Fourth quarter results include Operating
Income of $14.9 million and Adjusted EBITDA of $57.7
million
YRC Worldwide Inc. (NASDAQ:YRCW) reported consolidated operating
revenue for fourth quarter 2016 of $1.148 billion and consolidated
operating income of $14.9 million, which included a $3.4 million
gain on property disposals. As a comparison, for the fourth quarter
2015, the Company reported consolidated operating revenue of $1.143
billion and a consolidated operating loss of $15.3 million, which
included a non-union pension settlement charge of $28.7 million and
a $0.4 million loss on property disposals.
Consolidated operating revenue for the year
ended December 31, 2016 was $4.698 billion with consolidated
operating income of $124.3 million, which included a $14.6 million
gain on property disposals. This compares to full-year 2015
consolidated operating revenue of $4.832 billion with consolidated
operating income of $93.0 million, which included the settlement
charge referenced above and a $1.9 million loss on property
disposals.
In January 2017 the Company completed an
amendment to its Term Loan Credit Agreement to adjust the leverage
ratio covenant from the first quarter of 2017 through the fourth
quarter of 2018, to reduce uncertainty regarding its ongoing
compliance with that covenant.
Financial Highlights
- Fourth quarter 2016 operating income was $14.9 million compared
to a loss of $15.3 million in 2015. The fourth quarter 2015 results
included the $28.7 million non-union pension settlement charge. The
full-year 2016 operating income increased to $124.3 million, an
improvement of $31.3 million compared to 2015.
- On a non-GAAP basis, the Company generated Adjusted EBITDA of
$57.7 million in fourth quarter 2016 for an Adjusted EBITDA margin
of 5.0% compared to $66.0 million and 5.8% in the prior year
comparable quarter (as detailed in the reconciliation below).
Consolidated Adjusted EBITDA for full-year 2016 was $297.5 million
with an adjusted EBITDA margin of 6.3% compared to $333.3 million
and 6.9% in 2015.
- The total debt-to-Adjusted EBITDA ratio for fourth quarter 2016
was 3.40 times compared to 3.25 times for fourth quarter 2015. This
complied with the 3.50 maximum total leverage ratio covenant as of
December 31, 2016 under the Term Loan Credit Agreement.
- Reinvestment in the business continued in 2016 with $100.6
million in capital expenditures and new operating leases for
revenue equipment with a capital value equivalent of $152.5
million, for a total of $253.1 million. This is equal to 5.4% of
operating revenue for 2016 and represents a $13.4 million increase
over the $239.7 million invested in 2015. Tractors, trailers and
technology were the primary investments during the quarter.
Operational Highlights
- The consolidated operating ratio for fourth quarter 2016 was
98.7 compared to 101.3 for the same period in 2015. YRC
Freight’s operating ratio was 100.0 compared to 102.9 in fourth
quarter 2015 and the Regional segment improved its operating ratio
by 160 basis points to 96.1.
- For full-year 2016, improved yield from continued pricing
discipline contributed to a consolidated operating ratio of 97.4
compared to 98.1 in 2015. YRC Freight improved its operating
ratio by 120 basis points to 98.2 while the Regional segment
reported a 95.3 operating ratio compared to 95.2 in 2015.
- Fourth quarter 2016 tonnage per day increased 1.9% at YRC
Freight with no change at the Regional segment compared to fourth
quarter 2015.
- At YRC Freight, excluding fuel surcharge, fourth quarter 2016
revenue per shipment increased 0.5% and revenue per hundredweight
decreased by 1.5% when compared to the same period in 2015.
Including fuel surcharge, revenue per shipment increased 0.2% and
revenue per hundredweight decreased by 1.8%.
- At the Regional segment, excluding fuel surcharge, fourth
quarter 2016 revenue per shipment increased 0.9% and revenue per
hundredweight increased 0.3% when compared to the fourth quarter
2015. Including fuel surcharge, revenue per shipment increased 1.0%
and revenue per hundredweight increased 0.4%.
- With a continued focus on safety, fourth quarter 2016 liability
claims expense decreased by $13.8 million and workers’ compensation
expense decreased by $3.1 million compared to fourth quarter
2015.
Liquidity Update
- At December 31, 2016, the company had cash and 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 $181.1 million compared to $209.3 million as
of December 31, 2015.
- For the full-year 2016, cash provided by operating activities
was $103.1 million compared to $140.8 million in 2015.
“In the fourth quarter 2016, year-over-year
tonnage per day was up at YRC Freight and flat at the Regional
segment,” said James Welch, chief executive officer at YRC
Worldwide. “However, YRC Freight’s year-over-year revenue per
hundredweight declined which impacted its ability to offset cost
increases during the quarter. Our pricing strategy remains focused
on profitability while delivering award-winning customer service.
Overall, we believe pricing discipline in the LTL space remains
stable,” stated Welch.
“During the quarter we used our liquidity
position to pay down a portion of the term loan, further derisking
the balance sheet and reducing long-term debt to the lowest level
since 2005. The term loan amendment allows us to maintain our focus
on running the business and positioning the Company for long-term
success.
“Despite the soft industrial conditions and
lower fuel surcharge revenue during the year, we reported the
highest full-year operating income since 2006. We also increased
our capital value equivalent investments, including technology and
new tractors and trailers for the fifth consecutive year.
Until we see a stronger freight environment it is critical that our
investments and self-help actions drive improvements,” concluded
Welch.
Key Segment Information –
fourth quarter 2016 compared to fourth quarter 2015
YRC Freight |
|
|
2016 |
|
|
|
2015 |
|
|
Percent Change(b) |
Workdays |
|
|
61.0 |
|
|
|
61.5 |
|
|
|
Operating revenue (in
millions) |
|
$ |
730.3 |
|
|
$ |
733.7 |
|
|
(0.5 |
)% |
Operating loss (in
millions) |
|
$ |
(0.1 |
) |
|
$ |
(21.4 |
) |
|
NM |
(a) |
Operating ratio |
|
|
100.0 |
|
|
|
102.9 |
|
|
2.9 |
pp |
Total tonnage per day
(in thousands) |
|
|
24.92 |
|
|
|
24.46 |
|
|
1.9 |
% |
Total shipments per day
(in thousands) |
|
|
40.86 |
|
|
|
40.92 |
|
|
(0.1 |
)% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
23.48 |
|
|
$ |
23.91 |
|
|
(1.8 |
)% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
21.16 |
|
|
$ |
21.48 |
|
|
(1.5 |
)% |
Total picked up revenue
per shipment incl FSC |
|
$ |
286 |
|
|
$ |
286 |
|
|
0.2 |
% |
Total picked up revenue
per shipment excl FSC |
|
$ |
258 |
|
|
$ |
257 |
|
|
0.5 |
% |
Total weight/shipment
(in pounds) |
|
|
1,220 |
|
|
|
1,196 |
|
|
2.0 |
% |
Regional Transportation |
|
|
2016 |
|
|
2015 |
|
Percent Change(b) |
Workdays |
|
|
60.5 |
|
|
59.5 |
|
|
Operating revenue (in
millions) |
|
$ |
418.0 |
|
$ |
409.2 |
|
2.2 |
% |
Operating income (in
millions) |
|
$ |
16.4 |
|
$ |
9.5 |
|
72.2 |
% |
Operating ratio |
|
|
96.1 |
|
|
97.7 |
|
1.6 |
pp |
Total tonnage per day
(in thousands) |
|
|
29.60 |
|
|
29.59 |
|
0.0 |
% |
Total shipments per day
(in thousands) |
|
|
39.92 |
|
|
40.13 |
|
(0.5 |
)% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
11.64 |
|
$ |
11.59 |
|
0.4 |
% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
10.49 |
|
$ |
10.46 |
|
0.3 |
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
173 |
|
$ |
171 |
|
1.0 |
% |
Total picked up revenue
per shipment excl FSC |
|
$ |
156 |
|
$ |
154 |
|
0.9 |
% |
Total weight/shipment
(in pounds) |
|
|
1,483 |
|
|
1,475 |
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
Key Segment Information
– full-year 2016 compared to full-year 2015
YRC Freight |
|
|
2016 |
|
|
2015 |
|
Percent Change(b) |
Workdays |
|
|
252.5 |
|
|
251.5 |
|
|
Operating revenue (in
millions) |
|
$ |
2,958.9 |
|
$ |
3,055.7 |
|
(3.2 |
)% |
Operating income (in
millions) |
|
$ |
53.2 |
|
$ |
18.0 |
|
NM |
(a) |
Operating ratio |
|
|
98.2 |
|
|
99.4 |
|
1.2 |
pp |
Total tonnage per day
(in thousands) |
|
|
24.64 |
|
|
25.43 |
|
(3.1 |
)% |
Total shipments per day
(in thousands) |
|
|
41.06 |
|
|
42.35 |
|
(3.0 |
)% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
23.49 |
|
$ |
23.71 |
|
(0.9 |
)% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
21.30 |
|
$ |
21.01 |
|
1.3 |
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
282 |
|
$ |
285 |
|
(1.0 |
)% |
Total picked up revenue
per shipment excl FSC |
|
$ |
256 |
|
$ |
252 |
|
1.3 |
% |
Total weight/shipment
(in pounds) |
|
|
1,200 |
|
|
1,201 |
|
(0.1 |
)% |
Regional Transportation |
|
|
2016 |
|
|
2015 |
|
Percent Change(b) |
Workdays |
|
|
252.0 |
|
|
251.5 |
|
|
Operating revenue (in
millions) |
|
$ |
1,739.3 |
|
$ |
1,776.9 |
|
(2.1 |
)% |
Operating income (in
millions) |
|
$ |
81.3 |
|
$ |
85.4 |
|
(4.8 |
)% |
Operating ratio |
|
|
95.3 |
|
|
95.2 |
|
(0.1 |
)pp |
Total tonnage per day
(in thousands) |
|
|
30.10 |
|
|
30.71 |
|
(2.0 |
)% |
Total shipments per day
(in thousands) |
|
|
40.84 |
|
|
41.33 |
|
(1.2 |
)% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
11.47 |
|
$ |
11.52 |
|
(0.4 |
)% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
10.42 |
|
$ |
10.26 |
|
1.6 |
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
169 |
|
$ |
171 |
|
(1.2 |
)% |
Total picked up revenue
per shipment excl FSC |
|
$ |
154 |
|
$ |
152 |
|
0.8 |
% |
Total weight/shipment
(in pounds) |
|
|
1,474 |
|
|
1,486 |
|
(0.8 |
)% |
(a) Not Meaningful |
(b) Percent change
based on unrounded figures and not the rounded figures
presented |
|
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Monday, February 6, 2017,
beginning at 4:30 p.m. ET.
A live audio webcast of the conference call and
presentation slides will be available on YRC Worldwide Inc.’s
website www.yrcw.com. A replay of the webcast will also be
available at www.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 union 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,” “would,”
“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
level of indebtedness; 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, cash interest and lease
and pension funding requirements; the impact of restrictive
covenants in the documents governing of existing and future
indebtedness; our failure to comply with the covenants in the
documents governing our existing and future indebtedness; our
holding company structure that makes us dependent on the ability of
our subsidiaries to distribute funds to us; the uncertainty in the
overall economy; business risks, including expense volatility,
including (without limitation) volatility due to changes in
purchased transportation service or pricing for purchased
transportation; competition and competitive pressure on pricing;
labor relations; our obligations to multi-employer health, welfare
and pension plans; our exposure to self-insurance claims expense
and higher insurance costs; our ability to finance the maintenance,
acquisition and replacement of revenue equipment and other
necessary capital expenditures; 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, as well as state
and federal labor laws; the costs of complying with environmental
regulations and our exposure to liabilities for violations of such
laws; terrorist attack; the impact of claims and litigation to
which we are or may become exposed; the success of our management
team in continuing with its strategic plan and operational and
productivity initiatives; our ability to attract and retain
qualified drivers; 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; risks associated with doing business in foreign
countries; our dependence on the services of key employees;
inclement weather and seasonality; fuel shortages, 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; volatility in the price of our
common stock; the dilutive effects of future issuances of our
common stock; our intention not to pay dividends; our ability to
issue preferred stock; 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.
SOURCE: YRC Worldwide
CONSOLIDATED BALANCE SHEETS |
YRC Worldwide Inc. and Subsidiaries |
(Amounts in millions except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
ASSETS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
136.7 |
|
|
$ |
173.8 |
|
|
Restricted
amounts held in escrow |
|
|
126.7 |
|
|
|
58.8 |
|
|
Accounts
receivable, net |
|
|
448.7 |
|
|
|
427.4 |
|
|
Prepaid
expenses and other |
|
|
68.7 |
|
|
|
74.4 |
|
|
|
Total current
assets |
|
|
780.8 |
|
|
|
734.4 |
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
|
Cost |
|
|
2,787.0 |
|
|
|
2,822.8 |
|
|
Less -
accumulated depreciation |
|
|
(1,916.4 |
) |
|
|
(1,885.5 |
) |
|
|
Net property and
equipment |
|
|
870.6 |
|
|
|
937.3 |
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
27.2 |
|
|
|
40.4 |
|
Restricted
amounts held in escrow |
|
|
12.3 |
|
|
|
63.4 |
|
Deferred
income taxes, net |
|
|
24.9 |
|
|
|
23.0 |
|
Other
assets |
|
|
54.2 |
|
|
|
80.9 |
|
|
|
Total assets |
|
$ |
1,770.0 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Accounts
payable |
|
$ |
160.6 |
|
|
$ |
161.1 |
|
|
Wages,
vacations, and employee benefits |
|
|
191.0 |
|
|
|
195.1 |
|
|
Deferred
income taxes, net |
|
|
24.9 |
|
|
|
23.0 |
|
|
Other
current and accrued liabilities |
|
|
168.6 |
|
|
|
178.4 |
|
|
Current
maturities of long-term debt |
|
|
16.8 |
|
|
|
15.9 |
|
|
|
Total current
liabilities |
|
|
561.9 |
|
|
|
573.5 |
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
Long-term
debt, less current portion |
|
|
980.3 |
|
|
|
1,046.5 |
|
|
Deferred
income taxes, net |
|
|
3.6 |
|
|
|
3.7 |
|
|
Pension and
postretirement |
|
|
358.2 |
|
|
|
339.9 |
|
|
Claims and
other liabilities |
|
|
282.2 |
|
|
|
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 |
|
|
2,319.2 |
|
|
|
2,312.6 |
|
|
Accumulated
deficit |
|
|
(2,217.8 |
) |
|
|
(2,239.3 |
) |
|
Accumulated
other comprehensive loss |
|
|
(425.2 |
) |
|
|
(360.3 |
) |
|
Treasury
stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
Total
shareholders' deficit |
|
|
(416.2 |
) |
|
|
(379.4 |
) |
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,770.0 |
|
|
$ |
1,879.4 |
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(LOSS) |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions except per share data, shares in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
$ |
1,148.3 |
|
|
$ |
1,142.7 |
|
|
$ |
4,697.5 |
|
|
$ |
4,832.4 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
Salaries,
wages and employee benefits |
|
690.5 |
|
|
|
719.6 |
|
|
|
2,823.1 |
|
|
|
2,868.2 |
|
|
Operating
expenses and supplies |
|
203.4 |
|
|
|
200.3 |
|
|
|
799.1 |
|
|
|
878.4 |
|
|
Purchased
transportation |
|
144.6 |
|
|
|
130.1 |
|
|
|
553.6 |
|
|
|
561.1 |
|
|
Depreciation and amortization |
|
40.3 |
|
|
|
40.1 |
|
|
|
159.8 |
|
|
|
163.7 |
|
|
Other
operating expenses |
|
58.0 |
|
|
|
67.5 |
|
|
|
252.2 |
|
|
|
266.1 |
|
|
(Gains)
losses on property disposals, net |
|
(3.4 |
) |
|
|
0.4 |
|
|
|
(14.6 |
) |
|
|
1.9 |
|
|
|
Total operating
expenses |
|
1,133.4 |
|
|
|
1,158.0 |
|
|
|
4,573.2 |
|
|
|
4,739.4 |
|
OPERATING
INCOME (LOSS) |
|
14.9 |
|
|
|
(15.3 |
) |
|
|
124.3 |
|
|
|
93.0 |
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Interest
expense |
|
25.5 |
|
|
|
26.4 |
|
|
|
103.4 |
|
|
|
107.6 |
|
|
Other,
net |
|
(2.8 |
) |
|
|
(2.7 |
) |
|
|
(3.7 |
) |
|
|
(10.2 |
) |
|
|
Nonoperating expenses,
net |
|
22.7 |
|
|
|
23.7 |
|
|
|
99.7 |
|
|
|
97.4 |
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES |
|
(7.8 |
) |
|
|
(39.0 |
) |
|
|
24.6 |
|
|
|
(4.4 |
) |
INCOME TAX
EXPENSE (BENEFIT) |
|
(0.3 |
) |
|
|
(15.5 |
) |
|
|
3.1 |
|
|
|
(5.1 |
) |
NET INCOME
(LOSS) |
|
(7.5 |
) |
|
|
(23.5 |
) |
|
|
21.5 |
|
|
|
0.7 |
|
OTHER
COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
(67.8 |
) |
|
|
69.6 |
|
|
|
(64.9 |
) |
|
|
72.5 |
|
COMPREHENSIVE INCOME (LOSS) |
$ |
(75.3 |
) |
|
$ |
46.1 |
|
|
$ |
(43.4 |
) |
|
$ |
73.2 |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING - BASIC |
|
32,472 |
|
|
|
32,134 |
|
|
|
32,416 |
|
|
|
31,736 |
|
AVERAGE
COMMON SHARES OUTSTANDING - DILUTED |
|
32,472 |
|
|
|
32,134 |
|
|
|
33,040 |
|
|
|
32,592 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
(LOSS) PER SHARE - BASIC |
$ |
(0.23 |
) |
|
$ |
(0.73 |
) |
|
$ |
0.66 |
|
|
$ |
0.02 |
|
EARNINGS
(LOSS) PER SHARE - DILUTED |
$ |
(0.23 |
) |
|
$ |
(0.73 |
) |
|
$ |
0.65 |
|
|
$ |
0.02 |
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
YRC Worldwide Inc. and Subsidiaries |
For the Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
Net
income |
|
$ |
21.5 |
|
|
$ |
0.7 |
|
|
Noncash
items included in net income: |
|
|
|
|
|
Depreciation and amortization |
|
159.8 |
|
|
|
163.7 |
|
|
|
Equity-based compensation and employee benefits expense |
|
21.0 |
|
|
|
24.4 |
|
|
|
Non-union
pension settlement charge |
|
- |
|
|
|
28.7 |
|
|
|
Deferred
income tax benefit, net |
|
(0.4 |
) |
|
|
(9.8 |
) |
|
|
(Gains)
losses on property disposals, net |
|
(14.6 |
) |
|
|
1.9 |
|
|
|
Other noncash items,
net |
|
|
6.1 |
|
|
|
0.4 |
|
|
Changes in
assets and liabilities, net: |
|
|
|
|
|
Accounts
receivable |
|
|
(21.0 |
) |
|
|
40.7 |
|
|
|
Accounts payable |
|
|
(1.1 |
) |
|
|
(11.1 |
) |
|
|
Other operating
assets |
|
|
10.5 |
|
|
|
(6.1 |
) |
|
|
Other operating
liabilities |
|
|
(78.7 |
) |
|
|
(92.7 |
) |
|
|
Net cash
provided by operating activities |
|
103.1 |
|
|
|
140.8 |
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
Acquisition
of property and equipment |
|
(100.6 |
) |
|
|
(108.0 |
) |
|
Proceeds
from disposal of property and equipment |
|
35.1 |
|
|
|
17.5 |
|
|
Restricted
escrow receipts |
|
|
112.1 |
|
|
|
41.9 |
|
|
Restricted
escrow deposits |
|
|
(128.9 |
) |
|
|
(75.0 |
) |
|
Proceeds
from disposal of equity method investment, net |
|
14.6 |
|
|
|
- |
|
|
Other,
net |
|
|
- |
|
|
|
2.2 |
|
|
|
Net cash
used in investing activities |
|
(67.7 |
) |
|
|
(121.4 |
) |
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
Repayment
of long-term debt |
|
|
(70.7 |
) |
|
|
(16.7 |
) |
|
Debt
issuance costs |
|
|
(1.8 |
) |
|
|
- |
|
|
|
Net cash
used in financing activities |
|
(72.5 |
) |
|
|
(16.7 |
) |
NET
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(37.1 |
) |
|
|
2.7 |
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
173.8 |
|
|
|
171.1 |
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
136.7 |
|
|
$ |
173.8 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
Interest
paid |
|
$ |
(90.2 |
) |
|
$ |
(104.5 |
) |
Letter of
credit fees paid |
|
|
(8.5 |
) |
|
|
(8.8 |
) |
Income tax
payments, net |
|
|
(6.8 |
) |
|
|
(6.2 |
) |
Debt
redeemed for equity consideration |
|
- |
|
|
|
17.9 |
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve Months |
|
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
2016 |
|
|
|
2015 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
730.3 |
|
|
$ |
733.7 |
|
|
|
(0.5 |
) |
|
$ |
2,958.9 |
|
|
$ |
3,055.7 |
|
|
|
(3.2 |
) |
|
Regional
Transportation |
|
418.0 |
|
|
|
409.2 |
|
|
|
2.2 |
|
|
|
1,739.3 |
|
|
|
1,776.9 |
|
|
|
(2.1 |
) |
|
Other, net of
eliminations |
|
- |
|
|
|
(0.2 |
) |
|
|
|
|
(0.7 |
) |
|
|
(0.2 |
) |
|
|
|
Consolidated |
|
1,148.3 |
|
|
|
1,142.7 |
|
|
|
0.5 |
|
|
|
4,697.5 |
|
|
|
4,832.4 |
|
|
|
(2.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
(0.1 |
) |
|
|
(21.4 |
) |
|
|
|
|
53.2 |
|
|
|
18.0 |
|
|
|
|
Regional
Transportation |
|
16.4 |
|
|
|
9.5 |
|
|
|
|
|
81.3 |
|
|
|
85.4 |
|
|
|
|
Corporate and
other |
|
(1.4 |
) |
|
|
(3.4 |
) |
|
|
|
|
(10.2 |
) |
|
|
(10.4 |
) |
|
|
|
Consolidated |
$ |
14.9 |
|
|
$ |
(15.3 |
) |
|
|
|
$ |
124.3 |
|
|
$ |
93.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
100.0 |
% |
|
|
102.9 |
% |
|
|
|
|
98.2 |
% |
|
|
99.4 |
% |
|
|
|
Regional
Transportation |
|
96.1 |
% |
|
|
97.7 |
% |
|
|
|
|
95.3 |
% |
|
|
95.2 |
% |
|
|
|
Consolidated |
|
98.7 |
% |
|
|
101.3 |
% |
|
|
|
|
97.4 |
% |
|
|
98.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2016 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
Term Loan |
|
|
|
|
$ |
638.5 |
|
|
$ |
(2.7 |
) |
|
$ |
(8.6 |
) |
|
$ |
627.2 |
|
|
ABL
Facility (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Secured Second A&R
CDA |
|
|
|
|
|
28.7 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
28.5 |
|
|
Unsecured Second
A&R CDA |
|
|
|
|
|
73.2 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
72.8 |
|
|
Lease financing
obligations |
|
|
|
|
|
269.9 |
|
|
|
- |
|
|
|
(1.3 |
) |
|
|
268.6 |
|
|
Total debt |
|
|
|
|
$ |
1,010.3 |
|
|
$ |
(2.7 |
) |
|
$ |
(10.5 |
) |
|
$ |
997.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31, 2016 was 3.40 to 1.00. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Managed Accessibility
was $44.4M. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Managed Accessibility
was $35.5M. |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve
Months |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(7.5 |
) |
|
$ |
(23.5 |
) |
|
$ |
21.5 |
|
|
$ |
0.7 |
|
|
Interest
expense, net |
|
25.4 |
|
|
|
26.2 |
|
|
|
103.0 |
|
|
|
107.1 |
|
|
Income
tax expense (benefit) |
|
(0.3 |
) |
|
|
(15.5 |
) |
|
|
3.1 |
|
|
|
(5.1 |
) |
|
Depreciation and amortization |
|
40.3 |
|
|
|
40.1 |
|
|
|
159.8 |
|
|
|
163.7 |
|
|
EBITDA |
|
57.9 |
|
|
|
27.3 |
|
|
|
287.4 |
|
|
|
266.4 |
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
|
|
|
(Gains)
losses on property disposals, net |
|
(3.4 |
) |
|
|
0.4 |
|
|
|
(14.6 |
) |
|
|
1.9 |
|
|
Letter of
credit expense |
|
1.7 |
|
|
|
2.2 |
|
|
|
7.7 |
|
|
|
8.8 |
|
|
Restructuring professional fees |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
Nonrecurring consulting fees |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5.1 |
|
|
Permitted
dispositions and other |
|
1.2 |
|
|
|
0.1 |
|
|
|
3.0 |
|
|
|
0.4 |
|
|
Equity-based compensation expense |
|
1.3 |
|
|
|
2.0 |
|
|
|
7.3 |
|
|
|
8.5 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
4.5 |
|
|
|
4.6 |
|
|
|
18.9 |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
Non-union
pension settlement charge |
|
- |
|
|
|
28.7 |
|
|
|
- |
|
|
|
28.7 |
|
|
Other,
net (a) |
|
(1.0 |
) |
|
|
0.8 |
|
|
|
2.1 |
|
|
|
(6.2 |
) |
|
Adjusted
EBITDA |
$ |
57.7 |
|
|
$ |
66.0 |
|
|
$ |
297.5 |
|
|
$ |
333.3 |
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
1,148.3 |
|
|
$ |
1,142.7 |
|
|
$ |
4,697.5 |
|
|
$ |
4,832.4 |
|
|
Adjusted EBITDA
margin |
|
5.0 |
% |
|
|
5.8 |
% |
|
|
6.3 |
% |
|
|
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 |
|
Twelve
Months |
|
Adjusted EBITDA
by segment: |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
YRC
Freight |
$ |
20.8 |
|
|
$ |
36.8 |
|
|
$ |
140.1 |
|
|
$ |
167.2 |
|
|
Regional
Transportation |
|
35.2 |
|
|
|
30.2 |
|
|
|
156.5 |
|
|
|
165.9 |
|
|
Corporate
and other |
|
1.7 |
|
|
|
(1.0 |
) |
|
|
0.9 |
|
|
|
0.2 |
|
|
Adjusted
EBITDA |
$ |
57.7 |
|
|
$ |
66.0 |
|
|
$ |
297.5 |
|
|
$ |
333.3 |
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three and Twelve Months Ended December 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve
Months |
|
YRC Freight
segment |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating income
(loss) |
$ |
(0.1 |
) |
|
$ |
(21.4 |
) |
|
$ |
53.2 |
|
|
$ |
18.0 |
|
|
Depreciation and amortization |
|
22.4 |
|
|
|
22.6 |
|
|
|
90.3 |
|
|
|
93.1 |
|
|
(Gains)
losses on property disposals, net |
|
(3.7 |
) |
|
|
0.2 |
|
|
|
(15.7 |
) |
|
|
1.9 |
|
|
Letter of
credit expense |
|
1.1 |
|
|
|
1.5 |
|
|
|
5.0 |
|
|
|
6.1 |
|
|
Nonrecurring consulting fees |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5.1 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
2.9 |
|
|
|
3.0 |
|
|
|
12.2 |
|
|
Non-union
pension settlement charge |
|
- |
|
|
|
28.7 |
|
|
|
- |
|
|
|
28.7 |
|
|
Other,
net (a) |
|
1.1 |
|
|
|
2.3 |
|
|
|
4.3 |
|
|
|
2.1 |
|
|
Adjusted
EBITDA |
$ |
20.8 |
|
|
$ |
36.8 |
|
|
$ |
140.1 |
|
|
$ |
167.2 |
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Twelve
Months |
|
Regional
Transportation segment |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating
income |
$ |
16.4 |
|
|
$ |
9.5 |
|
|
$ |
81.3 |
|
|
$ |
85.4 |
|
|
Depreciation and amortization |
|
17.9 |
|
|
|
17.5 |
|
|
|
69.5 |
|
|
|
70.7 |
|
|
Losses on
property disposals, net |
|
0.2 |
|
|
|
0.2 |
|
|
|
1.1 |
|
|
|
0.2 |
|
|
Letter of
credit expense |
|
0.5 |
|
|
|
0.6 |
|
|
|
2.5 |
|
|
|
2.1 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
6.7 |
|
|
Other,
net (a) |
|
0.2 |
|
|
|
0.8 |
|
|
|
0.5 |
|
|
|
0.8 |
|
|
Adjusted EBITDA |
$ |
35.2 |
|
|
$ |
30.2 |
|
|
$ |
156.5 |
|
|
$ |
165.9 |
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
Twelve
Months |
|
Corporate and
other |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
Reconciliation
of operating loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(1.4 |
) |
|
$ |
(3.4 |
) |
|
$ |
(10.2 |
) |
|
$ |
(10.4 |
) |
|
Depreciation and amortization |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
(Gains)
losses on property disposals, net |
|
0.1 |
|
|
|
- |
|
|
|
- |
|
|
|
(0.2 |
) |
|
Letter of
credit expense |
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.6 |
|
|
Restructuring professional fees |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.2 |
|
|
Permitted
dispositions and other |
|
1.2 |
|
|
|
0.1 |
|
|
|
3.0 |
|
|
|
0.4 |
|
|
Equity-based compensation expense |
|
1.3 |
|
|
|
2.0 |
|
|
|
7.3 |
|
|
|
8.5 |
|
|
Other,
net (a) |
|
0.4 |
|
|
|
0.2 |
|
|
|
0.6 |
|
|
|
1.2 |
|
|
Adjusted EBITDA |
$ |
1.7 |
|
|
$ |
(1.0 |
) |
|
$ |
0.9 |
|
|
$ |
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. |
|
|
|
|
|
|
|
|
|
|
YRC Worldwide Inc. |
Segment Statistics |
Quarterly Comparison |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
4Q16 |
|
4Q15 |
|
3Q16 |
|
% (b) |
|
% (b) |
Workdays |
|
61.0 |
|
|
|
61.5 |
|
|
|
64.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
713.8 |
|
|
$ |
719.5 |
|
|
$ |
763.6 |
|
|
(0.8 |
) |
|
(6.5 |
) |
Total tonnage (in thousands) |
|
1,520 |
|
|
|
1,504 |
|
|
|
1,620 |
|
|
1.0 |
|
|
(6.2 |
) |
Total tonnage per day (in thousands) |
|
24.92 |
|
|
|
24.46 |
|
|
|
25.31 |
|
|
1.9 |
|
|
(1.5 |
) |
Total shipments (in thousands) |
|
2,493 |
|
|
|
2,517 |
|
|
|
2,678 |
|
|
(1.0 |
) |
|
(6.9 |
) |
Total shipments per day (in thousands) |
|
40.86 |
|
|
|
40.92 |
|
|
|
41.84 |
|
|
(0.1 |
) |
|
(2.3 |
) |
Total picked up revenue/cwt. |
$ |
23.48 |
|
|
$ |
23.91 |
|
|
$ |
23.57 |
|
|
(1.8 |
) |
|
(0.4 |
) |
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.16 |
|
|
$ |
21.48 |
|
|
$ |
21.31 |
|
|
(1.5 |
) |
|
(0.7 |
) |
Total picked up revenue/shipment |
$ |
286 |
|
|
$ |
286 |
|
|
$ |
285 |
|
|
0.2 |
|
|
0.4 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
258 |
|
|
$ |
257 |
|
|
$ |
258 |
|
|
0.5 |
|
|
0.1 |
|
Total weight/shipment (in pounds) |
|
1,220 |
|
|
|
1,196 |
|
|
|
1,210 |
|
|
2.0 |
|
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
Operating revenue |
$ |
730.3 |
|
|
$ |
733.7 |
|
|
$ |
777.9 |
|
|
|
|
|
Change in revenue deferral and other |
|
(16.5 |
) |
|
|
(14.2 |
) |
|
|
(14.3 |
) |
|
|
|
|
Total picked up revenue |
$ |
713.8 |
|
|
$ |
719.5 |
|
|
$ |
763.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
4Q16 |
|
4Q15 |
|
3Q16 |
|
% (b) |
|
% (b) |
Workdays |
|
60.5 |
|
|
|
59.5 |
|
|
|
63.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
417.1 |
|
|
$ |
408.2 |
|
|
$ |
443.6 |
|
|
2.2 |
|
|
(6.0 |
) |
Total tonnage (in thousands) |
|
1,791 |
|
|
|
1,761 |
|
|
|
1,914 |
|
|
1.7 |
|
|
(6.4 |
) |
Total tonnage per day (in thousands) |
|
29.60 |
|
|
|
29.59 |
|
|
|
30.38 |
|
|
0.0 |
|
|
(2.5 |
) |
Total shipments (in thousands) |
|
2,415 |
|
|
|
2,388 |
|
|
|
2,622 |
|
|
1.2 |
|
|
(7.9 |
) |
Total shipments per day (in thousands) |
|
39.92 |
|
|
|
40.13 |
|
|
|
41.62 |
|
|
(0.5 |
) |
|
(4.1 |
) |
Total picked up revenue/cwt. |
$ |
11.64 |
|
|
$ |
11.59 |
|
|
$ |
11.59 |
|
|
0.4 |
|
|
0.5 |
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.49 |
|
|
$ |
10.46 |
|
|
$ |
10.49 |
|
|
0.3 |
|
|
0.1 |
|
Total picked up revenue/shipment |
$ |
173 |
|
|
$ |
171 |
|
|
$ |
169 |
|
|
1.0 |
|
|
2.1 |
|
Total picked up revenue/shipment (excl. FSC) |
$ |
156 |
|
|
$ |
154 |
|
|
$ |
153 |
|
|
0.9 |
|
|
1.7 |
|
Total weight/shipment (in pounds) |
|
1,483 |
|
|
|
1,475 |
|
|
|
1,460 |
|
|
0.6 |
|
|
1.6 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
|
|
Operating revenue |
$ |
418.0 |
|
|
$ |
409.2 |
|
|
$ |
443.7 |
|
|
|
|
|
Change in revenue deferral and other |
|
(0.9 |
) |
|
|
(1.0 |
) |
|
|
(0.1 |
) |
|
|
|
|
Total picked up revenue |
$ |
417.1 |
|
|
$ |
408.2 |
|
|
$ |
443.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Does not equal financial statement revenue due to
revenue adjustments for shipments in transit 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 |
|
252.5 |
|
|
|
251.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
2,922.7 |
|
|
$ |
3,033.4 |
|
|
(3.7 |
) |
|
|
Total tonnage (in thousands) |
|
6,221 |
|
|
|
6,396 |
|
|
(2.7 |
) |
|
|
Total tonnage per day (in thousands) |
|
24.64 |
|
|
|
25.43 |
|
|
(3.1 |
) |
|
|
Total shipments (in thousands) |
|
10,368 |
|
|
|
10,651 |
|
|
(2.7 |
) |
|
|
Total shipments per day (in thousands) |
|
41.06 |
|
|
|
42.35 |
|
|
(3.0 |
) |
|
|
Total picked up revenue/cwt. |
$ |
23.49 |
|
|
$ |
23.71 |
|
|
(0.9 |
) |
|
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
21.30 |
|
|
$ |
21.01 |
|
|
1.3 |
|
|
|
Total picked up revenue/shipment |
$ |
282 |
|
|
$ |
285 |
|
|
(1.0 |
) |
|
|
Total picked up revenue/shipment (excl. FSC) |
$ |
256 |
|
|
$ |
252 |
|
|
1.3 |
|
|
|
Total weight/shipment (in pounds) |
|
1,200 |
|
|
|
1,201 |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ |
2,958.9 |
|
|
$ |
3,055.7 |
|
|
|
|
|
Change in revenue deferral and other |
|
(36.2 |
) |
|
|
(22.3 |
) |
|
|
|
|
Total picked up revenue |
$ |
2,922.7 |
|
|
$ |
3,033.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
% (b) |
|
|
Workdays |
|
252.0 |
|
|
|
251.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in millions) (a) |
$ |
1,740.7 |
|
|
$ |
1,776.5 |
|
|
(2.0 |
) |
|
|
Total tonnage (in thousands) |
|
7,585 |
|
|
|
7,708 |
|
|
(1.6 |
) |
|
|
Total tonnage per day (in thousands) |
|
30.10 |
|
|
|
30.71 |
|
|
(2.0 |
) |
|
|
Total shipments (in thousands) |
|
10,291 |
|
|
|
10,375 |
|
|
(0.8 |
) |
|
|
Total shipments per day (in thousands) |
|
40.84 |
|
|
|
41.33 |
|
|
(1.2 |
) |
|
|
Total picked up revenue/cwt. |
$ |
11.47 |
|
|
$ |
11.52 |
|
|
(0.4 |
) |
|
|
Total picked up revenue/cwt. (excl. FSC) |
$ |
10.42 |
|
|
$ |
10.26 |
|
|
1.6 |
|
|
|
Total picked up revenue/shipment |
$ |
169 |
|
|
$ |
171 |
|
|
(1.2 |
) |
|
|
Total picked up revenue/shipment (excl. FSC) |
$ |
154 |
|
|
$ |
152 |
|
|
0.8 |
|
|
|
Total weight/shipment (in pounds) |
|
1,474 |
|
|
|
1,486 |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of
operating revenue to total picked up revenue (in
millions): |
|
|
Operating revenue |
$ |
1,739.3 |
|
|
$ |
1,776.9 |
|
|
|
|
|
Change in revenue deferral and other |
|
1.4 |
|
|
|
(0.4 |
) |
|
|
|
|
Total picked up revenue |
$ |
1,740.7 |
|
|
$ |
1,776.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Does not equal financial statement
revenue due to revenue adjustments for shipments in transit
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
YRC Worldwide (NASDAQ:YRCW)
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