YRC Worldwide Inc. (Nasdaq:YRCW) today reported financial results
for the first quarter of 2015.
Consolidated operating revenue for the first quarter of 2015 was
$1.186 billion with consolidated operating income reported at $3.7
million. As a comparison, the company reported consolidated
operating revenue of $1.211 billion for the first quarter of 2014
and a consolidated operating loss of $32.4 million, which included
a $0.2 million loss on asset disposals.
The company reported, on a non-GAAP basis, Adjusted EBITDA of
$58.8 million for the first quarter of 2015, a $35.9 million
increase compared to the $22.9 million reported for the first
quarter of 2014 (as detailed in the reconciliation below).
YRC Freight First Quarter Results
Operating revenue for the first quarter of 2015 for YRC Freight
was $737.6 million, a $19.2 million decrease over the $756.8
million reported in the first quarter of 2014. At the same time,
operating income increased $32.7 million, from an operating loss of
$32.5 million, to operating income of $0.2 million, and Adjusted
EBITDA increased $35.8 million, from negative $3.7 million in the
first quarter of 2014 to $32.1 million in 2015.
"During the first quarter of 2015, YRC Freight's continued
pricing discipline and active freight mix management delivered
year-over-year yield improvements of 2.6% including fuel surcharge
and 8.2% excluding fuel surcharge," said James Welch, chief
executive officer of YRC Worldwide. "This yield performance
contributed to a 430 basis point improvement in operating ratio at
YRC Freight as compared to the first quarter 2014. Partially
offsetting the yield and mix improvements was a decline in volume
as YRC Freight prioritized yield and profitability improvements
over tonnage growth to ensure that it had the right freight at the
right price in the network," stated Welch.
Regional Transportation First Quarter
Results
Operating revenue for the first quarter of 2015 for Regional
Transportation was $448.8 million, a $5.3 million decrease from the
$454.1 million reported in the first quarter of 2014. At the
same time, operating income decreased $3.3 million, from $7.9
million to $4.6 million, and Adjusted EBITDA increased slightly
from $25.9 million to $26.2 million in 2015.
"The Regional segment was able to maintain its Adjusted EBTIDA
levels on a year-over-year basis despite 2.5 fewer workdays in the
first quarter 2015 as compared to the first quarter 2014 and
despite an additional $7.7 million of expense related to adverse
development of prior year liability and workers' compensation
claims," said Welch. "Much of the first quarter results can be
attributed to the emphasis on strategic yield growth throughout the
quarter at each of the Regional carriers as they were able to
achieve yield growth on a year-over-year basis of 0.8% including
fuel surcharge and 5.8% excluding fuel surcharge. As they
continue to move throughout 2015, the Regional carriers will
continue to focus on yield growth, safety investments and operating
efficiencies to enhance operating performance," concluded
Welch.
Finally, during the first quarter of 2015, we entered into new
leases for approximately 225 tractors and 600 trailers with a total
capital value of $35.1 million. Each of these new units is
equipped with the latest safety technology including adaptive
cruise control, lane departure and stability controls, which
provide further enhancements for our safety
initiatives.
Key Segment Information –
first quarter 2015 compared to the first quarter of 2014
|
|
|
Percent |
YRC Freight |
2015 |
2014 |
Change |
Workdays |
62.5 |
63.0 |
|
Operating revenues (in millions) |
$ 737.6 |
$ 756.8 |
(2.5)% |
Operating income (loss) (in millions) |
0.2 |
(32.5) |
NM(a) |
Operating ratio |
100.0 |
104.3 |
4.3pp |
Total tonnage per day (in thousands) |
25.05 |
26.13 |
(4.1)% |
Total shipments per day (in thousands) |
41.66 |
44.00 |
(5.3)% |
Revenue per hundredweight incl FSC |
$ 23.55 |
$ 22.96 |
2.6% |
Revenue per hundredweight excl FSC |
$ 20.66 |
$ 19.09 |
8.2% |
Revenue per shipment incl FSC |
$ 283 |
$ 273 |
3.8% |
Revenue per shipment excl FSC |
$ 249 |
$ 227 |
9.6% |
Total weight/shipment (in pounds) |
1,203 |
1,188 |
1.3% |
|
|
|
|
(a)Not Meaningful |
|
|
|
|
|
|
Percent |
Regional
Transportation |
2015 |
2014 |
Change |
Workdays |
64.5 |
67.0 |
|
Operating revenues (in millions) |
$ 448.8 |
$ 454.1 |
(1.2)% |
Operating income (in millions) |
4.6 |
7.9 |
(41.8)% |
Operating ratio |
99.0 |
98.3 |
(0.7)pp |
Total tonnage per day (in thousands) |
30.64 |
30.08 |
1.9% |
Total shipments per day (in thousands) |
40.58 |
40.38 |
0.5% |
Revenue per hundredweight incl FSC |
$ 11.36 |
$ 11.28 |
0.8% |
Revenue per hundredweight excl FSC |
$ 10.03 |
$ 9.48 |
5.8% |
Revenue per shipment incl FSC |
$ 172 |
$ 168 |
2.1% |
Revenue per shipment excl FSC |
$ 151 |
$ 141 |
7.3% |
Total weight/shipment (in pounds) |
1,510 |
1,490 |
1.4% |
Liquidity
At March 31, 2015, the company had cash and cash equivalents and
amounts able to be drawn under its ABL facility totaling $175.6
million. For comparison, as of December 31, 2014, cash and
cash equivalents and amounts able to be drawn totaled $198.2
million. For the three months ended March 31, 2015, cash
used in operating activities was $25.8 million as compared to cash
used in operating activities of $56.2 million for the three months
ended March 31, 2014, an improvement of $30.4 million.
Review of Financial Results
YRC Worldwide Inc. will host a conference call with the
investment community today, Thursday, April 30, 2015,
beginning at 4:30 p.m. ET, 3:30 p.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
EBITDA is a non-GAAP measure that reflects the company's
earnings before interest, taxes, depreciation, and amortization
expense. Adjusted EBITDA (defined in our credit facilities as
Consolidated 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, nonrecurring consulting fees, expenses
associated with certain lump sum payments to our IBT employees and
results of permitted dispositions and discontinued operations among
other items as defined in the company's credit
facilities. 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 the company's credit facilities. However, these financial
measures should not be construed as better measurements than net
income or earnings per share, 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 fund restructuring professional
fees, nonrecurring consulting 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 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, although Adjusted EBITDA excludes
certain employee equity-based compensation expense when presenting
our ongoing operating performance for a particular period;
- Other companies in our industry may calculate Adjusted EBITDA
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, EBTIDA and Adjusted EBITDA 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 EBITDA and Adjusted
EBITDA as secondary measures. The company has provided
reconciliations of its non-GAAP measures, EBITDA and Adjusted
EBITDA, to GAAP net income 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," "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 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 purchased transportation
service or pricing for purchased transportation; 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) our ability to attract and retain qualified
drivers, 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., headquartered in Overland Park, Kan., is the
holding company for a portfolio of less-than-truckload (LTL)
companies including YRC Freight, YRC Reimer, Holland, Reddaway, and
New Penn. Collectively, YRC Worldwide companies have one of the
largest, most comprehensive 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 heavyweight shipments
and 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.
CONSOLIDATED BALANCE
SHEETS |
YRC Worldwide Inc. and
Subsidiaries |
(Amounts in millions except
share and per share data) |
|
|
|
March 31, |
December 31, |
|
2015 |
2014 |
ASSETS |
(Unaudited) |
|
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 136.4 |
$ 171.1 |
Restricted amounts held in
escrow |
17.9 |
28.9 |
Accounts receivable, net |
515.5 |
470.5 |
Prepaid expenses and other |
89.8 |
81.2 |
Total current assets |
759.6 |
751.7 |
|
|
|
PROPERTY AND EQUIPMENT: |
|
|
Cost |
2,830.5 |
2,819.6 |
Less -
accumulated depreciation |
(1,859.5) |
(1,825.4) |
Net property and equipment |
971.0 |
994.2 |
|
|
|
OTHER ASSETS: |
|
|
Intangibles,
net |
54.9 |
60.3 |
Restricted
amounts held in escrow |
60.2 |
60.2 |
Deferred income
taxes, net |
21.2 |
21.4 |
Other assets |
99.3 |
97.2 |
Total assets |
$ 1,966.2 |
$ 1,985.0 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
Accounts
payable |
$ 204.6 |
$ 172.2 |
Wages, vacations,
and employees' benefits |
189.0 |
176.6 |
Deferred income
taxes, net |
21.2 |
21.4 |
Other current and
accrued liabilities |
181.9 |
202.2 |
Current
maturities of long-term debt |
14.2 |
31.1 |
Total current
liabilities |
610.9 |
603.5 |
|
|
|
OTHER LIABILITIES: |
|
|
Long-term debt,
less current portion |
1,074.0 |
1,078.8 |
Deferred income
taxes, net |
1.1 |
1.5 |
Pension and
postretirement |
447.7 |
460.3 |
Claims and other
liabilities |
312.2 |
315.2 |
Commitments and
contingencies |
|
|
|
|
|
SHAREHOLDERS' DEFICIT: |
|
|
Preferred stock,
$1.00 par value per share |
-- |
-- |
Common stock,
$0.01 par value per share |
0.3 |
0.3 |
Capital
surplus |
2,307.7 |
2,290.9 |
Accumulated
deficit |
(2,261.6) |
(2,240.0) |
Accumulated other
comprehensive loss |
(433.4) |
(432.8) |
Treasury stock,
at cost (410 shares) |
(92.7) |
(92.7) |
Total shareholders'
deficit |
(479.7) |
(474.3) |
Total liabilities
and shareholders' deficit |
$ 1,966.2 |
$ 1,985.0 |
|
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) |
|
|
Three Months |
|
2015 |
2014 |
|
|
|
OPERATING REVENUE |
$ 1,186.4 |
$ 1,210.9 |
|
|
|
OPERATING EXPENSES: |
|
|
Salaries, wages and employee
benefits |
707.3 |
725.7 |
Operating expenses and
supplies |
228.2 |
283.7 |
Purchased transportation |
133.4 |
131.9 |
Depreciation and
amortization |
41.6 |
41.0 |
Other operating expenses |
70.9 |
60.8 |
Losses on property disposals,
net |
1.3 |
0.2 |
Total operating
expenses |
1,182.7 |
1,243.3 |
OPERATING INCOME (LOSS) |
3.7 |
(32.4) |
|
|
|
NONOPERATING (INCOME) EXPENSES: |
|
|
Interest expense |
27.6 |
58.2 |
(Gain) loss on extinguishment
of debt |
0.6 |
(11.2) |
Other, net |
(4.3) |
(5.1) |
Nonoperating expenses, net |
23.9 |
41.9 |
|
|
|
LOSS BEFORE INCOME TAXES |
(20.2) |
(74.3) |
INCOME TAX (BENEFIT) EXPENSE |
1.4 |
(4.1) |
NET LOSS |
(21.6) |
(70.2) |
AMORTIZATION OF BENEFICIAL CONVERSION FEATURE
ON PREFERRED STOCK |
-- |
(18.1) |
NET LOSS ATTRIBUTABLE TO COMMON
SHAREHOLDERS |
$ (21.6) |
$ (88.3) |
|
|
|
NET LOSS |
$ (21.6) |
$ (70.2) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF
TAX |
(0.6) |
0.9 |
COMPREHENSIVE LOSS ATTRIBUTABLE
TO YRC WORLDWIDE INC. |
$ (22.2) |
$ (69.3) |
|
|
|
AVERAGE COMMON SHARES OUTSTANDING-BASIC |
30,799 |
22,344 |
AVERAGE COMMON SHARES
OUTSTANDING-DILUTED |
30,799 |
22,344 |
|
|
|
NET LOSS PER SHARE - BASIC |
$ (0.70) |
$ (3.95) |
NET LOSS PER SHARE - DILUTED |
$ (0.70) |
$ (3.95) |
|
STATEMENTS OF CONSOLIDATED CASH
FLOWS |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(unaudited) |
|
|
2015 |
2014 |
|
|
|
OPERATING ACTIVITIES: |
|
|
Net loss |
$ (21.6) |
$ (70.2) |
Noncash items included in net
loss: |
|
|
Depreciation and
amortization |
41.6 |
41.0 |
Paid-in-kind interest on Series
A Notes and Series B Notes |
0.4 |
10.1 |
Amortization of deferred debt
costs |
1.6 |
3.3 |
Amortization of premiums and
discounts on debt |
1.0 |
17.7 |
Equity based compensation
expense |
0.5 |
6.6 |
Losses on property disposals,
net |
1.3 |
0.2 |
(Gain) loss on extinguishment
of debt |
0.6 |
(11.2) |
Other noncash items, net |
(1.9) |
(3.3) |
Changes in assets and
liabilities, net: |
|
|
Accounts receivable |
(46.4) |
(75.4) |
Accounts payable |
25.6 |
37.2 |
Other operating assets |
(7.1) |
(16.9) |
Other operating
liabilities |
(21.4) |
4.7 |
Net cash used in operating
activities |
(25.8) |
(56.2) |
|
|
|
INVESTING ACTIVITIES: |
|
|
Acquisition of property and
equipment |
(21.3) |
(11.7) |
Proceeds from disposal of
property and equipment |
5.5 |
0.6 |
Restricted escrow receipts |
21.0 |
90.7 |
Restricted escrow deposits |
(10.0) |
(171.6) |
Other, net |
0.4 |
3.4 |
Net cash used in investing
activities |
(4.4) |
(88.6) |
|
|
|
FINANCING ACTIVITIES: |
|
|
Issuance of long-term debt |
-- |
693.0 |
Repayment of long-term
debt |
(4.5) |
(789.5) |
Debt issuance costs |
-- |
(27.4) |
Equity issuance costs |
-- |
(17.1) |
Equity issuance proceeds |
-- |
250.0 |
Net cash provided by (used in)
financing activities |
(4.5) |
109.0 |
NET DECREASE IN CASH AND CASH
EQUIVALENTS |
(34.7) |
(35.8) |
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD |
171.1 |
176.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 136.4 |
$ 140.5 |
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
Interest paid |
$ (25.6) |
$ (39.4) |
Income tax refund, net |
2.2 |
13.6 |
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(Unaudited) |
|
SEGMENT
INFORMATION |
|
|
|
|
|
|
|
Three
Months |
|
|
|
2015 |
2014 |
% |
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
YRC Freight |
$ 737.6 |
$ 756.8 |
(2.5) |
|
|
Regional Transportation |
448.8 |
454.1 |
(1.2) |
|
|
Other, net of eliminations |
-- |
-- |
|
|
|
Consolidated |
1,186.4 |
1,210.9 |
(2.0) |
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
YRC Freight |
0.2 |
(32.5) |
|
|
|
Regional Transportation |
4.6 |
7.9 |
|
|
|
Corporate and other |
(1.1) |
(7.8) |
|
|
|
Consolidated |
$ 3.7 |
$ (32.4) |
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
YRC Freight |
100.0% |
104.3% |
|
|
|
Regional Transportation |
99.0% |
98.3% |
|
|
|
Consolidated |
99.7% |
102.7% |
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
Book |
As of
March 31, 2015 |
|
Par Value |
Discount |
Value |
New term loan |
|
|
$ 691.3 |
$ (5.4) |
$ 685.9 |
ABL facility - (capacity
$450.0M; borrowing base $450.0M; availability $84.2M; amount able
to be drawn $39.2M) |
|
|
-- |
-- |
-- |
Secured Second A&R CDA |
|
|
46.2 |
-- |
46.2 |
Unsecured Second A&R
CDA |
|
|
73.2 |
-- |
73.2 |
Lease financing
obligations |
|
|
282.7 |
-- |
282.7 |
Other |
|
|
0.2 |
-- |
0.2 |
Total
debt |
|
|
$ 1,093.6 |
$ (5.4) |
$ 1,088.2 |
|
|
|
|
|
|
|
|
|
|
Premium/ |
Book |
As of
December 31, 2014 |
|
Par Value |
Discount |
Value |
New term loan |
|
|
$ 693.0 |
$ (5.7) |
$ 687.3 |
ABL facility - (capacity
$450.0M; borrowing base $445.5M; availability $71.2M; amount able
to be drawn $27.1M) |
|
|
-- |
-- |
-- |
Series B Notes |
|
|
17.7 |
(0.6) |
17.1 |
Secured Second A&R CDA |
|
|
47.0 |
-- |
47.0 |
Unsecured Second A&R
CDA |
|
|
73.2 |
-- |
73.2 |
Lease financing
obligations |
|
|
285.1 |
-- |
285.1 |
Other |
|
|
0.2 |
-- |
0.2 |
Total
debt |
|
|
$ 1,116.2 |
$ (6.3) |
$ 1,109.9 |
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
Three
Months |
|
2015 |
2014 |
Reconciliation of net loss to
adjusted EBITDA: |
|
|
Net loss |
$ (21.6) |
$ (70.2) |
Interest expense, net |
27.4 |
58.1 |
Income tax expense
(benefit) |
1.4 |
(4.1) |
Depreciation and
amortization |
41.6 |
41.0 |
EBITDA |
48.8 |
24.8 |
Adjustments for debt covenants: |
|
|
Losses on property disposals,
net |
1.3 |
0.2 |
Letter of credit expense |
2.2 |
5.2 |
Restructuring professional
fees |
-- |
1.1 |
Nonrecurring consulting
fees |
2.9 |
-- |
Permitted dispositions and
other |
0.2 |
0.1 |
Equity based compensation
expense |
0.5 |
6.6 |
Amortization of ratification
bonus |
5.2 |
-- |
(Gain) loss on extinguishment
of debt |
0.6 |
(11.2) |
Other, net (a) |
(2.9) |
(3.9) |
Adjusted EBITDA |
$ 58.8 |
$ 22.9 |
|
|
|
(a) As required under our Term
Loan Agreement, other, net, shown above consists of the impact of
certain items to be included in Adjusted EBITDA under our Term Loan
Agreement. |
|
|
|
|
|
|
|
Three
Months |
Adjusted EBITDA by
segment: |
2015 |
2014 |
YRC Freight |
$ 32.1 |
$ (3.7) |
Regional Transportation |
26.2 |
25.9 |
Corporate and other |
0.5 |
0.7 |
Adjusted EBITDA |
$ 58.8 |
$ 22.9 |
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Three Months Ended
March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
Three
Months |
YRC Freight segment |
2015 |
2014 |
Reconciliation of operating income
(loss) to adjusted EBITDA: |
|
|
Operating income (loss) |
$ 0.2 |
$ (32.5) |
Depreciation and
amortization |
23.9 |
24.7 |
EBITDA |
24.1 |
(7.8) |
Adjustments for debt covenants: |
|
|
Gains on property disposals,
net |
(0.2) |
(0.2) |
Letter of credit expense |
1.5 |
3.6 |
Nonrecurring consulting
fees |
2.9 |
-- |
Amortization of ratification
bonus |
3.3 |
-- |
Other nonoperating, net
(a) |
0.5 |
0.7 |
Adjusted EBITDA |
$ 32.1 |
$ (3.7) |
|
|
|
(a) As required under our Term
Loan, other nonoperating, net, shown above does not include the
impact of non-cash foreign currency gains or losses. |
|
|
|
|
|
|
|
Three
Months |
Regional Transportation
segment |
2015 |
2014 |
Reconciliation of operating income to
adjusted EBITDA: |
|
|
Operating income |
$ 4.6 |
$ 7.9 |
Depreciation and
amortization |
17.7 |
16.4 |
EBITDA |
22.3 |
24.3 |
Adjustments for debt covenants: |
|
|
Losses on property disposals,
net |
1.5 |
0.4 |
Letter of credit expense |
0.5 |
1.2 |
Amortization of ratification
bonus |
1.9 |
-- |
Adjusted EBITDA |
$ 26.2 |
$ 25.9 |
|
|
|
|
|
|
|
Three
Months |
Corporate and other
segment |
2015 |
2014 |
Reconciliation of operating loss to
adjusted EBITDA: |
|
|
Operating loss |
$ (1.1) |
$ (7.8) |
Depreciation and
amortization |
-- |
(0.1) |
EBITDA |
(1.1) |
(7.9) |
Adjustments for debt covenants: |
|
|
Letter of credit expense |
0.2 |
0.4 |
Restructuring professional
fees |
-- |
1.1 |
Permitted dispositions and
other |
0.2 |
0.1 |
Equity based compensation
expense |
0.5 |
6.6 |
Other nonoperating, net
(a) |
0.7 |
0.4 |
Adjusted EBITDA |
$ 0.5 |
$ 0.7 |
|
|
|
(a) As required under our Term
Loan, other nonoperating, net, shown above does not include the
impact of earnings of our equity method investment as well as
non-cash foreign currency gains or losses. |
|
SUPPLEMENTAL FINANCIAL
INFORMATION |
YRC Worldwide Inc. and
Subsidiaries |
For the Trailing Twelve Months
Ended March 31, 2015 |
(Amounts in millions) |
(Unaudited) |
|
|
|
2015 |
Reconciliation of net loss to
adjusted EBITDA: |
|
Net loss |
$ (19.1) |
Interest expense, net |
118.7 |
Income tax benefit |
(10.6) |
Depreciation and
amortization |
164.2 |
EBITDA |
253.2 |
Adjustments for debt covenants: |
|
Gains on property disposals,
net |
(10.8) |
Letter of credit expense |
9.1 |
Restructuring professional
fees |
3.1 |
Nonrecurring consulting
fees |
2.9 |
Permitted dispositions and
other |
1.8 |
Equity based compensation
expense |
8.2 |
Amortization of ratification
bonus |
20.8 |
Loss on extinguishment of
debt |
0.6 |
Other, net (a) |
(8.5) |
Adjusted EBITDA |
$ 280.4 |
|
|
(a) As required under our Term
Loan Agreement, other, net, shown above consists of the impact of
certain items to be included in Adjusted EBITDA under our Term Loan
Agreement. |
|
YRC Worldwide
Inc. |
Segment
Statistics |
Quarterly
Comparison |
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
Y/Y |
Sequential |
|
1Q15 |
1Q14 |
4Q14 |
% (b) |
% (b) |
Workdays |
62.5 |
63.0 |
61.5 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions)
(a) |
$ 737.4 |
$ 755.9 |
$ 784.4 |
(2.5) |
(6.0) |
Total tonnage (in thousands) |
1,566 |
1,646 |
1,614 |
(4.9) |
(3.0) |
Total tonnage per day (in thousands) |
25.05 |
26.13 |
26.25 |
(4.1) |
(4.5) |
Total shipments (in thousands) |
2,604 |
2,772 |
2,703 |
(6.1) |
(3.7) |
Total shipments per day (in thousands) |
41.66 |
44.00 |
43.96 |
(5.3) |
(5.2) |
Total picked up revenue/cwt. |
$ 23.55 |
$ 22.96 |
$ 24.30 |
2.6 |
(3.1) |
Total picked up revenue/cwt. (excl. FSC) |
$ 20.66 |
$ 19.09 |
$ 20.61 |
8.2 |
0.3 |
Total picked up revenue/shipment |
$ 283 |
$ 273 |
$ 290 |
3.8 |
(2.4) |
Total picked up revenue/shipment (excl.
FSC) |
$ 249 |
$ 227 |
$ 246 |
9.6 |
1.0 |
Total weight/shipment (in pounds) |
1,203 |
1,188 |
1,194 |
1.3 |
0.7 |
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ 737.6 |
$ 756.8 |
$ 795.5 |
|
|
Change in revenue deferral and other |
(0.2) |
(0.9) |
(11.1) |
|
|
Total picked up revenue |
$ 737.4 |
$ 755.9 |
$ 784.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
Transportation |
|
|
|
|
Y/Y |
Sequential |
|
1Q15 |
1Q14 |
4Q14 |
% (b) |
% (b) |
Workdays |
64.5 |
67.0 |
58.5 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions)
(a) |
$ 449.1 |
$ 454.4 |
$ 422.4 |
(1.2) |
6.3 |
Total tonnage (in thousands) |
1,976 |
2,015 |
1,791 |
(1.9) |
10.4 |
Total tonnage per day (in thousands) |
30.64 |
30.08 |
30.61 |
1.9 |
0.1 |
Total shipments (in thousands) |
2,617 |
2,706 |
2,439 |
(3.3) |
7.3 |
Total shipments per day (in thousands) |
40.58 |
40.38 |
41.69 |
0.5 |
(2.7) |
Total picked up revenue/cwt. |
$ 11.36 |
$ 11.28 |
$ 11.79 |
0.8 |
(3.7) |
Total picked up revenue/cwt. (excl. FSC) |
$ 10.03 |
$ 9.48 |
$ 10.08 |
5.8 |
(0.6) |
Total picked up revenue/shipment |
$ 172 |
$ 168 |
$ 173 |
2.1 |
(0.9) |
Total picked up revenue/shipment (excl.
FSC) |
$ 151 |
$ 141 |
$ 148 |
7.3 |
2.3 |
Total weight/shipment (in pounds) |
1,510 |
1,490 |
1,468 |
1.4 |
2.8 |
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ 448.8 |
$ 454.1 |
$ 422.2 |
|
|
Change in revenue deferral and other |
0.3 |
0.3 |
0.2 |
|
|
Total picked up revenue |
$ 449.1 |
$ 454.4 |
$ 422.4 |
|
|
|
|
|
|
|
|
(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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