YRC Worldwide Inc. (Nasdaq:YRCW) today reported financial results
for the first quarter of 2014.
Consolidated operating revenue for the first quarter of 2014 was
$1.211 billion with consolidated operating loss reported at $32.4
million. As a comparison, the company reported consolidated
operating revenue of $1.162 billion for the first quarter of 2013
and consolidated operating income of $9.9 million, which included a
$4.5 million gain on asset disposals.
The company reported, on a non-GAAP basis, adjusted EBITDA of
$23.4 million for the first quarter of 2014, as compared to
adjusted EBITDA of $60.7 million for the first quarter of 2013 (as
detailed in the reconciliation below).
"We faced numerous challenges during the first quarter as we
battled both the distractions from the ratification of the
Memorandum of Understanding (MOU) along with Mother Nature," said
YRC Worldwide CEO James Welch. "This was one of the worst winter
seasons in my more than 30 years in trucking. We estimate that it
negatively impacted our operating income by approximately $20
million. The main culprits were lower volumes, decreased
productivities and higher use of purchased transportation," stated
Welch.
Additionally, the year-over-year decline in adjusted EBITDA is
attributable to a $13.2 million increase in expense related to
workers' compensation, bodily injury and cargo claims. The increase
in both our bodily injury and cargo claims expense was driven by an
increase in the number of claims due to adverse weather conditions
as well as favorable development experienced in the first quarter
of 2013.
"The good news is that during the first quarter of 2014, we laid
the foundation for our future operational improvements based on
changes provided by the recently ratified MOU, more specifically
the establishment of a uniform national attendance policy, payment
of vacation based on the number of hours worked and, to a lesser
extent, our new over-the-road purchased transportation policy,"
continued Welch. "I am pleased with the progress we've made during
the first quarter in implementing these new policies; however,
because the MOU was ratified halfway through the quarter, there
were little, if any, positive impacts on year-over-year results. I
believe it will take the better part of 12 months before we
experience the full effect of the operationally-related policy
changes," said Welch.
"Since his appointment as president in late February, Darren
Hawkins has restructured the organization at YRC Freight to align
sales with operations and three terminals are set to open to meet
demand for service in certain areas of the country. For the
remainder of 2014, these changes, in addition to our regimented
service cycle, are anticipated to provide additional efficiencies
that will intensify our operational improvements," stated
Welch.
Despite the significant impact of the winter weather, the
Regional segment grew revenues by 11.1% during the first quarter of
2014 as compared to the same period in 2013 in part due to an
additional 4.5 days in the quarter for Holland and Reddaway. "Even
though two of our three regional companies experienced interference
from the winter weather in the Northeast throughout the quarter and
the associated expense degradation, I am very pleased with their
results. I believe the strength in the topline speaks volumes for
their management teams and the tightening of capacity in certain
areas of the country," Welch said.
Key Segment Information – first quarter 2014
compared to the first quarter of 2013
YRC Freight |
2014 |
2013 |
Percent Change |
Workdays |
63.0 |
62.5 |
|
Operating revenues (in millions) |
$ 756.8 |
$ 753.8 |
0.4% |
Operating income (loss) (in millions) |
(32.5) |
2.4 |
NM(a) |
Operating ratio |
104.3 |
99.7 |
(4.6)pp |
Total tonnage per day (in thousands) |
26.13 |
25.69 |
1.7% |
Total shipments per day (in thousands) |
44.00 |
44.23 |
(0.5)% |
Revenue per hundredweight |
$ 22.96 |
$ 23.57 |
(2.6)% |
Revenue per shipment |
$ 273 |
$ 274 |
(0.4)% |
(a) Not Meaningful
Regional
Transportation |
2014 |
2013 |
Percent Change |
Workdays |
67.0 |
62.5 |
|
Operating revenues (in millions) |
$ 454.1 |
$ 408.7 |
11.1% |
Operating income (in millions) |
7.9 |
12.0 |
(34.2)% |
Operating ratio |
98.3 |
97.1 |
1.2pp |
Total tonnage per day (in thousands) |
30.08 |
29.30 |
2.6% |
Total shipments per day (in thousands) |
40.38 |
39.68 |
1.8% |
Revenue per hundredweight |
$ 11.28 |
$ 11.17 |
1.0% |
Revenue per shipment |
$ 168 |
$ 165 |
1.9% |
Liquidity
At March 31, 2014, the company's liquidity, including cash, cash
equivalents and availability under its $450 million asset-based
loan facility (ABL) increased on a year-over-year basis by $8.2
million to $223.0 million. As a comparison, the company's
liquidity, including cash, cash equivalents and availability under
its prior ABL, was $214.8 million at March 31, 2013. For the three
months ended March 31, 2014, cash used in operating activities was
$56.2 million as compared to cash used in operating activities of
$13.9 million for the three months ended March 31, 2013, an
increase of $42.3 million.
Review of Financial Results
YRC Worldwide Inc. will host a conference call with the
investment community today, Thursday, May 1, 2014, beginning at
9:30 a.m. ET, 8:30 a.m. CT. The call will be available to listeners
as a live webcast and as a replay via the YRC Worldwide website
yrcw.com.
Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP measure that reflects the
company's earnings before interest, taxes, depreciation, and
amortization expense, and further adjusted for letter of credit
fees, equity-based compensation expense, net gains or losses on
property disposals and certain other items, including restructuring
professional fees, expenses associated with certain lump sum
payments to our IBT employees and results of permitted dispositions
and discontinued operations as defined in the company's credit
facilities. Adjusted EBITDA is 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 the company's
credit facilities. Free cash flow and adjusted free cash flow are
non-GAAP measures that reflect the company's operating cash flow
minus gross capital expenditures and operating cash flow minus
gross capital expenditures, excluding the restructuring
professional fees included in operating cash flow, respectively.
However, these financial measures should not be construed as better
measurements than operating cash flow, net income or earnings per
share, as defined by generally accepted accounting principles
(GAAP).
Adjusted EBITDA, free cash flow and adjusted free cash flow have
the following limitations:
- Adjusted EBITDA does not reflect the interest expense or the
cash requirements necessary to fund restructuring professional
fees, letter of credit fees, service interest or principal payments
on our outstanding debt or fund our lump sum payments to our IBT
employees required under the ratified MOU;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will have to be replaced
in the future, and adjusted EBITDA does not reflect any cash
requirements for such replacements;
- Equity-based compensation is an element of our long-term
incentive compensation program, although adjusted EBITDA excludes
certain employee equity-based compensation expense when presenting
our ongoing operating performance for a particular period;
- Adjusted free cash flow excludes the cash usage by the
company's restructuring professional fees, debt issuance costs,
equity issuance costs and principal payments on our outstanding
debt and the resulting reduction in the company's liquidity
position from those cash outflows;
- Other companies in our industry may calculate adjusted EBITDA
differently than we do, limiting their usefulness as a comparative
measure.
Because of these limitations, adjusted EBITDA, free cash flow
and adjusted free cash flow 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 adjusted EBITDA, free cash flow and adjusted free
cash flow as a secondary measure. The company has provided
reconciliations of its non-GAAP measures, adjusted EBITDA, free
cash flow and adjusted free cash flow, to GAAP 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," "project," "forecast," "propose," "plan,"
"designed," "enable," and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are
inherently uncertain 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) our
ability to generate sufficient cash flows and liquidity to fund
operations and satisfy our cash needs and future cash commitments,
including (without limitation) our obligations related to our
substantial indebtedness and lease and pension funding
requirements; the pace of recovery in the overall economy,
including (without limitation) customer demand in the retail and
manufacturing sectors; the success of our management team in
implementing its strategic plan and operational and productivity
improvements, including (without limitation) our continued ability
to meet high on-time and quality delivery performance standards,
and the impact of those improvements to meet our future liquidity
and profitability; our ability to finance the maintenance,
acquisition and replacement of revenue equipment and other
necessary capital expenditures; potential increase in our operating
lease obligations resulting from our decision to defer the purchase
of new revenue equipment; changes in equity and debt markets;
inclement weather; price and availability of fuel; sudden 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; competition and
competitive pressure on service and pricing; expense volatility,
including (without limitation) volatility due to changes in rail
service or pricing for rail service; our ability to comply and the
cost of compliance with federal, state, local and foreign laws and
regulations, including (without limitation) laws and regulations
for the protection of employee safety and health and the
environment; terrorist attack; labor relations, including (without
limitation) the continued support of our union employees with
respect to our strategic plan, the impact of work rules, work
stoppages, strikes or other disruptions, our obligations to
multi-employer health, welfare and pension plans, wage requirements
and employee satisfaction; the impact of claims and litigation to
which we are or may become exposed; 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., a Fortune 500 company headquartered in
Overland Park, Kan., is the holding company for a portfolio of
successful companies including YRC Freight, YRC Reimer, Holland,
Reddaway, and New Penn. YRC Worldwide has one of the largest, most
comprehensive less-than-truckload (LTL) networks in North America
with local, regional, national and international capabilities.
Through its team of experienced service professionals, YRC
Worldwide offers industry-leading expertise in heavyweight
shipments and flexible supply chain solutions, ensuring customers
can ship industrial, commercial and retail goods with confidence.
Please visit www.yrcw.com for more information.
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter:
http://twitter.com/yrcworldwide
CONSOLIDATED BALANCE
SHEETS |
YRC Worldwide Inc. and
Subsidiaries |
(Amounts in millions except
share and per share data) |
|
|
|
|
March 31, |
December 31, |
|
2014 |
2013 |
ASSETS |
(Unaudited) |
|
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 140.5 |
$ 176.3 |
Restricted amounts held in
escrow |
171.6 |
90.1 |
Accounts receivable, net |
535.7 |
460.9 |
Prepaid expenses and other |
101.3 |
70.6 |
Total current
assets |
949.1 |
797.9 |
|
|
|
PROPERTY AND EQUIPMENT: |
|
|
Cost |
2,844.4 |
2,844.2 |
Less - accumulated
depreciation |
(1,781.2) |
(1,754.4) |
Net property and
equipment |
1,063.2 |
1,089.8 |
|
|
|
OTHER ASSETS: |
|
|
Intangibles, net |
74.8 |
79.8 |
Restricted amounts held in
escrow |
-- |
0.6 |
Deferred income taxes, net |
18.3 |
18.3 |
Other assets |
109.7 |
78.5 |
Total assets |
$ 2,215.1 |
$ 2,064.9 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
$ 224.7 |
$ 176.7 |
Wages, vacations, and
employees' benefits |
219.0 |
191.2 |
Deferred income taxes, net |
21.8 |
18.6 |
Other current and accrued
liabilities |
182.6 |
189.5 |
Current maturities of long-term
debt |
107.4 |
8.6 |
Total current
liabilities |
755.5 |
584.6 |
|
|
|
OTHER LIABILITIES: |
|
|
Long-term debt, less current
portion |
1,097.5 |
1,354.8 |
Deferred income taxes, net |
1.7 |
1.8 |
Pension and postretirement |
373.7 |
384.8 |
Claims and other
liabilities |
349.8 |
336.3 |
Commitments and
contingencies |
|
|
|
|
|
SHAREHOLDERS' DEFICIT: |
|
|
Preferred stock, $1.00 par
value per share |
-- |
-- |
Common stock, $0.01 par value
per share |
0.3 |
0.1 |
Capital surplus |
2,285.9 |
1,964.4 |
Accumulated deficit |
(2,242.5) |
(2,154.2) |
Accumulated other comprehensive
loss |
(314.1) |
(315.0) |
Treasury stock, at cost (410
shares) |
(92.7) |
(92.7) |
Total shareholders' deficit |
(363.1) |
(597.4) |
Total liabilities
and shareholders' deficit |
$ 2,215.1 |
$ 2,064.9 |
|
|
|
STATEMENTS OF CONSOLIDATED
COMPREHENSIVE LOSS |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions except per
share data, shares in thousands) |
(Unaudited) |
|
|
|
|
2014 |
2013 |
|
|
|
OPERATING REVENUE |
$ 1,210.9 |
$ 1,162.5 |
|
|
|
OPERATING EXPENSES: |
|
|
Salaries, wages and employees'
benefits |
725.7 |
681.0 |
Operating expenses and
supplies |
283.7 |
267.8 |
Purchased transportation |
131.9 |
114.9 |
Depreciation and
amortization |
41.0 |
43.6 |
Other operating expenses |
60.8 |
49.8 |
Gains on property disposals,
net |
0.2 |
(4.5) |
|
|
|
Total operating
expenses |
1,243.3 |
1,152.6 |
|
|
|
OPERATING INCOME (LOSS) |
(32.4) |
9.9 |
|
|
|
NONOPERATING (INCOME) EXPENSES: |
|
|
Interest expense |
58.2 |
39.2 |
Gain on extinguishment of
debt |
(11.2) |
-- |
Other, net |
(5.1) |
(0.3) |
|
|
|
Nonoperating
expenses, net |
41.9 |
38.9 |
|
|
|
LOSS BEFORE INCOME TAXES |
(74.3) |
(29.0) |
INCOME TAX BENEFIT |
(4.1) |
(4.5) |
NET LOSS |
(70.2) |
(24.5) |
AMORTIZATION OF BENEFICIAL CONVERSION FEATURE
ON PREFERRED STOCK |
(18.1) |
-- |
NET LOSS ATTRIBUTABLE TO
COMMON SHAREHOLDERS |
$ (88.3) |
$ (24.5) |
|
|
|
NET LOSS |
$ (70.2) |
$ (24.5) |
OTHER COMPREHENSIVE INCOME, NET OF TAX |
0.9 |
3.1 |
COMPREHENSIVE LOSS
ATTRIBUTABLE TO YRC WORLDWIDE INC. |
$ (69.3) |
$ (21.4) |
|
|
|
AVERAGE COMMON SHARES OUTSTANDING-BASIC |
22,344 |
8,380 |
AVERAGE COMMON SHARES
OUTSTANDING-DILUTED |
22,344 |
8,380 |
|
|
|
NET LOSS PER SHARE - BASIC |
$ (3.95) |
$ (2.93) |
NET LOSS PER SHARE - DILUTED |
$ (3.95) |
$ (2.93) |
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH
FLOWS |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(unaudited) |
|
|
|
|
2014 |
2013 |
|
|
|
OPERATING ACTIVITIES: |
|
|
Net loss |
$ (70.2) |
$ (24.5) |
Noncash items included in net
loss: |
|
|
Depreciation and
amortization |
41.0 |
43.6 |
Gain on
extinguishment of debt |
(11.2) |
-- |
Paid-in-kind
interest on Series A Notes and Series B Notes |
10.1 |
7.6 |
Amortization of
deferred debt costs |
3.3 |
1.6 |
Amortization of
premiums and discounts on debt |
17.7 |
1.4 |
Equity based
compensation expense |
6.6 |
1.0 |
(Gains) losses on
property disposals, net |
0.2 |
(4.5) |
Other noncash
items, net |
(3.3) |
(0.4) |
Changes in assets and
liabilities, net: |
|
|
Accounts
receivable |
(75.4) |
(45.2) |
Accounts
payable |
37.2 |
(2.0) |
Other operating
assets |
(16.9) |
9.1 |
Other operating
liabilities |
4.7 |
(1.6) |
|
|
|
Net cash used in
operating activities |
(56.2) |
(13.9) |
|
|
|
INVESTING ACTIVITIES: |
|
|
Acquisition of property and
equipment |
(11.7) |
(17.2) |
Proceeds from disposal of
property and equipment |
0.6 |
0.6 |
Restricted escrow receipts
(deposits), net |
(80.9) |
4.5 |
Other |
3.4 |
1.8 |
|
|
|
Net cash used in
investing activities |
(88.6) |
(10.3) |
|
|
|
FINANCING ACTIVITIES: |
|
|
Issuance of long-term debt |
693.0 |
0.3 |
Repayment of long-term debt |
(789.5) |
(2.4) |
Debt issuance costs |
(27.4) |
-- |
Equity issuance costs |
(17.1) |
-- |
Equity issuance proceeds |
250.0 |
-- |
|
|
|
Net cash provided by (used in) financing
activities |
109.0 |
(2.1) |
|
|
|
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
(35.8) |
(26.3) |
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD |
176.3 |
208.7 |
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 140.5 |
$ 182.4 |
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
Interest paid |
$ (39.4) |
$ (28.5) |
Income tax refund, net |
13.6 |
14.6 |
|
|
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
SEGMENT
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Three
Months |
|
|
|
2014 |
2013 |
% |
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
YRC Freight |
$ 756.8 |
$ 753.8 |
0.4 |
|
|
Regional Transportation |
454.1 |
408.7 |
11.1 |
|
|
Other, net of eliminations |
-- |
-- |
|
|
|
Consolidated |
1,210.9 |
1,162.5 |
4.2 |
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
YRC Freight |
(32.5) |
2.4 |
|
|
|
Regional Transportation |
7.9 |
12.0 |
|
|
|
Corporate and other |
(7.8) |
(4.5) |
|
|
|
Consolidated |
$ (32.4) |
$ 9.9 |
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
YRC Freight |
104.3% |
99.7% |
|
|
|
Regional Transportation |
98.3% |
97.1% |
|
|
|
Consolidated |
102.7% |
99.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Premium/ |
Book |
As of March 31,
2014 |
|
|
Par
Value |
(Discount) |
Value |
New term loan |
|
|
$ 698.2 |
$ (6.8) |
$ 691.4 |
ABL facility - (capacity $450M;
borrowing base $450M; availability $82.5M) |
|
|
-- |
-- |
-- |
Series A Notes |
|
|
86.7 |
(7.0) |
79.7 |
Series B Notes |
|
|
16.5 |
(2.3) |
14.2 |
Secured Second A&R CDA |
|
|
51.0 |
-- |
51.0 |
Unsecured Second A&R
CDA |
|
|
73.2 |
-- |
73.2 |
Lease financing
obligations |
|
|
295.2 |
-- |
295.2 |
Other |
|
|
0.2 |
-- |
0.2 |
Total
debt |
|
|
$ 1,221.0 |
$ (16.1) |
$ 1,204.9 |
|
|
|
|
|
|
|
|
|
|
Premium/ |
Book |
As of December
31, 2013 |
|
|
Par
Value |
(Discount) |
Value |
Restructured term loan |
|
|
$ 298.1 |
$ 37.7 |
$ 335.8 |
ABL facility – Term A -
(capacity $175M; borrowing base $156.5M; availability $51.5M) |
|
|
105.0 |
(2.1) |
102.9 |
ABL facility – Term
B - (capacity $219.9M; borrowing base $219.9M; availability
$0) |
|
219.9 |
(3.9) |
216.0 |
Series A Notes |
|
|
177.8 |
(17.8) |
160.0 |
Series B Notes |
|
|
69.2 |
(10.5) |
58.7 |
6% convertible senior
notes |
|
|
69.4 |
(1.1) |
68.3 |
Pension contribution deferral
obligations |
|
|
124.2 |
(0.2) |
124.0 |
Lease financing
obligations |
|
|
297.5 |
-- |
297.5 |
Other |
|
|
0.2 |
-- |
0.2 |
Total
debt |
|
|
$ 1,361.3 |
$ 2.1 |
$ 1,363.4 |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
Three
Months |
|
2014 |
2013 |
Reconciliation of operating income
(loss) to adjusted EBITDA: |
|
|
Operating income (loss) |
$ (32.4) |
$ 9.9 |
Depreciation and
amortization |
41.0 |
43.6 |
(Gains) losses on property
disposals, net |
0.2 |
(4.5) |
Letter of credit expense |
5.2 |
8.9 |
Restructuring professional
fees |
1.1 |
1.3 |
Permitted dispositions and
other |
0.1 |
0.1 |
Equity based compensation
expense |
6.6 |
1.0 |
Other nonoperating, net |
1.6 |
0.4 |
Adjusted EBITDA |
$ 23.4 |
$ 60.7 |
|
|
|
|
Three
Months |
Adjusted EBITDA by
segment: |
2014 |
2013 |
YRC Freight |
$ (3.7) |
$ 33.6 |
Regional
Transportation |
25.9 |
29.0 |
Corporate and other |
1.2 |
(1.9) |
Adjusted EBITDA |
$ 23.4 |
$ 60.7 |
|
|
|
|
|
|
|
Three
Months |
|
2014 |
2013 |
Reconciliation of adjusted EBITDA to
adjusted free cash flow (deficit): |
|
|
Adjusted EBITDA |
$ 23.4 |
$ 60.7 |
Total restructuring
professional fees |
(1.1) |
(1.3) |
Cash paid for interest |
(39.4) |
(28.5) |
Cash paid for letter of credit
fees |
(4.0) |
(6.0) |
Working capital cash flows
excluding income tax, net |
(48.7) |
(53.4) |
Net cash used in operating activities before
income taxes |
(69.8) |
(28.5) |
Cash received from income
taxes, net |
13.6 |
14.6 |
Net cash used in operating
activities |
(56.2) |
(13.9) |
Acquisition of property and
equipment |
(11.7) |
(17.2) |
Total restructuring
professional fees |
1.1 |
1.3 |
Adjusted free cash flow (deficit) |
$ (66.8) |
$ (29.8) |
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
Three
Months |
YRC Freight segment |
2014 |
2013 |
Reconciliation of operating income
(loss) to adjusted EBITDA: |
|
|
Operating income (loss) |
$ (32.5) |
$ 2.4 |
Depreciation and
amortization |
24.7 |
28.0 |
Gains on property disposals,
net |
(0.2) |
(4.5) |
Letter of credit expense |
3.6 |
7.4 |
Other nonoperating, net |
0.7 |
0.3 |
Adjusted EBITDA |
$ (3.7) |
$ 33.6 |
|
|
|
|
|
|
|
Three
Months |
Regional Transportation
segment |
2014 |
2013 |
Reconciliation of operating income to
adjusted EBITDA: |
|
|
Operating income |
$ 7.9 |
$ 12.0 |
Depreciation and
amortization |
16.4 |
15.5 |
Losses on property disposals,
net |
0.4 |
-- |
Letter of credit expense |
1.2 |
1.4 |
Other nonoperating, net |
-- |
0.1 |
Adjusted EBITDA |
$ 25.9 |
$ 29.0 |
|
|
|
|
|
|
|
Three
Months |
Corporate and other
segment |
2014 |
2013 |
Reconciliation of operating loss to
adjusted EBITDA: |
|
|
Operating loss |
$ (7.8) |
$ (4.5) |
Depreciation and
amortization |
(0.1) |
0.1 |
Letter of credit expense |
0.4 |
0.1 |
Restructuring professional
fees |
1.1 |
1.3 |
Permitted dispositions and
other |
0.1 |
0.1 |
Equity based compensation
expense |
6.6 |
1.0 |
Other nonoperating, net |
0.9 |
-- |
Adjusted EBITDA |
$ 1.2 |
$ (1.9) |
|
|
|
|
|
|
YRC Worldwide
Inc. |
Segment
Statistics |
|
|
|
|
|
|
|
YRC
Freight |
|
|
|
|
Y/Y |
Sequential |
|
1Q14 |
1Q13 |
4Q13 |
% (b) |
% (b) |
Workdays |
63.0 |
62.5 |
62.0 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions)
(a) |
$ 755.9 |
$ 756.9 |
$ 768.4 |
(0.1) |
(1.6) |
Total tonnage (in thousands) |
1,646 |
1,605 |
1,672 |
2.5 |
(1.5) |
Total tonnage per day (in thousands) |
26.13 |
25.69 |
26.97 |
1.7 |
(3.1) |
Total shipments (in thousands) |
2,772 |
2,764 |
2,801 |
0.3 |
(1.0) |
Total shipments per day (in thousands) |
44.00 |
44.23 |
45.17 |
(0.5) |
(2.6) |
Total revenue/cwt. |
$ 22.96 |
$ 23.57 |
$ 22.98 |
(2.6) |
(0.1) |
Total revenue/shipment |
$ 273 |
$ 274 |
$ 274 |
(0.4) |
(0.6) |
Total weight/shipment (in pounds) |
1,188 |
1,162 |
1,194 |
2.3 |
(0.5) |
|
|
|
|
|
|
Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ 756.8 |
$ 753.8 |
$ 776.7 |
|
|
Change in revenue deferral and other |
$ (0.9) |
$ 3.1 |
$ (8.3) |
|
|
Total picked up revenue |
$ 755.9 |
$ 756.9 |
$ 768.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
Y/Y |
Sequential |
|
1Q14 |
1Q13 |
4Q13 |
% (b) |
% (b) |
Workdays |
67.0 |
62.5 |
62.5 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions)
(a) |
$ 454.4 |
$ 409.0 |
$ 431.9 |
11.1 |
5.2 |
Total tonnage (in thousands) |
2,015 |
1,831 |
1,895 |
10.0 |
6.4 |
Total tonnage per day (in thousands) |
30.08 |
29.30 |
30.32 |
2.6 |
(0.8) |
Total shipments (in thousands) |
2,706 |
2,480 |
2,586 |
9.1 |
4.6 |
Total shipments per day (in thousands) |
40.38 |
39.68 |
41.37 |
1.8 |
(2.4) |
Total revenue/cwt. |
$ 11.28 |
$ 11.17 |
$ 11.40 |
1.0 |
(1.1) |
Total revenue/shipment |
$ 168 |
$ 165 |
$ 167 |
1.9 |
0.6 |
Total weight/shipment (in pounds) |
1,490 |
1,477 |
1,466 |
0.9 |
1.6 |
|
|
|
|
|
|
Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ 454.1 |
$ 408.7 |
$ 431.0 |
|
|
Change in revenue deferral and other |
$ 0.3 |
$ 0.3 |
$ 0.9 |
|
|
Total picked up revenue |
$ 454.4 |
$ 409.0 |
$ 431.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Does not equal financial
statement revenue due to revenue recognition adjustments between
accounting periods. |
(b) Percent change based on
unrounded figures and not the rounded figures presented. |
CONTACT: Investor Contact: Stephanie Fisher
913-696-6108
investor@yrcw.com
Media Contact: Suzanne Dawson
LAK Public Relations, Inc.
212-329-1420
sdawson@lakpr.com
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