YRC Worldwide Inc. (NASDAQ:YRCW) reported consolidated operating
revenue for third quarter 2016 of $1.221 billion and consolidated
operating income of $38.8 million, which included a $0.2 million
loss on property disposals. As a comparison, the Company reported
consolidated operating revenue of $1.245 billion for the third
quarter 2015 and consolidated operating income of $47.7 million,
which included a $0.9 million loss on property disposals.
Financial Highlights
- On a non-GAAP basis, the Company generated Adjusted EBITDA of
$85.5 million in third quarter 2016 for a consolidated Adjusted
EBITDA margin of 7.0% and a $13.6 million decrease compared to the
$99.1 million of Adjusted EBITDA reported in the prior year
comparable quarter (as detailed in the reconciliation
below).
- Last twelve month (LTM) Adjusted EBITDA is $305.8 million for a
consolidated Adjusted EBITDA margin of 6.5%, and a decrease of
$38.5 million from the $344.3 million of LTM Adjusted EBITDA in
third quarter 2015.
- The total debt-to-Adjusted EBITDA ratio for third quarter 2016
was 3.45 times compared to 3.15 times for third quarter 2015. This
complies with the 3.75 maximum total leverage ratio covenant as of
September 30, 2016 under the Company’s term loan credit
agreement.
- Reinvestment in the business continued during third quarter
2016 with $28.1 million in capital expenditures and new operating
leases for revenue equipment with a capital value equivalent of
$44.1 million. The total of $72.2 million is equal to 5.9% of
operating revenue for the quarter and represents a $10.1 million
increase over the $62.1 million in third quarter 2015. Tractors,
trailers and technology were the primary investments during the
quarter.
Operational Highlights
- The consolidated operating ratio for third quarter 2016 was
96.8 compared to 96.2 for the same period in 2015. YRC
Freight improved its reported operating ratio by 60 basis points to
97.3. The improvement at YRC Freight was more than offset by
a decline of 250 basis points at the Regional segment with a
reported operating ratio of 95.1 for third quarter 2016.
- Third quarter 2016 tonnage per day decreased 1.3% at YRC
Freight and 1.5% at the Regional segment compared to third quarter
2015.
- At YRC Freight, excluding fuel surcharge, third quarter 2016
revenue per shipment increased 1.3% and revenue per hundredweight
increased by 0.3% when compared to the same period in 2015.
Including fuel surcharge, revenue per shipment decreased 0.4% and
revenue per hundredweight decreased by 1.4%.
- At the Regional segment, excluding fuel surcharge, third
quarter 2016 revenue per shipment increased 0.3% and revenue per
hundredweight increased by 1.5% compared to the third quarter 2015.
Including fuel surcharge, revenue per shipment decreased 0.9% and
revenue per hundredweight increased 0.3%.
- Third quarter 2016 liability claims expense and workers
compensation expense were comparable to third quarter 2015.
Liquidity Update
- At September 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 $290.1 million, an increase of $45.3 million
compared to $244.8 million as of September 30, 2015.
- For the nine months ended September 30, 2016, cash provided by
operating activities was $86.0 million compared to $91.5 million
for the nine months ended September 30, 2015.
“Our third quarter 2016 financial results were
impacted by the soft industrial backdrop and lower fuel surcharge
revenue compared to a year ago,” said James Welch, chief executive
office at YRC Worldwide. “Year-over-year tonnage per day was down
during the quarter although it was the smallest decline at YRC
Freight and the Regional segment in several quarters. We continue
to believe pricing discipline in the LTL sector remains steady
despite the near-term headwinds,” stated Welch.
“We are managing through the current state of
the economy by continuing to invest in technology and revenue
equipment while focusing on actions that position our Company well
for the long-term such as customer service and enhancing safety,”
Welch continued. “We recently opened a new terminal in the Atlanta
region, adding to our extensive networks. The new YRC Freight
facility has strengthened our customer service in the Southeast
Region. Following the recent installations of the in-cab safety
technology, we are seeing a reduction in the type of accidents at
YRC Freight, Holland, Reddaway and New Penn that these investments
were designed to prevent. Other significant technology investments
that we are making include driver handheld units and Optym load
plan and Quintiq route optimization solutions. We plan to continue
making disciplined and strategic investments to meet our commitment
to be best in class in safety and customer service.
“We believe the investments that we are making
in the Company combined with our highly-experienced employees,
comprehensive North American coverage and tremendous asset base
position us well for a stronger freight environment,” concluded
Welch.
Key Segment Information –
third quarter 2016 compared to third quarter 2015
YRC Freight |
|
|
2016 |
|
|
|
2015 |
|
|
Percent Change |
Workdays |
|
|
64.0 |
|
|
|
64.0 |
|
|
|
Operating revenue (in
millions) |
|
$ |
777.9 |
|
|
$ |
789.2 |
|
|
|
|
|
(1.4 |
) |
% |
Operating income (in
millions) |
|
$ |
20.8 |
|
|
$ |
16.7 |
|
|
|
|
|
24.6 |
|
% |
Operating ratio |
|
|
97.3 |
|
|
|
97.9 |
|
|
|
|
|
0.6 |
|
pp |
Total tonnage per day (in
thousands) |
|
|
25.31 |
|
|
|
25.64 |
|
|
|
|
|
(1.3 |
) |
% |
Total shipments per day
(in thousands) |
|
|
41.84 |
|
|
|
42.82 |
|
|
|
|
|
(2.3 |
) |
% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
23.57 |
|
|
$ |
23.90 |
|
|
|
|
|
(1.4 |
) |
% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
21.31 |
|
|
$ |
21.24 |
|
|
|
|
|
0.3 |
|
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
285 |
|
|
$ |
286 |
|
|
|
|
|
(0.4 |
) |
% |
Total picked up revenue
per shipment excl FSC |
|
$ |
258 |
|
|
$ |
254 |
|
|
|
|
|
1.3 |
|
% |
Total weight/shipment (in
pounds) |
|
|
1,210 |
|
|
|
1,198 |
|
|
|
|
|
1.0 |
|
% |
Regional Transportation |
|
|
2016 |
|
|
|
2015 |
|
|
Percent Change |
Workdays |
|
|
63.0 |
|
|
|
64.0 |
|
|
|
Operating revenue (in
millions) |
|
$ |
443.7 |
|
|
$ |
455.7 |
|
|
|
|
|
(2.6 |
) |
% |
Operating income (in
millions) |
|
$ |
21.9 |
|
|
$ |
33.6 |
|
|
|
|
|
(34.8 |
) |
% |
Operating ratio |
|
|
95.1 |
|
|
|
92.6 |
|
|
|
|
|
(2.5 |
) |
pp |
Total tonnage per day (in
thousands) |
|
|
30.38 |
|
|
|
30.85 |
|
|
|
|
|
(1.5 |
) |
% |
Total shipments per day
(in thousands) |
|
|
41.62 |
|
|
|
41.76 |
|
|
|
|
|
(0.3 |
) |
% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
11.58 |
|
|
$ |
11.55 |
|
|
|
|
|
0.3 |
|
% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
10.48 |
|
|
$ |
10.32 |
|
|
|
|
|
1.5 |
|
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
169 |
|
|
$ |
171 |
|
|
|
|
|
(0.9 |
) |
% |
Total picked up revenue
per shipment excl FSC |
|
$ |
153 |
|
|
$ |
153 |
|
|
|
|
|
0.3 |
|
% |
Total weight/shipment (in
pounds) |
|
|
1,460 |
|
|
|
1,478 |
|
|
|
|
|
(1.2 |
) |
% |
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Thursday, October 27, 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 International Brotherhood of Teamster employees and gains or
losses from 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
Memorandum of Understanding;
- 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
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 (including compliance
with scheduled increases in financial performance related debt
covenants) and lease and pension funding requirements; our ability
to amend our term loan credit facility to obtain covenant relief,
if necessary, which would be largely outside of our control; 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.
CONSOLIDATED BALANCE SHEETS |
|
YRC Worldwide Inc. and Subsidiaries |
|
(Amounts in millions except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
ASSETS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
276.4 |
|
|
$ |
173.8 |
|
|
|
Restricted
amounts held in escrow |
|
|
43.0 |
|
|
|
58.8 |
|
|
|
Accounts
receivable, net |
|
|
477.8 |
|
|
|
427.4 |
|
|
|
Prepaid
expenses and other |
|
|
75.3 |
|
|
|
74.4 |
|
|
|
|
Total current
assets |
|
|
872.5 |
|
|
|
734.4 |
|
|
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
|
|
Cost |
|
|
2,815.7 |
|
|
|
2,822.8 |
|
|
|
Less -
accumulated depreciation |
|
|
(1,927.9 |
) |
|
|
(1,885.5 |
) |
|
|
|
Net property and
equipment |
|
|
887.8 |
|
|
|
937.3 |
|
|
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
30.7 |
|
|
|
40.4 |
|
|
Restricted
amounts held in escrow |
|
|
- |
|
|
|
63.4 |
|
|
Deferred
income taxes, net |
|
|
23.0 |
|
|
|
23.0 |
|
|
Other
assets |
|
|
56.6 |
|
|
|
80.9 |
|
|
|
|
Total assets |
|
$ |
1,870.6 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
163.9 |
|
|
$ |
161.1 |
|
|
|
Wages,
vacations, and employee benefits |
|
|
203.6 |
|
|
|
195.1 |
|
|
|
Deferred
income taxes, net |
|
|
23.0 |
|
|
|
23.0 |
|
|
|
Other
current and accrued liabilities |
|
|
175.3 |
|
|
|
178.4 |
|
|
|
Current
maturities of long-term debt |
|
|
16.6 |
|
|
|
15.9 |
|
|
|
|
Total current
liabilities |
|
|
582.4 |
|
|
|
573.5 |
|
|
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
|
Long-term
debt, less current portion |
|
|
1,023.9 |
|
|
|
1,046.5 |
|
|
|
Deferred
income taxes, net |
|
|
3.8 |
|
|
|
3.7 |
|
|
|
Pension and
postretirement |
|
|
311.4 |
|
|
|
339.9 |
|
|
|
Claims and
other liabilities |
|
|
291.3 |
|
|
|
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 |
|
|
2,317.9 |
|
|
|
2,312.6 |
|
|
|
Accumulated
deficit |
|
|
(2,210.3 |
) |
|
|
(2,239.3 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(357.4 |
) |
|
|
(360.3 |
) |
|
|
Treasury
stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
|
Total
shareholders' deficit |
|
|
(342.2 |
) |
|
|
(379.4 |
) |
|
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,870.6 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE
INCOME |
|
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 |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
$ |
1,221.3 |
|
|
$ |
1,244.9 |
|
|
$ |
3,549.2 |
|
|
$ |
3,689.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Salaries,
wages and employee benefits |
|
715.8 |
|
|
|
725.8 |
|
|
|
2,132.6 |
|
|
|
2,148.6 |
|
|
|
Operating
expenses and supplies |
|
206.9 |
|
|
|
217.1 |
|
|
|
595.7 |
|
|
|
678.1 |
|
|
|
Purchased
transportation |
|
156.8 |
|
|
|
149.6 |
|
|
|
409.0 |
|
|
|
431.0 |
|
|
|
Depreciation and amortization |
|
40.3 |
|
|
|
40.7 |
|
|
|
119.5 |
|
|
|
123.6 |
|
|
|
Other
operating expenses |
|
62.5 |
|
|
|
63.1 |
|
|
|
194.2 |
|
|
|
198.6 |
|
|
|
(Gains)
losses on property disposals, net |
|
0.2 |
|
|
|
0.9 |
|
|
|
(11.2 |
) |
|
|
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
1,182.5 |
|
|
|
1,197.2 |
|
|
|
3,439.8 |
|
|
|
3,581.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME |
|
38.8 |
|
|
|
47.7 |
|
|
|
109.4 |
|
|
|
108.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
25.6 |
|
|
|
25.7 |
|
|
|
77.9 |
|
|
|
81.2 |
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
Other,
net |
|
(1.2 |
) |
|
|
(4.5 |
) |
|
|
(0.9 |
) |
|
|
(8.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating expenses,
net |
|
24.4 |
|
|
|
21.2 |
|
|
|
77.0 |
|
|
|
73.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
BEFORE INCOME TAXES |
|
14.4 |
|
|
|
26.5 |
|
|
|
32.4 |
|
|
|
34.6 |
|
|
INCOME TAX
EXPENSE |
|
0.5 |
|
|
|
6.7 |
|
|
|
3.4 |
|
|
|
10.4 |
|
|
NET
INCOME |
|
13.9 |
|
|
|
19.8 |
|
|
|
29.0 |
|
|
|
24.2 |
|
|
OTHER
COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
2.3 |
|
|
|
(1.9 |
) |
|
|
2.9 |
|
|
|
2.9 |
|
|
COMPREHENSIVE INCOME ATTRIBUTABLE TO YRC WORLDWIDE INC. |
$ |
16.2 |
|
|
$ |
17.9 |
|
|
$ |
31.9 |
|
|
$ |
27.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING - BASIC |
|
32,466 |
|
|
|
32,065 |
|
|
|
32,398 |
|
|
|
31,602 |
|
|
AVERAGE
COMMON SHARES OUTSTANDING - DILUTED |
|
33,194 |
|
|
|
32,621 |
|
|
|
32,915 |
|
|
|
32,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
PER SHARE - BASIC |
$ |
0.43 |
|
|
$ |
0.62 |
|
|
$ |
0.89 |
|
|
$ |
0.76 |
|
|
EARNINGS
PER SHARE - DILUTED |
$ |
0.42 |
|
|
$ |
0.61 |
|
|
$ |
0.88 |
|
|
$ |
0.74 |
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
|
|
YRC Worldwide Inc. and Subsidiaries |
|
|
For the Nine Months Ended September 30 |
|
|
(Amounts in millions) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
Net
income |
|
$ |
29.0 |
|
|
$ |
24.2 |
|
|
Noncash
items included in net income: |
|
|
|
|
|
Depreciation and amortization |
|
119.5 |
|
|
|
123.6 |
|
|
|
Noncash
equity-based compensation and employee benefits expense |
|
16.2 |
|
|
|
18.5 |
|
|
|
(Gains)
losses on property disposals, net |
|
(11.2 |
) |
|
|
1.5 |
|
|
|
Gain on
disposal of equity method investment |
|
(2.3 |
) |
|
|
- |
|
|
|
Other noncash items,
net |
|
|
7.6 |
|
|
|
0.7 |
|
|
Changes in
assets and liabilities, net: |
|
|
|
|
|
Accounts
receivable |
|
|
(49.7 |
) |
|
|
(29.4 |
) |
|
|
Accounts payable |
|
|
0.8 |
|
|
|
10.0 |
|
|
|
Other operating
assets |
|
|
4.1 |
|
|
|
(7.3 |
) |
|
|
Other operating
liabilities |
|
|
(28.0 |
) |
|
|
(50.3 |
) |
|
|
Net cash
provided by operating activities |
|
86.0 |
|
|
|
91.5 |
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
Acquisition
of property and equipment |
|
(75.4 |
) |
|
|
(71.8 |
) |
|
Proceeds
from disposal of property and equipment |
|
26.5 |
|
|
|
15.7 |
|
|
Restricted
escrow receipts |
|
|
112.1 |
|
|
|
41.9 |
|
|
Restricted
escrow deposits |
|
|
(32.9 |
) |
|
|
(25.0 |
) |
|
Proceeds
from disposal of equity method investment, net |
|
14.6 |
|
|
|
- |
|
|
Other,
net |
|
|
- |
|
|
|
0.4 |
|
|
|
Net cash
provided by (used in) investing activities |
|
44.9 |
|
|
|
(38.8 |
) |
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
Repayment
of long-term debt |
|
|
(26.5 |
) |
|
|
(13.1 |
) |
|
Debt
issuance costs |
|
|
(1.8 |
) |
|
|
- |
|
|
|
Net cash
used in financing activities |
|
(28.3 |
) |
|
|
(13.1 |
) |
|
|
|
|
|
|
|
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS |
|
102.6 |
|
|
|
39.6 |
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
173.8 |
|
|
|
171.1 |
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
276.4 |
|
|
$ |
210.7 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
Interest
paid |
|
$ |
(68.5 |
) |
|
$ |
(79.3 |
) |
Income tax
payments, net |
|
|
(4.1 |
) |
|
|
(1.6 |
) |
Debt
redeemed for equity consideration |
|
- |
|
|
|
17.9 |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
777.9 |
|
|
$ |
789.2 |
|
|
|
(1.4 |
) |
|
$ |
2,228.6 |
|
|
$ |
2,322.0 |
|
|
|
(4.0 |
) |
|
|
Regional
Transportation |
|
443.7 |
|
|
|
455.7 |
|
|
|
(2.6 |
) |
|
|
1,321.3 |
|
|
|
1,367.7 |
|
|
|
(3.4 |
) |
|
|
Other, net of
eliminations |
|
(0.3 |
) |
|
|
- |
|
|
|
|
|
(0.7 |
) |
|
|
- |
|
|
|
|
|
Consolidated |
|
1,221.3 |
|
|
|
1,244.9 |
|
|
|
(1.9 |
) |
|
|
3,549.2 |
|
|
|
3,689.7 |
|
|
|
(3.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
20.8 |
|
|
|
16.7 |
|
|
|
|
|
53.3 |
|
|
|
39.4 |
|
|
|
|
|
Regional
Transportation |
|
21.9 |
|
|
|
33.6 |
|
|
|
|
|
64.9 |
|
|
|
75.9 |
|
|
|
|
|
Corporate and
other |
|
(3.9 |
) |
|
|
(2.6 |
) |
|
|
|
|
(8.8 |
) |
|
|
(7.0 |
) |
|
|
|
|
Consolidated |
$ |
38.8 |
|
|
$ |
47.7 |
|
|
|
|
$ |
109.4 |
|
|
$ |
108.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
97.3 |
% |
|
|
97.9 |
% |
|
|
|
|
97.6 |
% |
|
|
98.3 |
% |
|
|
|
|
Regional
Transportation |
|
95.1 |
% |
|
|
92.6 |
% |
|
|
|
|
95.1 |
% |
|
|
94.5 |
% |
|
|
|
|
Consolidated |
|
96.8 |
% |
|
|
96.2 |
% |
|
|
|
|
96.9 |
% |
|
|
97.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
ratio is calculated as (i) 100 percent (ii) minus the result of
dividing operating income by operating revenue or (iii) plus the
result of dividing operating loss by operating revenue, and
expressed as a percentage. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
|
Debt Issue |
|
|
|
|
As of September 30, 2016 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
Term Loan |
|
|
|
|
$ |
680.8 |
|
|
$ |
(3.2 |
) |
|
$ |
(9.7 |
) |
|
$ |
667.9 |
|
|
|
ABL
Facility (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Secured Second A&R
CDA |
|
|
|
|
|
29.0 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
28.8 |
|
|
|
Unsecured Second
A&R CDA |
|
|
|
|
|
73.2 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
72.8 |
|
|
|
|
Lease financing
obligations |
|
|
|
|
|
272.4 |
|
|
|
- |
|
|
|
(1.4 |
) |
|
|
271.0 |
|
|
|
Total debt |
|
|
|
|
$ |
1,055.4 |
|
|
$ |
(3.2 |
) |
|
$ |
(11.7 |
) |
|
$ |
1,040.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
September 30, 2016 was 3.45 to 1.00. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
ABL Facility capacity $450.0M; borrowing base $412.6M; maximum
availability $55.0M; Managed Accessibility $13.7M. Managed
Accessibility is defined as maximum availability less the lower of
10% of the borrowing base or 10% of the facility size. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 facility size. |
|
|
|
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 |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
13.9 |
|
|
$ |
19.8 |
|
|
$ |
29.0 |
|
|
$ |
24.2 |
|
|
|
Interest
expense, net |
|
25.5 |
|
|
|
25.6 |
|
|
|
77.6 |
|
|
|
80.9 |
|
|
|
Income
tax expense |
|
0.5 |
|
|
|
6.7 |
|
|
|
3.4 |
|
|
|
10.4 |
|
|
|
Depreciation and amortization |
|
40.3 |
|
|
|
40.7 |
|
|
|
119.5 |
|
|
|
123.6 |
|
|
|
EBITDA |
|
80.2 |
|
|
|
92.8 |
|
|
|
229.5 |
|
|
|
239.1 |
|
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
|
|
|
|
(Gains)
losses on property disposals, net |
|
0.2 |
|
|
|
0.9 |
|
|
|
(11.2 |
) |
|
|
1.5 |
|
|
|
Letter of
credit expense |
|
1.7 |
|
|
|
2.2 |
|
|
|
6.0 |
|
|
|
6.6 |
|
|
|
Restructuring professional fees |
|
- |
|
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
|
|
Nonrecurring consulting fees |
|
- |
|
|
|
(0.8 |
) |
|
|
- |
|
|
|
5.1 |
|
|
|
Permitted
dispositions and other |
|
2.2 |
|
|
|
- |
|
|
|
1.8 |
|
|
|
0.3 |
|
|
|
Equity-based compensation expense |
|
1.5 |
|
|
|
2.8 |
|
|
|
6.0 |
|
|
|
6.5 |
|
|
|
Amortization of ratification bonus |
|
- |
|
|
|
4.6 |
|
|
|
4.6 |
|
|
|
14.4 |
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
Other,
net (a) |
|
(0.3 |
) |
|
|
(3.6 |
) |
|
|
3.1 |
|
|
|
(7.0 |
) |
|
|
Adjusted
EBITDA |
$ |
85.5 |
|
|
$ |
99.1 |
|
|
$ |
239.8 |
|
|
$ |
267.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
1,221.3 |
|
|
$ |
1,244.9 |
|
|
$ |
3,549.2 |
|
|
$ |
3,689.7 |
|
|
|
Adjusted EBITDA
margin |
|
7.0 |
% |
|
|
8.0 |
% |
|
|
6.8 |
% |
|
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine
Months |
|
|
Adjusted EBITDA
by segment: |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
YRC
Freight |
$ |
45.3 |
|
|
$ |
45.2 |
|
|
$ |
119.3 |
|
|
$ |
130.4 |
|
|
|
Regional
Transportation |
|
40.2 |
|
|
|
52.9 |
|
|
|
121.3 |
|
|
|
135.7 |
|
|
|
Corporate
and other |
|
- |
|
|
|
1.0 |
|
|
|
(0.8 |
) |
|
|
1.2 |
|
|
|
Adjusted
EBITDA |
$ |
85.5 |
|
|
$ |
99.1 |
|
|
$ |
239.8 |
|
|
$ |
267.3 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Operating income |
$ |
20.8 |
|
|
$ |
16.7 |
|
|
$ |
53.3 |
|
|
$ |
39.4 |
|
|
|
Depreciation and amortization |
|
22.9 |
|
|
|
23.3 |
|
|
|
67.9 |
|
|
|
70.5 |
|
|
|
(Gains)
losses on property disposals, net |
|
- |
|
|
|
1.1 |
|
|
|
(12.0 |
) |
|
|
1.7 |
|
|
|
Letter of
credit expense |
|
1.1 |
|
|
|
1.6 |
|
|
|
3.9 |
|
|
|
4.6 |
|
|
|
Nonrecurring consulting fees |
|
- |
|
|
|
(0.8 |
) |
|
|
- |
|
|
|
5.1 |
|
|
|
Amortization of ratification bonus |
|
- |
|
|
|
3.0 |
|
|
|
3.0 |
|
|
|
9.3 |
|
|
|
Other,
net (a) |
|
0.5 |
|
|
|
0.3 |
|
|
|
3.2 |
|
|
|
(0.2 |
) |
|
|
Adjusted
EBITDA |
$ |
45.3 |
|
|
$ |
45.2 |
|
|
$ |
119.3 |
|
|
$ |
130.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) As required under our Term Loan Agreement, other, net,
shown above consists of the impact of certain items to be included
in Adjusted EBITDA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Nine
Months |
|
|
Regional
Transportation segment |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Operating
income |
$ |
21.9 |
|
|
$ |
33.6 |
|
|
$ |
64.9 |
|
|
$ |
75.9 |
|
|
|
Depreciation and amortization |
|
17.4 |
|
|
|
17.4 |
|
|
|
51.6 |
|
|
|
53.2 |
|
|
|
(Gains)
losses on property disposals, net |
|
0.3 |
|
|
|
(0.2 |
) |
|
|
0.9 |
|
|
|
- |
|
|
|
Letter of
credit expense |
|
0.6 |
|
|
|
0.5 |
|
|
|
2.0 |
|
|
|
1.5 |
|
|
|
Amortization of ratification bonus |
|
- |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
5.1 |
|
|
|
Other,
net (a) |
|
- |
|
|
|
- |
|
|
|
0.3 |
|
|
|
- |
|
|
|
Adjusted EBITDA |
$ |
40.2 |
|
|
$ |
52.9 |
|
|
$ |
121.3 |
|
|
$ |
135.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Nine
Months |
|
|
Corporate and
other |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
Reconciliation
of operating loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Operating loss |
$ |
(3.9 |
) |
|
$ |
(2.6 |
) |
|
$ |
(8.8 |
) |
|
$ |
(7.0 |
) |
|
|
Depreciation and amortization |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
Gains on
property disposals, net |
|
(0.1 |
) |
|
|
- |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
Letter of
credit expense |
|
- |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
Restructuring professional fees |
|
- |
|
|
|
0.2 |
|
|
|
- |
|
|
|
0.2 |
|
|
|
Permitted
dispositions and other |
|
2.2 |
|
|
|
- |
|
|
|
1.8 |
|
|
|
0.3 |
|
|
|
Equity-based compensation expense |
|
1.5 |
|
|
|
2.8 |
|
|
|
6.0 |
|
|
|
6.5 |
|
|
|
Other,
net (a) |
|
0.3 |
|
|
|
0.5 |
|
|
|
0.2 |
|
|
|
1.0 |
|
|
|
Adjusted EBITDA |
$ |
- |
|
|
$ |
1.0 |
|
|
$ |
(0.8 |
) |
|
$ |
1.2 |
|
|
|
|
|
|
|
|
|
|
|
|
(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 September 30 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
Net income |
$ |
5.5 |
|
$ |
30.4 |
|
|
Interest
expense, net |
|
103.8 |
|
|
108.1 |
|
|
Income
tax expense (benefit) |
|
(12.1 |
) |
|
10.7 |
|
|
Depreciation and amortization |
|
159.6 |
|
|
164.3 |
|
|
EBITDA |
|
256.8 |
|
|
313.5 |
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
Gains on
property disposals, net |
|
(10.8 |
) |
|
(4.3 |
) |
|
Letter of
credit expense |
|
8.2 |
|
|
8.9 |
|
|
Restructuring professional fees |
|
- |
|
|
0.2 |
|
|
Nonrecurring consulting fees |
|
- |
|
|
5.1 |
|
|
Permitted
dispositions and other |
|
1.9 |
|
|
0.3 |
|
|
Equity-based compensation expense |
|
8.0 |
|
|
9.7 |
|
|
Amortization of ratification bonus |
|
9.1 |
|
|
19.6 |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
0.6 |
|
|
Non-union
pension settlement charge |
|
28.7 |
|
|
- |
|
|
Other,
net (a) |
|
3.9 |
|
|
(9.3 |
) |
|
Adjusted
EBITDA |
$ |
305.8 |
|
$ |
344.3 |
|
|
|
|
|
|
Operating revenue |
$ |
4,691.9 |
|
$ |
4,907.4 |
|
|
Adjusted EBITDA
margin |
|
6.5 |
% |
|
7.0 |
% |
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Worldwide Inc. |
Segment Statistics |
Quarterly Comparison |
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
3Q16 |
|
3Q15 |
|
2Q16 |
|
% (b) |
|
% (b) |
Workdays |
|
64.0 |
|
|
|
64.0 |
|
|
|
64.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
763.6 |
|
|
$ |
784.4 |
|
|
$ |
749.6 |
|
|
|
(2.6 |
) |
|
|
1.9 |
|
Total tonnage (in thousands) |
|
1,620 |
|
|
|
1,641 |
|
|
|
1,596 |
|
|
|
(1.3 |
) |
|
|
1.5 |
|
Total tonnage per day (in thousands) |
|
25.31 |
|
|
|
25.64 |
|
|
|
24.94 |
|
|
|
(1.3 |
) |
|
|
1.5 |
|
Total shipments (in thousands) |
|
2,678 |
|
|
|
2,740 |
|
|
|
2,683 |
|
|
|
(2.3 |
) |
|
|
(0.2 |
) |
Total shipments per day (in thousands) |
|
41.84 |
|
|
|
42.82 |
|
|
|
41.93 |
|
|
|
(2.3 |
) |
|
|
(0.2 |
) |
Total picked up revenue/cwt. |
$ |
23.57 |
|
|
$ |
23.90 |
|
|
$ |
23.48 |
|
|
|
(1.4 |
) |
|
|
0.4 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.31 |
|
|
$ |
21.24 |
|
|
$ |
21.30 |
|
|
|
0.3 |
|
|
|
0.0 |
|
Total picked up revenue/shipment |
$ |
285 |
|
|
$ |
286 |
|
|
$ |
279 |
|
|
|
(0.4 |
) |
|
|
2.1 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
258 |
|
|
$ |
254 |
|
|
$ |
253 |
|
|
|
1.3 |
|
|
|
1.7 |
|
Total weight/shipment (in pounds) |
|
1,210 |
|
|
|
1,198 |
|
|
|
1,190 |
|
|
|
1.0 |
|
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
Operating revenue |
$ |
777.9 |
|
|
$ |
789.2 |
|
|
$ |
755.0 |
|
|
|
|
|
Change in revenue deferral and other |
|
(14.3 |
) |
|
|
(4.8 |
) |
|
|
(5.4 |
) |
|
|
|
|
Total picked up revenue |
$ |
763.6 |
|
|
$ |
784.4 |
|
|
$ |
749.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
3Q16 |
|
3Q15 |
|
2Q16 |
|
% (b) |
|
% (b) |
Workdays |
|
63.0 |
|
|
|
64.0 |
|
|
|
64.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
443.4 |
|
|
$ |
455.9 |
|
|
$ |
453.2 |
|
|
|
(2.8 |
) |
|
|
(2.2 |
) |
Total tonnage (in thousands) |
|
1,914 |
|
|
|
1,974 |
|
|
|
1,980 |
|
|
|
(3.1 |
) |
|
|
(3.4 |
) |
Total tonnage per day (in thousands) |
|
30.38 |
|
|
|
30.85 |
|
|
|
30.94 |
|
|
|
(1.5 |
) |
|
|
(1.8 |
) |
Total shipments (in thousands) |
|
2,622 |
|
|
|
2,672 |
|
|
|
2,696 |
|
|
|
(1.9 |
) |
|
|
(2.7 |
) |
Total shipments per day (in thousands) |
|
41.62 |
|
|
|
41.76 |
|
|
|
42.12 |
|
|
|
(0.3 |
) |
|
|
(1.2 |
) |
Total picked up revenue/cwt. |
$ |
11.58 |
|
|
$ |
11.55 |
|
|
$ |
11.44 |
|
|
|
0.3 |
|
|
|
1.2 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.48 |
|
|
$ |
10.32 |
|
|
$ |
10.40 |
|
|
|
1.5 |
|
|
|
0.8 |
|
Total picked up revenue/shipment |
$ |
169 |
|
|
$ |
171 |
|
|
$ |
168 |
|
|
|
(0.9 |
) |
|
|
0.6 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
153 |
|
|
$ |
153 |
|
|
$ |
153 |
|
|
|
0.3 |
|
|
|
0.1 |
|
Total weight/shipment (in pounds) |
|
1,460 |
|
|
|
1,478 |
|
|
|
1,469 |
|
|
|
(1.2 |
) |
|
|
(0.6 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
Operating revenue |
$ |
443.7 |
|
|
$ |
455.7 |
|
|
$ |
452.8 |
|
|
|
|
|
Change in revenue deferral and other |
|
(0.3 |
) |
|
|
0.2 |
|
|
|
0.4 |
|
|
|
|
|
Total picked up revenue |
$ |
443.4 |
|
|
$ |
455.9 |
|
|
$ |
453.2 |
|
|
|
|
|
|
(a) Does not equal financial statement revenue due to
revenue recognition adjustments between accounting periods and the
impact of other revenue for YRC Freight. |
(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 |
|
191.5 |
|
|
|
190.0 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
2,208.9 |
|
|
$ |
2,313.9 |
|
|
|
(4.5 |
) |
|
Total tonnage (in thousands) |
|
4,701 |
|
|
|
4,892 |
|
|
|
(3.9 |
) |
|
Total tonnage per day (in thousands) |
|
24.55 |
|
|
|
25.75 |
|
|
|
(4.7 |
) |
|
Total shipments (in thousands) |
|
7,875 |
|
|
|
8,135 |
|
|
|
(3.2 |
) |
|
Total shipments per day (in thousands) |
|
41.12 |
|
|
|
42.81 |
|
|
|
(3.9 |
) |
|
Total picked up revenue/cwt. |
$ |
23.49 |
|
|
$ |
23.65 |
|
|
|
(0.7 |
) |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.34 |
|
|
$ |
20.87 |
|
|
|
2.3 |
|
|
Total picked up revenue/shipment |
$ |
280 |
|
|
$ |
284 |
|
|
|
(1.4 |
) |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
255 |
|
|
$ |
251 |
|
|
|
1.5 |
|
|
Total weight/shipment (in pounds) |
|
1,194 |
|
|
|
1,203 |
|
|
|
(0.7 |
) |
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
Operating revenue |
$ |
2,228.6 |
|
|
$ |
2,322.0 |
|
|
|
|
Change in revenue deferral and other |
|
(19.7 |
) |
|
|
(8.1 |
) |
|
|
|
Total picked up revenue |
$ |
2,208.9 |
|
|
$ |
2,313.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
Y/Y |
|
|
|
2016 |
|
|
|
2015 |
|
|
% (b) |
|
Workdays |
|
191.5 |
|
|
|
191.5 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
1,323.0 |
|
|
$ |
1,367.6 |
|
|
|
(3.3 |
) |
|
Total tonnage (in thousands) |
|
5,794 |
|
|
|
5,948 |
|
|
|
(2.6 |
) |
|
Total tonnage per day (in thousands) |
|
30.26 |
|
|
|
31.06 |
|
|
|
(2.6 |
) |
|
Total shipments (in thousands) |
|
7,876 |
|
|
|
7,987 |
|
|
|
(1.4 |
) |
|
Total shipments per day (in thousands) |
|
41.13 |
|
|
|
41.71 |
|
|
|
(1.4 |
) |
|
Total picked up revenue/cwt. |
$ |
11.42 |
|
|
$ |
11.50 |
|
|
|
(0.7 |
) |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.40 |
|
|
$ |
10.20 |
|
|
|
1.9 |
|
|
Total picked up revenue/shipment |
$ |
168 |
|
|
$ |
171 |
|
|
|
(1.9 |
) |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
153 |
|
|
$ |
152 |
|
|
|
0.7 |
|
|
Total weight/shipment (in pounds) |
|
1,471 |
|
|
|
1,489 |
|
|
|
(1.2 |
) |
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
Operating revenue |
$ |
1,321.3 |
|
|
$ |
1,367.7 |
|
|
|
|
Change in revenue deferral and other |
|
1.7 |
|
|
|
(0.1 |
) |
|
|
|
Total picked up revenue |
$ |
1,323.0 |
|
|
$ |
1,367.6 |
|
|
|
|
|
|
(a) Does not equal financial statement revenue due to
revenue recognition adjustments between accounting periods and the
impact of other revenue for YRC Freight. |
|
(b) Percent change based on unrounded figures and not
the rounded figures presented. |
|
|
Investor Contact:
Tony Carreño
913-696-6108
investor@yrcw.com
Media Contact:
Mike Kelley
916-696-6121
mike.kelley@yrcw.com
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