YRC Worldwide Inc. (NASDAQ:YRCW) reported consolidated operating
revenue for second quarter 2016 of $1.208 billion and consolidated
operating income of $57.2 million, which included an $11.1 million
gain on property disposals. As a comparison, the Company reported
consolidated operating revenue of $1.258 billion for the second
quarter 2015 and consolidated operating income of $56.9 million,
which included a $0.7 million gain on property disposals.
Financial Highlights
- On a non-GAAP basis, the Company generated Adjusted EBITDA of
$91.4 million in second quarter 2016 for a consolidated Adjusted
EBITDA margin of 7.6% and an $18.0 million decrease compared to the
$109.4 million of Adjusted EBITDA reported in the prior year
comparable quarter (as detailed in the reconciliation
below).
- Last twelve month (LTM) Adjusted EBITDA is $319.4 million for a
consolidated Adjusted EBITDA margin of 6.8%, and a decrease of $7.4
million from the $326.8 million of LTM Adjusted EBITDA in second
quarter 2015.
- The total debt-to-Adjusted EBITDA ratio in second quarter 2016
is 3.32 times compared to 3.33 times in second quarter
2015.
- Reinvestment in the business continued during second quarter
2016 with $27.5 million in capital expenditures and new operating
leases for revenue equipment with a capital value equivalent of
$38.4 million, for a total of $65.9 million which is equal to 5.5%
of operating revenue for the quarter. This represents an $18.1
million increase over the $47.8 million of reinvestment in second
quarter 2015. The vast majority of the investment was in tractors,
trailers and technology.
- The $450 million asset based loan (ABL) facility was amended to
provide for a 50 basis points reduction in the interest rate and an
extension of the maturity, subject to certain conditions, from
February 2019 to June 2021. The amendment also reduces
availability requirements allowing additional flexibility to
utilize cash that was previously restricted.
Operational Highlights
- During the quarter, YRC Freight added its new Accelerated
service which allows customers’ non-guaranteed shipments to reach
their destinations one to two days faster than standard transit
times.
- The second quarter 2016 operating ratio of 95.3 was an
improvement of 20 basis points compared to the same period in
2015. This includes a 100 basis points improvement at YRC
Freight with a reported operating ratio of 96.2, including an $11.2
million gain on property disposals. The improvement at YRC
Freight more than offset a decline of 130 basis points at the
Regional segment with a reported operating ratio of 93.2.
- Second quarter 2016 tonnage per day decreased 6.0% at YRC
Freight and 2.4% at the Regional segment compared to the second
quarter 2015.
- At YRC Freight, excluding fuel surcharge, second quarter 2016
revenue per shipment increased 1.4% and revenue per hundredweight
increased by 2.9% when compared to the same period in 2015.
Including fuel surcharge, revenue per shipment decreased 1.6% and
revenue per hundredweight was essentially flat with a 0.1%
decrease.
- At the Regional segment, excluding fuel surcharge, second
quarter 2016 revenue per shipment increased 0.5% and revenue per
hundredweight increased by 1.3% compared to the first quarter 2015.
Including fuel surcharge, revenue per shipment decreased 2.2% and
revenue per hundredweight decreased 1.4%.
- Property damage and liability claims expense increased by $8.1
million primarily due to the unfavorable development of prior year
outstanding claims in the second quarter of 2016, as compared to
the second quarter 2015.
Liquidity Update
- At June 30, 2016, the company had 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 its ABL
facility totaling $278.8 million, an increase of $52.7 million
compared to $226.1 million as of June 30, 2015.
- For the six months ended June 30, 2016, cash provided by
operating activities was $47.5 million, an increase of $16.4
million compared to $31.1 million for the six months ended June 30,
2015.
“While the uncertain industrial economy
continues to impact the trucking industry, we remain focused on
actions within our control,” said James Welch, chief executive
officer at YRC Worldwide. “The second quarter 2016 financial
results did not meet our expectation but operationally we continue
to strengthen the Company for the long-term. Year-over-year revenue
per hundredweight, excluding fuel surcharge, has increased for 9
consecutive quarters at YRC Freight and 21 consecutive quarters at
the Regional segment. Year-over-year tonnage per day was down
during the quarter, but in June the decline was much smaller than
April and May. Pricing discipline in the LTL sector remains
steady despite the ongoing challenges from the industrial economy
and lower fuel surcharge revenue. We do not intend to change our
long-term strategy in reaction to near-term headwinds. We will
continue managing our business by focusing on delivering
award-winning customer service, enhancing the safety of our
employees and improving productivity by reinvesting in the
Company,” stated Welch.
“During the second quarter, YRC Freight
successfully launched its new Accelerated service,” Welch
continued. “This service leverages YRC Freight’s existing dual
speed network and has been well received by customers. There was
demand for a faster, cost-competitive and reliable service and our
employees responded to the market.
“We also took action to improve liquidity and
strengthen the financial position of the Company by amending and
improving the terms of the ABL facility. The amendment provides
interest savings and an opportunity to better utilize our cash that
would have otherwise been restricted from use,” concluded
Welch.
Key Segment Information –
second quarter 2016 compared to second quarter 2015
YRC Freight |
|
|
2016 |
|
|
|
2015 |
|
|
Percent Change |
Workdays |
|
|
64.0 |
|
|
|
63.5 |
|
|
|
Operating revenue (in
millions) |
|
$ |
755.0 |
|
|
$ |
795.2 |
|
|
(5.1 |
)% |
Operating income (in
millions) |
|
$ |
28.4 |
|
|
$ |
22.5 |
|
|
26.2 |
% |
Operating ratio |
|
|
96.2 |
|
|
|
97.2 |
|
|
1.0 |
pp |
Total tonnage per day (in
thousands) |
|
|
24.94 |
|
|
|
26.53 |
|
|
(6.0 |
)% |
Total shipments per day
(in thousands) |
|
|
41.93 |
|
|
|
43.95 |
|
|
(4.6 |
)% |
Revenue per hundredweight
incl FSC |
|
$ |
23.48 |
|
|
$ |
23.51 |
|
|
(0.1 |
)% |
Revenue per hundredweight
excl FSC |
|
$ |
21.30 |
|
|
$ |
20.70 |
|
|
2.9 |
% |
Revenue per shipment incl
FSC |
|
$ |
279 |
|
|
$ |
284 |
|
|
(1.6 |
)% |
Revenue per shipment excl
FSC |
|
$ |
253 |
|
|
$ |
250 |
|
|
1.4 |
% |
Total weight/shipment (in
pounds) |
|
|
1,190 |
|
|
|
1,207 |
|
|
(1.5 |
)% |
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
2016 |
|
|
|
2015 |
|
|
Percent Change |
Workdays |
|
|
64.0 |
|
|
|
63.0 |
|
|
|
Operating revenue (in
millions) |
|
$ |
452.8 |
|
|
$ |
463.2 |
|
|
(2.2 |
)% |
Operating income (in
millions) |
|
$ |
30.6 |
|
|
$ |
37.7 |
|
|
(18.8 |
)% |
Operating ratio |
|
|
93.2 |
|
|
|
91.9 |
|
|
(1.3 |
)pp |
Total tonnage per day (in
thousands) |
|
|
30.94 |
|
|
|
31.71 |
|
|
(2.4 |
)% |
Total shipments per day
(in thousands) |
|
|
42.12 |
|
|
|
42.82 |
|
|
(1.6 |
)% |
Revenue per hundredweight
incl FSC |
|
$ |
11.44 |
|
|
$ |
11.60 |
|
|
(1.4 |
)% |
Revenue per hundredweight
excl FSC |
|
$ |
10.39 |
|
|
$ |
10.26 |
|
|
1.3 |
% |
Revenue per shipment incl
FSC |
|
$ |
168 |
|
|
$ |
172 |
|
|
(2.2 |
)% |
Revenue per shipment excl
FSC |
|
$ |
153 |
|
|
$ |
152 |
|
|
0.5 |
% |
Total weight/shipment (in
pounds) |
|
|
1,469 |
|
|
|
1,481 |
|
|
(0.8 |
)% |
|
|
|
|
|
|
|
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Thursday, July 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, 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, EBITDA 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,” “should,”
“may,” “project,” “forecast,” “propose,” “plan,” “designed,”
“enable,” and similar expressions which speak only as of the date
the statement was made are intended to identify forward-looking
statements. Forward-looking statements are inherently uncertain,
are based upon current beliefs, assumptions and expectations of
Company management and current market conditions, and are subject
to significant business, economic, competitive, regulatory and
other risks, uncertainties and contingencies, known and unknown,
many of which are beyond our control. Our future financial
condition and results could differ materially from those predicted
in such forward-looking statements because of a number of factors,
including (without limitation) 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 flexible supply chain solutions,
ensuring customers can ship industrial, commercial and retail goods
with confidence.
Please visit our website at www.yrcw.com for
more information.
|
|
Investor Contact: |
Tony
Carreno |
|
913-696-6108 |
|
investor@yrcw.com |
|
|
Media Contact: |
Mike
Kelley |
|
916-696-6121 |
|
mike.kelley@yrcw.com |
|
|
SOURCE: YRC Worldwide
|
|
CONSOLIDATED BALANCE SHEETS |
|
YRC Worldwide Inc. and Subsidiaries |
|
(Amounts in millions except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
ASSETS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
243.5 |
|
|
$ |
173.8 |
|
|
|
Restricted
amounts held in escrow |
|
|
61.4 |
|
|
|
58.8 |
|
|
|
Accounts
receivable, net |
|
|
483.5 |
|
|
|
427.4 |
|
|
|
Prepaid
expenses and other |
|
|
76.1 |
|
|
|
74.4 |
|
|
|
|
Total current
assets |
|
|
864.5 |
|
|
|
734.4 |
|
|
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
|
|
Cost |
|
|
2,819.2 |
|
|
|
2,822.8 |
|
|
|
Less -
accumulated depreciation |
|
|
(1,916.5 |
) |
|
|
(1,885.5 |
) |
|
|
|
Net property and
equipment |
|
|
902.7 |
|
|
|
937.3 |
|
|
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
34.2 |
|
|
|
40.4 |
|
|
Restricted
amounts held in escrow |
|
|
3.7 |
|
|
|
63.4 |
|
|
Deferred
income taxes, net |
|
|
23.0 |
|
|
|
23.0 |
|
|
Other
assets |
|
|
57.9 |
|
|
|
80.9 |
|
|
|
|
Total assets |
|
$ |
1,886.0 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
171.1 |
|
|
$ |
161.1 |
|
|
|
Wages,
vacations, and employee benefits |
|
|
207.1 |
|
|
|
195.1 |
|
|
|
Deferred
income taxes, net |
|
|
23.0 |
|
|
|
23.0 |
|
|
|
Other
current and accrued liabilities |
|
|
175.2 |
|
|
|
178.4 |
|
|
|
Current
maturities of long-term debt |
|
|
16.4 |
|
|
|
15.9 |
|
|
|
|
Total current
liabilities |
|
|
592.8 |
|
|
|
573.5 |
|
|
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
|
Long-term
debt, less current portion |
|
|
1,028.0 |
|
|
|
1,046.5 |
|
|
|
Deferred
income taxes, net |
|
|
3.8 |
|
|
|
3.7 |
|
|
|
Pension and
postretirement |
|
|
329.5 |
|
|
|
339.9 |
|
|
|
Claims and
other liabilities |
|
|
291.7 |
|
|
|
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 |
|
|
2,316.5 |
|
|
|
2,312.6 |
|
|
|
Accumulated
deficit |
|
|
(2,224.2 |
) |
|
|
(2,239.3 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(359.7 |
) |
|
|
(360.3 |
) |
|
|
Treasury
stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
|
Total shareholders' deficit |
|
|
(359.8 |
) |
|
|
(379.4 |
) |
|
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,886.0 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(LOSS) |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Three and Six Months Ended June 30 |
|
(Amounts in millions except per share data, shares in
thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six Months |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
$ |
1,207.6 |
|
|
$ |
1,258.4 |
|
|
$ |
2,327.9 |
|
|
$ |
2,444.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Salaries,
wages and employee benefits |
|
718.7 |
|
|
|
715.5 |
|
|
|
1,416.8 |
|
|
|
1,422.8 |
|
|
|
Operating
expenses and supplies |
|
198.6 |
|
|
|
232.8 |
|
|
|
388.8 |
|
|
|
461.0 |
|
|
|
Purchased
transportation |
|
136.7 |
|
|
|
148.0 |
|
|
|
252.2 |
|
|
|
281.4 |
|
|
|
Depreciation and amortization |
|
38.5 |
|
|
|
41.3 |
|
|
|
79.2 |
|
|
|
82.9 |
|
|
|
Other
operating expenses |
|
69.0 |
|
|
|
64.6 |
|
|
|
131.7 |
|
|
|
135.5 |
|
|
|
(Gains)
losses on property disposals, net |
|
(11.1 |
) |
|
|
(0.7 |
) |
|
|
(11.4 |
) |
|
|
0.6 |
|
|
|
|
Total operating
expenses |
|
1,150.4 |
|
|
|
1,201.5 |
|
|
|
2,257.3 |
|
|
|
2,384.2 |
|
|
OPERATING
INCOME |
|
57.2 |
|
|
|
56.9 |
|
|
|
70.6 |
|
|
|
60.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
26.2 |
|
|
|
27.9 |
|
|
|
52.3 |
|
|
|
55.5 |
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
Other,
net |
|
(0.8 |
) |
|
|
0.7 |
|
|
|
0.3 |
|
|
|
(3.6 |
) |
|
|
|
Nonoperating expenses,
net |
|
25.4 |
|
|
|
28.6 |
|
|
|
52.6 |
|
|
|
52.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES |
|
31.8 |
|
|
|
28.3 |
|
|
|
18.0 |
|
|
|
8.1 |
|
|
INCOME TAX
EXPENSE |
|
4.7 |
|
|
|
2.3 |
|
|
|
2.9 |
|
|
|
3.7 |
|
|
NET
INCOME |
|
27.1 |
|
|
|
26.0 |
|
|
|
15.1 |
|
|
|
4.4 |
|
|
OTHER
COMPREHENSIVE INCOME, NET OF TAX |
|
3.2 |
|
|
|
5.4 |
|
|
|
0.6 |
|
|
|
4.8 |
|
|
COMPREHENSIVE INCOME
ATTRIBUTABLE TO YRC WORLDWIDE INC. |
$ |
30.3 |
|
|
$ |
31.4 |
|
|
$ |
15.7 |
|
|
$ |
9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING - BASIC |
|
32,459 |
|
|
|
31,929 |
|
|
|
32,362 |
|
|
|
31,367 |
|
|
AVERAGE
COMMON SHARES OUTSTANDING - DILUTED |
|
32,854 |
|
|
|
32,582 |
|
|
|
32,814 |
|
|
|
32,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
PER SHARE - BASIC |
$ |
0.84 |
|
|
$ |
0.81 |
|
|
$ |
0.47 |
|
|
$ |
0.14 |
|
|
EARNINGS
PER SHARE - DILUTED |
$ |
0.83 |
|
|
$ |
0.80 |
|
|
$ |
0.46 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
|
|
|
|
|
|
|
YRC
Worldwide Inc. and Subsidiaries |
|
|
|
|
|
|
|
For
the Six Months Ended June 30 |
|
|
|
|
|
|
|
(Amounts in millions) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
|
Net
income |
|
$ |
15.1 |
|
|
$ |
4.4 |
|
|
|
Noncash
items included in net income: |
|
|
|
|
|
|
Depreciation and amortization |
|
79.2 |
|
|
|
82.9 |
|
|
|
|
Noncash
equity-based compensation and employee benefits expense |
|
11.3 |
|
|
|
11.7 |
|
|
|
|
(Gains)
losses on property disposals, net |
|
(11.4 |
) |
|
|
0.6 |
|
|
|
|
Gain on
disposal of equity method investment |
|
(2.3 |
) |
|
|
- |
|
|
|
|
Other noncash items,
net |
|
|
6.4 |
|
|
|
3.8 |
|
|
|
Changes in
assets and liabilities, net: |
|
|
|
|
|
|
Accounts
receivable |
|
|
(55.3 |
) |
|
|
(43.2 |
) |
|
|
|
Accounts payable |
|
|
7.3 |
|
|
|
11.7 |
|
|
|
|
Other operating
assets |
|
|
3.2 |
|
|
|
(0.6 |
) |
|
|
|
Other operating
liabilities |
|
|
(6.0 |
) |
|
|
(40.2 |
) |
|
|
|
Net cash
provided by operating activities |
|
47.5 |
|
|
|
31.1 |
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
|
Acquisition
of property and equipment |
|
(47.3 |
) |
|
|
(42.6 |
) |
|
|
Proceeds
from disposal of property and equipment |
|
21.0 |
|
|
|
13.1 |
|
|
|
Restricted
escrow receipts |
|
|
57.1 |
|
|
|
42.0 |
|
|
|
Restricted
escrow deposits |
|
|
- |
|
|
|
(10.0 |
) |
|
|
Proceeds
from disposal of equity method investment, net |
|
14.6 |
|
|
|
- |
|
|
|
Other,
net |
|
|
- |
|
|
|
0.4 |
|
|
|
|
Net cash
provided by investing activities |
|
45.4 |
|
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
|
Repayment
of long-term debt |
|
|
(21.4 |
) |
|
|
(9.1 |
) |
|
|
Debt
issuance costs |
|
|
(1.8 |
) |
|
|
- |
|
|
|
|
Net cash
used in financing activities |
|
(23.2 |
) |
|
|
(9.1 |
) |
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS |
|
69.7 |
|
|
|
24.9 |
|
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
173.8 |
|
|
|
171.1 |
|
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
243.5 |
|
|
$ |
196.0 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
Interest
paid |
|
$ |
(44.2 |
) |
|
$ |
(54.1 |
) |
|
Income tax
refund (payment), net |
|
|
(3.4 |
) |
|
|
0.4 |
|
|
Debt
redeemed for equity consideration |
|
- |
|
|
|
17.9 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Six Months Ended June 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six Months |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
755.0 |
|
|
$ |
795.2 |
|
|
|
(5.1 |
) |
|
$ |
1,450.7 |
|
|
$ |
1,532.8 |
|
|
|
(5.4 |
) |
|
|
Regional
Transportation |
|
452.8 |
|
|
|
463.2 |
|
|
|
(2.2 |
) |
|
|
877.6 |
|
|
|
912.0 |
|
|
|
(3.8 |
) |
|
|
Other, net of
eliminations |
|
(0.2 |
) |
|
|
- |
|
|
|
|
|
(0.4 |
) |
|
|
- |
|
|
|
|
|
Consolidated |
|
1,207.6 |
|
|
|
1,258.4 |
|
|
|
(4.0 |
) |
|
|
2,327.9 |
|
|
|
2,444.8 |
|
|
|
(4.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
28.4 |
|
|
|
22.5 |
|
|
|
|
|
32.5 |
|
|
|
22.7 |
|
|
|
|
|
Regional
Transportation |
|
30.6 |
|
|
|
37.7 |
|
|
|
|
|
43.0 |
|
|
|
42.3 |
|
|
|
|
|
Corporate and
other |
|
(1.8 |
) |
|
|
(3.3 |
) |
|
|
|
|
(4.9 |
) |
|
|
(4.4 |
) |
|
|
|
|
Consolidated |
$ |
57.2 |
|
|
$ |
56.9 |
|
|
|
|
$ |
70.6 |
|
|
$ |
60.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
96.2 |
% |
|
|
97.2 |
% |
|
|
|
|
97.8 |
% |
|
|
98.5 |
% |
|
|
|
|
Regional
Transportation |
|
93.2 |
% |
|
|
91.9 |
% |
|
|
|
|
95.1 |
% |
|
|
95.4 |
% |
|
|
|
|
Consolidated |
|
95.3 |
% |
|
|
95.5 |
% |
|
|
|
|
97.0 |
% |
|
|
97.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2016 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
Term Loan |
|
|
|
|
$ |
682.5 |
|
|
$ |
(3.6 |
) |
|
$ |
(10.6 |
) |
|
$ |
668.3 |
|
|
|
ABL
Facility (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Secured Second A&R
CDA |
|
|
|
|
|
30.5 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
30.3 |
|
|
|
Unsecured Second
A&R CDA |
|
|
|
|
|
73.2 |
|
|
|
- |
|
|
|
(0.5 |
) |
|
|
72.7 |
|
|
|
|
Lease financing
obligations |
|
|
|
|
|
274.6 |
|
|
|
- |
|
|
|
(1.5 |
) |
|
|
273.1 |
|
|
|
Total debt |
|
|
|
|
$ |
1,060.8 |
|
|
$ |
(3.6 |
) |
|
$ |
(12.8 |
) |
|
$ |
1,044.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June
30, 2016 was 3.32 to 1.00. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
ABL Facility capacity $450.0M; borrowing base $435.5M; maximum
availability $78.9M; Managed Accessibility $35.3M. 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 and Six Months Ended June 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six
Months |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
27.1 |
|
|
$ |
26.0 |
|
|
$ |
15.1 |
|
|
$ |
4.4 |
|
|
Interest expense, net |
|
|
26.1 |
|
|
|
27.9 |
|
|
|
52.1 |
|
|
|
55.3 |
|
|
Income tax expense |
|
|
4.7 |
|
|
|
2.3 |
|
|
|
2.9 |
|
|
|
3.7 |
|
|
Depreciation and amortization |
|
|
38.5 |
|
|
|
41.3 |
|
|
|
79.2 |
|
|
|
82.9 |
|
|
EBITDA |
|
|
96.4 |
|
|
|
97.5 |
|
|
|
149.3 |
|
|
|
146.3 |
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
|
|
|
|
(Gains) losses on property
disposals, net |
|
|
(11.1 |
) |
|
|
(0.7 |
) |
|
|
(11.4 |
) |
|
|
0.6 |
|
|
Letter of credit expense |
|
|
2.1 |
|
|
|
2.2 |
|
|
|
4.3 |
|
|
|
4.4 |
|
|
Nonrecurring consulting fees |
|
|
- |
|
|
|
3.0 |
|
|
|
- |
|
|
|
5.9 |
|
|
Permitted dispositions and
other |
|
|
(0.4 |
) |
|
|
0.1 |
|
|
|
(0.4 |
) |
|
|
0.3 |
|
|
Equity-based compensation
expense |
|
|
2.7 |
|
|
|
3.2 |
|
|
|
4.5 |
|
|
|
3.7 |
|
|
Amortization of ratification
bonus |
|
|
- |
|
|
|
4.6 |
|
|
|
4.6 |
|
|
|
9.8 |
|
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
Other, net (a) |
|
|
1.7 |
|
|
|
(0.5 |
) |
|
|
3.4 |
|
|
|
(3.4 |
) |
|
Adjusted
EBITDA |
|
$ |
91.4 |
|
|
$ |
109.4 |
|
|
$ |
154.3 |
|
|
$ |
168.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
|
$ |
1,207.6 |
|
|
$ |
1,258.4 |
|
|
$ |
2,327.9 |
|
|
$ |
2,444.8 |
|
|
Adjusted EBITDA
margin |
|
|
7.6 |
% |
|
|
8.7 |
% |
|
|
6.6 |
% |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six
Months |
|
Adjusted EBITDA
by segment: |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
YRC Freight |
|
$ |
43.9 |
|
|
$ |
53.1 |
|
|
$ |
74.0 |
|
|
$ |
85.2 |
|
|
Regional Transportation |
|
|
47.7 |
|
|
|
56.6 |
|
|
|
81.1 |
|
|
|
82.8 |
|
|
Corporate and other |
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.8 |
) |
|
|
0.2 |
|
|
Adjusted
EBITDA |
|
$ |
91.4 |
|
|
$ |
109.4 |
|
|
$ |
154.3 |
|
|
$ |
168.2 |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Three and Six Months Ended June 30 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six
Months |
|
|
YRC Freight
segment |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
28.4 |
|
|
$ |
22.5 |
|
|
$ |
32.5 |
|
|
$ |
22.7 |
|
|
|
Depreciation and amortization |
|
|
22.3 |
|
|
|
23.3 |
|
|
|
45.0 |
|
|
|
47.2 |
|
|
|
(Gains) losses on property
disposals, net |
|
|
(11.2 |
) |
|
|
0.8 |
|
|
|
(12.0 |
) |
|
|
0.6 |
|
|
|
Letter of credit expense |
|
|
1.4 |
|
|
|
1.5 |
|
|
|
2.8 |
|
|
|
3.0 |
|
|
|
Nonrecurring consulting fees |
|
|
- |
|
|
|
3.0 |
|
|
|
- |
|
|
|
5.9 |
|
|
|
Amortization of ratification
bonus |
|
|
- |
|
|
|
3.0 |
|
|
|
3.0 |
|
|
|
6.3 |
|
|
|
Other, net (a) |
|
|
3.0 |
|
|
|
(1.0 |
) |
|
|
2.7 |
|
|
|
(0.5 |
) |
|
|
Adjusted
EBITDA |
|
$ |
43.9 |
|
|
$ |
53.1 |
|
|
$ |
74.0 |
|
|
$ |
85.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Six
Months |
|
|
Regional
Transportation segment |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
$ |
30.6 |
|
|
$ |
37.7 |
|
|
$ |
43.0 |
|
|
$ |
42.3 |
|
|
|
Depreciation and amortization |
|
|
16.2 |
|
|
|
18.1 |
|
|
|
34.2 |
|
|
|
35.8 |
|
|
|
(Gains) losses on property
disposals, net |
|
|
0.1 |
|
|
|
(1.3 |
) |
|
|
0.6 |
|
|
|
0.2 |
|
|
|
Letter of credit expense |
|
|
0.7 |
|
|
|
0.5 |
|
|
|
1.4 |
|
|
|
1.0 |
|
|
|
Amortization of ratification
bonus |
|
|
- |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
3.5 |
|
|
|
Other, net (a) |
|
|
0.1 |
|
|
|
- |
|
|
|
0.3 |
|
|
|
- |
|
|
|
Adjusted EBITDA |
|
$ |
47.7 |
|
|
$ |
56.6 |
|
|
$ |
81.1 |
|
|
$ |
82.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Six
Months |
|
|
Corporate and
other |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of operating loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(1.8 |
) |
|
$ |
(3.3 |
) |
|
$ |
(4.9 |
) |
|
$ |
(4.4 |
) |
|
|
Depreciation and amortization |
|
|
- |
|
|
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
|
Gains on property disposals,
net |
|
|
- |
|
|
|
(0.2 |
) |
|
|
- |
|
|
|
(0.2 |
) |
|
|
Letter of credit expense |
|
|
- |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
Permitted dispositions and
other |
|
|
(0.4 |
) |
|
|
0.1 |
|
|
|
(0.4 |
) |
|
|
0.3 |
|
|
|
Equity-based compensation
expense |
|
|
2.7 |
|
|
|
3.2 |
|
|
|
4.5 |
|
|
|
3.7 |
|
|
|
Other, net (a) |
|
|
(0.7 |
) |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
Adjusted EBITDA |
|
$ |
(0.2 |
) |
|
$ |
(0.3 |
) |
|
$ |
(0.8 |
) |
|
$ |
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
|
YRC Worldwide Inc. and Subsidiaries |
|
|
For the Trailing Twelve Months Ended June 30 |
|
|
(Amounts in millions) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
|
|
Net income |
$ |
11.4 |
|
$ |
11.8 |
|
|
|
|
Interest expense, net |
|
103.9 |
|
|
115.0 |
|
|
|
|
Income tax benefit |
|
(5.9 |
) |
|
(0.4 |
) |
|
|
|
Depreciation and amortization |
|
160.0 |
|
|
164.5 |
|
|
|
|
EBITDA |
|
269.4 |
|
|
290.9 |
|
|
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
Gains on property disposals,
net |
|
(10.1 |
) |
|
(5.0 |
) |
|
|
|
Letter of credit expense |
|
8.7 |
|
|
9.2 |
|
|
|
|
Restructuring professional
fees |
|
0.2 |
|
|
3.1 |
|
|
|
|
Nonrecurring consulting fees |
|
(0.8 |
) |
|
5.9 |
|
|
|
|
Permitted dispositions and
other |
|
(0.3 |
) |
|
1.9 |
|
|
|
|
Equity-based compensation
expense |
|
9.3 |
|
|
8.9 |
|
|
|
|
Amortization of ratification
bonus |
|
13.7 |
|
|
20.2 |
|
|
|
|
Loss on extinguishment of debt |
|
- |
|
|
0.6 |
|
|
|
|
Non-union pension settlement
charge |
|
28.7 |
|
|
- |
|
|
|
|
Other, net (a) |
|
0.6 |
|
|
(8.9 |
) |
|
|
|
Adjusted
EBITDA |
$ |
319.4 |
|
$ |
326.8 |
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
4,715.5 |
|
$ |
4,985.1 |
|
|
|
|
Adjusted EBITDA
margin |
|
6.8 |
% |
|
6.6 |
% |
|
|
|
|
|
|
|
|
|
(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 |
|
2Q16 |
|
2Q15 |
|
1Q16 |
|
% (b) |
|
% (b) |
Workdays |
|
64.0 |
|
|
|
63.5 |
|
|
|
63.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
749.6 |
|
|
$ |
792.2 |
|
|
$ |
695.6 |
|
|
|
(5.4 |
) |
|
|
7.8 |
|
Total tonnage (in thousands) |
|
1,596 |
|
|
|
1,685 |
|
|
|
1,485 |
|
|
|
(5.3 |
) |
|
|
7.5 |
|
Total tonnage per day (in thousands) |
|
24.94 |
|
|
|
26.53 |
|
|
|
23.38 |
|
|
|
(6.0 |
) |
|
|
6.7 |
|
Total shipments (in thousands) |
|
2,683 |
|
|
|
2,791 |
|
|
|
2,514 |
|
|
|
(3.8 |
) |
|
|
6.8 |
|
Total shipments per day (in thousands) |
|
41.93 |
|
|
|
43.95 |
|
|
|
39.58 |
|
|
|
(4.6 |
) |
|
|
5.9 |
|
Total picked up revenue/cwt. |
$ |
23.48 |
|
|
$ |
23.51 |
|
|
$ |
23.42 |
|
|
|
(0.1 |
) |
|
|
0.2 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.30 |
|
|
$ |
20.70 |
|
|
$ |
21.42 |
|
|
|
2.9 |
|
|
|
(0.6 |
) |
Total picked up revenue/shipment |
$ |
279 |
|
|
$ |
284 |
|
|
$ |
277 |
|
|
|
(1.6 |
) |
|
|
0.9 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
253 |
|
|
$ |
250 |
|
|
$ |
253 |
|
|
|
1.4 |
|
|
|
0.1 |
|
Total weight/shipment (in pounds) |
|
1,190 |
|
|
|
1,207 |
|
|
|
1,181 |
|
|
|
(1.5 |
) |
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
Operating revenue |
$ |
755.0 |
|
|
$ |
795.2 |
|
|
$ |
695.7 |
|
|
|
|
|
Change in revenue deferral and other |
|
(5.4 |
) |
|
|
(3.0 |
) |
|
|
(0.1 |
) |
|
|
|
|
Total picked up revenue |
$ |
749.6 |
|
|
$ |
792.2 |
|
|
$ |
695.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
2Q16 |
|
2Q15 |
|
1Q16 |
|
% (b) |
|
% (b) |
Workdays |
|
64.0 |
|
|
|
63.0 |
|
|
|
64.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
453.0 |
|
|
$ |
463.4 |
|
|
$ |
425.1 |
|
|
|
(2.3 |
) |
|
|
6.6 |
|
Total tonnage (in thousands) |
|
1,980 |
|
|
|
1,997 |
|
|
|
1,900 |
|
|
|
(0.9 |
) |
|
|
4.2 |
|
Total tonnage per day (in thousands) |
|
30.94 |
|
|
|
31.71 |
|
|
|
29.46 |
|
|
|
(2.4 |
) |
|
|
5.0 |
|
Total shipments (in thousands) |
|
2,696 |
|
|
|
2,697 |
|
|
|
2,558 |
|
|
|
(0.1 |
) |
|
|
5.4 |
|
Total shipments per day (in thousands) |
|
42.12 |
|
|
|
42.82 |
|
|
|
39.65 |
|
|
|
(1.6 |
) |
|
|
6.2 |
|
Total picked up revenue/cwt. |
$ |
11.44 |
|
|
$ |
11.60 |
|
|
$ |
11.19 |
|
|
|
(1.4 |
) |
|
|
2.3 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.39 |
|
|
$ |
10.26 |
|
|
$ |
10.27 |
|
|
|
1.3 |
|
|
|
1.2 |
|
Total picked up revenue/shipment |
$ |
168 |
|
|
$ |
172 |
|
|
$ |
166 |
|
|
|
(2.2 |
) |
|
|
1.1 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
153 |
|
|
$ |
152 |
|
|
$ |
153 |
|
|
|
0.5 |
|
|
|
0.1 |
|
Total weight/shipment (in pounds) |
|
1,469 |
|
|
|
1,481 |
|
|
|
1,486 |
|
|
|
(0.8 |
) |
|
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
Operating revenue |
$ |
452.8 |
|
|
$ |
463.2 |
|
|
$ |
424.8 |
|
|
|
|
|
Change in revenue deferral and other |
|
0.2 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
|
|
Total picked up revenue |
$ |
453.0 |
|
|
$ |
463.4 |
|
|
$ |
425.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% (b) |
|
|
Workdays |
|
127.5 |
|
|
|
126.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
1,445.2 |
|
|
$ |
1,529.6 |
|
|
|
(5.5 |
) |
|
|
Total tonnage (in thousands) |
|
3,081 |
|
|
|
3,251 |
|
|
|
(5.2 |
) |
|
|
Total tonnage per day (in thousands) |
|
24.17 |
|
|
|
25.80 |
|
|
|
(6.3 |
) |
|
|
Total shipments (in thousands) |
|
5,197 |
|
|
|
5,394 |
|
|
|
(3.7 |
) |
|
|
Total shipments per day (in thousands) |
|
40.76 |
|
|
|
42.81 |
|
|
|
(4.8 |
) |
|
|
Total picked up revenue/cwt. |
$ |
23.45 |
|
|
$ |
23.53 |
|
|
|
(0.3 |
) |
|
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.36 |
|
|
$ |
20.68 |
|
|
|
3.3 |
|
|
|
Total picked up revenue/shipment |
$ |
278 |
|
|
$ |
284 |
|
|
|
(1.9 |
) |
|
|
Total picked up revenue/shipment (excl. FSC) |
$ |
253 |
|
|
$ |
249 |
|
|
|
1.6 |
|
|
|
Total weight/shipment (in pounds) |
|
1,186 |
|
|
|
1,205 |
|
|
|
(1.6 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to total
picked up revenue (in millions): |
|
|
Operating revenue |
$ |
1,450.7 |
|
|
$ |
1,532.8 |
|
|
|
|
|
Change in revenue deferral and other |
|
(5.5 |
) |
|
|
(3.2 |
) |
|
|
|
|
Total picked up revenue |
$ |
1,445.2 |
|
|
$ |
1,529.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% (b) |
|
|
Workdays |
|
128.5 |
|
|
|
127.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
878.1 |
|
|
$ |
912.5 |
|
|
|
(3.8 |
) |
|
|
Total tonnage (in thousands) |
|
3,880 |
|
|
|
3,974 |
|
|
|
(2.3 |
) |
|
|
Total tonnage per day (in thousands) |
|
30.20 |
|
|
|
31.17 |
|
|
|
(3.1 |
) |
|
|
Total shipments (in thousands) |
|
5,254 |
|
|
|
5,315 |
|
|
|
(1.2 |
) |
|
|
Total shipments per day (in thousands) |
|
40.88 |
|
|
|
41.68 |
|
|
|
(1.9 |
) |
|
|
Total picked up revenue/cwt. |
$ |
11.31 |
|
|
$ |
11.48 |
|
|
|
(1.5 |
) |
|
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.33 |
|
|
$ |
10.15 |
|
|
|
1.9 |
|
|
|
Total picked up revenue/shipment |
$ |
167 |
|
|
$ |
172 |
|
|
|
(2.7 |
) |
|
|
Total picked up revenue/shipment (excl. FSC) |
$ |
153 |
|
|
$ |
152 |
|
|
|
0.6 |
|
|
|
Total weight/shipment (in pounds) |
|
1,477 |
|
|
|
1,495 |
|
|
|
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to total
picked up revenue (in millions): |
|
|
Operating revenue |
$ |
877.6 |
|
|
$ |
912.0 |
|
|
|
|
|
Change in revenue deferral and other |
|
0.5 |
|
|
|
0.5 |
|
|
|
|
|
Total picked up revenue |
$ |
878.1 |
|
|
$ |
912.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
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