YRC Worldwide Inc. (NASDAQ: YRCW) reported consolidated operating
revenue for fourth quarter 2019 of $1.160 billion and consolidated
operating income of $9.8 million, which included a $10.1 million
net gain on property sales. As a comparison, for the fourth quarter
2018, the Company’s results included operating revenue of $1.247
billion and consolidated operating income of $55.1 million, which
included a $28.1 million net gain on property disposals.
Consolidated operating revenue for the year
ended December 31, 2019 was $4.871 billion and consolidated
operating income of $16.2 million, which included a $13.7 million
net gain on property disposals, and $8.2 million for a non-cash
impairment charge related to the write-down of an intangible asset.
This compares to full year 2018 consolidated operating revenue of
$5.092 billion and consolidated operating income of $142.9 million,
which included a $20.8 million net gain on property disposals.
Net loss for fourth quarter 2019 was $15.3
million, or $0.46 per share compared to net income of $17.5
million, or $0.52 per share, in fourth quarter 2018. Full
year net loss for 2019 was $104.0 million, or $3.13 per share,
which included $11.2 million loss on extinguishment of debt
associated with a refinancing of the term loan agreement, compared
to net income of $20.2 million, or $0.60 per share for full year
2018.
“Despite a challenging industrial backdrop in
the back half of 2019, it was a very active year for us as we
kicked off our multi-year enterprise transformation strategy,” said
Darren Hawkins, Chief Executive Officer of YRC Worldwide Inc. “Our
strategy will build on the strengths and breadth of our regional
and national networks and the equally respected brand names
associated with each and is intended to enhance our customer
experience with the end goal of improving our profitability and
cash flow.”
During 2019, we completed four initial yet
foundational components of that strategy:
- Ratified a new 5-year labor
contract;
- Refinanced our term loan with
improved and more flexible terms;
- Reorganized our leadership team to
streamline decision making and enhance execution across all
functional areas of the organization; and
- Completed the reorganization of the
enterprise-wide sales force.
As we move into 2020, we remain intensely
focused on our commitments to improve the longer-term earnings
potential of this Company. The next phase of our transformation
will focus on:
- Operational Optimization:
Structurally improve the network to increase asset utilization,
expand service offerings and leverage the flexibilities gained with
our new labor contract.
- Technology Migration:
Improving our customer experience, operational flexibility and
ability to execute our strategic objectives by consolidating
disparate company systems onto a single platform.
- Facility Evaluation:
Rationalizing the number of physical locations in the network while
maintaining geographic coverage and service levels. While we will
have fewer physical locations, we will continue to cover the same
geographic service areas. We expect this will increase density,
reduce mileage, facilities and equipment and better serve our
customers. During 2019, we met our goal of consolidating 25 service
centers and continue to evaluate our facilities to meet current and
future business expectations.
“My vision is that our customers will have
access to 5 brands through one network and one enterprise wide
service offering. As we work through the balance of the year and
early 2021, we will be laser focused on executing the initiatives
that will allow us to attack the market as one,” concluded
Hawkins.
Financial Update
- Fourth quarter 2019 net loss was
$15.3 million compared to a net income of $17.5 million in fourth
quarter 2018. For full-year 2019, net loss was $104.0 million
compared to net income of $20.2 million in 2018.
- On a non-GAAP basis, the Company
generated consolidated Adjusted EBITDA of $47.3 million in 4Q19,
compared to $77.5 million in the prior year comparable quarter.
Last twelve month (LTM) consolidated Adjusted EBITDA was $210.6
million compared to $307.8 million in 2018. (as detailed in the
reconciliation below)
- Investment in revenue equipment
continued with $31.7 million in capital expenditures and $18.5
million in capital value equivalent in new operating leases, for a
total of $50.2 million, which is equal to 4.3% of operating revenue
for fourth quarter 2019. The majority of the investment was in
tractors, trailers, containers and technology.
Operational Update
- The consolidated operating ratio
for the 4Q19 was 99.2 compared to 95.6 in 4Q18. The operating ratio
at YRC Freight was 98.4 compared to 94.9 for the same period in
2018. The Regional segment’s fourth quarter 2019 operating ratio
was 99.1 compared to 96.0 a year ago.
- At YRC Freight, 4Q19
less-than-truckload (LTL) revenue per hundredweight, including fuel
surcharge, decreased 1.1% and LTL revenue per shipment increased
1.0% when compared to the same period in 2018. Excluding fuel
surcharge, LTL revenue per hundredweight was flat and LTL revenue
per shipment increased 2.1%.
- At the Regional segment, 4Q19 LTL
revenue per hundredweight, including fuel surcharge, decreased 0.7%
and LTL revenue per shipment decreased 0.2% when compared to the
same period in 2018. Excluding fuel surcharge, LTL revenue per
hundredweight increased 0.2% and LTL revenue per shipment increased
0.7%.
- 4Q19 LTL tonnage per day decreased
6.6% at YRC Freight and decreased 7.4% at the Regional segment
compared to 4Q18.
Liquidity Update
- At December 31, 2019, the Company’s
outstanding debt was $902.8 million, an increase of $12.8 million
compared to $890.0 million as of December 31, 2018.
- The Company’s available liquidity,
which is comprised of cash and cash equivalents and Managed
Accessibility (as detailed in the supplemental information provided
below) under its ABL facility, totaled $80.4 million as of December
31, 2019 compared to $203.8 million in the prior year, a decrease
of $123.4 million.
Key Segment Information
– Fourth quarter 2019 compared to fourth quarter
2018
YRC Freight |
|
2019 |
|
2018 |
|
PercentChange(a) |
Workdays |
|
61.5 |
|
61.5 |
|
|
Operating revenue (in millions) |
|
$ |
740.9 |
|
$ |
796.3 |
|
(7.0)% |
Operating income (in
millions) |
|
$ |
11.8 |
|
$ |
40.4 |
|
(70.8)% |
Operating ratio |
|
98.4 |
|
94.9 |
|
(3.5)pp |
LTL tonnage per day (in
thousands) |
|
18.33 |
|
19.63 |
|
(6.6)% |
LTL shipments per day (in
thousands) |
|
36.06 |
|
39.42 |
|
(8.5)% |
LTL picked up revenue per
hundredweight incl FSC |
|
$ |
29.88 |
|
$ |
30.19 |
|
(1.1)% |
LTL picked up revenue per
hundredweight excl FSC |
|
$ |
26.33 |
|
$ |
26.33 |
|
0.0% |
LTL picked up revenue per
shipment incl FSC |
|
$ |
304 |
|
$ |
301 |
|
1.0% |
LTL picked up revenue per
shipment excl FSC |
|
$ |
268 |
|
$ |
262 |
|
2.1% |
LTL weight/shipment (in
pounds) |
|
1,017 |
|
996 |
|
2.1% |
Total tonnage per day (in
thousands) |
|
23.84 |
|
23.95 |
|
(0.4)% |
Total shipments per day (in
thousands) |
|
36.66 |
|
39.96 |
|
(8.3)% |
Total picked up revenue per
hundredweight incl FSC |
|
$ |
24.71 |
|
$ |
26.47 |
|
(6.6)% |
Total picked up revenue per
hundredweight excl FSC |
|
$ |
21.86 |
|
$ |
23.12 |
|
(5.4)% |
Total picked up revenue per
shipment incl FSC |
|
$ |
321 |
|
$ |
317 |
|
1.3% |
Total picked up revenue per
shipment excl FSC |
|
$ |
284 |
|
$ |
277 |
|
2.6% |
Total weight/shipment (in
pounds) |
|
1,301 |
|
1,199 |
|
8.5% |
|
|
|
|
|
|
|
Regional Transportation |
|
2019 |
|
2018 |
|
PercentChange(a) |
Workdays |
|
62.5 |
|
61.5 |
|
|
Operating revenue (in millions) |
|
$ |
418.7 |
|
$ |
451.2 |
|
(7.2)% |
Operating income (in
millions) |
|
$ |
3.7 |
|
$ |
17.9 |
|
(79.3)% |
Operating ratio |
|
99.1 |
|
96.0 |
|
(3.1)pp |
LTL tonnage per day (in
thousands) |
|
21.30 |
|
23.00 |
|
(7.4)% |
LTL shipments per day (in
thousands) |
|
33.75 |
|
36.64 |
|
(7.9)% |
LTL picked up revenue per
hundredweight incl FSC |
|
$ |
14.57 |
|
$ |
14.67 |
|
(0.7)% |
LTL picked up revenue per
hundredweight excl FSC |
|
$ |
12.88 |
|
$ |
12.85 |
|
0.2% |
LTL picked up revenue per
shipment incl FSC |
|
$ |
184 |
|
$ |
184 |
|
(0.2)% |
LTL picked up revenue per
shipment excl FSC |
|
$ |
163 |
|
$ |
161 |
|
0.7% |
LTL weight/shipment (in
pounds) |
|
1,262 |
|
1,256 |
|
0.5% |
Total tonnage per day (in
thousands) |
|
26.19 |
|
28.74 |
|
(8.9)% |
Total shipments per day (in
thousands) |
|
34.45 |
|
37.45 |
|
(8.0)% |
Total picked up revenue per
hundredweight incl FSC |
|
$ |
12.78 |
|
$ |
12.74 |
|
0.4% |
Total picked up revenue per
hundredweight excl FSC |
|
$ |
11.31 |
|
$ |
11.16 |
|
1.3% |
Total picked up revenue per
shipment incl FSC |
|
$ |
194 |
|
$ |
195 |
|
(0.6)% |
Total picked up revenue per
shipment excl FSC |
|
$ |
172 |
|
$ |
171 |
|
0.3 % |
Total weight/shipment (in
pounds) |
|
1,520 |
|
1,534 |
|
(0.9)% |
(a) Percent change based on unrounded figures
and not the rounded figures presented
Key Segment Information
– Full year 2019 compared to full year 2018
YRC Freight |
|
2019 |
|
2018 |
|
PercentChange(a) |
Workdays |
|
251.5 |
|
252.0 |
|
|
Operating revenue (in millions) |
|
$ |
3,088.7 |
|
$ |
3,197.3 |
|
(3.4)% |
Operating income (in
millions) |
|
$ |
38.3 |
|
$ |
85.0 |
|
(54.9)% |
Operating ratio |
|
98.8 |
|
97.3 |
|
(1.5)pp |
LTL tonnage per day (in
thousands) |
|
18.84 |
|
20.00 |
|
(5.8)% |
LTL shipments per day (in
thousands) |
|
37.51 |
|
39.61 |
|
(5.3)% |
LTL picked up revenue per
hundredweight incl FSC |
|
$ |
29.97 |
|
$ |
29.22 |
|
2.6% |
LTL picked up revenue per
hundredweight excl FSC |
|
$ |
26.43 |
|
$ |
25.58 |
|
3.3% |
LTL picked up revenue per
shipment incl FSC |
|
$ |
301 |
|
$ |
295 |
|
2.1% |
LTL picked up revenue per
shipment excl FSC |
|
$ |
266 |
|
$ |
258 |
|
2.8% |
LTL weight/shipment (in
pounds) |
|
1,005 |
|
1,010 |
|
(0.5)% |
Total tonnage per day (in
thousands) |
|
23.99 |
|
24.35 |
|
(1.5)% |
Total shipments per day (in
thousands) |
|
38.09 |
|
40.17 |
|
(5.2)% |
Total picked up revenue per
hundredweight incl FSC |
|
$ |
25.27 |
|
$ |
25.70 |
|
(1.7)% |
Total picked up revenue per
hundredweight excl FSC |
|
$ |
22.35 |
|
$ |
22.52 |
|
(0.8)% |
Total picked up revenue per
shipment incl FSC |
|
$ |
318 |
|
$ |
312 |
|
2.2% |
Total picked up revenue per
shipment excl FSC |
|
$ |
282 |
|
$ |
273 |
|
3.1% |
Total weight/shipment (in
pounds) |
|
1,260 |
|
1,212 |
|
3.9% |
|
|
|
|
|
|
|
Regional Transportation |
|
2019 |
|
2018 |
|
PercentChange(a) |
Workdays |
|
251.5 |
|
252.0 |
|
|
Operating revenue (in millions) |
|
$ |
1,782.7 |
|
$ |
1,895.0 |
|
(5.9)% |
Operating income (loss) (in
millions) |
|
$ |
(4.8) |
|
$ |
70.7 |
|
(106.8)% |
Operating ratio |
|
100.3 |
|
96.3 |
|
(4.0)pp |
LTL tonnage per day (in
thousands) |
|
22.52 |
|
23.92 |
|
(5.8)% |
LTL shipments per day (in
thousands) |
|
35.74 |
|
38.05 |
|
(6.1)% |
LTL picked up revenue per
hundredweight incl FSC |
|
$ |
14.59 |
|
$ |
14.46 |
|
0.9% |
LTL picked up revenue per
hundredweight excl FSC |
|
$ |
12.90 |
|
$ |
12.71 |
|
1.5% |
LTL picked up revenue per
shipment incl FSC |
|
$ |
184 |
|
$ |
182 |
|
1.2% |
LTL picked up revenue per
shipment excl FSC |
|
$ |
163 |
|
$ |
160 |
|
1.8% |
LTL weight/shipment (in
pounds) |
|
1,260 |
|
1,257 |
|
0.2% |
Total tonnage per day (in
thousands) |
|
27.71 |
|
30.05 |
|
(7.8)% |
Total shipments per day (in
thousands) |
|
36.49 |
|
38.92 |
|
(6.3)% |
Total picked up revenue per
hundredweight incl FSC |
|
$ |
12.79 |
|
$ |
12.51 |
|
2.2% |
Total picked up revenue per
hundredweight excl FSC |
|
$ |
11.31 |
|
$ |
11.00 |
|
2.8% |
Total picked up revenue per
shipment incl FSC |
|
$ |
194 |
|
$ |
193 |
|
0.5% |
Total picked up revenue per
shipment excl FSC |
|
$ |
172 |
|
$ |
170 |
|
1.1 % |
Total weight/shipment (in
pounds) |
|
1,519 |
|
1,544 |
|
(1.6)% |
(a) Percent change based on unrounded figures
and not the rounded figures presented
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Tuesday February 4, 2020,
beginning at 5:00 p.m. ET.
A live audio webcast of the conference call and
presentation slides will be available on YRC Worldwide Inc.’s
website www.yrcw.com. A replay of the webcast will also be
available at www.yrcw.com.
Non-GAAP Financial Measures
EBITDA is a non-GAAP measure that reflects the
company’s earnings before interest, taxes, depreciation, and
amortization expense. Adjusted EBITDA is a non-GAAP measure that
reflects EBITDA, and further adjusts for letter of credit fees,
equity-based compensation expense, net gains or losses on property
disposals, restructuring charges, transaction costs related to
issuances of debt, non-recurring consulting fees, non-cash
impairment charges and the gains or losses from permitted
dispositions, discontinued operations, and certain non-cash
expenses, charges and losses (provided that if any of such non-cash
expenses, charges or losses represents an accrual or reserve for
potential cash items in any future period, the cash payment in
respect thereof in such future period will be subtracted from
Consolidated EBITDA in such future period to the extent paid).
Adjusted EBITDA as used herein is defined as Consolidated EBITDA in
our new term loan facility entered into September 11, 2019. EBITDA
and Adjusted EBITDA are used for internal management purposes as a
financial measure that reflects the company’s core operating
performance. In addition, management uses Adjusted EBITDA to
measure compliance with financial covenants in our credit
facilities and to determine certain management and employee bonus
compensation. We believe our presentation of EBITDA and Adjusted
EBITDA is useful to investors and other users as these measures
represent key supplemental information our management uses to
compare and evaluate our core underlying business results both on a
consolidated basis and across our business segments, particularly
in light of our leverage position and the capital-intensive nature
of our business. Further, EBITDA is a measure that is commonly used
by other companies in our industry and provides a comparison for
investors to evaluate the performance of the companies in the
industry. Additionally, Adjusted EBITDA helps investors to
understand how the company is tracking against our financial
covenant in our term loan credit agreement. However, these
financial measures should not be construed as better measurements
than net income, as defined by generally accepted accounting
principles (GAAP).
EBITDA and Adjusted EBITDA have the following
limitations:
- EBITDA does not reflect the
interest expense or the cash requirements necessary to service
interest or fund principal payments on our outstanding debt;
- Adjusted EBITDA does not reflect
the interest expense or the cash requirements necessary to service
interest or fund principal payments on our outstanding debt, letter
of credit expenses, restructuring charges, transaction costs
related to debt, non-cash charges, charges or losses (subject to
the conditions above), or nonrecurring consulting fees, among other
items;
- Although depreciation and
amortization are non-cash charges, the assets being depreciated and
amortized will have to be replaced in the future and EBITDA and
Adjusted EBITDA do not reflect any cash requirements for such
replacements;
- Equity-based compensation is an
element of our long-term incentive compensation program for certain
employees, although Adjusted EBITDA excludes employee equity-based
compensation expense when presenting our ongoing operating
performance for a particular period; and
- Other companies in our industry may
calculate Adjusted EBITDA differently than we do, limiting its
usefulness as a comparative measure.
Because of these limitations, our non-GAAP
measures should not be considered a substitute for performance
measures calculated in accordance with GAAP. We compensate for
these limitations by relying primarily on our GAAP results and
using our non-GAAP measures as secondary measures. The
company has provided reconciliations of its non-GAAP measures to
GAAP net income (loss) and operating income (loss) within the
supplemental financial information in this release.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Words such as “will,”
“expect,” “intend,” “anticipate,” “believe,” “could,” “would,”
“should,” “may,” “project,” “forecast,” “propose,” “plan,”
“designed,” “enable,” and similar expressions which speak only as
of the date the statement was made are intended to identify
forward-looking statements. Forward-looking statements are
inherently uncertain, are based upon current beliefs, assumptions
and expectations of Company management and current market
conditions, and are subject to significant business, economic,
competitive, regulatory and other risks, uncertainties and
contingencies, known and unknown, many of which are beyond our
control. Our future financial condition and results could differ
materially from those predicted in such forward-looking statements
because of a number of factors, including (without limitation)
general economic factors and transportation industry-specific
economic conditions; customer demand in the retail and
manufacturing sectors; business risks and increasing costs
associated with the transportation industry, including increasing
equipment, operational and technology costs and disruption from
natural disasters; competition and competitive pressure on pricing;
the risk of labor disruptions or stoppages, if our relationship
with our employees and unions were to deteriorate; increasing
pension expense and funding obligations, subject to interest rate
volatility; increasing costs relating to our self-insurance claims
expenses; our ability to finance the maintenance, acquisition and
replacement of revenue equipment and other necessary capital
expenditures; our ability to comply and the cost of compliance
with, or liability resulting from violation of, federal, state,
local and foreign laws and regulations, including (without
limitation) labor laws and laws and regulations regarding the
environment; impediments to our operations and business resulting
from anti-terrorism measures; the impact of claims and litigation
expense to which we are or may become exposed; failure to realize
the expected benefits and costs savings from our performance and
operational improvement initiatives; our ability to attract and
retain qualified drivers and increasing costs of driver
compensation; a significant privacy breach or IT system disruption;
risks of operating in foreign countries; our dependence on key
employees; seasonality; shortages of fuel and changes in the cost
of fuel or the index upon which we base our fuel surcharge and the
effectiveness of our fuel surcharge program in protecting us
against fuel price volatility; our ability to generate sufficient
liquidity to satisfy our cash needs and future cash commitments,
including (without limitation) our obligations related to our
indebtedness and lease and pension funding requirements, and our
ability to achieve increased cash flows through improvement in
operations; limitations on our operations, our financing
opportunities, potential strategic transactions, acquisitions or
dispositions resulting from restrictive covenants in the documents
governing our existing and future indebtedness; our failure to
comply with the covenants in the documents governing our existing
and future indebtedness; fluctuations in the price of our common
stock; dilution from future issuances of our common stock; our
intention not to pay dividends on our common stock; that we have
the ability to issue preferred stock that may adversely affect the
rights of holders of our common stock; and other risks and
contingencies, including (without limitation) the risk factors that
are included in our reports filed with the SEC, including those
described under “Risk Factors” in our annual report on Form 10-K
and quarterly reports on Form 10-Q.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland
Park, Kan., is the holding company for a portfolio of
less-than-truckload (LTL) companies including Holland, New Penn,
Reddaway, and YRC Freight, as well as the logistics company HNRY
Logistics. Collectively, YRC Worldwide companies have one of the
largest, most comprehensive logistics and LTL networks in North
America with local, regional, national and international
capabilities. Through their teams of experienced service
professionals, YRC Worldwide companies offer industry-leading
expertise in flexible supply chain solutions, ensuring customers
can ship industrial, commercial and retail goods with
confidence.
Please visit our website at www.yrcw.com for
more information.
|
|
Investor Contact: |
Eric Birge |
|
913-696-6108 |
|
investor@yrcw.com |
|
|
Media Contact: |
Mike Kelley |
|
913-696-6121 |
|
mike.kelley@yrcw.com |
|
|
SOURCE: YRC Worldwide
|
CONSOLIDATED BALANCE SHEETS |
YRC Worldwide Inc. and Subsidiaries |
(Amounts in millions except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
ASSETS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
109.2 |
|
|
$ |
227.6 |
|
|
Restricted amounts held in escrow |
|
|
- |
|
|
|
- |
|
|
Accounts receivable, net |
|
|
464.4 |
|
|
|
470.3 |
|
|
Prepaid expenses and other |
|
|
44.6 |
|
|
|
58.7 |
|
|
|
Total current assets |
|
|
618.2 |
|
|
|
756.6 |
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT: |
|
|
|
|
|
Cost |
|
|
2,761.6 |
|
|
|
2,765.9 |
|
|
Less - accumulated depreciation |
|
|
(1,991.3 |
) |
|
|
(1,969.8 |
) |
|
|
Net property and equipment |
|
|
770.3 |
|
|
|
796.1 |
|
|
|
|
|
|
|
|
Deferred income taxes, net |
|
|
0.6 |
|
|
|
- |
|
Operating lease right-of-use assets |
|
|
386.0 |
|
|
|
- |
|
Other assets |
|
|
56.5 |
|
|
|
64.4 |
|
|
|
Total assets |
|
$ |
1,831.6 |
|
|
$ |
1,617.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable |
|
$ |
163.7 |
|
|
$ |
178.0 |
|
|
Wages, vacations, and employee benefits |
|
|
195.9 |
|
|
|
223.6 |
|
|
Current operating lease liabilities |
|
|
120.8 |
|
|
|
- |
|
|
Other current and accrued liabilities |
|
|
167.5 |
|
|
|
170.1 |
|
|
Current maturities of long-term debt |
|
|
4.1 |
|
|
|
20.7 |
|
|
|
Total current liabilities |
|
|
652.0 |
|
|
|
592.4 |
|
|
|
|
|
|
|
|
OTHER LIABILITIES: |
|
|
|
|
|
Long-term debt, less current portion |
|
|
858.1 |
|
|
|
854.2 |
|
|
Deferred income taxes, net |
|
|
- |
|
|
|
1.8 |
|
|
Pension and postretirement |
|
|
236.5 |
|
|
|
202.9 |
|
|
Operating lease liabilities |
|
|
246.3 |
|
|
|
- |
|
|
Claims and other liabilities |
|
|
279.9 |
|
|
|
271.3 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' DEFICIT: |
|
|
|
|
|
Preferred stock, $1 par value per share |
|
|
- |
|
|
|
- |
|
|
Common stock, $0.01 par value per share |
|
|
0.3 |
|
|
|
0.3 |
|
|
Capital surplus |
|
|
2,332.9 |
|
|
|
2,327.6 |
|
|
Accumulated deficit |
|
|
(2,312.4 |
) |
|
|
(2,208.4 |
) |
|
Accumulated other comprehensive loss |
|
|
(369.3 |
) |
|
|
(332.3 |
) |
|
Treasury stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
Total shareholders' deficit |
|
|
(441.2 |
) |
|
|
(305.5 |
) |
|
|
Total liabilities and shareholders' deficit |
|
$ |
1,831.6 |
|
|
$ |
1,617.1 |
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions except per share data, shares in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUE |
$ |
1,159.5 |
|
|
$ |
1,247.4 |
|
|
$ |
4,871.2 |
|
|
$ |
5,092.0 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Salaries, wages and employee benefits |
|
707.0 |
|
|
|
721.3 |
|
|
|
2,963.7 |
|
|
|
2,950.0 |
|
|
Fuel, operating expenses and supplies |
|
205.9 |
|
|
|
234.4 |
|
|
|
889.0 |
|
|
|
940.2 |
|
|
Purchased transportation |
|
149.2 |
|
|
|
167.2 |
|
|
|
614.2 |
|
|
|
683.2 |
|
|
Depreciation and amortization |
|
36.7 |
|
|
|
37.5 |
|
|
|
152.4 |
|
|
|
147.7 |
|
|
Other operating expenses |
|
61.0 |
|
|
|
60.0 |
|
|
|
241.2 |
|
|
|
248.8 |
|
|
Gains on property disposals, net |
|
(10.1 |
) |
|
|
(28.1 |
) |
|
|
(13.7 |
) |
|
|
(20.8 |
) |
|
Impairment charges |
|
- |
|
|
|
- |
|
|
|
8.2 |
|
|
|
- |
|
|
|
Total operating expenses |
|
1,149.7 |
|
|
|
1,192.3 |
|
|
|
4,855.0 |
|
|
|
4,949.1 |
|
OPERATING INCOME |
|
9.8 |
|
|
|
55.1 |
|
|
|
16.2 |
|
|
|
142.9 |
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Interest expense |
|
28.1 |
|
|
|
28.1 |
|
|
|
111.2 |
|
|
|
105.8 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
11.2 |
|
|
|
- |
|
|
Non-union pension and postretirement benefits |
|
0.3 |
|
|
|
3.4 |
|
|
|
3.1 |
|
|
|
9.4 |
|
|
Other, net |
|
(0.1 |
) |
|
|
(2.8 |
) |
|
|
(1.0 |
) |
|
|
(3.6 |
) |
|
|
Nonoperating expenses, net |
|
28.3 |
|
|
|
28.7 |
|
|
|
124.5 |
|
|
|
111.6 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
(18.5 |
) |
|
|
26.4 |
|
|
|
(108.3 |
) |
|
|
31.3 |
|
INCOME TAX EXPENSE (BENEFIT) |
|
(3.2 |
) |
|
|
8.9 |
|
|
|
(4.3 |
) |
|
|
11.1 |
|
NET INCOME (LOSS) |
|
(15.3 |
) |
|
|
17.5 |
|
|
|
(104.0 |
) |
|
|
20.2 |
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
(46.1 |
) |
|
|
5.0 |
|
|
|
(37.0 |
) |
|
|
23.5 |
|
COMPREHENSIVE INCOME (LOSS) |
$ |
(61.4 |
) |
|
$ |
22.5 |
|
|
$ |
(141.0 |
) |
|
$ |
43.7 |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE COMMON SHARES OUTSTANDING - BASIC |
|
33,349 |
|
|
|
33,089 |
|
|
|
33,252 |
|
|
|
32,983 |
|
AVERAGE COMMON SHARES OUTSTANDING - DILUTED |
|
33,349 |
|
|
|
33,851 |
|
|
|
33,252 |
|
|
|
33,859 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE - BASIC |
$ |
(0.46 |
) |
|
$ |
0.53 |
|
|
$ |
(3.13 |
) |
|
$ |
0.61 |
|
EARNINGS (LOSS) PER SHARE - DILUTED |
$ |
(0.46 |
) |
|
$ |
0.52 |
|
|
$ |
(3.13 |
) |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
YRC Worldwide Inc. and Subsidiaries |
For the Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
OPERATING ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
(104.0 |
) |
|
$ |
20.2 |
|
Adjustments to reconcile net income (loss) to cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
|
152.4 |
|
|
|
147.7 |
|
Lease amortization and accretion expense |
|
168.0 |
|
|
|
- |
|
Lease payments |
|
(155.1 |
) |
|
|
- |
|
Equity-based compensation and employee benefits expense |
|
18.6 |
|
|
|
20.3 |
|
Non-union pension settlement charge |
|
1.8 |
|
|
|
10.9 |
|
Gains on property disposals, net |
|
(13.7 |
) |
|
|
(20.8 |
) |
Loss on extinguishment of debt |
|
11.2 |
|
|
|
- |
|
Impairment charges |
|
8.2 |
|
|
|
- |
|
Deferred income tax benefit, net |
|
(3.0 |
) |
|
|
(1.1 |
) |
Other non-cash items, net |
|
6.4 |
|
|
|
4.9 |
|
Changes in assets and liabilities, net: |
|
|
|
Accounts receivable |
|
7.1 |
|
|
|
16.6 |
|
Accounts payable |
|
(14.8 |
) |
|
|
6.1 |
|
Other operating assets |
|
(1.5 |
) |
|
|
5.4 |
|
Other operating liabilities |
|
(60.1 |
) |
|
|
14.6 |
|
Net cash provided by operating activities |
|
21.5 |
|
|
|
224.8 |
|
|
|
|
|
INVESTING ACTIVITIES: |
|
|
|
Acquisition of property and equipment |
|
(143.2 |
) |
|
|
(145.4 |
) |
Proceeds from disposal of property and equipment |
|
25.9 |
|
|
|
36.4 |
|
Net cash used in investing activities |
|
(117.3 |
) |
|
|
(109.0 |
) |
|
|
|
|
FINANCING ACTIVITIES: |
|
|
|
Issuance of long-term debt, net of discounts |
|
570.0 |
|
|
|
- |
|
Repayment of long-term debt |
|
(579.0 |
) |
|
|
(31.9 |
) |
Debt issuance costs |
|
(12.7 |
) |
|
|
- |
|
Payments for tax withheld on equity-based compensation |
|
(0.9 |
) |
|
|
(2.0 |
) |
Net cash used in financing activities |
|
(22.6 |
) |
|
|
(33.9 |
) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
AMOUNTS HELD IN ESCROW |
|
(118.4 |
) |
|
|
81.9 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW,
BEGINNING OF PERIOD |
|
227.6 |
|
|
|
145.7 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW, END
OF PERIOD |
$ |
109.2 |
|
|
$ |
227.6 |
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
Interest paid |
$ |
(106.8 |
) |
|
$ |
(101.2 |
) |
Letter of credit fees paid |
|
(6.8 |
) |
|
|
(7.0 |
) |
Income tax payment, net |
|
(3.7 |
) |
|
|
(5.5 |
) |
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
|
2019 |
|
|
|
2018 |
|
|
% |
|
|
2019 |
|
|
|
2018 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
740.9 |
|
|
$ |
796.3 |
|
|
|
(7.0 |
) |
|
$ |
3,088.7 |
|
|
$ |
3,197.3 |
|
|
|
(3.4 |
) |
Regional Transportation |
|
418.7 |
|
|
|
451.2 |
|
|
|
(7.2 |
) |
|
|
1,782.7 |
|
|
|
1,895.0 |
|
|
|
(5.9 |
) |
Other, net of eliminations |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
Consolidated |
|
1,159.5 |
|
|
|
1,247.4 |
|
|
|
(7.0 |
) |
|
|
4,871.2 |
|
|
|
5,092.0 |
|
|
|
(4.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
11.8 |
|
|
|
40.4 |
|
|
|
|
|
38.3 |
|
|
|
85.0 |
|
|
|
Regional Transportation |
|
3.7 |
|
|
|
17.9 |
|
|
|
|
|
(4.8 |
) |
|
|
70.7 |
|
|
|
Corporate and other |
|
(5.7 |
) |
|
|
(3.2 |
) |
|
|
|
|
(17.3 |
) |
|
|
(12.8 |
) |
|
|
Consolidated |
$ |
9.8 |
|
|
$ |
55.1 |
|
|
|
|
$ |
16.2 |
|
|
$ |
142.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio (a): |
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
98.4 |
% |
|
|
94.9 |
% |
|
|
|
|
98.8 |
% |
|
|
97.3 |
% |
|
|
Regional Transportation |
|
99.1 |
% |
|
|
96.0 |
% |
|
|
|
|
100.3 |
% |
|
|
96.3 |
% |
|
|
Consolidated |
|
99.2 |
% |
|
|
95.6 |
% |
|
|
|
|
99.7 |
% |
|
|
97.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Operating ratio is calculated as (i) 100 percent (ii) minus the
result of dividing operating income by operating revenue or (iii)
plus the result of dividing operating loss by operating revenue,
and expressed as a percentage. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: Total Debt |
|
|
|
|
|
|
|
|
|
Debt Issue |
|
|
As of December 31, 2019 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
New Term Loan |
|
|
|
|
$ |
600.0 |
|
|
$ |
(28.1 |
) |
|
$ |
(12.0 |
) |
|
$ |
559.9 |
|
ABL Facility |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Secured Second A&R CDA |
|
|
|
|
|
26.0 |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
25.9 |
|
Unsecured Second A&R CDA |
|
|
|
|
|
45.2 |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
45.1 |
|
Lease financing obligations |
|
|
|
|
|
231.6 |
|
|
|
- |
|
|
|
(0.3 |
) |
|
|
231.3 |
|
Total debt |
|
|
|
|
$ |
902.8 |
|
|
$ |
(28.1 |
) |
|
$ |
(12.5 |
) |
|
$ |
862.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issue |
|
|
As of December 31, 2018 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
Prior Term Loan |
|
|
|
|
$ |
573.7 |
|
|
$ |
(7.8 |
) |
|
$ |
(6.5 |
) |
|
$ |
559.4 |
|
ABL Facility |
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Secured Second A&R CDA |
|
|
|
|
|
26.9 |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
26.8 |
|
Unsecured Second A&R CDA |
|
|
|
|
|
46.7 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
46.5 |
|
Lease financing obligations |
|
|
|
|
|
242.7 |
|
|
|
- |
|
|
|
(0.5 |
) |
|
|
242.2 |
|
Total debt |
|
|
|
|
$ |
890.0 |
|
|
$ |
(7.8 |
) |
|
$ |
(7.3 |
) |
|
$ |
874.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: Liquidity |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
$ |
109.2 |
|
|
$ |
227.6 |
|
Changes to restricted cash |
|
|
|
|
|
|
|
|
|
(29.0 |
) |
|
|
(25.0 |
) |
Managed Accessibility (b) |
|
|
|
|
|
|
|
|
|
0.2 |
|
|
|
1.2 |
|
Total Cash and cash equivalents and Managed
Accessibility |
|
$ |
80.4 |
|
|
$ |
203.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Managed Accessibility represents the maximum amount we would
access on the ABL Facility and is adjusted for eligible receivables
plus eligible borrowing base cash measured for the applicable
period. Based on the eligible receivable’s management uses to
measure availability, which is 10% of the borrowing line, the
credit agreement governing the ABL Facility permits adjustments
from eligible borrowing base cash to restricted cash prior to the
compliance measurement date which is 15 days from the period
close. |
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of net income (loss) to Adjusted
EBITDA(a): |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(15.3 |
) |
|
$ |
17.5 |
|
|
$ |
(104.0 |
) |
|
$ |
20.2 |
|
Interest expense, net |
|
27.9 |
|
|
|
27.3 |
|
|
|
109.9 |
|
|
|
104.5 |
|
Income tax expense (benefit) |
|
(3.2 |
) |
|
|
8.9 |
|
|
|
(4.3 |
) |
|
|
11.1 |
|
Depreciation and amortization |
|
36.7 |
|
|
|
37.5 |
|
|
|
152.4 |
|
|
|
147.7 |
|
EBITDA |
|
46.1 |
|
|
|
91.2 |
|
|
|
154.0 |
|
|
|
283.5 |
|
Adjustments for New Term Loan Agreement: |
|
|
|
|
|
|
|
Gains on property disposals, net |
|
(10.1 |
) |
|
|
(28.1 |
) |
|
|
(13.7 |
) |
|
|
(20.8 |
) |
Non-cash reserve changes |
|
2.1 |
|
|
|
- |
|
|
|
16.1 |
|
|
|
- |
|
Impairment charges |
|
- |
|
|
|
- |
|
|
|
8.2 |
|
|
|
- |
|
Letter of credit expense |
|
1.7 |
|
|
|
1.6 |
|
|
|
6.5 |
|
|
|
6.6 |
|
Permitted dispositions and other |
|
0.1 |
|
|
|
- |
|
|
|
(0.9 |
) |
|
|
0.3 |
|
Equity-based compensation expense |
|
1.1 |
|
|
|
0.8 |
|
|
|
6.3 |
|
|
|
6.3 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
11.2 |
|
|
|
- |
|
Non-union pension settlement charge |
|
0.1 |
|
|
|
3.7 |
|
|
|
1.8 |
|
|
|
10.9 |
|
Other, net(b) |
|
0.6 |
|
|
|
(1.1 |
) |
|
|
2.9 |
|
|
|
0.1 |
|
Expense amounts subject to 10% threshold(c) |
|
4.1 |
|
|
|
9.4 |
|
|
|
18.2 |
|
|
|
20.9 |
|
Adjusted EBITDA prior to 10% threshold |
|
45.8 |
|
|
|
77.5 |
|
|
|
210.6 |
|
|
|
307.8 |
|
Adjustments pursuant to TTM calculation(c) |
|
1.5 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
47.3 |
|
|
|
77.5 |
|
|
|
210.6 |
|
|
|
307.8 |
|
|
|
|
|
|
|
|
|
|
(a) |
Certain reclassifications and adjustments have been made to prior
year to conform to the new calculation and presentation of Adjusted
EBITDA furnished in our Current Report on Form 8-K filed on
September 11, 2019. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
As required under both our Prior Term Loan Agreement and New Term
Loan Agreement, Other, net shown above consists of the impact of
certain items to be included in Adjusted EBITDA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Pursuant to the New Term Loan Agreement, Adjusted EBITDA limits
certain adjustments in aggregate to 10% of the
trailing-twelve-month (“TTM”) consolidated Adjusted EBITDA, prior
to the inclusion of amounts subject to the 10% threshold, for each
period ending. Such adjustments include, but are not limited to,
restructuring charges, integration costs, severance, and
non-recurring charges. The limitation calculation is updated
quarterly based on TTM Adjusted EBITDA, and any necessary
adjustment resulting from this limitation, if applicable, will be
presented here. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
Adjusted EBITDA by segment: |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
YRC Freight |
$ |
31.1 |
|
|
$ |
43.6 |
|
|
$ |
148.1 |
|
|
$ |
168.4 |
|
|
Regional Transportation |
|
16.7 |
|
|
|
33.6 |
|
|
|
63.9 |
|
|
|
138.7 |
|
|
Corporate and other |
|
(0.5 |
) |
|
|
0.3 |
|
|
|
(1.4 |
) |
|
|
0.7 |
|
|
Adjusted EBITDA |
$ |
47.3 |
|
|
$ |
77.5 |
|
|
$ |
210.6 |
|
|
$ |
307.8 |
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
YRC Freight segment |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of operating income to Adjusted
EBITDA(a): |
|
|
|
|
|
|
|
Operating income |
$ |
11.8 |
|
|
$ |
40.4 |
|
|
$ |
38.3 |
|
|
$ |
85.0 |
|
Depreciation and amortization |
|
21.0 |
|
|
|
20.7 |
|
|
|
86.5 |
|
|
|
82.2 |
|
Gains on property disposals, net |
|
(7.8 |
) |
|
|
(26.4 |
) |
|
|
(9.8 |
) |
|
|
(20.3 |
) |
Non-cash reserve changes |
|
2.3 |
|
|
|
- |
|
|
|
11.5 |
|
|
|
- |
|
Impairment charges |
|
- |
|
|
|
- |
|
|
|
8.2 |
|
|
|
- |
|
Letter of credit expense |
|
1.0 |
|
|
|
1.1 |
|
|
|
4.0 |
|
|
|
4.2 |
|
Non-union pension and postretirement benefits |
|
- |
|
|
|
0.4 |
|
|
|
(0.5 |
) |
|
|
1.9 |
|
Other, net(b) |
|
- |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.3 |
|
Expense amounts subject to 10% threshold(c) |
|
1.8 |
|
|
|
7.1 |
|
|
|
9.7 |
|
|
|
15.1 |
|
Adjusted EBITDA prior to 10% threshold |
|
30.1 |
|
|
|
43.6 |
|
|
|
148.1 |
|
|
|
168.4 |
|
Adjustments pursuant to TTM calculation(c) |
|
1.0 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
31.1 |
|
|
|
43.6 |
|
|
|
148.1 |
|
|
|
168.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
Regional Transportation segment |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of operating income (loss) to Adjusted
EBITDA(a): |
|
|
|
|
|
|
|
Operating income (loss) |
$ |
3.7 |
|
|
$ |
17.9 |
|
|
$ |
(4.8 |
) |
|
$ |
70.7 |
|
Depreciation and amortization |
|
15.3 |
|
|
|
16.6 |
|
|
|
64.6 |
|
|
|
65.0 |
|
Gains on property disposals, net |
|
(3.7 |
) |
|
|
(1.7 |
) |
|
|
(5.3 |
) |
|
|
(0.6 |
) |
Non-cash reserve changes |
|
- |
|
|
|
- |
|
|
|
4.4 |
|
|
|
- |
|
Letter of credit expense |
|
0.6 |
|
|
|
0.5 |
|
|
|
2.2 |
|
|
|
2.2 |
|
Other, net(b) |
|
0.2 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
Expense amounts subject to 10% threshold(c) |
|
0.4 |
|
|
|
0.2 |
|
|
|
2.7 |
|
|
|
1.3 |
|
Adjusted EBITDA prior to 10% threshold |
|
16.5 |
|
|
|
33.6 |
|
|
|
63.9 |
|
|
|
138.7 |
|
Adjustments pursuant to TTM calculation(c) |
|
0.2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
16.7 |
|
|
|
33.6 |
|
|
|
63.9 |
|
|
|
138.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
Corporate and other |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of operating loss to Adjusted
EBITDA(a): |
|
|
|
|
|
|
|
Operating loss |
$ |
(5.7 |
) |
|
$ |
(3.2 |
) |
|
$ |
(17.3 |
) |
|
$ |
(12.8 |
) |
Depreciation and amortization |
|
0.4 |
|
|
|
0.2 |
|
|
|
1.3 |
|
|
|
0.5 |
|
Losses on property disposals, net |
|
1.4 |
|
|
|
- |
|
|
|
1.4 |
|
|
|
0.1 |
|
Non-cash reserve changes |
|
(0.2 |
) |
|
|
- |
|
|
|
0.2 |
|
|
|
- |
|
Letter of credit expense |
|
0.1 |
|
|
|
- |
|
|
|
0.3 |
|
|
|
0.2 |
|
Permitted dispositions and other |
|
0.1 |
|
|
|
- |
|
|
|
(0.9 |
) |
|
|
0.3 |
|
Non-union pension and postretirement benefits |
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
Equity-based compensation expense |
|
1.1 |
|
|
|
0.8 |
|
|
|
6.3 |
|
|
|
6.3 |
|
Other, net(b) |
|
0.4 |
|
|
|
0.5 |
|
|
|
2.4 |
|
|
|
2.0 |
|
Expense amounts subject to 10% threshold(c) |
|
1.9 |
|
|
|
2.1 |
|
|
|
5.8 |
|
|
|
4.5 |
|
Adjusted EBITDA prior to 10% threshold |
|
(0.8 |
) |
|
|
0.3 |
|
|
|
(1.4 |
) |
|
|
0.7 |
|
Adjustments pursuant to TTM calculation(c) |
|
0.3 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
(0.5 |
) |
|
|
0.3 |
|
|
|
(1.4 |
) |
|
|
0.7 |
|
|
|
For explanations of (a), (b) and (c), please refer to previous
page. |
|
|
|
YRC Worldwide Inc. |
|
Segment Statistics |
|
Quarterly Comparison |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
|
4Q19 |
|
4Q18 |
|
3Q19 |
|
% (b) |
|
% (b) |
|
Workdays |
|
61.5 |
|
|
|
61.5 |
|
|
|
63.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTL picked up revenue (in millions) |
$ |
673.5 |
|
|
$ |
729.0 |
|
|
$ |
740.2 |
|
|
(7.6 |
) |
|
(9.0 |
) |
|
LTL tonnage (in thousands) |
|
1,127 |
|
|
|
1,207 |
|
|
|
1,230 |
|
|
(6.6 |
) |
|
(8.3 |
) |
|
LTL tonnage per day (in thousands) |
|
18.33 |
|
|
|
19.63 |
|
|
|
19.36 |
|
|
(6.6 |
) |
|
(5.3 |
) |
|
LTL shipments (in thousands) |
|
2,218 |
|
|
|
2,425 |
|
|
|
2,444 |
|
|
(8.5 |
) |
|
(9.3 |
) |
|
LTL shipments per day (in thousands) |
|
36.06 |
|
|
|
39.42 |
|
|
|
38.49 |
|
|
(8.5 |
) |
|
(6.3 |
) |
|
LTL picked up revenue/cwt. |
$ |
29.88 |
|
|
$ |
30.19 |
|
|
$ |
30.10 |
|
|
(1.1 |
) |
|
(0.7 |
) |
|
LTL picked up revenue/cwt. (excl. FSC) |
$ |
26.33 |
|
|
$ |
26.33 |
|
|
$ |
26.59 |
|
|
0.0 |
|
|
(1.0 |
) |
|
LTL picked up revenue/shipment |
$ |
304 |
|
|
$ |
301 |
|
|
$ |
303 |
|
|
1.0 |
|
|
0.3 |
|
|
LTL picked up revenue/shipment (excl. FSC) |
$ |
268 |
|
|
$ |
262 |
|
|
$ |
268 |
|
|
2.1 |
|
|
0.0 |
|
|
LTL weight/shipment (in pounds) |
|
1,017 |
|
|
|
996 |
|
|
|
1,006 |
|
|
2.1 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions)(a) |
$ |
724.8 |
|
|
$ |
779.7 |
|
|
$ |
794.7 |
|
|
(7.0 |
) |
|
(8.8 |
) |
|
Total tonnage (in thousands) |
|
1,466 |
|
|
|
1,473 |
|
|
|
1,571 |
|
|
(0.4 |
) |
|
(6.7 |
) |
|
Total tonnage per day (in thousands) |
|
23.84 |
|
|
|
23.95 |
|
|
|
24.75 |
|
|
(0.4 |
) |
|
(3.6 |
) |
|
Total shipments (in thousands) |
|
2,255 |
|
|
|
2,458 |
|
|
|
2,483 |
|
|
(8.3 |
) |
|
(9.2 |
) |
|
Total shipments per day (in thousands) |
|
36.66 |
|
|
|
39.96 |
|
|
|
39.10 |
|
|
(8.3 |
) |
|
(6.2 |
) |
|
Total revenue/cwt. |
$ |
24.71 |
|
|
$ |
26.47 |
|
|
$ |
25.29 |
|
|
(6.6 |
) |
|
(2.3 |
) |
|
Total revenue/cwt. (excl. FSC) |
$ |
21.86 |
|
|
$ |
23.12 |
|
|
$ |
22.41 |
|
|
(5.4 |
) |
|
(2.4 |
) |
|
Total revenue/shipment |
$ |
321 |
|
|
$ |
317 |
|
|
$ |
320 |
|
|
1.3 |
|
|
0.4 |
|
|
Total revenue/shipment (excl. FSC) |
$ |
284 |
|
|
$ |
277 |
|
|
$ |
284 |
|
|
2.6 |
|
|
0.2 |
|
|
Total weight/shipment (in pounds) |
|
1,301 |
|
|
|
1,199 |
|
|
|
1,266 |
|
|
8.5 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
|
Operating revenue |
$ |
740.9 |
|
|
$ |
796.3 |
|
|
$ |
803.2 |
|
|
|
|
|
|
Change in revenue deferral and other |
|
(16.1 |
) |
|
|
(16.6 |
) |
|
|
(8.5 |
) |
|
|
|
|
|
Total picked up revenue |
$ |
724.8 |
|
|
$ |
779.7 |
|
|
$ |
794.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
|
4Q19 |
|
4Q18 |
|
3Q19 |
|
% (b) |
|
% (b) |
|
Workdays |
|
62.5 |
|
|
|
61.5 |
|
|
|
62.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTL picked up revenue (in millions) |
$ |
388.0 |
|
|
$ |
415.2 |
|
|
$ |
420.9 |
|
|
(6.6 |
) |
|
(7.8 |
) |
|
LTL tonnage (in thousands) |
|
1,331 |
|
|
|
1,415 |
|
|
|
1,445 |
|
|
(5.9 |
) |
|
(7.9 |
) |
|
LTL tonnage per day (in thousands) |
|
21.30 |
|
|
|
23.00 |
|
|
|
23.12 |
|
|
(7.4 |
) |
|
(7.9 |
) |
|
LTL shipments (in thousands) |
|
2,109 |
|
|
|
2,253 |
|
|
|
2,304 |
|
|
(6.4 |
) |
|
(8.4 |
) |
|
LTL shipments per day (in thousands) |
|
33.75 |
|
|
|
36.64 |
|
|
|
36.86 |
|
|
(7.9 |
) |
|
(8.4 |
) |
|
LTL picked up revenue/cwt. |
$ |
14.57 |
|
|
$ |
14.67 |
|
|
$ |
14.57 |
|
|
(0.7 |
) |
|
0.0 |
|
|
LTL picked up revenue/cwt. (excl. FSC) |
$ |
12.88 |
|
|
$ |
12.85 |
|
|
$ |
12.89 |
|
|
0.2 |
|
|
(0.1 |
) |
|
LTL picked up revenue/shipment |
$ |
184 |
|
|
$ |
184 |
|
|
$ |
183 |
|
|
(0.2 |
) |
|
0.7 |
|
|
LTL picked up revenue/shipment (excl. FSC) |
$ |
163 |
|
|
$ |
161 |
|
|
$ |
162 |
|
|
0.7 |
|
|
0.5 |
|
|
LTL weight/shipment (in pounds) |
|
1,262 |
|
|
|
1,256 |
|
|
|
1,254 |
|
|
0.5 |
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions)(a) |
$ |
418.5 |
|
|
$ |
450.2 |
|
|
$ |
453.0 |
|
|
(7.0 |
) |
|
(7.6 |
) |
|
Total tonnage (in thousands) |
|
1,637 |
|
|
|
1,767 |
|
|
|
1,769 |
|
|
(7.4 |
) |
|
(7.4 |
) |
|
Total tonnage per day (in thousands) |
|
26.19 |
|
|
|
28.74 |
|
|
|
28.30 |
|
|
(8.9 |
) |
|
(7.4 |
) |
|
Total shipments (in thousands) |
|
2,153 |
|
|
|
2,303 |
|
|
|
2,350 |
|
|
(6.5 |
) |
|
(8.4 |
) |
|
Total shipments per day (in thousands) |
|
34.45 |
|
|
|
37.45 |
|
|
|
37.61 |
|
|
(8.0 |
) |
|
(8.4 |
) |
|
Total revenue/cwt. |
$ |
12.78 |
|
|
$ |
12.74 |
|
|
$ |
12.81 |
|
|
0.4 |
|
|
(0.2 |
) |
|
Total revenue/cwt. (excl. FSC) |
$ |
11.31 |
|
|
$ |
11.16 |
|
|
$ |
11.34 |
|
|
1.3 |
|
|
(0.3 |
) |
|
Total revenue/shipment |
$ |
194 |
|
|
$ |
195 |
|
|
$ |
193 |
|
|
(0.6 |
) |
|
0.8 |
|
|
Total revenue/shipment (excl. FSC) |
$ |
172 |
|
|
$ |
171 |
|
|
$ |
171 |
|
|
0.3 |
|
|
0.7 |
|
|
Total weight/shipment (in pounds) |
|
1,520 |
|
|
|
1,534 |
|
|
|
1,505 |
|
|
(0.9 |
) |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
|
Operating revenue |
$ |
418.7 |
|
|
$ |
451.2 |
|
|
$ |
453.6 |
|
|
|
|
|
|
Change in revenue deferral and other |
|
(0.2 |
) |
|
|
(1.0 |
) |
|
|
(0.6 |
) |
|
|
|
|
|
Total picked up revenue |
$ |
418.5 |
|
|
$ |
450.2 |
|
|
$ |
453.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Does not equal financial statement revenue due to revenue
adjustments for shipments in transit and the impact of other
revenue for YRC Freight. |
|
(b) Percent change based on unrounded figures and not the rounded
figures presented. |
|
|
|
YRC Worldwide Inc. |
|
Segment Statistics |
|
YTD Comparison |
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
Y/Y |
|
|
|
2019 |
|
|
|
2018 |
|
|
% (b) |
Workdays |
|
251.5 |
|
|
|
252.0 |
|
|
|
|
|
|
|
|
|
|
LTL picked up revenue (in millions) |
$ |
2,840.7 |
|
|
$ |
2,945.4 |
|
|
(3.6 |
) |
LTL tonnage (in thousands) |
|
4,739 |
|
|
|
5,040 |
|
|
(6.0 |
) |
LTL tonnage per day (in thousands) |
|
18.84 |
|
|
|
20.00 |
|
|
(5.8 |
) |
LTL shipments (in thousands) |
|
9,434 |
|
|
|
9,982 |
|
|
(5.5 |
) |
LTL shipments per day (in thousands) |
|
37.51 |
|
|
|
39.61 |
|
|
(5.3 |
) |
LTL picked up revenue/cwt. |
$ |
29.97 |
|
|
$ |
29.22 |
|
|
2.6 |
|
LTL picked up revenue/cwt. (excl. FSC) |
$ |
26.43 |
|
|
$ |
25.58 |
|
|
3.3 |
|
LTL picked up revenue/shipment |
$ |
301 |
|
|
$ |
295 |
|
|
2.1 |
|
LTL picked up revenue/shipment (excl. FSC) |
$ |
266 |
|
|
$ |
258 |
|
|
2.8 |
|
LTL weight/shipment (in pounds) |
|
1,005 |
|
|
|
1,010 |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
3,049.1 |
|
|
$ |
3,153.3 |
|
|
(3.3 |
) |
Total tonnage (in thousands) |
|
6,034 |
|
|
|
6,136 |
|
|
(1.7 |
) |
Total tonnage per day (in thousands) |
|
23.99 |
|
|
|
24.35 |
|
|
(1.5 |
) |
Total shipments (in thousands) |
|
9,579 |
|
|
|
10,122 |
|
|
(5.4 |
) |
Total shipments per day (in thousands) |
|
38.09 |
|
|
|
40.17 |
|
|
(5.2 |
) |
Total picked up revenue/cwt. |
$ |
25.27 |
|
|
$ |
25.70 |
|
|
(1.7 |
) |
Total picked up revenue/cwt. (excl. FSC) |
$ |
22.35 |
|
|
$ |
22.52 |
|
|
(0.8 |
) |
Total picked up revenue/shipment |
$ |
318 |
|
|
$ |
312 |
|
|
2.2 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
282 |
|
|
$ |
273 |
|
|
3.1 |
|
Total weight/shipment (in pounds) |
|
1,260 |
|
|
|
1,212 |
|
|
3.9 |
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
Operating revenue |
$ |
3,088.7 |
|
|
$ |
3,197.3 |
|
|
|
|
Change in revenue deferral and other |
|
(39.6 |
) |
|
|
(44.0 |
) |
|
|
|
Total picked up revenue |
$ |
3,049.1 |
|
|
$ |
3,153.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
Y/Y |
|
|
|
2019 |
|
|
|
2018 |
|
|
% (b) |
Workdays |
|
251.5 |
|
|
|
252.0 |
|
|
|
|
|
|
|
|
|
|
LTL picked up revenue (in millions) |
$ |
1,652.8 |
|
|
$ |
1,742.8 |
|
|
(5.2 |
) |
LTL tonnage (in thousands) |
|
5,663 |
|
|
|
6,027 |
|
|
(6.0 |
) |
LTL tonnage per day (in thousands) |
|
22.52 |
|
|
|
23.92 |
|
|
(5.8 |
) |
LTL shipments (in thousands) |
|
8,989 |
|
|
|
9,588 |
|
|
(6.3 |
) |
LTL shipments per day (in thousands) |
|
35.74 |
|
|
|
38.05 |
|
|
(6.1 |
) |
LTL picked up revenue/cwt. |
$ |
14.59 |
|
|
$ |
14.46 |
|
|
0.9 |
|
LTL picked up revenue/cwt. (excl. FSC) |
$ |
12.90 |
|
|
$ |
12.71 |
|
|
1.5 |
|
LTL picked up revenue/shipment |
$ |
184 |
|
|
$ |
182 |
|
|
1.2 |
|
LTL picked up revenue/shipment (excl. FSC) |
$ |
163 |
|
|
$ |
160 |
|
|
1.8 |
|
LTL weight/shipment (in pounds) |
|
1,260 |
|
|
|
1,257 |
|
|
0.2 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
1,782.5 |
|
|
$ |
1,895.2 |
|
|
(6.0 |
) |
Total tonnage (in thousands) |
|
6,969 |
|
|
|
7,574 |
|
|
(8.0 |
) |
Total tonnage per day (in thousands) |
|
27.71 |
|
|
|
30.05 |
|
|
(7.8 |
) |
Total shipments (in thousands) |
|
9,177 |
|
|
|
9,808 |
|
|
(6.4 |
) |
Total shipments per day (in thousands) |
|
36.49 |
|
|
|
38.92 |
|
|
(6.3 |
) |
Total picked up revenue/cwt. |
$ |
12.79 |
|
|
$ |
12.51 |
|
|
2.2 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
11.31 |
|
|
$ |
11.00 |
|
|
2.8 |
|
Total picked up revenue/shipment |
$ |
194 |
|
|
$ |
193 |
|
|
0.5 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
172 |
|
|
$ |
170 |
|
|
1.1 |
|
Total weight/shipment (in pounds) |
|
1,519 |
|
|
|
1,544 |
|
|
(1.6 |
) |
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
Operating revenue |
$ |
1,782.7 |
|
|
$ |
1,895.0 |
|
|
|
|
Change in revenue deferral and other |
|
(0.2 |
) |
|
|
0.2 |
|
|
|
|
Total picked up revenue |
$ |
1,782.5 |
|
|
$ |
1,895.2 |
|
|
|
|
|
|
|
|
|
|
|
(a) Does not equal financial statement revenue due to revenue
adjustments for shipments in transit and the impact of other
revenue for YRC Freight. |
|
(b) Percent change based on unrounded figures and not the rounded
figures presented. |
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