Operating Income increased to $13.4
million compared to $3.7 million for First Quarter
2015
YRC Worldwide Inc. (NASDAQ:YRCW) reported consolidated
operating revenue for first quarter 2016 of $1.120 billion and
consolidated operating income of $13.4 million, which included a
$0.3 million gain on property disposals. As a comparison, the
company reported consolidated operating revenue of $1.186 billion
for the first quarter 2015 and consolidated operating income of
$3.7 million, which included a $1.3 million loss on property
disposals.
Financial Highlights
- On a non-GAAP basis, the company generated Adjusted EBITDA of
$62.9 million in first quarter 2016 for a consolidated Adjusted
EBITDA margin of 5.6%, and a $4.1 million increase compared to the
$58.8 million of Adjusted EBITDA reported in the prior year
comparable quarter (as detailed in the reconciliation
below).
- Last twelve month (LTM) Adjusted EBITDA increased to $337.4
million for a consolidated Adjusted EBITDA margin of 7.1%, and an
improvement of $57.0 million from the $280.4 million of LTM
Adjusted EBITDA in the first quarter of 2015.
- The total debt-to-Adjusted EBITDA ratio improved from 3.90
times in the first quarter 2015 to 3.20 times in first quarter
2016.
- Reinvestment in the business continued during first quarter
2016 with $19.8 million in capital expenditures and new operating
leases for revenue equipment with a capital value equivalent of
$33.4 million, for a total of $53.2 million which is equal to 4.75%
of operating revenue for the quarter. This total is in line with
the $56.4 million of reinvestment in first quarter 2015. The vast
majority of the investment was in tractors, trailers and
technology.
- Cash, cash equivalents and Managed Accessibility (as defined in
the company’s most recently filed periodic reports on Forms 10-K
and 10-Q) under the company’s ABL facility increased by $46.5
million at the end of the first quarter 2016, compared to a year
ago.
Operational Highlights
- YRC Freight recently added its new Accelerated service which
allows customers’ non-guaranteed shipments to reach their
destinations one to two days faster than standard transit
times.
- Improved yield from continued pricing discipline contributed to
an operating ratio of 98.8 on a consolidated basis, which was a
year-over-year improvement of 90 basis points. This included a 60
basis points improvement at YRC Freight with a reported operating
ratio of 99.4 and a 190 basis points improvement at the Regional
segment to 97.1.
- First quarter 2016 tonnage per day decreased 6.7% at YRC
Freight and 3.8% at the Regional segment compared to the first
quarter 2015.
- At YRC Freight, excluding fuel surcharge, first quarter 2016
revenue per shipment increased 1.8% and revenue per hundredweight
increased by 3.7% when compared to the same period in 2015.
Including fuel surcharge, revenue per shipment decreased 2.3% and
revenue per hundredweight decreased 0.5%.
- At the Regional segment, excluding fuel surcharge, first
quarter 2016 revenue per shipment increased 0.8% and revenue per
hundredweight increased by 2.4% compared to the first quarter 2015.
Including fuel surcharge, revenue per shipment decreased 3.1% and
revenue per hundredweight decreased 1.6%.
Liquidity Update
- At March 31, 2016, the company had cash, cash equivalents and
Managed Accessibility under its ABL facility totaling $222.1
million. For comparison, as of March 31, 2015, cash and cash
equivalents and Managed Accessibility totaled $175.6
million.
- For the three months ended March 31, 2016, cash used in
operating activities was $11.1 million as compared to cash used in
operating activities of $25.8 million for the three months ended
March 31, 2015, an improvement of $14.7 million.
“In the first quarter of 2016, our consolidated
Adjusted EBITDA improved by 7% compared to a year ago and improved
20% on an LTM basis,” said James Welch, chief executive officer at
YRC Worldwide. “These results were driven by consistent and
improved customer service, base rate increases, tightly managed
costs and productivity gains. Additionally, our ongoing focus to
improve price, freight mix and profitability has contributed to
higher year-over-year revenue per hundredweight, excluding fuel
surcharge, for 8 consecutive quarters at YRC Freight and 20
consecutive quarters at the Regional segment,” stated Welch.
“While we have made significant strides, we must
balance the volume equation with our strategy to get the right
freight at the right price running through our networks,” Welch
continued. “Our intent is to remain disciplined and true to this
strategy. We believe that reinvesting in our people, technology and
equipment, combined with projected capacity constraints from
regulations and eventually a stronger economic environment will
bode well for us over the long term. Despite near-term headwinds
from decreasing fuel surcharge revenue and an inconsistent
industrial economy, we believe LTL pricing remains rational.
“We take pride in partnering with our customers
and their feedback was the driving force behind the addition of YRC
Freight’s new Accelerated service. The company’s existing dual
speed network made the addition of this service possible. I’m
extremely proud of our employees for implementing this new offering
while enhancing our flexible supply chain solutions and most
importantly, meeting our customers’ needs,” concluded Welch.
Key Segment Information –
first quarter 2016 compared to first quarter 2015
YRC Freight |
|
|
2016 |
|
|
2015 |
|
Percent Change |
Workdays |
|
|
63.5 |
|
|
62.5 |
|
|
Operating revenue (in
millions) |
|
$ |
695.7 |
|
$ |
737.6 |
|
(5.7 |
) |
% |
Operating income (in
millions) |
|
$ |
4.1 |
|
$ |
0.2 |
|
NM |
|
(a) |
Operating ratio |
|
|
99.4 |
|
|
100.0 |
|
(0.6 |
) |
pp |
Total tonnage per day (in
thousands) |
|
|
23.38 |
|
|
25.05 |
|
(6.7 |
) |
% |
Total shipments per day
(in thousands) |
|
|
39.58 |
|
|
41.66 |
|
(5.0 |
) |
% |
Revenue per hundredweight
incl FSC |
|
$ |
23.42 |
|
$ |
23.55 |
|
(0.5 |
) |
% |
Revenue per hundredweight
excl FSCRevenue per shipment incl FSCRevenue per shipment excl
FSCTotal weight/shipment (in pounds) |
|
$ 21.42$ 277$ 2531,181 |
|
$ 20.66$ 283$ 2491,203 |
|
3.7(2.31.8(1.8 |
)) |
%%%% |
(a)Not Meaningful
Regional Transportation |
|
|
2016 |
|
|
2015 |
|
Percent Change |
Workdays |
|
|
64.5 |
|
|
64.5 |
|
|
Operating revenue (in
millions) |
|
$ |
424.8 |
|
$ |
448.8 |
|
(5.3 |
) |
% |
Operating income (in
millions) |
|
$ |
12.4 |
|
$ |
4.6 |
|
169.6 |
|
% |
Operating ratio |
|
|
97.1 |
|
|
99.0 |
|
(1.9 |
) |
pp |
Total tonnage per day (in
thousands) |
|
|
29.46 |
|
|
30.64 |
|
(3.8 |
) |
% |
Total shipments per day
(in thousands) |
|
|
39.65 |
|
|
40.58 |
|
(2.3 |
) |
% |
Revenue per hundredweight
incl FSC |
|
$ |
11.19 |
|
$ |
11.36 |
|
(1.6 |
) |
% |
Revenue per hundredweight
excl FSCRevenue per shipment incl FSCRevenue per shipment excl
FSCTotal weight/shipment (in pounds) |
|
$$$ |
10.271661531,486 |
|
$$$ |
10.03172 1511,510 |
|
2.4(3.10.8(1.6 |
)) |
%%%% |
|
|
|
|
|
|
|
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Thursday, April 28, 2016,
beginning at 4:30 p.m. ET, 3:30 p.m. CT.
A live audio webcast of the conference call and
presentation slides will be available on YRC Worldwide Inc.’s
website yrcw.com. A replay of the webcast will also be
available at 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 and to
pay certain executive bonus compensation. 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
(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,” “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 indebtedness and lease and pension
funding requirements; the success of our management team in
continuing with its strategic plan and operational and productivity
improvements, including (without limitation) our continued ability
to meet quality delivery performance standards, and our ability to
increase volume and yield and the impact of those improvements to
meet our future liquidity and profitability; the uncertainty in the
overall economy; our ability to finance the maintenance,
acquisition and replacement of revenue equipment and other
necessary capital expenditures; our dependence on our information
technology systems in our network operations and the production of
accurate information, as well as the risk of system failure,
inadequacy or security breach; changes in equity and debt markets;
inclement weather; price 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 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, as well as state and federal labor laws; 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, |
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
ASSETS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
184.9 |
|
|
$ |
173.8 |
|
|
|
Restricted
amounts held in escrow |
|
|
20.5 |
|
|
|
58.8 |
|
|
|
Accounts
receivable, net |
|
|
463.5 |
|
|
|
427.4 |
|
|
|
Prepaid
expenses and other |
|
|
84.3 |
|
|
|
74.4 |
|
|
|
|
Total current
assets |
|
|
753.2 |
|
|
|
734.4 |
|
|
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
|
|
Cost |
|
|
2,824.1 |
|
|
|
2,822.8 |
|
|
|
Less -
accumulated depreciation |
|
|
(1,907.3 |
) |
|
|
(1,885.5 |
) |
|
|
|
Net property and
equipment |
|
|
916.8 |
|
|
|
937.3 |
|
|
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
36.5 |
|
|
|
40.4 |
|
|
Restricted
amounts held in escrow |
|
|
74.5 |
|
|
|
63.4 |
|
|
Deferred
income taxes, net |
|
|
23.0 |
|
|
|
23.0 |
|
|
Other
assets |
|
|
59.8 |
|
|
|
80.9 |
|
|
|
|
Total assets |
|
$ |
1,863.8 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
164.7 |
|
|
$ |
161.1 |
|
|
|
Wages,
vacations, and employee benefits |
|
|
188.3 |
|
|
|
195.1 |
|
|
|
Deferred
income taxes, net |
|
|
23.0 |
|
|
|
23.0 |
|
|
|
Other
current and accrued liabilities |
|
|
183.1 |
|
|
|
178.4 |
|
|
|
Current
maturities of long-term debt |
|
|
16.0 |
|
|
|
15.9 |
|
|
|
|
Total current
liabilities |
|
|
575.1 |
|
|
|
573.5 |
|
|
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
|
Long-term
debt, less current portion |
|
|
1,044.2 |
|
|
|
1,046.5 |
|
|
|
Deferred
income taxes, net |
|
|
3.8 |
|
|
|
3.7 |
|
|
|
Pension and
postretirement |
|
|
341.2 |
|
|
|
339.9 |
|
|
|
Claims and
other liabilities |
|
|
292.2 |
|
|
|
295.2 |
|
|
|
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 |
|
|
2,313.9 |
|
|
|
2,312.6 |
|
|
|
Accumulated
deficit |
|
|
(2,251.3 |
) |
|
|
(2,239.3 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(362.9 |
) |
|
|
(360.3 |
) |
|
|
Treasury
stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
|
Total shareholders' deficit |
|
|
(392.7 |
) |
|
|
(379.4 |
) |
|
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,863.8 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
|
|
|
$ |
1,120.3 |
|
|
$ |
1,186.4 |
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
Salaries,
wages and employee benefits |
|
|
|
|
698.1 |
|
|
|
707.3 |
|
|
|
Operating
expenses and supplies |
|
|
|
|
190.2 |
|
|
|
228.2 |
|
|
|
Purchased
transportation |
|
|
|
|
115.5 |
|
|
|
133.4 |
|
|
|
Depreciation and amortization |
|
|
|
|
40.7 |
|
|
|
41.6 |
|
|
|
Other
operating expenses |
|
|
|
|
62.7 |
|
|
|
70.9 |
|
|
|
(Gains)
losses on property disposals, net |
|
|
|
|
(0.3 |
) |
|
|
1.3 |
|
|
|
|
Total operating
expenses |
|
|
|
|
1,106.9 |
|
|
|
1,182.7 |
|
|
OPERATING
INCOME |
|
|
|
|
13.4 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
Interest
expense |
|
|
|
|
26.1 |
|
|
|
27.6 |
|
|
|
Other,
net |
|
|
|
|
1.1 |
|
|
|
(3.7 |
) |
|
|
|
Nonoperating expenses,
net |
|
|
|
|
27.2 |
|
|
|
23.9 |
|
|
|
|
|
|
|
|
|
LOSS BEFORE
INCOME TAXES |
|
|
|
|
(13.8 |
) |
|
|
(20.2 |
) |
|
INCOME TAX
(BENEFIT) EXPENSE |
|
|
|
|
(1.8 |
) |
|
|
1.4 |
|
|
NET
LOSS |
|
|
|
|
(12.0 |
) |
|
|
(21.6 |
) |
|
OTHER
COMPREHENSIVE LOSS, NET OF TAX |
|
|
|
|
(2.6 |
) |
|
|
(0.6 |
) |
|
COMPREHENSIVE LOSS
ATTRIBUTABLE TO YRC WORLDWIDE INC. |
|
|
|
$ |
(14.6 |
) |
|
$ |
(22.2 |
) |
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING - BASIC |
|
|
|
|
32,264 |
|
|
|
30,799 |
|
|
AVERAGE
COMMON SHARES OUTSTANDING - DILUTED |
|
|
|
|
32,264 |
|
|
|
30,799 |
|
|
|
|
|
|
|
|
|
LOSS PER
SHARE - BASIC |
|
|
|
$ |
(0.37 |
) |
|
$ |
(0.70 |
) |
|
LOSS PER
SHARE - DILUTED |
|
|
|
$ |
(0.37 |
) |
|
$ |
(0.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
|
|
|
|
|
|
|
|
|
|
|
|
YRC
Worldwide Inc. and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(12.0 |
) |
|
$ |
(21.6 |
) |
|
|
|
|
|
|
|
Noncash
items included in net loss: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
40.7 |
|
|
|
41.6 |
|
|
|
|
|
|
|
|
|
Noncash
equity based compensation and employee benefits expense |
|
5.2 |
|
|
|
4.5 |
|
|
|
|
|
|
|
|
|
(Gains)
losses on property disposals, net |
|
(0.3 |
) |
|
|
1.3 |
|
|
|
|
|
|
|
|
|
Gain on
disposal of equity method investment |
|
(2.3 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Other noncash items,
net |
|
|
4.4 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
Changes in
assets and liabilities, net: |
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(35.2 |
) |
|
|
(46.4 |
) |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(0.8 |
) |
|
|
25.6 |
|
|
|
|
|
|
|
|
|
Other operating
assets |
|
|
(6.9 |
) |
|
|
(7.1 |
) |
|
|
|
|
|
|
|
|
Other operating
liabilities |
|
|
(3.9 |
) |
|
|
(25.4 |
) |
|
|
|
|
|
|
|
|
Net cash
used in operating activities |
|
(11.1 |
) |
|
|
(25.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Acquisition
of property and equipment |
|
(19.8 |
) |
|
|
(21.3 |
) |
|
|
|
|
|
|
|
Proceeds
from disposal of property and equipment |
|
4.4 |
|
|
|
5.5 |
|
|
|
|
|
|
|
|
Restricted
escrow receipts |
|
|
27.2 |
|
|
|
21.0 |
|
|
|
|
|
|
|
|
Restricted
escrow deposits |
|
|
- |
|
|
|
(10.0 |
) |
|
|
|
|
|
|
|
Proceeds
from disposal of equity method investment, net |
|
14.6 |
|
|
|
- |
|
|
|
|
|
|
|
|
Other,
net |
|
|
- |
|
|
|
0.4 |
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) investing activities |
|
26.4 |
|
|
|
(4.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Repayment
of long-term debt |
|
|
(4.2 |
) |
|
|
(4.5 |
) |
|
|
|
|
|
|
|
|
Net cash
used in financing activities |
|
(4.2 |
) |
|
|
(4.5 |
) |
|
|
|
|
|
|
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
11.1 |
|
|
|
(34.7 |
) |
|
|
|
|
|
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
173.8 |
|
|
|
171.1 |
|
|
|
|
|
|
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
184.9 |
|
|
$ |
136.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
|
Interest
paid |
|
$ |
(19.8 |
) |
|
$ |
(25.6 |
) |
|
|
|
|
|
|
Income tax
refund (payment), net |
|
|
(1.4 |
) |
|
|
2.2 |
|
|
|
|
|
|
|
Debt
redeemed for equity consideration |
|
- |
|
|
|
17.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Three Months Ended March 31 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
695.7 |
|
|
$ |
737.6 |
|
|
|
(5.7 |
) |
|
|
|
|
|
|
|
|
|
Regional
Transportation |
|
424.8 |
|
|
|
448.8 |
|
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
|
Other, net of
eliminations |
|
(0.2 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
1,120.3 |
|
|
|
1,186.4 |
|
|
|
(5.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
4.1 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Regional
Transportation |
|
12.4 |
|
|
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
other |
|
(3.1 |
) |
|
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
13.4 |
|
|
$ |
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
99.4 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Regional
Transportation |
|
97.1 |
% |
|
|
99.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
98.8 |
% |
|
|
99.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
Debt Issue |
|
|
|
|
|
As of March 31, 2016 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
|
Term Loan |
|
|
|
|
$ |
684.3 |
|
|
$ |
(3.9 |
) |
|
$ |
(11.7 |
) |
|
$ |
668.7 |
|
|
|
|
ABL
Facility (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Secured
Second A&R CDA |
|
|
44.0 |
|
|
|
- |
|
|
|
(0.3 |
) |
|
|
43.7 |
|
|
|
|
Unsecured
Second A&R CDA |
|
|
73.2 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
72.8 |
|
|
|
|
|
Lease
financing obligations |
|
|
276.6 |
|
|
|
- |
|
|
|
(1.6 |
) |
|
|
275.0 |
|
|
|
|
Total debt |
|
|
|
|
$ |
1,078.1 |
|
|
$ |
(3.9 |
) |
|
$ |
(14.0 |
) |
|
$ |
1,060.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issue |
|
|
|
|
|
As of December 31, 2015 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
|
|
Term Loan |
|
|
|
|
$ |
686.0 |
|
|
$ |
(4.3 |
) |
|
$ |
(12.7 |
) |
|
$ |
669.0 |
|
|
|
|
|
ABL
Facility (b) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Secured
Second A&R CDA |
|
|
|
|
44.7 |
|
|
|
- |
|
|
|
(0.3 |
) |
|
|
44.4 |
|
|
|
|
|
Unsecured
Second A&R CDA |
|
|
|
|
73.2 |
|
|
|
- |
|
|
|
(0.5 |
) |
|
|
72.7 |
|
|
|
|
|
Lease
financing obligations |
|
|
|
|
278.0 |
|
|
|
- |
|
|
|
(1.7 |
) |
|
|
276.3 |
|
|
|
|
|
Total debt |
|
|
|
|
$ |
1,081.9 |
|
|
$ |
(4.3 |
) |
|
$ |
(15.2 |
) |
|
$ |
1,062.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our total
leverage ratio for the four consecutive fiscal quarters ended March
31, 2016 was 3.20 to 1.00. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
ABL
Facility capacity $450.0M; borrowing base $442.9M; maximum
availability $81.5M; Managed Accessibility $37.2M. 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 Facility capacity $450.0M; borrowing base $441.7M; maximum
availability $79.7M; Managed Accessibility $35.5M. Managed
Accessibility is defined as maximum availability less the lower of
10% of the borrowing base or 10% of the collateral line cap. |
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Three Months Ended March 31 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
Reconciliation
of net loss to Adjusted EBITDA: |
|
|
|
|
|
|
Net loss |
$ |
(12.0 |
) |
|
$ |
(21.6 |
) |
|
|
|
Interest expense, net |
|
26.0 |
|
|
|
27.4 |
|
|
|
|
Income tax expense (benefit) |
|
(1.8 |
) |
|
|
1.4 |
|
|
|
|
Depreciation and amortization |
|
40.7 |
|
|
|
41.6 |
|
|
|
|
EBITDA |
|
52.9 |
|
|
|
48.8 |
|
|
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
|
(Gains) losses on property
disposals, net |
|
(0.3 |
) |
|
|
1.3 |
|
|
|
|
Letter of credit expense |
|
2.2 |
|
|
|
2.2 |
|
|
|
|
Nonrecurring consulting fees |
|
- |
|
|
|
2.9 |
|
|
|
|
Permitted dispositions and
other |
|
- |
|
|
|
0.2 |
|
|
|
|
Equity based compensation
expense |
|
1.8 |
|
|
|
0.5 |
|
|
|
|
Amortization of ratification
bonus |
|
4.6 |
|
|
|
5.2 |
|
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
0.6 |
|
|
|
|
Other, net (a) |
|
1.7 |
|
|
|
(2.9 |
) |
|
|
|
Adjusted EBITDA |
$ |
62.9 |
|
|
$ |
58.8 |
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
1,120.3 |
|
|
$ |
1,186.4 |
|
|
|
|
Adjusted EBITDA
margin |
|
5.6 |
% |
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
Adjusted EBITDA
by segment: |
|
2016 |
|
|
|
2015 |
|
|
|
|
YRC Freight |
$ |
30.1 |
|
|
$ |
32.1 |
|
|
|
|
Regional Transportation |
|
33.4 |
|
|
|
26.2 |
|
|
|
|
Corporate and other |
|
(0.6 |
) |
|
|
0.5 |
|
|
|
|
Adjusted EBITDA |
$ |
62.9 |
|
|
$ |
58.8 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Three Months Ended March 31 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
YRC Freight
segment |
|
2016 |
|
|
|
2015 |
|
|
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
Operating income |
$ |
4.1 |
|
|
$ |
0.2 |
|
|
|
|
Depreciation and amortization |
|
22.7 |
|
|
|
23.9 |
|
|
|
|
Gains on property disposals,
net |
|
(0.8 |
) |
|
|
(0.2 |
) |
|
|
|
Letter of credit expense |
|
1.4 |
|
|
|
1.5 |
|
|
|
|
Nonrecurring consulting fees |
|
- |
|
|
|
2.9 |
|
|
|
|
Amortization of ratification
bonus |
|
3.0 |
|
|
|
3.3 |
|
|
|
|
Other, net (a) |
|
(0.3 |
) |
|
|
0.5 |
|
|
|
|
Adjusted EBITDA |
$ |
30.1 |
|
|
$ |
32.1 |
|
|
|
|
|
|
|
|
|
|
|
(a) As required under our Term Loan Agreement, other,
net, shown above consists of the impact of certain items to
beincluded in Adjusted EBITDA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
Regional
Transportation segment |
|
2016 |
|
|
|
2015 |
|
|
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
Operating income |
$ |
12.4 |
|
|
$ |
4.6 |
|
|
|
|
Depreciation and amortization |
|
18.0 |
|
|
|
17.7 |
|
|
|
|
Losses on property disposals,
net |
|
0.5 |
|
|
|
1.5 |
|
|
|
|
Letter of credit expense |
|
0.7 |
|
|
|
0.5 |
|
|
|
|
Amortization of ratification
bonus |
|
1.6 |
|
|
|
1.9 |
|
|
|
|
Other, net (a) |
|
0.2 |
|
|
|
- |
|
|
|
|
Adjusted EBITDA |
$ |
33.4 |
|
|
$ |
26.2 |
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
Corporate and
other |
|
2016 |
|
|
|
2015 |
|
|
|
|
Reconciliation
of operating loss to Adjusted EBITDA: |
|
|
|
|
|
|
Operating loss |
$ |
(3.1 |
) |
|
$ |
(1.1 |
) |
|
|
|
Letter of credit expense |
|
0.1 |
|
|
|
0.2 |
|
|
|
|
Permitted dispositions and
other |
|
- |
|
|
|
0.2 |
|
|
|
|
Equity based compensation
expense |
|
1.8 |
|
|
|
0.5 |
|
|
|
|
Other, net (a) |
|
0.6 |
|
|
|
0.7 |
|
|
|
|
Adjusted EBITDA |
$ |
(0.6 |
) |
|
$ |
0.5 |
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
|
YRC Worldwide Inc. and Subsidiaries |
|
|
For the Trailing Twelve Months Ended March 31 |
|
|
(Amounts in millions) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
Reconciliation
of net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
Net income (loss) |
$ |
10.3 |
|
$ |
(19.1 |
) |
|
|
|
Interest expense, net |
|
105.7 |
|
|
118.7 |
|
|
|
|
Income tax benefit |
|
(8.3 |
) |
|
(10.6 |
) |
|
|
|
Depreciation and amortization |
|
162.8 |
|
|
164.2 |
|
|
|
|
EBITDA |
|
270.5 |
|
|
253.2 |
|
|
|
|
Adjustments
for Term Loan Agreement: |
|
|
|
|
|
(Gains) losses on property
disposals, net |
|
0.3 |
|
|
(10.8 |
) |
|
|
|
Letter of credit expense |
|
8.8 |
|
|
9.1 |
|
|
|
|
Restructuring professional
fees |
|
0.2 |
|
|
3.1 |
|
|
|
|
Nonrecurring consulting fees |
|
2.2 |
|
|
2.9 |
|
|
|
|
Permitted dispositions and
other |
|
0.2 |
|
|
1.8 |
|
|
|
|
Equity based compensation
expense |
|
9.8 |
|
|
8.2 |
|
|
|
|
Amortization of ratification
bonus |
|
18.3 |
|
|
20.8 |
|
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
0.6 |
|
|
|
|
Non-union pension settlement
charge |
|
28.7 |
|
|
- |
|
|
|
|
Other, net (a) |
|
(1.6 |
) |
|
(8.5 |
) |
|
|
|
Adjusted EBITDA |
$ |
337.4 |
|
$ |
280.4 |
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
4,766.3 |
|
$ |
5,044.3 |
|
|
|
|
Adjusted EBITDA
margin |
|
7.1 |
% |
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Worldwide Inc. |
|
Segment Statistics |
|
Quarterly Comparison |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
|
1Q16 |
|
1Q15 |
|
4Q15 |
|
% (b) |
|
% (b) |
|
Workdays |
|
63.5 |
|
|
|
62.5 |
|
|
|
61.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
695.6 |
|
|
$ |
737.4 |
|
|
$ |
719.5 |
|
|
|
(5.7 |
) |
|
|
(3.3 |
) |
|
Total tonnage (in thousands) |
|
1,485 |
|
|
|
1,566 |
|
|
|
1,504 |
|
|
|
(5.2 |
) |
|
|
(1.3 |
) |
|
Total tonnage per day (in thousands) |
|
23.38 |
|
|
|
25.05 |
|
|
|
24.46 |
|
|
|
(6.7 |
) |
|
|
(4.4 |
) |
|
Total shipments (in thousands) |
|
2,514 |
|
|
|
2,604 |
|
|
|
2,517 |
|
|
|
(3.5 |
) |
|
|
(0.1 |
) |
|
Total shipments per day (in thousands) |
|
39.58 |
|
|
|
41.66 |
|
|
|
40.92 |
|
|
|
(5.0 |
) |
|
|
(3.3 |
) |
|
Total picked up revenue/cwt. |
$ |
23.42 |
|
|
$ |
23.55 |
|
|
$ |
23.91 |
|
|
|
(0.5 |
) |
|
|
(2.0 |
) |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.42 |
|
|
$ |
20.66 |
|
|
$ |
21.48 |
|
|
|
3.7 |
|
|
|
(0.3 |
) |
|
Total picked up revenue/shipment |
$ |
277 |
|
|
$ |
283 |
|
|
$ |
286 |
|
|
|
(2.3 |
) |
|
|
(3.2 |
) |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
253 |
|
|
$ |
249 |
|
|
$ |
257 |
|
|
|
1.8 |
|
|
|
(1.4 |
) |
|
Total weight/shipment (in pounds) |
|
1,181 |
|
|
|
1,203 |
|
|
|
1,196 |
|
|
|
(1.8 |
) |
|
|
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
|
Operating revenue |
$ |
695.7 |
|
|
$ |
737.6 |
|
|
$ |
733.7 |
|
|
|
|
|
|
Change in revenue deferral and other |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(14.2 |
) |
|
|
|
|
|
Total picked up revenue |
$ |
695.6 |
|
|
$ |
737.4 |
|
|
$ |
719.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
|
1Q16 |
|
1Q15 |
|
4Q15 |
|
% (b) |
|
% (b) |
|
Workdays |
|
64.5 |
|
|
|
64.5 |
|
|
|
59.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
425.1 |
|
|
$ |
449.1 |
|
|
$ |
409.4 |
|
|
|
(5.3 |
) |
|
|
3.8 |
|
|
Total tonnage (in thousands) |
|
1,900 |
|
|
|
1,976 |
|
|
|
1,761 |
|
|
|
(3.8 |
) |
|
|
7.9 |
|
|
Total tonnage per day (in thousands) |
|
29.46 |
|
|
|
30.64 |
|
|
|
29.59 |
|
|
|
(3.8 |
) |
|
|
(0.4 |
) |
|
Total shipments (in thousands) |
|
2,558 |
|
|
|
2,617 |
|
|
|
2,388 |
|
|
|
(2.3 |
) |
|
|
7.1 |
|
|
Total shipments per day (in thousands) |
|
39.65 |
|
|
|
40.58 |
|
|
|
40.13 |
|
|
|
(2.3 |
) |
|
|
(1.2 |
) |
|
Total picked up revenue/cwt. |
$ |
11.19 |
|
|
$ |
11.36 |
|
|
$ |
11.63 |
|
|
|
(1.6 |
) |
|
|
(3.8 |
) |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.27 |
|
|
$ |
10.03 |
|
|
$ |
10.50 |
|
|
|
2.4 |
|
|
|
(2.2 |
) |
|
Total picked up revenue/shipment |
$ |
166 |
|
|
$ |
172 |
|
|
$ |
171 |
|
|
|
(3.1 |
) |
|
|
(3.1 |
) |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
153 |
|
|
$ |
151 |
|
|
$ |
155 |
|
|
|
0.8 |
|
|
|
(1.4 |
) |
|
Total weight/shipment (in pounds) |
|
1,486 |
|
|
|
1,510 |
|
|
|
1,475 |
|
|
|
(1.6 |
) |
|
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
|
Operating revenue |
$ |
424.8 |
|
|
$ |
448.8 |
|
|
$ |
409.2 |
|
|
|
|
|
|
Change in revenue deferral and other |
|
0.3 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
|
|
|
Total picked up revenue |
$ |
425.1 |
|
|
$ |
449.1 |
|
|
$ |
409.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
Investor Contact:
Tony Carreno
913-696-6108
investor@yrcw.com
Media Contact:
Mike Kelley
916-696-6121
mike.kelley@yrcw.com
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