YRC Worldwide Inc. (NASDAQ:YRCW) today reported financial results
for the third quarter of 2015.
Consolidated operating revenue for the third quarter of 2015 was
$1.245 billion with consolidated operating income reported at $47.7
million, which included a $0.9 million loss on property disposals.
As a comparison, the company reported consolidated operating
revenue of $1.323 billion for the third quarter of 2014 with
consolidated operating income of $26.7 million, which included a
$0.2 million loss on property disposals.
Third Quarter 2015 Financial Highlights
- On a non-GAAP basis, the company generated Adjusted EBITDA of
$99.1 million for a consolidated Adjusted EBITDA margin of 8.0%,
and a $17.5 million increase compared to the $81.6 million reported
in the prior year comparable quarter (as detailed in the
reconciliation below).
- Last twelve month (LTM) Adjusted EBITDA increased to $344.3
million, an improvement of $118.1 million from the $226.2 million
of LTM Adjusted EBITDA reported in the third quarter of 2014.
- Improved yield from continued pricing discipline contributed to
an operating ratio of 96.2 on a consolidated basis, which was a
year-over-year improvement of 180-basis-points. Additionally, YRC
Freight reported an operating ratio of 97.9, which was an
improvement of 110-basis-points on a year-over-year basis, and a
year-over-year improvement of 230-basis-points at the Regional
segment, with an operating ratio of 92.6.
- The total debt-to-Adjusted EBITDA ratio continues to improve,
moving from 4.94 times just 12 months ago and 3.33 times last
quarter to 3.15 times this quarter.
- Continued to reinvest in the business spending $29.2 million in
capital expenditures and entered into new operating leases for
revenue equipment that have a capital value equivalent of $25.5
million for a total reinvestment of $54.7 million. The $54.7
million represents a $26.5 million increase over the $28.2 million
investment in the third quarter of 2014. The vast majority of the
investment was in tractors and technology.
Third Quarter 2015 Operational Highlights
(year-over-year comparison)
- Continued strategy of placing freight mix, yield improvements
and profitability over market share and tonnage growth.
- Tonnage per day decreased 6.2% at YRC Freight and decreased
3.5% for the Regional segment.
- Excluding fuel surcharge, revenue per shipment increased 7.0%
at YRC Freight and revenue per hundredweight increased by 5.8%.
Including fuel surcharge, revenue per shipment increased 0.7% and
revenue per hundredweight decreased by 0.4%.
- At the Regionals, excluding fuel surcharge, revenue per
shipment increased 5.0% and revenue per hundredweight increased by
4.1%. Including fuel surcharge, revenue per shipment decreased 0.7%
and revenue per hundredweight decreased by 1.5%.
- Workers’ compensation expense decreased by $4.5 million due to
decreased claim frequency in 2015 driven by our safety initiatives
but slightly offset by negative development of prior years’
claims.
“During the third quarter of this year, we continued to stay
committed to our strategy of placing pricing improvements and
profitability ahead of tonnage growth,” said James Welch, chief
executive officer of YRC Worldwide. “We stayed focused, we
stayed disciplined, we invested in our people and we invested in
the business. As a result, operating, financial and safety
performance improved. We are pleased to see the positive
results of successfully implementing our strategy and staying the
course, and we plan to continue focusing on operational
improvements while reinvesting back into our people, equipment and
technology,” concluded Welch.
Liquidity Update
- At September 30, 2015, the company had cash and cash
equivalents and Managed Accessibility under its ABL facility
totaling $244.8 million. For comparison, as of June 30, 2015, cash
and cash equivalents and Managed Accessibility totaled $226.1
million.
- For the nine months ended September 30, 2015, cash provided by
operating activities was $91.5 million as compared to cash used in
operating activities of $26.3 million for the nine months ended
September 30, 2014, an improvement of $117.8 million.
Key Segment Information –
third quarter 2015 compared to the third quarter of 2014
|
|
|
|
|
|
Percent |
YRC Freight |
|
2015 |
|
|
2014 |
Change |
Workdays |
|
64.0 |
|
|
64.0 |
|
Operating revenue (in millions) |
$ |
789.2 |
|
$ |
843.0 |
|
(6.4 |
)% |
Operating income (in millions) |
$ |
16.7 |
|
$ |
8.8 |
|
89.8 |
% |
Operating ratio |
|
97.9 |
|
|
99.0 |
1.1pp |
Total tonnage per day (in thousands) |
|
25.64 |
|
|
27.34 |
|
(6.2 |
)% |
Total shipments per day (in thousands) |
|
42.82 |
|
|
46.20 |
|
(7.3 |
)% |
Revenue per hundredweight incl FSC |
$ |
23.90 |
|
$ |
24.00 |
|
(0.4 |
)% |
Revenue per hundredweight excl FSC |
$ |
21.24 |
|
$ |
20.08 |
|
5.8 |
% |
Revenue per shipment incl FSC |
$ |
286 |
|
$ |
284 |
|
0.7 |
% |
Revenue per shipment excl FSC |
$ |
254 |
|
$ |
238 |
|
7.0 |
% |
Total weight/shipment (in pounds) |
|
1,198 |
|
|
1,184 |
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
Percent |
Regional
Transportation |
|
|
2015 |
|
|
|
2014 |
|
Change |
Workdays |
|
|
64.0 |
|
|
|
64.0 |
|
|
Operating revenue (in millions) |
|
$ |
455.7 |
|
|
$ |
479.6 |
|
(5.0 |
)% |
Operating income (in millions) |
|
$ |
33.6 |
|
|
$ |
24.4 |
|
37.7 |
% |
Operating ratio |
|
|
92.6 |
|
|
|
94.9 |
|
2.3pp |
Total tonnage per day (in thousands) |
|
|
30.85 |
|
|
|
31.97 |
|
(3.5 |
)% |
Total shipments per day (in thousands) |
|
|
41.76 |
|
|
|
43.65 |
|
(4.3 |
)% |
Revenue per hundredweight incl FSC |
|
$ |
11.55 |
|
|
$ |
11.73 |
|
(1.5 |
)% |
Revenue per hundredweight excl FSC |
|
$ |
10.32 |
|
|
$ |
9.91 |
|
4.1 |
% |
Revenue per shipment incl FSC |
|
$ |
171 |
|
|
$ |
172 |
|
(0.7 |
)% |
Revenue per shipment excl FSC |
|
$ |
153 |
|
|
$ |
145 |
|
5.0 |
% |
Total weight/shipment (in pounds) |
|
|
1,478 |
|
|
|
1,465 |
|
0.9 |
% |
Review of Financial Results
YRC Worldwide Inc. will host a conference call with the
investment community today, Thursday, October 29, 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, 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,” “could,” “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) 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; 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
2015 |
|
|
|
2014 |
|
ASSETS |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash
equivalents |
$ |
210.7 |
|
|
$ |
171.1 |
|
Restricted
amounts held in escrow |
|
25.7 |
|
|
|
28.9 |
|
Accounts
receivable, net |
|
497.8 |
|
|
|
470.5 |
|
Prepaid expenses
and other |
|
77.2 |
|
|
|
81.2 |
|
Total current
assets |
|
811.4 |
|
|
|
751.7 |
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
Cost |
|
2,837.4 |
|
|
|
2,819.6 |
|
Less -
accumulated depreciation |
|
(1,898.5 |
) |
|
|
(1,825.4 |
) |
Net property and
equipment |
|
938.9 |
|
|
|
994.2 |
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
|
45.1 |
|
|
|
60.3 |
|
Restricted
amounts held in escrow |
|
46.5 |
|
|
|
60.2 |
|
Deferred
income taxes, net |
|
|
21.2 |
|
|
|
21.4 |
|
Other
assets |
|
|
|
101.7 |
|
|
|
97.2 |
|
Total assets |
$ |
1,964.8 |
|
|
$ |
1,985.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts
payable |
$ |
185.6 |
|
|
$ |
172.2 |
|
Wages, vacations,
and employee benefits |
|
204.2 |
|
|
|
176.6 |
|
Deferred income
taxes, net |
|
21.2 |
|
|
|
21.4 |
|
Other current and
accrued liabilities |
|
187.6 |
|
|
|
202.2 |
|
Current
maturities of long-term debt |
|
15.5 |
|
|
|
31.1 |
|
Total current
liabilities |
|
614.1 |
|
|
|
603.5 |
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
Long-term debt,
less current portion |
|
1,065.3 |
|
|
|
1,078.8 |
|
Deferred income
taxes, net |
|
3.2 |
|
|
|
1.5 |
|
Pension and
postretirement |
|
413.1 |
|
|
|
460.3 |
|
Claims and other
liabilities |
|
296.4 |
|
|
|
315.2 |
|
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 |
|
2,310.8 |
|
|
|
2,290.9 |
|
Accumulated
deficit |
|
(2,215.8 |
) |
|
|
(2,240.0 |
) |
Accumulated other
comprehensive loss |
|
(429.9 |
) |
|
|
(432.8 |
) |
Treasury stock,
at cost (410 shares) |
|
(92.7 |
) |
|
|
(92.7 |
) |
Total
shareholders' deficit |
|
(427.3 |
) |
|
|
(474.3 |
) |
Total liabilities
and shareholders' deficit |
$ |
1,964.8 |
|
|
$ |
1,985.0 |
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(LOSS) |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Nine Months Ended September 30 |
(Amounts in millions except per share data, shares in
thousands) |
(Unaudited) |
|
|
|
|
Three Months |
|
Nine Months |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING REVENUE |
|
|
$ |
1,244.9 |
|
|
$ |
1,322.6 |
|
|
$ |
3,689.7 |
|
|
$ |
3,851.1 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Salaries, wages
and employee benefits |
|
725.8 |
|
|
|
745.9 |
|
|
|
2,148.6 |
|
|
|
2,212.3 |
|
Operating
expenses and supplies |
|
217.1 |
|
|
|
285.0 |
|
|
|
678.1 |
|
|
|
860.7 |
|
Purchased
transportation |
|
149.6 |
|
|
|
157.4 |
|
|
|
431.0 |
|
|
|
449.1 |
|
Depreciation and
amortization |
|
40.7 |
|
|
|
40.9 |
|
|
|
123.6 |
|
|
|
122.9 |
|
Other operating
expenses |
|
63.1 |
|
|
|
66.5 |
|
|
|
198.6 |
|
|
|
197.9 |
|
(Gains) losses on
property disposals, net |
|
0.9 |
|
|
|
0.2 |
|
|
|
1.5 |
|
|
|
(6.1 |
) |
Total operating
expenses |
|
1,197.2 |
|
|
|
1,295.9 |
|
|
|
3,581.4 |
|
|
|
3,836.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME |
|
|
|
47.7 |
|
|
|
26.7 |
|
|
|
108.3 |
|
|
|
14.3 |
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
25.7 |
|
|
|
32.6 |
|
|
|
81.2 |
|
|
|
122.5 |
|
(Gain) loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
(11.2 |
) |
Other,
net |
|
(4.5 |
) |
|
|
(2.7 |
) |
|
|
(8.1 |
) |
|
|
(6.7 |
) |
Nonoperating
expenses, net |
|
21.2 |
|
|
|
29.9 |
|
|
|
73.7 |
|
|
|
104.6 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES |
|
|
|
26.5 |
|
|
|
(3.2 |
) |
|
|
34.6 |
|
|
|
(90.3 |
) |
INCOME TAX
(BENEFIT) EXPENSE |
|
|
6.7 |
|
|
|
(4.4 |
) |
|
|
10.4 |
|
|
|
(16.4 |
) |
NET INCOME (LOSS) |
|
|
|
19.8 |
|
|
|
1.2 |
|
|
|
24.2 |
|
|
|
(73.9 |
) |
AMORTIZATION OF BENEFICIAL CONVERSION FEATURE ON PREFERRED
STOCK |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(18.1 |
) |
NET
INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS |
$ |
19.8 |
|
|
$ |
1.2 |
|
|
$ |
24.2 |
|
|
$ |
(92.0 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
$ |
19.8 |
|
|
$ |
1.2 |
|
|
$ |
24.2 |
|
|
$ |
(73.9 |
) |
OTHER
COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
(1.9 |
) |
|
|
(0.6 |
) |
|
|
2.9 |
|
|
|
3.9 |
|
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO YRC WORLDWIDE INC. |
$ |
17.9 |
|
|
$ |
0.6 |
|
|
$ |
27.1 |
|
|
$ |
(70.0 |
) |
|
|
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING-BASIC |
|
32,065 |
|
|
|
30,639 |
|
|
|
31,602 |
|
|
|
27,896 |
|
AVERAGE
COMMON SHARES OUTSTANDING-DILUTED |
|
32,621 |
|
|
|
31,903 |
|
|
|
32,569 |
|
|
|
27,896 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
(LOSS) PER SHARE - BASIC |
|
$ |
0.62 |
|
|
$ |
0.04 |
|
|
$ |
0.76 |
|
|
$ |
(3.30 |
) |
EARNINGS
(LOSS) PER SHARE - DILUTED |
$ |
0.61 |
|
|
$ |
(0.03 |
) |
|
$ |
0.74 |
|
|
$ |
(3.30 |
) |
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
YRC Worldwide Inc. and Subsidiaries |
For the Nine Months Ended September
30 |
(Amounts in millions) |
(unaudited) |
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
Net income
(loss) |
$ |
24.2 |
|
|
$ |
(73.9 |
) |
Noncash items
included in net income (loss): |
|
|
|
Depreciation and
amortization |
|
123.6 |
|
|
|
122.9 |
|
Paid-in-kind
interest on Series A Notes and Series B Notes |
|
0.4 |
|
|
|
13.9 |
|
Amortization of
deferred debt costs |
|
4.8 |
|
|
|
6.9 |
|
Amortization of
premiums and discounts on debt |
|
1.7 |
|
|
|
26.5 |
|
Noncash equity
based compensation and employee benefits expense |
|
18.5 |
|
|
|
20.6 |
|
Deferred income
tax benefit, net |
|
- |
|
|
|
(3.0 |
) |
(Gains) losses on
property disposals, net |
|
1.5 |
|
|
|
(6.1 |
) |
(Gain) loss on
extinguishment of debt |
|
0.6 |
|
|
|
(11.2 |
) |
Other noncash
items, net |
|
(6.8 |
) |
|
|
(4.7 |
) |
Changes in assets
and liabilities, net: |
|
|
|
Accounts
receivable |
|
(29.4 |
) |
|
|
(91.5 |
) |
Accounts
payable |
|
10.0 |
|
|
|
18.4 |
|
Other operating
assets |
|
(7.3 |
) |
|
|
0.3 |
|
Other operating
liabilities |
|
(50.3 |
) |
|
|
(45.4 |
) |
Net cash provided
by (used in) operating activities |
|
91.5 |
|
|
|
(26.3 |
) |
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
Acquisition of
property and equipment |
|
(71.8 |
) |
|
|
(47.6 |
) |
Proceeds from
disposal of property and equipment |
|
15.7 |
|
|
|
8.5 |
|
Restricted escrow
receipts |
|
41.9 |
|
|
|
90.7 |
|
Restricted escrow
deposits |
|
(25.0 |
) |
|
|
(33.6 |
) |
Other,
net |
|
0.4 |
|
|
|
5.2 |
|
Net cash provided
by (used in) investing activities |
|
(38.8 |
) |
|
|
23.2 |
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
|
Issuance of
long-term debt |
|
- |
|
|
|
693.0 |
|
Repayment of
long-term debt |
|
(13.1 |
) |
|
|
(888.7 |
) |
Debt issuance
costs |
|
- |
|
|
|
(29.0 |
) |
Equity issuance
costs |
|
- |
|
|
|
(17.1 |
) |
Equity issuance
proceeds |
|
- |
|
|
|
250.0 |
|
Net cash provided
by (used in) financing activities |
|
(13.1 |
) |
|
|
8.2 |
|
|
|
|
|
|
|
|
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS |
|
39.6 |
|
|
|
5.1 |
|
|
|
|
|
|
|
|
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
171.1 |
|
|
|
176.3 |
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
210.7 |
|
|
$ |
181.4 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
Interest
paid |
$ |
(79.3 |
) |
|
$ |
(103.3 |
) |
Income tax
refund (payment) |
|
(1.6 |
) |
|
|
19.3 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Nine Months Ended September 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Nine Months |
|
|
2015 |
|
|
2014 |
|
|
% |
|
|
2015 |
|
|
2014 |
|
% |
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
YRC Freight |
$ |
789.2 |
|
$ |
843.0 |
|
|
(6.4 |
) |
$ |
2,322.0 |
|
$ |
2,441.9 |
|
|
(4.9 |
) |
Regional Transportation |
|
455.7 |
|
|
479.6 |
|
|
(5.0 |
) |
|
1,367.7 |
|
|
1,409.2 |
|
|
(2.9 |
) |
Other, net of eliminations |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Consolidated |
|
1,244.9 |
|
|
1,322.6 |
|
|
(5.9 |
) |
|
3,689.7 |
|
|
3,851.1 |
|
|
(4.2 |
) |
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
YRC Freight |
|
16.7 |
|
|
8.8 |
|
|
|
39.4 |
|
|
(24.0 |
) |
|
Regional Transportation |
|
33.6 |
|
|
24.4 |
|
|
|
75.9 |
|
|
55.5 |
|
|
Corporate and other |
|
(2.6 |
) |
|
(6.5 |
) |
|
|
(7.0 |
) |
|
(17.2 |
) |
|
Consolidated |
$ |
47.7 |
|
$ |
26.7 |
|
|
$ |
108.3 |
|
$ |
14.3 |
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
YRC Freight |
|
97.9 |
% |
|
99.0 |
% |
|
|
98.3 |
% |
|
101.0 |
% |
|
Regional Transportation |
|
92.6 |
% |
|
94.9 |
% |
|
|
94.5 |
% |
|
96.1 |
% |
|
Consolidated |
|
96.2 |
% |
|
98.0 |
% |
|
|
97.1 |
% |
|
99.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30,
2015 |
|
|
Par Value |
Discount |
Value |
|
|
Term loan |
|
|
$ |
687.8 |
|
$ |
(4.7 |
) |
$ |
683.1 |
|
|
ABL facility (a) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
Secured Second A&R CDA |
|
|
|
44.7 |
|
|
- |
|
|
44.7 |
|
|
Unsecured Second A&R CDA |
|
|
|
73.2 |
|
|
- |
|
|
73.2 |
|
|
Lease financing obligations |
|
|
|
279.8 |
|
|
- |
|
|
279.8 |
|
|
Other |
|
|
|
- |
|
|
- |
|
|
- |
|
|
Total debt |
|
|
$ |
1,085.5 |
|
$ |
(4.7 |
) |
$ |
1,080.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book |
|
|
As of December 31,
2014 |
|
|
Par Value |
Discount |
Value |
|
|
Term loan |
|
|
$ |
693.0 |
|
$ |
(5.7 |
) |
$ |
687.3 |
|
|
ABL facility (b) |
|
|
|
- |
|
|
- |
|
|
- |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our total leverage ratio for the four consecutive fiscal
quarters ended September 30, 2015 was 3.15 to 1.00. |
|
|
|
|
|
|
|
|
(a) ABL capacity $450.0M; borrowing base $445.1M; maximum
availability $78.6M; Managed Accessibility $34.1M. Managed
Accessibility is defined as maximum availability less the lower of
10% of the borrowing base or 10% of the collateral line
cap. |
|
|
|
|
|
|
|
|
(b) ABL capacity $450.0M; borrowing base $445.5M; maximum
availability $71.2M; amount able to be drawn $27.1M |
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Nine Months Ended September 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
Three Months |
|
Nine
Months |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Reconciliation
of net income (loss) to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
19.8 |
|
$ |
1.2 |
|
$ |
24.2 |
|
$ |
(73.9 |
) |
Interest expense, net |
|
25.6 |
|
|
32.5 |
|
|
80.9 |
|
|
122.2 |
|
Income tax expense (benefit) |
|
6.7 |
|
|
(4.4 |
) |
|
10.4 |
|
|
(16.4 |
) |
Depreciation and amortization |
|
40.7 |
|
|
40.9 |
|
|
123.6 |
|
|
122.9 |
|
EBITDA |
|
92.8 |
|
|
70.2 |
|
|
239.1 |
|
|
154.8 |
|
Adjustments for debt
covenants: |
|
|
|
|
(Gains) losses on property
disposals, net |
|
0.9 |
|
|
0.2 |
|
|
1.5 |
|
|
(6.1 |
) |
Letter of credit expense |
|
2.2 |
|
|
2.5 |
|
|
6.6 |
|
|
9.8 |
|
Restructuring professional
fees |
|
0.2 |
|
|
3.1 |
|
|
0.2 |
|
|
4.2 |
|
Nonrecurring consulting fees |
|
(0.8 |
) |
|
- |
|
|
5.1 |
|
|
- |
|
Permitted dispositions and
other |
|
- |
|
|
1.6 |
|
|
0.3 |
|
|
1.8 |
|
Equity based compensation
expense |
|
2.8 |
|
|
2.0 |
|
|
6.5 |
|
|
11.1 |
|
Amortization of ratification
bonus |
|
4.6 |
|
|
5.2 |
|
|
14.4 |
|
|
10.4 |
|
(Gain) loss on extinguishment of
debt |
|
- |
|
|
- |
|
|
0.6 |
|
|
(11.2 |
) |
Other, net (a) |
|
(3.6 |
) |
|
(3.2 |
) |
|
(7.0 |
) |
|
(7.3 |
) |
Adjusted EBITDA |
$ |
99.1 |
|
$ |
81.6 |
|
$ |
267.3 |
|
$ |
167.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine
Months |
|
Adjusted EBITDA
by segment: |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
YRC Freight |
$ |
45.2 |
|
$ |
38.0 |
|
$ |
130.4 |
|
$ |
55.8 |
|
Regional Transportation |
|
52.9 |
|
|
43.2 |
|
|
135.7 |
|
|
111.2 |
|
Corporate and other |
|
1.0 |
|
|
0.4 |
|
|
1.2 |
|
|
0.5 |
|
Adjusted EBITDA |
$ |
99.1 |
|
$ |
81.6 |
|
$ |
267.3 |
|
$ |
167.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Nine Months Ended September 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
Three Months |
|
Nine
Months |
|
YRC Freight
segment |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Reconciliation
of operating income (loss) to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
$ |
16.7 |
|
$ |
8.8 |
|
$ |
39.4 |
|
$ |
(24.0 |
) |
Depreciation and amortization |
|
23.3 |
|
|
24.6 |
|
|
70.5 |
|
|
74.2 |
|
(Gains) losses on property
disposals, net |
|
1.1 |
|
|
0.1 |
|
|
1.7 |
|
|
(6.8 |
) |
Letter of credit expense |
|
1.6 |
|
|
1.8 |
|
|
4.6 |
|
|
6.8 |
|
Nonrecurring consulting fees |
|
(0.8 |
) |
|
- |
|
|
5.1 |
|
|
- |
|
Amortization of ratification
bonus |
|
3.0 |
|
|
3.4 |
|
|
9.3 |
|
|
6.7 |
|
Other, net (a) |
|
0.3 |
|
|
(0.7 |
) |
|
(0.2 |
) |
|
(1.1 |
) |
Adjusted EBITDA |
$ |
45.2 |
|
$ |
38.0 |
|
$ |
130.4 |
|
$ |
55.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As required under our Term Loan, other, net, shown above
does not include the impact of non-cash foreign currency gains or
losses. |
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Nine
Months |
|
Regional
Transportation segment |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Reconciliation
of operating income to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
33.6 |
|
$ |
24.4 |
|
$ |
75.9 |
|
$ |
55.5 |
|
Depreciation and amortization |
|
17.4 |
|
|
16.4 |
|
|
53.2 |
|
|
49.0 |
|
(Gains) losses on property
disposals, net |
|
(0.2 |
) |
|
0.1 |
|
|
- |
|
|
0.7 |
|
Letter of credit expense |
|
0.5 |
|
|
0.5 |
|
|
1.5 |
|
|
2.3 |
|
Amortization of ratification
bonus |
|
1.6 |
|
|
1.8 |
|
|
5.1 |
|
|
3.7 |
|
Adjusted EBITDA |
$ |
52.9 |
|
$ |
43.2 |
|
$ |
135.7 |
|
$ |
111.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Nine
Months |
|
Corporate and
other segment |
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Reconciliation
of operating loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(2.6 |
) |
$ |
(6.5 |
) |
$ |
(7.0 |
) |
$ |
(17.2 |
) |
Depreciation and amortization |
|
(0.0 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.3 |
) |
Gains on property disposals,
net |
|
- |
|
|
- |
|
|
(0.2 |
) |
|
- |
|
Letter of credit expense |
|
0.1 |
|
|
0.2 |
|
|
0.5 |
|
|
0.7 |
|
Restructuring professional
fees |
|
0.2 |
|
|
3.1 |
|
|
0.2 |
|
|
4.2 |
|
Permitted dispositions and
other |
|
- |
|
|
1.6 |
|
|
0.3 |
|
|
1.8 |
|
Equity based compensation
expense |
|
2.8 |
|
|
2.0 |
|
|
6.5 |
|
|
11.1 |
|
Other, net (a) |
|
0.5 |
|
|
0.1 |
|
|
1.0 |
|
|
0.2 |
|
Adjusted EBITDA |
$ |
1.0 |
|
$ |
0.4 |
|
$ |
1.2 |
|
$ |
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As required under our Term Loan, other, 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 September 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
2015 |
|
Reconciliation of net income to adjusted
EBITDA: |
Net income |
$ |
30.4 |
|
Interest expense, net |
|
108.1 |
|
Income tax expense |
|
10.7 |
|
Depreciation and amortization |
|
164.3 |
|
EBITDA |
|
313.5 |
|
Adjustments for debt
covenants: |
|
Gains on property disposals,
net |
|
(4.3 |
) |
Letter of credit expense |
|
8.9 |
|
Restructuring professional
fees |
|
0.2 |
|
Nonrecurring consulting fees |
|
5.1 |
|
Permitted dispositions and
other |
|
0.3 |
|
Equity based compensation
expense |
|
9.7 |
|
Amortization of ratification
bonus |
|
19.6 |
|
Loss on extinguishment of debt |
|
0.6 |
|
Other, net (a) |
|
(9.3 |
) |
Adjusted EBITDA |
$ |
344.3 |
|
|
|
(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 |
|
3Q15 |
|
3Q14 |
|
2Q15 |
|
% (b) |
|
% (b) |
|
Workdays |
|
64.0 |
|
|
64.0 |
|
|
63.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
784.4 |
|
$ |
840.1 |
|
$ |
792.2 |
|
|
(6.6 |
) |
|
(1.0 |
) |
Total tonnage (in thousands) |
|
1,641 |
|
|
1,750 |
|
|
1,685 |
|
|
(6.2 |
) |
|
(2.6 |
) |
Total tonnage per day (in thousands) |
|
25.64 |
|
|
27.34 |
|
|
26.53 |
|
|
(6.2 |
) |
|
(3.4 |
) |
Total shipments (in thousands) |
|
2,740 |
|
|
2,957 |
|
|
2,791 |
|
|
(7.3 |
) |
|
(1.8 |
) |
Total shipments per day (in thousands) |
|
42.82 |
|
|
46.20 |
|
|
43.95 |
|
|
(7.3 |
) |
|
(2.6 |
) |
Total picked up revenue/cwt. |
$ |
23.90 |
|
$ |
24.00 |
|
$ |
23.51 |
|
|
(0.4 |
) |
|
1.6 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.24 |
|
$ |
20.08 |
|
$ |
20.70 |
|
|
5.8 |
|
|
2.6 |
|
Total picked up revenue/shipment |
$ |
286 |
|
$ |
284 |
|
$ |
284 |
|
|
0.7 |
|
|
0.8 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
254 |
|
$ |
238 |
|
$ |
250 |
|
|
7.0 |
|
|
1.8 |
|
Total weight/shipment (in pounds) |
|
1,198 |
|
|
1,184 |
|
|
1,207 |
|
|
1.2 |
|
|
(0.8 |
) |
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
Operating revenue |
$ |
789.2 |
|
$ |
843.0 |
|
$ |
795.2 |
|
|
|
Change in revenue deferral and other |
|
(4.8 |
) |
|
(2.9 |
) |
|
(3.0 |
) |
|
|
Total picked up revenue |
$ |
784.4 |
|
$ |
840.1 |
|
$ |
792.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
Y/Y |
|
Sequential |
|
3Q15 |
|
3Q14 |
|
2Q15 |
|
% (b) |
|
% (b) |
Workdays |
|
64.0 |
|
|
64.0 |
|
|
63.0 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
455.9 |
|
$ |
479.9 |
|
$ |
463.4 |
|
|
(5.0 |
) |
|
(1.6 |
) |
Total tonnage (in thousands) |
|
1,974 |
|
|
2,046 |
|
|
1,997 |
|
|
(3.5 |
) |
|
(1.2 |
) |
Total tonnage per day (in thousands) |
|
30.85 |
|
|
31.97 |
|
|
31.71 |
|
|
(3.5 |
) |
|
(2.7 |
) |
Total shipments (in thousands) |
|
2,672 |
|
|
2,794 |
|
|
2,697 |
|
|
(4.3 |
) |
|
(0.9 |
) |
Total shipments per day (in thousands) |
|
41.76 |
|
|
43.65 |
|
|
42.82 |
|
|
(4.3 |
) |
|
(2.5 |
) |
Total picked up revenue/cwt. |
$ |
11.55 |
|
$ |
11.73 |
|
$ |
11.60 |
|
|
(1.5 |
) |
|
(0.5 |
) |
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.32 |
|
$ |
9.91 |
|
$ |
10.26 |
|
|
4.1 |
|
|
0.6 |
|
Total picked up revenue/shipment |
$ |
171 |
|
$ |
172 |
|
$ |
172 |
|
|
(0.7 |
) |
|
(0.7 |
) |
Total picked up revenue/shipment (excl. FSC) |
$ |
153 |
|
$ |
145 |
|
$ |
152 |
|
|
5.0 |
|
|
0.4 |
|
Total weight/shipment (in pounds) |
|
1,478 |
|
|
1,465 |
|
|
1,481 |
|
|
0.9 |
|
|
(0.2 |
) |
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
Operating revenue |
$ |
455.7 |
|
$ |
479.6 |
|
$ |
463.2 |
|
|
|
Change in revenue deferral and other |
|
0.2 |
|
|
0.3 |
|
|
0.2 |
|
|
|
Total picked up revenue |
$ |
455.9 |
|
$ |
479.9 |
|
$ |
463.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
YRC Worldwide Inc. |
Segment Statistics |
YTD Comparison |
|
|
|
|
|
|
YRC Freight |
|
|
|
|
Y/Y |
|
|
2015 |
2014 |
% (b) |
|
Workdays |
|
190.0 |
|
|
190.5 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
2,313.9 |
|
$ |
2,435.3 |
|
|
(5.0 |
) |
|
Total tonnage (in thousands) |
|
4,892 |
|
|
5,192 |
|
|
(5.8 |
) |
|
Total tonnage per day (in thousands) |
|
25.75 |
|
|
27.26 |
|
|
(5.5 |
) |
|
Total shipments (in thousands) |
|
8,135 |
|
|
8,799 |
|
|
(7.5 |
) |
|
Total shipments per day (in thousands) |
|
42.81 |
|
|
46.19 |
|
|
(7.3 |
) |
|
Total picked up revenue/cwt. |
$ |
23.65 |
|
$ |
23.45 |
|
|
0.9 |
|
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
20.87 |
|
$ |
19.55 |
|
|
6.8 |
|
|
Total picked up revenue/shipment |
$ |
284 |
|
$ |
277 |
|
|
2.8 |
|
|
Total picked up revenue/shipment (excl. FSC) |
$ |
251 |
|
$ |
231 |
|
|
8.8 |
|
|
Total weight/shipment (in pounds) |
|
1,203 |
|
|
1,180 |
|
|
1.9 |
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ |
2,322.0 |
|
$ |
2,441.9 |
|
|
|
Change in revenue deferral and other |
|
(8.1 |
) |
|
(6.6 |
) |
|
|
Total picked up revenue |
$ |
2,313.9 |
|
$ |
2,435.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
Y/Y |
|
|
2015 |
2014 |
% (b) |
|
Workdays |
|
191.5 |
|
|
193.5 |
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
1,368.4 |
|
$ |
1,409.9 |
|
|
(2.9 |
) |
|
Total tonnage (in thousands) |
|
5,948 |
|
|
6,115 |
|
|
(2.7 |
) |
|
Total tonnage per day (in thousands) |
|
31.06 |
|
|
31.60 |
|
|
(1.7 |
) |
|
Total shipments (in thousands) |
|
7,987 |
|
|
8,306 |
|
|
(3.8 |
) |
|
Total shipments per day (in thousands) |
|
41.71 |
|
|
42.93 |
|
|
(2.8 |
) |
|
Total picked up revenue/cwt. |
$ |
11.50 |
|
$ |
11.53 |
|
|
(0.2 |
) |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.20 |
|
$ |
9.71 |
|
|
5.0 |
|
|
Total picked up revenue/shipment |
$ |
171 |
|
$ |
170 |
|
|
0.9 |
|
|
Total picked up revenue/shipment (excl. FSC) |
$ |
152 |
|
$ |
143 |
|
|
6.2 |
|
|
Total weight/shipment (in pounds) |
|
1,489 |
|
|
1,472 |
|
|
1.2 |
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ |
1,367.7 |
|
$ |
1,409.2 |
|
|
|
Change in revenue deferral and other |
|
0.7 |
|
|
0.7 |
|
|
|
Total picked up revenue |
$ |
1,368.4 |
|
$ |
1,409.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
Investor Contact:
Tony Carreno
913-696-6108
investor@yrcw.com
Media Contact:
Suzanne Dawson
LAK Public Relations, Inc.
212-329-1420
sdawson@lakpr.com
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