year. The year-over-year decline reflects lower load volumes and continued softness in demand and pricing pressures.

Included in intermodal segment revenues for the recently completed quarter were $5.4 million in separately identified fuel surcharges, compared to $8.2 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $7.2 million during first quarter 2026, compared to $8.1 million one year earlier.

Load volumes declined 23.3%, and the average operating revenue per load, excluding fuel surcharges, declined an additional 10.4% on a year-over-year basis. In first quarter 2026, the intermodal segment experienced an operating loss of $(13.1) million compared to $(10.7) million one year earlier. As a percentage of revenue, operating margin in the intermodal segment for first quarter 2026 was (27.4)%, compared to (15.1)% one year earlier.

**Trucking**

-**First Quarter 2026 Operating Revenues: $50.2 million**

-**First Quarter 2026 Operating Income: $0.6 million**

In the trucking segment, first quarter 2026 operating revenues decreased 9.7% to $50.2 million, compared to $55.6 million for the same period last year.

First quarter 2026 trucking segment revenues included $16.2 million of brokerage services, compared to $18.0 million during the same period last year. Also included in our trucking segment revenues were $3.6 million in separately identified fuel surcharges during first quarter 2026, compared to $3.5 million in fuel surcharges during the same period last year.

On a year-over-year basis, load volumes declined 8.9% and the average operating revenue per load, excluding fuel surcharges, declined an additional 6.0%. Income from operations in first quarter 2026 was $0.6 million compared to $2.2 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for first quarter 2026 was 1.1% compared to 3.9% during the same period last year.

**Cash Dividend**

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to stockholders of record at the close of business on June 1, 2026 and is expected to be paid on July 1, 2026.

**Other Matters** 

As of April 4, 2026, Universal held cash and cash equivalents totaling $17.9 million. Outstanding debt at the end of first quarter 2026 was $754.7 million and capital expenditures totaled $9.6 million.

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Universal calculates and reports certain financial metrics, in addition to those prepared in accordance with GAAP, for purposes of its lending arrangements and to assist management in evaluating operating performance by isolating and excluding the impact of certain non-operating expenses associated with corporate development activities. These measures, which are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. are described in more detail below in the section captioned "Non-GAAP Financial Measures."

**Source:** Universal Logistics Holdings, Inc.

For Further Information:

Steven Fitzpatrick, Investor Relations

SFitzpatrick@UniversalLogistics.com

**About Universal:**

Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico and Canada. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including value-added, dedicated, intermodal and trucking services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

***Forward Looking Statements***

*Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods.* 

*Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These risks and uncertainties include, but are not limited to, market conditions; customer demand; pricing and competitive pressures; the timing, execution, and effectiveness of cost-reduction, efficiency, or restructuring initiatives; operating costs; labor availability; and other factors affecting operating income and margins.*

*Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.*

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**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
|  | **April 4,** | **March 29,** |
|  | **2026** | **2025** |
| Operating revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Truckload services | $33977 | $37778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage services | 16753 | 20265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermodal services | 47312 | 68455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dedicated services | 84118 | 85007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value-added services | 185415 | 170885 |
| Total operating revenues | 367575 | 382390 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased transportation and equipment rent | 60678 | 79743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct personnel and related benefits | 176203 | 164501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating supplies and expenses | 48327 | 51312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission expense | 4186 | 4255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense | 15559 | 11253 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 14604 | 13193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and claims | 7598 | 6965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 35643 | 35488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 362798 | 366710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 4777 | 15680 |
| Interest expense, net | (9706) | (8224) |
| Other non-operating income | 295 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | (4634) | 8034 |
| Provision for income taxes | (1123) | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(3511) | $6014 |
| Earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.13) | $0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.13) | $0.23 |
| Weighted average number of common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 26353 | 26320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 26353 | 26346 |
| Dividends declared per common share: | $0.105 | $0.105 |

---

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **April 4, <br>2026** | **December 31, <br>2025** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $17922 | $26846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities |  | 10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - net | 257405 | 261337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 83895 | 84308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 359222 | 382842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment - net | 796109 | 819495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets - net | 568917 | 569651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1724248 | $1771988 |
| Liabilities and stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities, excluding current maturities of debt | $201622 | $203245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt - net | 750301 | 797571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 233738 | 230817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1185661 | 1231633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 538587 | 540355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1724248 | $1771988 |

---

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Summary of Operating Data

---

| | | |
|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
|  | **April 4,** | **March 29,** |
|  | **2026** | **2025** |
| **Contract Logistics Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of value-added direct employees | 7264 | 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of value-added full-time equivalents | 48 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of active value-added programs | 79 | 87 |
| **Intermodal Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of loads (a) | 77830 | 101470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average operating revenue per load, excluding fuel surcharges (a) | $463 | $517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of tractors | 1140 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of depots | 8 | 8 |
| **Trucking Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of loads | 26076 | 28622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average operating revenue per load, excluding fuel surcharges | $1762 | $1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average length of haul | 383 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of tractors | 545 | 633 |

---

(a) Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our intermodal segment and improve the comparability to our peer companies.

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Summary of Operating Data - Continued

(Dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
|  | **April 4,** | **March 29,** |
|  | **2026** | **2025** |
| **Operating Revenues by Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract logistics | $269533 | $255892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermodal | 47854 | 70697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trucking | 50188 | 55582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $367575 | $382390 |
| **Income from Operations by Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract logistics | $17472 | $23859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermodal | (13115) | (10709) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trucking | 566 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (146) | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $4777 | $15680 |

---

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**Non-GAAP Financial Measures**

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 (loss) 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:

---

| | | |
|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** |
|  | **April 4,** | **March 29,** |
|  | **2026** | **2025** |
|  | (in thousands) | (in thousands) |
| **EBITDA** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(3511) | $6014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (1123) | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 9706 | 8224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 32805 | 29989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 2838 | 5499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $40715 | $51746 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin (a) | 11.1% | 13.5% |

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(a) EBITDA margin is computed by dividing EBITDA by total operating revenues 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:

• 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.

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.

------