Universal Logistics Holdings, Inc. (NASDAQ:ULH) Q2 2022 Earnings Conference Call July 29, 2022 10:00 AM ET
Company Participants
Tim Phillips - Chief Executive Officer
Jude Beres - Chief Financial Officer
Conference Call Participants
Bruce Chan - Stifel
Operator
Hello, and welcome to Universal Logistics Holdings Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] A brief question-and-answer session will follow the formal presentation.
During the course of this call, management may make forward-looking statements based on their best view of the business as seen today. Statements that are forward-looking relate to Universal business, objectives or expectations and can be identified by the use of the words such as believe, expect, anticipate and project. Such statements are subject to risks and uncertainties and actual results could differ materially from those expectations. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Mr. Tim Phillips, Chief Executive Officer; Mr. Jude Beres, Chief Financial Officer and Mr. Steven Fitzpatrick, Vice President of Finance and Investor Relations. Thank you. Mr. Phillips, you may begin.
Tim Phillips
Well, thank you, Chad. Good morning, and thank you for joining Universal Logistics Holdings Second Quarter Earnings Call. Before we get into the details, I want to express my gratitude for all of our hard working Universal associates. I'm extremely pleased to see the exceptional level of service with an emphasis on continuous improvement. Our leadership team has worked tirelessly to on-board new talent and shape a results-oriented work environment. While we've had a good success staffing our new and existing operations, overall industry appeal remains a challenge. With so much uncertainty draped around the economy, Universal remain focused on continuous improvement and execution to drive customer satisfaction and shareholder value.
Still, our operating environment remains less fluid than we would like. Part shortages, ports – and port congestion among other periodic supply chain constraints have kept us from hitting our full stride. Now due to the re-instituted AB5 law in California, we will have to take on a new set of challenges on the labor front. However, AB5 is nothing new, we have been evaluating the potential impact for several years now and have a multifaceted plan that allows for us to make a smooth transition of the current owner operators in a seamless fashion to our customers and our potential to grow in the marketplace.