YRC Worldwide Inc. (NASDAQ:YRCW) reported consolidated operating
revenue for second quarter 2017 of $1.261 billion and consolidated
operating income of $50.0 million, which included a $1.0 million
gain on property disposals. As a comparison, for the second quarter
2016, the Company reported consolidated operating revenue of $1.208
billion and consolidated operating income of $57.2 million, which
included an $11.1 million gain on property disposals.
In July 2017 the Company completed an amendment
to extend the maturity of its Term Loan Credit Agreement from
February 2019 to July 2022.
Financial Highlights
- On a non-GAAP basis, the Company generated consolidated
Adjusted EBITDA of $91.1 million in second quarter 2017 for an
Adjusted EBITDA margin of 7.2% compared to $91.4 million and 7.6%,
respectively, in the prior year comparable quarter (as detailed in
the reconciliation below).
- Last twelve month (LTM) consolidated Adjusted EBITDA is $277.5
million for an Adjusted EBITDA margin of 5.8% compared to $319.4
million and 6.8%, respectively, in 2016.
- The total debt-to-Adjusted EBITDA ratio for second quarter 2017
was 3.61 times compared to 3.32 times for second quarter
2016.
- Reinvestment in the business continued during second quarter
2017 with $22.7 million in capital expenditures and new operating
leases for revenue equipment with a capital value equivalent of
$6.9 million, for a total of $29.6 million.
Operational Highlights
- The consolidated operating ratio for second quarter 2017 was
96.0 compared to 95.3 for the same period in 2016. The operating
ratio at YRC Freight was 96.5 compared to 96.2 in the second
quarter 2016 which included an $11.2 million gain on property
disposals. The Regional segment’s second quarter 2017 operating
ratio was 94.6 compared to 93.2 in the prior year.
- Second quarter 2017 tonnage per day increased 2.7% at YRC
Freight and 3.6% at the Regional segment compared to second quarter
2016.
- At YRC Freight, excluding fuel surcharge, second quarter 2017
revenue per hundredweight increased 1.1% and revenue per shipment
was essentially flat with a decrease of 0.1% when compared to the
same period in 2016. Including fuel surcharge, revenue per
hundredweight increased 2.2% and revenue per shipment increased
1.0%.
- At the Regional segment, excluding fuel surcharge, second
quarter 2017 revenue per hundredweight increased 0.2% and revenue
per shipment increased 1.9% when compared to the same period in
2016. Including fuel surcharge, revenue per hundredweight increased
1.3% and revenue per shipment increased by 3.0%.
- Liability claims expense decreased by $6.3 million primarily
due to certain prior year claims that unfavorably impacted second
quarter 2016.
Liquidity Update
- At June 30, 2017, 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 $253.4 million compared to $278.8 million as of
June 30, 2016.
- For the six months ended June 30, 2017, cash provided by
operating activities was $38.4 million compared to $47.5 million
for the six months ended June 30, 2016.
“Following a couple of challenging quarters, the
second quarter 2017 results include our efforts to return YRC
Freight’s year-over-year revenue per hundredweight, excluding fuel
surcharge, to positive territory,” said James Welch, chief
executive officer at YRC Worldwide. “The consolidated quarterly
results were also favorably impacted by our plan to streamline
overhead costs, an increase in volume driven by an improving
industrial economy and a decrease in liability claims expense.
These factors helped offset contractual wage and benefit increases
to deliver consolidated Adjusted EBITDA results that were
consistent with last year. We continue to believe the
fundamentals of our business remain intact and are improving,”
stated Welch.
“As we look to the second half of 2017, we
expect that meeting our customers’ needs, pricing for profitability
and diligently managing costs should contribute to improved
year-over-year financial performance. The industrial economy
appears to be moving forward at a moderate pace and we continue to
see signs of a stable pricing environment in the
less-than-truckload sector.
“We constantly look for opportunities to enhance
the Company’s long-term success and last month we took another step
in that direction when the term loan was amended to extend the
maturity from February 2019 to July 2022. We were able to
utilize our strong liquidity position to retire a portion of the
term loan in conjunction with the refinancing amendment and reduced
the outstanding balance to $600 million,” concluded Welch.
Key Segment Information –
second quarter 2017 compared to second quarter 2016
YRC Freight |
|
|
2017 |
|
|
2016 |
|
Percent Change(a) |
Workdays |
|
|
63.5 |
|
|
64.0 |
|
|
Operating revenue (in
millions) |
|
$ |
789.5 |
|
$ |
755.0 |
|
4.6 |
% |
Operating income (in
millions) |
|
$ |
28.0 |
|
$ |
28.4 |
|
(1.4 |
)% |
Operating ratio |
|
|
96.5 |
|
|
96.2 |
|
(0.3) |
pp |
Total tonnage per day
(in thousands) |
|
|
25.62 |
|
|
24.94 |
|
2.7 |
% |
Total shipments per day
(in thousands) |
|
|
43.58 |
|
|
41.93 |
|
3.9 |
% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
24.0 |
|
$ |
23.48 |
|
2.2 |
% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
21.53 |
|
$ |
21.30 |
|
1.1 |
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
282 |
|
$ |
279 |
|
1.0 |
% |
Total picked up revenue
per shipment excl FSC |
|
$ |
253 |
|
$ |
253 |
|
(0.1 |
)% |
Total weight/shipment
(in pounds) |
|
|
1,176 |
|
|
1,190 |
|
(1.2 |
)% |
Regional Transportation |
|
|
2017 |
|
|
2016 |
|
Percent Change(a) |
Workdays |
|
|
63.5 |
|
|
64.0 |
|
|
Operating revenue (in
millions) |
|
$ |
471.2 |
|
$ |
452.8 |
|
4.1 |
% |
Operating income (in
millions) |
|
$ |
25.3 |
|
$ |
30.6 |
|
(17.3 |
)% |
Operating ratio |
|
|
94.6 |
|
|
93.2 |
|
(1.4) |
pp |
Total tonnage per day
(in thousands) |
|
|
32.06 |
|
|
30.94 |
|
3.6 |
% |
Total shipments per day
(in thousands) |
|
|
42.92 |
|
|
42.12 |
|
1.9 |
% |
Total picked up revenue
per hundredweight incl FSC |
|
$ |
11.60 |
|
$ |
11.45 |
|
1.3 |
% |
Total picked up revenue
per hundredweight excl FSC |
|
$ |
10.43 |
|
$ |
10.40 |
|
0.2 |
% |
Total picked up revenue
per shipment incl FSC |
|
$ |
173 |
|
$ |
168 |
|
3.0 |
% |
Total picked up revenue
per shipment excl FSC |
|
$ |
156 |
|
$ |
153 |
|
1.9 |
% |
Total weight/shipment
(in pounds) |
|
|
1,494 |
|
|
1,469 |
|
1.7 |
% |
(a) 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, Thursday, August 3, 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 lump sum
payments to our union 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
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, our non-GAAP
measures 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 our non-GAAP measures as secondary measures. The
company has provided reconciliations of its non-GAAP measures 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):
general economic factors; business risks and increasing costs
associated with the transportation industry; competition and
competitive pressure on pricing; the risk of labor disruptions or
stoppages; increasing pension expense and funding obligations;
increasing costs relating to our self-insurance claims expenses;
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, or liability
resulting from violation of, federal, state, local and foreign laws
and regulations; impediments to our operations and business
resulting from anti-terrorism measures; the impact of claims and
litigation expense to which we are or may become exposed; failure
to realize the expected benefits and costs savings from our
performance and operational improvement initiatives; our ability to
attract and retain qualified drivers and increasing costs of driver
compensation; privacy breach or IT system disruption; risks of
operating in foreign countries; our dependence on key employees;
seasonality; 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; our ability
to generate sufficient liquidity to satisfy our cash needs and
future cash commitments, including (without limitation) our
obligations related to our indebtedness and lease and pension
funding requirements, and our ability to achieve increased cash
flows through improvement in operations; limitations on our
operations, our financing opportunities, potential strategic
transactions, acquisitions or dispositions resulting from
restrictive covenants in the documents governing our existing and
future indebtedness; our failure to comply with the covenants in
the documents governing our existing and future indebtedness;
fluctuations in the price of our common stock; dilution from future
issuances of our common stock; our intention not to pay dividends
on our common stock; that we have the ability to issue preferred
stock that may adversely affect the rights of holders of our common
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.
|
|
CONSOLIDATED BALANCE SHEETS |
|
YRC Worldwide Inc. and Subsidiaries |
|
(Amounts in millions except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
2017 |
|
2016 |
|
ASSETS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
215.2 |
|
|
$ |
136.7 |
|
|
|
Restricted
amounts held in escrow |
|
|
54.0 |
|
|
|
126.7 |
|
|
|
Accounts
receivable, net |
|
|
510.7 |
|
|
|
448.7 |
|
|
|
Prepaid
expenses and other |
|
|
77.1 |
|
|
|
68.7 |
|
|
|
|
Total current
assets |
|
|
857.0 |
|
|
|
780.8 |
|
|
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
|
|
Cost |
|
|
|
2,741.7 |
|
|
|
2,787.0 |
|
|
|
Less -
accumulated depreciation |
|
|
(1,914.9 |
) |
|
|
(1,916.4 |
) |
|
|
|
Net property and
equipment |
|
|
826.8 |
|
|
|
870.6 |
|
|
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
27.5 |
|
|
|
27.2 |
|
|
Restricted
amounts held in escrow |
|
|
- |
|
|
|
12.3 |
|
|
Deferred
income taxes, net |
|
|
- |
|
|
|
24.9 |
|
|
Other
assets |
|
|
47.8 |
|
|
|
54.2 |
|
|
|
|
Total assets |
|
$ |
1,759.1 |
|
|
$ |
1,770.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
163.5 |
|
|
$ |
160.6 |
|
|
|
Wages,
vacations, and employee benefits |
|
|
220.8 |
|
|
|
191.0 |
|
|
|
Deferred
income taxes, net |
|
|
- |
|
|
|
24.9 |
|
|
|
Other
current and accrued liabilities |
|
|
162.1 |
|
|
|
168.6 |
|
|
|
Current
maturities of long-term debt |
|
|
17.7 |
|
|
|
16.8 |
|
|
|
|
Total current
liabilities |
|
|
564.1 |
|
|
|
561.9 |
|
|
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
|
Long-term
debt, less current portion |
|
|
970.3 |
|
|
|
980.3 |
|
|
|
Deferred
income taxes, net |
|
|
3.1 |
|
|
|
3.6 |
|
|
|
Pension and
postretirement |
|
|
342.5 |
|
|
|
358.2 |
|
|
|
Claims and
other liabilities |
|
|
289.6 |
|
|
|
282.2 |
|
|
|
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 |
|
|
2,320.8 |
|
|
|
2,319.2 |
|
|
|
Accumulated
deficit |
|
|
(2,224.1 |
) |
|
|
(2,217.8 |
) |
|
|
Accumulated
other comprehensive loss |
|
|
(414.8 |
) |
|
|
(425.2 |
) |
|
|
Treasury
stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
|
Total
shareholders' deficit |
|
|
(410.5 |
) |
|
|
(416.2 |
) |
|
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,759.1 |
|
|
$ |
1,770.0 |
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME |
|
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 |
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
$ |
1,260.6 |
|
|
$ |
1,207.6 |
|
|
$ |
2,431.2 |
|
|
$ |
2,327.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
Salaries,
wages and employee benefits |
|
739.6 |
|
|
|
718.7 |
|
|
|
1,461.3 |
|
|
|
1,416.8 |
|
|
|
Operating
expenses and supplies |
|
209.7 |
|
|
|
198.6 |
|
|
|
426.0 |
|
|
|
388.8 |
|
|
|
Purchased
transportation |
|
159.6 |
|
|
|
136.7 |
|
|
|
294.1 |
|
|
|
252.2 |
|
|
|
Depreciation and amortization |
|
37.2 |
|
|
|
38.5 |
|
|
|
74.3 |
|
|
|
79.2 |
|
|
|
Other
operating expenses |
|
65.5 |
|
|
|
69.0 |
|
|
|
126.8 |
|
|
|
131.7 |
|
|
|
(Gains)
losses on property disposals, net |
|
(1.0 |
) |
|
|
(11.1 |
) |
|
|
1.7 |
|
|
|
(11.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
1,210.6 |
|
|
|
1,150.4 |
|
|
|
2,384.2 |
|
|
|
2,257.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME |
|
50.0 |
|
|
|
57.2 |
|
|
|
47.0 |
|
|
|
70.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
25.7 |
|
|
|
26.2 |
|
|
|
51.1 |
|
|
|
52.3 |
|
|
|
Other,
net |
|
1.7 |
|
|
|
(0.8 |
) |
|
|
2.7 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating expenses,
net |
|
27.4 |
|
|
|
25.4 |
|
|
|
53.8 |
|
|
|
52.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES |
|
22.6 |
|
|
|
31.8 |
|
|
|
(6.8 |
) |
|
|
18.0 |
|
|
INCOME TAX
EXPENSE (BENEFIT) |
|
3.6 |
|
|
|
4.7 |
|
|
|
(0.5 |
) |
|
|
2.9 |
|
|
NET INCOME
(LOSS) |
|
19.0 |
|
|
|
27.1 |
|
|
|
(6.3 |
) |
|
|
15.1 |
|
|
OTHER
COMPREHENSIVE INCOME, NET OF TAX |
|
6.0 |
|
|
|
3.2 |
|
|
|
10.4 |
|
|
|
0.6 |
|
|
COMPREHENSIVE INCOME |
$ |
25.0 |
|
|
$ |
30.3 |
|
|
$ |
4.1 |
|
|
$ |
15.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING - BASIC |
|
32,715 |
|
|
|
32,459 |
|
|
|
32,642 |
|
|
|
32,362 |
|
|
AVERAGE
COMMON SHARES OUTSTANDING - DILUTED |
|
33,322 |
|
|
|
32,854 |
|
|
|
32,642 |
|
|
|
32,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) PER SHARE - BASIC |
$ |
0.58 |
|
|
$ |
0.84 |
|
|
$ |
(0.19 |
) |
|
$ |
0.47 |
|
|
INCOME
(LOSS) PER SHARE - DILUTED |
$ |
0.57 |
|
|
$ |
0.83 |
|
|
$ |
(0.19 |
) |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Six Months Ended June 30 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
|
Net income
(loss) |
|
$ |
(6.3 |
) |
|
$ |
15.1 |
|
|
|
Noncash
items included in net income (loss): |
|
|
|
|
|
|
Depreciation and amortization |
|
74.3 |
|
|
|
79.2 |
|
|
|
|
Noncash
equity-based compensation and employee benefits expense |
|
11.7 |
|
|
|
11.3 |
|
|
|
|
(Gains)
losses on property disposals, net |
|
1.7 |
|
|
|
(11.4 |
) |
|
|
|
Gain on
disposal of equity method investment |
|
- |
|
|
|
(2.3 |
) |
|
|
|
Other noncash items,
net |
|
|
6.8 |
|
|
|
6.4 |
|
|
|
Changes in
assets and liabilities, net: |
|
|
|
|
|
|
Accounts
receivable |
|
|
(61.5 |
) |
|
|
(55.3 |
) |
|
|
|
Accounts payable |
|
|
(0.3 |
) |
|
|
7.3 |
|
|
|
|
Other operating
assets |
|
|
(0.6 |
) |
|
|
3.2 |
|
|
|
|
Other operating
liabilities |
|
|
12.6 |
|
|
|
(6.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
38.4 |
|
|
|
47.5 |
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
|
Acquisition
of property and equipment |
|
(39.0 |
) |
|
|
(47.3 |
) |
|
|
Proceeds
from disposal of property and equipment |
|
6.7 |
|
|
|
21.0 |
|
|
|
Restricted
escrow receipts |
|
|
95.0 |
|
|
|
57.1 |
|
|
|
Restricted
escrow deposits |
|
|
(10.0 |
) |
|
|
- |
|
|
|
Proceeds
from disposal of equity method investment, net |
|
- |
|
|
|
14.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by investing activities |
|
52.7 |
|
|
|
45.4 |
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
|
Repayment
of long-term debt |
|
|
(9.4 |
) |
|
|
(21.4 |
) |
|
|
Debt
issuance costs |
|
|
(3.2 |
) |
|
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in financing activities |
|
(12.6 |
) |
|
|
(23.2 |
) |
|
|
|
|
|
|
|
|
|
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS |
|
78.5 |
|
|
|
69.7 |
|
|
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
136.7 |
|
|
|
173.8 |
|
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
215.2 |
|
|
$ |
243.5 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
Interest
paid |
|
$ |
(54.1 |
) |
|
$ |
(44.2 |
) |
|
Income tax
refund (payment), net |
|
|
3.0 |
|
|
|
(3.4 |
) |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
% |
|
|
2017 |
|
|
|
2016 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
789.5 |
|
|
$ |
755.0 |
|
|
|
4.6 |
|
$ |
1,518.4 |
|
|
$ |
1,450.7 |
|
|
|
4.7 |
|
|
Regional
Transportation |
|
471.2 |
|
|
|
452.8 |
|
|
|
4.1 |
|
|
913.0 |
|
|
|
877.6 |
|
|
|
4.0 |
|
|
Other, net of
eliminations |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
|
|
(0.2 |
) |
|
|
(0.4 |
) |
|
|
|
|
Consolidated |
|
1,260.6 |
|
|
|
1,207.6 |
|
|
|
4.4 |
|
|
2,431.2 |
|
|
|
2,327.9 |
|
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
28.0 |
|
|
|
28.4 |
|
|
|
|
|
17.5 |
|
|
|
32.5 |
|
|
|
|
|
Regional
Transportation |
|
25.3 |
|
|
|
30.6 |
|
|
|
|
|
37.5 |
|
|
|
43.0 |
|
|
|
|
|
Corporate and
other |
|
(3.3 |
) |
|
|
(1.8 |
) |
|
|
|
|
(8.0 |
) |
|
|
(4.9 |
) |
|
|
|
|
Consolidated |
$ |
50.0 |
|
|
$ |
57.2 |
|
|
|
|
$ |
47.0 |
|
|
$ |
70.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
96.5 |
% |
|
|
96.2 |
% |
|
|
|
|
98.8 |
% |
|
|
97.8 |
% |
|
|
|
|
Regional
Transportation |
|
94.6 |
% |
|
|
93.2 |
% |
|
|
|
|
95.9 |
% |
|
|
95.1 |
% |
|
|
|
|
Consolidated |
|
96.0 |
% |
|
|
95.3 |
% |
|
|
|
|
98.1 |
% |
|
|
97.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
Term Loan |
|
|
|
|
$ |
635.2 |
|
$ |
(2.1 |
) |
|
$ |
(9.1 |
) |
|
$ |
624.0 |
|
|
ABL
Facility (a) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Secured Second A&R
CDA |
|
|
|
|
|
27.2 |
|
|
- |
|
|
|
(0.1 |
) |
|
|
27.1 |
|
|
Unsecured Second
A&R CDA |
|
|
|
|
|
73.2 |
|
|
- |
|
|
|
(0.4 |
) |
|
|
72.8 |
|
|
Lease financing
obligations |
|
|
|
|
|
265.2 |
|
|
- |
|
|
|
(1.1 |
) |
|
|
264.1 |
|
|
Total debt |
|
|
|
|
$ |
1,000.8 |
|
$ |
(2.1 |
) |
|
$ |
(10.7 |
) |
|
$ |
988.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (b) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our total
leverage ratio for the four consecutive fiscal quarters ended June
30, 2017 was 3.61 to 1.00. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Managed
Accessibility was $38.2M. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Managed
Accessibility was $44.4M. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
19.0 |
|
|
$ |
27.1 |
|
|
$ |
(6.3 |
) |
|
$ |
15.1 |
|
|
Interest
expense, net |
|
25.6 |
|
|
|
26.1 |
|
|
|
50.8 |
|
|
|
52.1 |
|
|
Income
tax expense (benefit) |
|
3.6 |
|
|
|
4.7 |
|
|
|
(0.5 |
) |
|
|
2.9 |
|
|
Depreciation and amortization |
|
37.2 |
|
|
|
38.5 |
|
|
|
74.3 |
|
|
|
79.2 |
|
|
EBITDA |
|
85.4 |
|
|
|
96.4 |
|
|
|
118.3 |
|
|
|
149.3 |
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
|
|
|
(Gains)
losses on property disposals, net |
|
(1.0 |
) |
|
|
(11.1 |
) |
|
|
1.7 |
|
|
|
(11.4 |
) |
|
Letter of
credit expense |
|
1.7 |
|
|
|
2.1 |
|
|
|
3.4 |
|
|
|
4.3 |
|
|
Restructuring professional fees |
|
- |
|
|
|
- |
|
|
|
2.2 |
|
|
|
- |
|
|
Permitted
dispositions and other |
|
0.7 |
|
|
|
(0.4 |
) |
|
|
0.8 |
|
|
|
(0.4 |
) |
|
Equity-based compensation expense |
|
2.6 |
|
|
|
2.7 |
|
|
|
4.0 |
|
|
|
4.5 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4.6 |
|
|
Other,
net (a) |
|
1.7 |
|
|
|
1.7 |
|
|
|
3.9 |
|
|
|
3.4 |
|
|
Adjusted EBITDA |
$ |
91.1 |
|
|
$ |
91.4 |
|
|
$ |
134.3 |
|
|
$ |
154.3 |
|
|
|
|
|
|
|
|
|
|
|
Operating revenue |
$ |
1,260.6 |
|
|
$ |
1,207.6 |
|
|
$ |
2,431.2 |
|
|
$ |
2,327.9 |
|
|
Adjusted EBITDA
margin |
|
7.2 |
% |
|
|
7.6 |
% |
|
|
5.5 |
% |
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six
Months |
|
Adjusted EBITDA
by segment: |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
YRC
Freight |
$ |
48.3 |
|
|
$ |
43.9 |
|
|
$ |
63.2 |
|
|
$ |
74.0 |
|
|
Regional
Transportation |
|
42.2 |
|
|
|
47.7 |
|
|
|
71.6 |
|
|
|
81.1 |
|
|
Corporate
and other |
|
0.6 |
|
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.8 |
) |
|
Adjusted EBITDA |
$ |
91.1 |
|
|
$ |
91.4 |
|
|
$ |
134.3 |
|
|
$ |
154.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating income |
$ |
28.0 |
|
|
$ |
28.4 |
|
|
$ |
17.5 |
|
|
$ |
32.5 |
|
|
Depreciation and amortization |
|
21.2 |
|
|
|
22.3 |
|
|
|
42.5 |
|
|
|
45.0 |
|
|
(Gains)
losses on property disposals, net |
|
(1.4 |
) |
|
|
(11.2 |
) |
|
|
0.7 |
|
|
|
(12.0 |
) |
|
Letter of
credit expense |
|
1.1 |
|
|
|
1.4 |
|
|
|
2.2 |
|
|
|
2.8 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3.0 |
|
|
Other,
net (a) |
|
(0.6 |
) |
|
|
3.0 |
|
|
|
0.3 |
|
|
|
2.7 |
|
|
Adjusted EBITDA |
$ |
48.3 |
|
|
$ |
43.9 |
|
|
$ |
63.2 |
|
|
$ |
74.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six
Months |
|
Regional
Transportation segment |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating income |
$ |
25.3 |
|
|
$ |
30.6 |
|
|
$ |
37.5 |
|
|
$ |
43.0 |
|
|
Depreciation and amortization |
|
16.0 |
|
|
|
16.2 |
|
|
|
31.8 |
|
|
|
34.2 |
|
|
Losses on
property disposals, net |
|
0.4 |
|
|
|
0.1 |
|
|
|
1.0 |
|
|
|
0.6 |
|
|
Letter of
credit expense |
|
0.6 |
|
|
|
0.7 |
|
|
|
1.1 |
|
|
|
1.4 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1.6 |
|
|
Other,
net (a) |
|
(0.1 |
) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
Adjusted EBITDA |
$ |
42.2 |
|
|
$ |
47.7 |
|
|
$ |
71.6 |
|
|
$ |
81.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six
Months |
|
Corporate and
other |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of operating loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(3.3 |
) |
|
$ |
(1.8 |
) |
|
$ |
(8.0 |
) |
|
$ |
(4.9 |
) |
|
Letter of
credit expense |
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
Restructuring professional fees |
|
- |
|
|
|
- |
|
|
|
2.2 |
|
|
|
- |
|
|
Permitted
dispositions and other |
|
0.7 |
|
|
|
(0.4 |
) |
|
|
0.8 |
|
|
|
(0.4 |
) |
|
Equity-based compensation expense |
|
2.6 |
|
|
|
2.7 |
|
|
|
4.0 |
|
|
|
4.5 |
|
|
Other,
net (a) |
|
0.6 |
|
|
|
(0.7 |
) |
|
|
0.4 |
|
|
|
(0.1 |
) |
|
Adjusted EBITDA |
$ |
0.6 |
|
|
$ |
(0.2 |
) |
|
$ |
(0.5 |
) |
|
$ |
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Trailing Twelve Months Ended June 30 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
Reconciliation
of net income to Adjusted EBITDA: |
|
|
|
Net income |
$ |
0.1 |
|
$ |
11.4 |
|
|
Interest
expense, net |
|
101.7 |
|
|
103.9 |
|
|
Income
tax benefit |
|
(0.3 |
) |
|
(5.9 |
) |
|
Depreciation and amortization |
|
154.9 |
|
|
160.0 |
|
|
EBITDA |
|
256.4 |
|
|
269.4 |
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
Gains on
property disposals, net |
|
(1.5 |
) |
|
(10.1 |
) |
|
Letter of
credit expense |
|
6.8 |
|
|
8.7 |
|
|
Restructuring professional fees |
|
2.2 |
|
|
0.2 |
|
|
Nonrecurring consulting fees |
|
- |
|
|
(0.8 |
) |
|
Permitted
dispositions and other |
|
4.2 |
|
|
(0.3 |
) |
|
Equity-based compensation expense |
|
6.8 |
|
|
9.3 |
|
|
Amortization of ratification bonus |
|
- |
|
|
13.7 |
|
|
Non-union
pension settlement charge |
|
- |
|
|
28.7 |
|
|
Other,
net (a) |
|
2.6 |
|
|
0.6 |
|
|
Adjusted EBITDA |
$ |
277.5 |
|
$ |
319.4 |
|
|
|
|
|
|
Operating revenue |
$ |
4,800.8 |
|
$ |
4,715.5 |
|
|
Adjusted EBITDA
margin |
|
5.8 |
% |
|
6.8 |
% |
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Worldwide Inc. |
|
Segment Statistics |
|
Quarterly Comparison |
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
|
2Q17 |
|
2Q16 |
|
1Q17 |
|
% (b) |
|
% (b) |
|
Workdays |
|
63.5 |
|
|
|
64.0 |
|
|
|
64.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
780.8 |
|
|
$ |
749.6 |
|
|
$ |
728.2 |
|
|
4.2 |
|
|
7.2 |
|
|
Total tonnage (in
thousands) |
|
1,627 |
|
|
|
1,596 |
|
|
|
1,547 |
|
|
1.9 |
|
|
5.1 |
|
|
Total tonnage per day
(in thousands) |
|
25.62 |
|
|
|
24.94 |
|
|
|
24.18 |
|
|
2.7 |
|
|
6.0 |
|
|
Total shipments (in
thousands) |
|
2,767 |
|
|
|
2,683 |
|
|
|
2,586 |
|
|
3.1 |
|
|
7.0 |
|
|
Total shipments per day
(in thousands) |
|
43.58 |
|
|
|
41.93 |
|
|
|
40.40 |
|
|
3.9 |
|
|
7.9 |
|
|
Total picked up
revenue/cwt. |
$ |
24.00 |
|
|
$ |
23.48 |
|
|
$ |
23.53 |
|
|
2.2 |
|
|
2.0 |
|
|
Total picked up
revenue/cwt. (excl. FSC) |
$ |
21.53 |
|
|
$ |
21.30 |
|
|
$ |
21.06 |
|
|
1.1 |
|
|
2.2 |
|
|
Total picked up
revenue/shipment |
$ |
282 |
|
|
$ |
279 |
|
|
$ |
282 |
|
|
1.0 |
|
|
0.2 |
|
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
253 |
|
|
$ |
253 |
|
|
$ |
252 |
|
|
(0.1 |
) |
|
0.4 |
|
|
Total weight/shipment
(in pounds) |
|
1,176 |
|
|
|
1,190 |
|
|
|
1,197 |
|
|
(1.2 |
) |
|
(1.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
|
Operating revenue |
$ |
789.5 |
|
|
$ |
755.0 |
|
|
$ |
728.9 |
|
|
|
|
|
|
Change in revenue
deferral and other |
|
(8.7 |
) |
|
|
(5.4 |
) |
|
|
(0.7 |
) |
|
|
|
|
|
Total picked up
revenue |
$ |
780.8 |
|
|
$ |
749.6 |
|
|
$ |
728.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
|
2Q17 |
|
2Q16 |
|
1Q17 |
|
% (b) |
|
% (b) |
|
Workdays |
|
63.5 |
|
|
|
64.0 |
|
|
|
64.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
472.2 |
|
|
$ |
453.4 |
|
|
$ |
443.1 |
|
|
4.2 |
|
|
6.6 |
|
|
Total tonnage (in
thousands) |
|
2,036 |
|
|
|
1,980 |
|
|
|
1,925 |
|
|
2.8 |
|
|
5.8 |
|
|
Total tonnage per day
(in thousands) |
|
32.06 |
|
|
|
30.94 |
|
|
|
30.07 |
|
|
3.6 |
|
|
6.6 |
|
|
Total shipments (in
thousands) |
|
2,725 |
|
|
|
2,696 |
|
|
|
2,545 |
|
|
1.1 |
|
|
7.1 |
|
|
Total shipments per day
(in thousands) |
|
42.92 |
|
|
|
42.12 |
|
|
|
39.77 |
|
|
1.9 |
|
|
7.9 |
|
|
Total picked up
revenue/cwt. |
$ |
11.60 |
|
|
$ |
11.45 |
|
|
$ |
11.51 |
|
|
1.3 |
|
|
0.7 |
|
|
Total picked up
revenue/cwt. (excl. FSC) |
$ |
10.43 |
|
|
$ |
10.40 |
|
|
$ |
10.34 |
|
|
0.2 |
|
|
0.9 |
|
|
Total picked up
revenue/shipment |
$ |
173 |
|
|
$ |
168 |
|
|
$ |
174 |
|
|
3.0 |
|
|
(0.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
156 |
|
|
$ |
153 |
|
|
$ |
156 |
|
|
1.9 |
|
|
(0.4 |
) |
|
Total weight/shipment
(in pounds) |
|
1,494 |
|
|
|
1,469 |
|
|
|
1,512 |
|
|
1.7 |
|
|
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
|
Operating revenue |
$ |
471.2 |
|
|
$ |
452.8 |
|
|
$ |
441.8 |
|
|
|
|
|
|
Change in revenue
deferral and other |
|
1.0 |
|
|
|
0.6 |
|
|
|
1.3 |
|
|
|
|
|
|
Total picked up
revenue |
$ |
472.2 |
|
|
$ |
453.4 |
|
|
$ |
443.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
2017 |
|
2016 |
|
% (b) |
|
Workdays |
|
127.5 |
|
|
|
127.5 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
1,509.0 |
|
|
$ |
1,445.2 |
|
|
4.4 |
|
|
Total tonnage (in
thousands) |
|
3,174 |
|
|
|
3,081 |
|
|
3.0 |
|
|
Total tonnage per day
(in thousands) |
|
24.89 |
|
|
|
24.17 |
|
|
3.0 |
|
|
Total shipments (in
thousands) |
|
5,353 |
|
|
|
5,197 |
|
|
3.0 |
|
|
Total shipments per day
(in thousands) |
|
41.98 |
|
|
|
40.76 |
|
|
3.0 |
|
|
Total picked up
revenue/cwt. |
$ |
23.77 |
|
|
$ |
23.45 |
|
|
1.4 |
|
|
Total picked up
revenue/cwt. (excl. FSC) |
$ |
21.30 |
|
|
$ |
21.36 |
|
|
(0.3 |
) |
|
Total picked up
revenue/shipment |
$ |
282 |
|
|
$ |
278 |
|
|
1.4 |
|
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
253 |
|
|
$ |
253 |
|
|
(0.3 |
) |
|
Total weight/shipment
(in pounds) |
|
1,186 |
|
|
|
1,186 |
|
|
0.0 |
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
Operating revenue |
$ |
1,518.4 |
|
|
$ |
1,450.7 |
|
|
|
|
Change in revenue
deferral and other |
|
(9.4 |
) |
|
|
(5.5 |
) |
|
|
|
Total picked up
revenue |
$ |
1,509.0 |
|
|
$ |
1,445.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
Y/Y |
|
|
2017 |
|
2016 |
|
% (b) |
|
Workdays |
|
127.5 |
|
|
|
128.5 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
915.4 |
|
|
$ |
880.0 |
|
|
4.0 |
|
|
Total tonnage (in
thousands) |
|
3,960 |
|
|
|
3,880 |
|
|
2.1 |
|
|
Total tonnage per day
(in thousands) |
|
31.06 |
|
|
|
30.20 |
|
|
2.9 |
|
|
Total shipments (in
thousands) |
|
5,270 |
|
|
|
5,254 |
|
|
0.3 |
|
|
Total shipments per day
(in thousands) |
|
41.34 |
|
|
|
40.88 |
|
|
1.1 |
|
|
Total picked up
revenue/cwt. |
$ |
11.56 |
|
|
$ |
11.34 |
|
|
1.9 |
|
|
Total picked up
revenue/cwt. (excl. FSC) |
$ |
10.38 |
|
|
$ |
10.36 |
|
|
0.2 |
|
|
Total picked up
revenue/shipment |
$ |
174 |
|
|
$ |
168 |
|
|
3.7 |
|
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
156 |
|
|
$ |
153 |
|
|
2.0 |
|
|
Total weight/shipment
(in pounds) |
|
1,503 |
|
|
|
1,477 |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
Operating revenue |
$ |
913.0 |
|
|
$ |
877.6 |
|
|
|
|
Change in revenue
deferral and other |
|
2.4 |
|
|
|
2.4 |
|
|
|
|
Total picked up
revenue |
$ |
915.4 |
|
|
$ |
880.0 |
|
|
|
|
|
|
|
|
|
|
|
(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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