Fourth quarter results include Operating
Income of $11.3 million and Adjusted EBITDA of $58.5
million
YRC Worldwide Inc. (NASDAQ:YRCW) reported consolidated operating
revenue for fourth quarter 2017 of $1.209 billion and consolidated
operating income of $11.3 million, which included a $3.6 million
gain on property disposals. As a comparison, for the fourth quarter
2016, the Company reported consolidated operating revenue of $1.148
billion and consolidated operating income of $14.9 million, which
included a $3.4 million gain on property disposals.
Consolidated operating revenue for the year
ended December 31, 2017 was $4.891 billion with consolidated
operating income of $98.4 million, which included a $0.6 million
gain on property disposals. This compares to full-year 2016
consolidated operating revenue of $4.698 billion with consolidated
operating income of $124.3 million, which included a $14.6 million
gain on property disposals.
In January 2018, the Company extended the
maturity of its contribution deferral agreement (CDA) notes from
December 2019 to December 2022. As part of the extension, the
Company paid $25 million that reduced the outstanding principal of
the CDA notes to $75.1 million. Over the past five quarters,
outstanding debt at YRC Worldwide has been reduced by $129.3
million.
Financial Highlights
- The fourth quarter 2017 net loss was $7.5 million compared to a
net loss of $7.5 million in fourth quarter 2016. For full-year
2017, the net loss was $10.8 million compared to net income of
$21.5 million in 2016. The fourth quarter and full-year 2017
results were impacted by a $7.6 million non-union pension
settlement charge.
- On a non-GAAP basis, the Company generated consolidated
Adjusted EBITDA of $58.5 million in fourth quarter 2017 compared to
$57.7 million in the prior year comparable quarter (as detailed in
the reconciliation below). Last twelve month (LTM) consolidated
Adjusted EBITDA was $274.2 million compared to $297.5 million in
2016.
- The total debt-to-Adjusted EBITDA ratio for fourth quarter 2017
was 3.38 times compared to 3.40 times for fourth quarter
2016.
- The fourth quarter 2017 results include increases in short-term
rental expense of $4.1 million and local purchased transportation
expense of $3.0 million when compared to the fourth quarter 2016.
The increases were primarily due to a shortage of revenue equipment
and a demand for drivers.
- The fourth quarter 2017 results include a non-union pension
settlement charge at YRC Freight of $7.6 million. The pension
settlement charge was triggered due to the amount of lump sum
benefit payments distributed from plan assets in 2017. The lump sum
benefit payments reduce pension obligations and are funded from
existing pension plan assets and therefore do not impact the
Company’s cash balance nor liquidity. The non-cash expense is
excluded from Adjusted EBITDA, consistent with the Company’s term
loan agreement.
- The fourth quarter 2017 was unfavorably impacted by
approximately $4.0 million in legal expenses due to adverse
developments at the Regional segment when compared to the fourth
quarter 2016.
- Reinvestment in the business continued in 2017 with $103.3
million in capital expenditures and new operating leases for
revenue equipment with a capital value equivalent of $133.8
million, for a total of $237.0 million. This compares to a total of
$253.1 million invested in 2016. The majority of the investment was
in tractors, trailers and technology.
Operational Highlights
- The consolidated operating ratio for fourth quarter 2017 was
99.1 compared to 98.7 in fourth quarter 2016. The operating ratio
at YRC Freight improved to 99.5 compared to 100.0 for the same
period in 2016. The Regional segment’s fourth quarter 2017
operating ratio was 98.0 compared to 96.1 a year ago.
- Fourth quarter 2017 tonnage per day decreased 0.5% at YRC
Freight and increased 3.9% at the Regional segment compared to
fourth quarter 2016.
- At YRC Freight, including fuel surcharge, fourth quarter 2017
revenue per hundredweight increased 4.4% and revenue per shipment
increased 4.9% when compared to the same period in 2016. Excluding
fuel surcharge, revenue per hundredweight increased 2.6% and
revenue per shipment increased 3.1%.
- At the Regional segment, including fuel surcharge, fourth
quarter 2017 revenue per hundredweight increased 1.2% and revenue
per shipment increased 4.6% when compared to the same period in
2016. Excluding fuel surcharge, revenue per hundredweight decreased
0.4% and revenue per shipment increased 2.9%.
Liquidity Update
- At December 31, 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 $118.3 million compared to $181.1 million as
of December 31, 2016.
- For full-year 2017, cash provided by operating activities was
$60.7 million compared to $103.1 million in 2016.
- At December 31, 2017, the Company’s outstanding debt was $926.1
million, a decrease of $84.2 million compared to $1.010 billion as
of December 31, 2016.
“In the fourth quarter 2017, we continued to see
yield improvement at YRC Freight as it reported the largest
year-over-year increase in revenue per hundredweight since the
fourth quarter 2014,” stated James Welch, chief executive officer
of YRC Worldwide. “Collectively, the Regional companies reported
strong year-over-year increases in revenue per shipment, tonnage
per day and weight per shipment.
“Our fourth quarter results were lower than our
previously released projections primarily due to purchased
transportation expense being unfavorably impacted by a shortage of
revenue equipment and a demand for drivers. These factors
contributed to an increase in local purchased transportation and
short-term rental expense including the impact from approximately
2,000 rented tractors and trailers. Going forward these expenses
can be mitigated by continuing to upgrade our fleet, hiring
additional pick-up and delivery drivers and improving
productivities. During the fourth quarter we took delivery of more
than 450 tractors with approximately another 900 scheduled for
delivery in the first two quarters of 2018. We also took delivery
of more than 1,900 trailers with approximately another 450 expected
to be delivered in the first half of 2018.
“We successfully extended the term loan and most
recently the CDA notes to minimize near-term refinancing risk. We
believe these efforts significantly improve our capital structure
and positions YRC Freight, Holland, Reddaway and New Penn well for
the long term.
“As we enter 2018, positive pricing and demand
trends suggest the outlook for the trucking industry remains
positive. The dynamics of the industry, including the planned
progression of ELD enforcement and an ongoing shortage of qualified
drivers, could restrict capacity further. With the revenue
equipment and technology investments that we are making plus our
initiative to grow yield, we’re excited about 2018 and the
opportunity we have in front of us to improve the business,”
concluded Welch.
Key Segment Information –
fourth quarter 2017 compared to fourth quarter 2016
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
2017 |
|
|
|
2016 |
|
|
Percent Change(a) |
Workdays |
|
|
|
61.5 |
|
|
|
61.0 |
|
|
|
|
Operating revenue (in
millions) |
|
|
$ |
761.7 |
|
|
$ |
730.3 |
|
|
4.3% |
|
Operating income (in
millions) |
|
|
$ |
3.6 |
|
|
$ |
(0.1 |
) |
|
NM(b) |
|
Operating ratio |
|
|
|
99.5 |
|
|
|
100.0 |
|
|
0.5pp |
|
Total tonnage per day
(in thousands) |
|
|
|
24.80 |
|
|
|
24.92 |
|
|
(0.5)% |
|
Total shipments per day
(in thousands) |
|
|
|
40.48 |
|
|
|
40.86 |
|
|
(0.9)% |
|
Total picked up revenue
per hundredweight incl FSC |
|
|
$ |
24.52 |
|
|
$ |
23.48 |
|
|
4.4% |
|
Total picked up revenue
per hundredweight excl FSC |
|
|
$ |
21.71 |
|
|
$ |
21.16 |
|
|
2.6% |
|
Total picked up revenue
per shipment incl FSC |
|
|
$ |
300 |
|
|
$ |
286 |
|
|
4.9% |
|
Total picked up revenue
per shipment excl FSC |
|
|
$ |
266 |
|
|
$ |
258 |
|
|
3.1% |
|
Total weight/shipment
(in pounds) |
|
|
|
1,225 |
|
|
|
1,220 |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
2017 |
|
|
|
2016 |
|
Percent Change(a) |
Workdays |
|
|
|
61.5 |
|
|
|
60.5 |
|
|
|
Operating revenue (in
millions) |
|
|
$ |
446.9 |
|
|
$ |
418.0 |
|
6.9% |
|
Operating income (in
millions) |
|
|
$ |
8.9 |
|
|
$ |
16.4 |
|
(45.7)% |
|
Operating ratio |
|
|
|
98.0 |
|
|
|
96.1 |
|
(1.9)pp |
|
Total tonnage per day
(in thousands) |
|
|
|
30.76 |
|
|
|
29.60 |
|
3.9% |
|
Total shipments per day
(in thousands) |
|
|
|
40.14 |
|
|
|
39.92 |
|
0.6% |
|
Total picked up revenue
per hundredweight incl FSC |
|
|
$ |
11.79 |
|
|
$ |
11.64 |
|
1.2% |
|
Total picked up revenue
per hundredweight excl FSC |
|
|
$ |
10.45 |
|
|
$ |
10.49 |
|
(0.4)% |
|
Total picked up revenue
per shipment incl FSC |
|
|
$ |
181 |
|
|
$ |
173 |
|
4.6% |
|
Total picked up revenue
per shipment excl FSC |
|
|
$ |
160 |
|
|
$ |
156 |
|
2.9% |
|
Total weight/shipment
(in pounds) |
|
|
|
1,532 |
|
|
|
1,483 |
|
3.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Segment Information
– full-year 2017 compared to full-year 2016
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
2017 |
|
|
|
2016 |
|
Percent Change(a) |
Workdays |
|
|
|
251.5 |
|
|
|
252.5 |
|
|
|
Operating revenue (in
millions) |
|
|
$ |
3,067.9 |
|
|
$ |
2,958.9 |
|
3.7% |
|
Operating income (in
millions) |
|
|
$ |
41.4 |
|
|
$ |
53.2 |
|
(22.1)% |
|
Operating ratio |
|
|
|
98.7 |
|
|
|
98.2 |
|
(0.5)pp |
|
Total tonnage per day
(in thousands) |
|
|
|
25.01 |
|
|
|
24.64 |
|
1.5% |
|
Total shipments per day
(in thousands) |
|
|
|
41.61 |
|
|
|
41.06 |
|
1.3% |
|
Total picked up revenue
per hundredweight incl FSC |
|
|
$ |
24.11 |
|
|
$ |
23.49 |
|
2.6% |
|
Total picked up revenue
per hundredweight excl FSC |
|
|
$ |
21.53 |
|
|
$ |
21.30 |
|
1.1% |
|
Total picked up revenue
per shipment incl FSC |
|
|
$ |
290 |
|
|
$ |
282 |
|
2.8% |
|
Total picked up revenue
per shipment excl FSC |
|
|
$ |
259 |
|
|
$ |
256 |
|
1.3% |
|
Total weight/shipment
(in pounds) |
|
|
1,202 |
|
|
1,200 |
|
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
2017 |
|
|
|
2016 |
|
Percent Change(a) |
Workdays |
|
|
|
251.5 |
|
|
|
252.0 |
|
|
|
Operating revenue (in
millions) |
|
|
$ |
1,823.4 |
|
|
$ |
1,739.3 |
|
4.8% |
|
Operating income (in
millions) |
|
|
$ |
67.9 |
|
|
$ |
81.3 |
|
(16.5)% |
|
Operating ratio |
|
|
|
96.3 |
|
|
|
95.3 |
|
(1.0)pp |
|
Total tonnage per day
(in thousands) |
|
|
|
31.12 |
|
|
|
30.10 |
|
3.4% |
|
Total shipments per day
(in thousands) |
|
|
|
41.23 |
|
|
|
40.84 |
|
1.0% |
|
Total picked up revenue
per hundredweight incl FSC |
|
|
$ |
11.66 |
|
|
$ |
11.47 |
|
1.6% |
|
Total picked up revenue
per hundredweight excl FSC |
|
|
$ |
|
10.44 |
|
|
$ |
10.42 |
|
0.1% |
|
Total picked up revenue
per shipment incl FSC |
|
|
$ |
176 |
|
|
$ |
169 |
|
4.0% |
|
Total picked up revenue
per shipment excl FSC |
|
|
$ |
158 |
|
|
$ |
154 |
|
2.5% |
|
Total weight/shipment
(in pounds) |
|
|
1,510 |
|
|
1,474 |
|
2.4% |
|
|
|
|
|
|
|
|
|
|
|
(a) Percent change based on unrounded figures
and not the rounded figures presented(b) Not meaningful
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Thursday, February 1, 2018,
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. We
believe our presentation of EBITDA and Adjusted EBITDA is useful to
investors and other users as these measures represent key
supplemental information our management uses to compare and
evaluate our core underlying business results both on a
consolidated basis and across our business segments, particularly
in light of our leverage position and the capital-intensive nature
of our business. Further, EBITDA is a measure that is commonly used
by other companies in our industry and provides a comparison for
investors to evaluate the performance of the companies in the
industry. Additionally, Adjusted EBITDA helps investors to
understand how the company is tracking against our financial
covenants in our term loan credit agreement as this measure is
calculated as prescribed in our term loan credit agreement and
serves as a driving component of key financial covenants. 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
and other transaction costs related to issuances of debt,
nonrecurring consulting fees, letter of credit fees, service
interest, 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 (loss) and operating income (loss) within the supplemental
financial information in this release.
*
* *
* *
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Words such as “will,”
“expect,” “intend,” “anticipate,” “believe,” “could,” “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.
Investor Contact: Tony Carreño
913-696-6108
investor@yrcw.com
Media Contact: Mike Kelley
916-696-6121
mike.kelley@yrcw.com
SOURCE: YRC Worldwide
|
CONSOLIDATED BALANCE SHEETS |
YRC Worldwide Inc. and Subsidiaries |
(Amounts in millions except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
December 31, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
ASSETS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
91.6 |
|
|
$ |
136.7 |
|
|
Restricted
amounts held in escrow |
|
|
54.1 |
|
|
|
126.7 |
|
|
Accounts
receivable, net |
|
|
488.3 |
|
|
|
448.7 |
|
|
Prepaid
expenses and other |
|
|
66.1 |
|
|
|
68.7 |
|
|
|
Total current
assets |
|
|
700.1 |
|
|
|
780.8 |
|
|
|
|
|
|
|
|
PROPERTY
AND EQUIPMENT: |
|
|
|
|
|
Cost |
|
|
|
2,770.2 |
|
|
|
2,787.0 |
|
|
Less -
accumulated depreciation |
|
|
(1,957.5 |
) |
|
|
(1,916.4 |
) |
|
|
Net property and
equipment |
|
|
812.7 |
|
|
|
870.6 |
|
|
|
|
|
|
|
|
Intangibles, net |
|
|
27.8 |
|
|
|
27.2 |
|
Restricted
amounts held in escrow |
|
|
- |
|
|
|
12.3 |
|
Deferred
income taxes, net |
|
|
- |
|
|
|
24.9 |
|
Other
assets |
|
|
44.9 |
|
|
|
54.2 |
|
|
|
Total assets |
|
$ |
1,585.5 |
|
|
$ |
1,770.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Accounts
payable |
|
$ |
172.0 |
|
|
$ |
160.6 |
|
|
Wages,
vacations, and employee benefits |
|
|
182.3 |
|
|
|
191.0 |
|
|
Deferred
income taxes, net |
|
|
- |
|
|
|
24.9 |
|
|
Other
current and accrued liabilities |
|
|
159.3 |
|
|
|
168.6 |
|
|
Current
maturities of long-term debt |
|
|
30.6 |
|
|
|
16.8 |
|
|
|
Total current
liabilities |
|
|
544.2 |
|
|
|
561.9 |
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
Long-term
debt, less current portion |
|
|
875.5 |
|
|
|
980.3 |
|
|
Deferred
income taxes, net |
|
|
3.1 |
|
|
|
3.6 |
|
|
Pension and
postretirement |
|
|
235.4 |
|
|
|
358.2 |
|
|
Claims and
other liabilities |
|
|
280.8 |
|
|
|
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 |
|
|
2,323.3 |
|
|
|
2,319.2 |
|
|
Accumulated
deficit |
|
|
(2,228.6 |
) |
|
|
(2,217.8 |
) |
|
Accumulated
other comprehensive loss |
|
|
(355.8 |
) |
|
|
(425.2 |
) |
|
Treasury
stock, at cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
Total
shareholders' deficit |
|
|
(353.5 |
) |
|
|
(416.2 |
) |
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,585.5 |
|
|
$ |
1,770.0 |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
$ |
1,208.6 |
|
|
$ |
1,148.3 |
|
|
$ |
4,891.0 |
|
|
$ |
4,697.5 |
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
Salaries,
wages and employee benefits |
|
716.7 |
|
|
|
690.5 |
|
|
|
2,904.8 |
|
|
|
2,823.1 |
|
|
Fuel,
operating expenses and supplies |
|
224.9 |
|
|
|
203.4 |
|
|
|
867.5 |
|
|
|
799.1 |
|
|
Purchased
transportation |
|
164.3 |
|
|
|
144.6 |
|
|
|
627.5 |
|
|
|
553.6 |
|
|
Depreciation and amortization |
|
36.7 |
|
|
|
40.3 |
|
|
|
147.7 |
|
|
|
159.8 |
|
|
Other
operating expenses |
|
58.3 |
|
|
|
58.0 |
|
|
|
245.7 |
|
|
|
252.2 |
|
|
Gains on
property disposals, net |
|
(3.6 |
) |
|
|
(3.4 |
) |
|
|
(0.6 |
) |
|
|
(14.6 |
) |
|
|
Total operating
expenses |
|
1,197.3 |
|
|
|
1,133.4 |
|
|
|
4,792.6 |
|
|
|
4,573.2 |
|
OPERATING
INCOME |
|
11.3 |
|
|
|
14.9 |
|
|
|
98.4 |
|
|
|
124.3 |
|
|
|
|
|
|
|
|
|
|
|
NONOPERATING EXPENSES: |
|
|
|
|
|
|
|
|
Interest
expense |
|
25.8 |
|
|
|
25.5 |
|
|
|
102.8 |
|
|
|
103.4 |
|
|
Other,
net |
|
0.7 |
|
|
|
(2.8 |
) |
|
|
13.7 |
|
|
|
(3.7 |
) |
|
|
Nonoperating expenses,
net |
|
26.5 |
|
|
|
22.7 |
|
|
|
116.5 |
|
|
|
99.7 |
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES |
|
(15.2 |
) |
|
|
(7.8 |
) |
|
|
(18.1 |
) |
|
|
24.6 |
|
INCOME TAX
EXPENSE (BENEFIT) |
|
(7.7 |
) |
|
|
(0.3 |
) |
|
|
(7.3 |
) |
|
|
3.1 |
|
NET INCOME
(LOSS) |
|
(7.5 |
) |
|
|
(7.5 |
) |
|
|
(10.8 |
) |
|
|
21.5 |
|
OTHER
COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
56.5 |
|
|
|
(67.8 |
) |
|
|
69.4 |
|
|
|
(64.9 |
) |
COMPREHENSIVE INCOME (LOSS) |
$ |
49.0 |
|
|
$ |
(75.3 |
) |
|
$ |
58.6 |
|
|
$ |
(43.4 |
) |
|
|
|
|
|
|
|
|
|
|
AVERAGE
COMMON SHARES OUTSTANDING - BASIC |
|
32,730 |
|
|
|
32,472 |
|
|
|
32,685 |
|
|
|
32,416 |
|
AVERAGE
COMMON SHARES OUTSTANDING - DILUTED |
|
32,730 |
|
|
|
32,472 |
|
|
|
32,685 |
|
|
|
33,040 |
|
|
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) PER SHARE - BASIC |
$ |
(0.23 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.66 |
|
INCOME
(LOSS) PER SHARE - DILUTED |
$ |
(0.23 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
|
|
|
|
|
|
YRC
Worldwide Inc. and Subsidiaries |
|
|
|
|
|
|
For
the Twelve Months Ended December 31 |
|
|
|
|
|
|
(Amounts in millions) |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
Net income
(loss) |
|
$ |
(10.8 |
) |
|
$ |
21.5 |
|
|
Noncash
items included in net income (loss): |
|
|
|
|
|
Depreciation and amortization |
|
147.7 |
|
|
|
159.8 |
|
|
|
Noncash
equity-based compensation and employee benefits expense |
|
22.0 |
|
|
|
21.0 |
|
|
|
Non-union
pension settlement charge |
|
7.6 |
|
|
|
- |
|
|
|
Gains on
property disposals, net |
|
(0.6 |
) |
|
|
(14.6 |
) |
|
|
Gain on
disposal of equity method investment |
|
- |
|
|
|
(2.3 |
) |
|
|
Deferred
income tax benefit, net |
|
(13.2 |
) |
|
|
(0.4 |
) |
|
|
Other noncash items,
net |
|
|
13.2 |
|
|
|
8.4 |
|
|
Changes in
assets and liabilities, net: |
|
|
|
|
|
Accounts
receivable |
|
|
(38.6 |
) |
|
|
(21.0 |
) |
|
|
Accounts payable |
|
|
10.9 |
|
|
|
(1.1 |
) |
|
|
Other operating
assets |
|
|
14.9 |
|
|
|
10.5 |
|
|
|
Other operating
liabilities |
|
|
(92.4 |
) |
|
|
(78.0 |
) |
|
|
Net cash
provided by operating activities |
|
60.7 |
|
|
|
103.8 |
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
Acquisition
of property and equipment |
|
(103.3 |
) |
|
|
(100.6 |
) |
|
Proceeds
from disposal of property and equipment |
|
8.8 |
|
|
|
35.1 |
|
|
Restricted
escrow receipts |
|
|
94.9 |
|
|
|
112.1 |
|
|
Restricted
escrow deposits |
|
|
(10.0 |
) |
|
|
(128.9 |
) |
|
Proceeds
from disposal of equity method investment, net |
|
- |
|
|
|
14.6 |
|
|
|
Net cash
used in investing activities |
|
(9.6 |
) |
|
|
(67.7 |
) |
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
|
Repayment
of long-term debt |
|
|
(79.3 |
) |
|
|
(70.7 |
) |
|
Debt
issuance costs |
|
|
(14.5 |
) |
|
|
(1.8 |
) |
|
Shares
withheld for taxes |
|
|
(2.4 |
) |
|
|
(0.7 |
) |
|
|
Net cash
used in financing activities |
|
(96.2 |
) |
|
|
(73.2 |
) |
NET
DECREASE IN CASH AND CASH EQUIVALENTS |
|
(45.1 |
) |
|
|
(37.1 |
) |
CASH AND
CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
136.7 |
|
|
|
173.8 |
|
CASH AND
CASH EQUIVALENTS, END OF PERIOD |
$ |
91.6 |
|
|
$ |
136.7 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
Interest
paid |
|
$ |
(103.4 |
) |
|
$ |
(90.2 |
) |
Letter of
credit fees paid |
|
|
(7.0 |
) |
|
|
(8.5 |
) |
Income tax
refund (payment), net |
|
|
1.7 |
|
|
|
(6.8 |
) |
|
|
|
|
|
|
|
|
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 |
|
|
|
2017 |
|
|
|
2016 |
|
|
% |
|
|
2017 |
|
|
|
2016 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
761.7 |
|
|
$ |
730.3 |
|
|
|
4.3 |
|
$ |
3,067.9 |
|
|
$ |
2,958.9 |
|
|
|
3.7 |
|
Regional
Transportation |
|
446.9 |
|
|
|
418.0 |
|
|
|
6.9 |
|
|
1,823.4 |
|
|
|
1,739.3 |
|
|
|
4.8 |
|
Other, net of
eliminations |
|
- |
|
|
|
- |
|
|
|
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
|
Consolidated |
|
1,208.6 |
|
|
|
1,148.3 |
|
|
|
5.3 |
|
|
4,891.0 |
|
|
|
4,697.5 |
|
|
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
3.6 |
|
|
|
(0.1 |
) |
|
|
|
|
41.4 |
|
|
|
53.2 |
|
|
|
|
Regional
Transportation |
|
8.9 |
|
|
|
16.4 |
|
|
|
|
|
67.9 |
|
|
|
81.3 |
|
|
|
|
Corporate and
other |
|
(1.2 |
) |
|
|
(1.4 |
) |
|
|
|
|
(10.9 |
) |
|
|
(10.2 |
) |
|
|
|
Consolidated |
$ |
11.3 |
|
|
$ |
14.9 |
|
|
|
|
$ |
98.4 |
|
|
$ |
124.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
99.5 |
% |
|
|
100.0 |
% |
|
|
|
|
98.7 |
% |
|
|
98.2 |
% |
|
|
|
Regional
Transportation |
|
98.0 |
% |
|
|
96.1 |
% |
|
|
|
|
96.3 |
% |
|
|
95.3 |
% |
|
|
|
Consolidated |
|
99.1 |
% |
|
|
98.7 |
% |
|
|
|
|
98.0 |
% |
|
|
97.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017 |
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
Term Loan |
|
|
|
|
$ |
595.5 |
|
$ |
(10.4 |
) |
|
$ |
(8.3 |
) |
|
$ |
576.8 |
|
ABL
Facility (a) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Secured Second A&R
CDA |
|
|
|
|
|
26.9 |
|
|
- |
|
|
|
(0.1 |
) |
|
|
26.8 |
|
Unsecured Second
A&R CDA |
|
|
|
|
|
48.2 |
|
|
- |
|
|
|
(0.3 |
) |
|
|
47.9 |
|
Lease financing
obligations |
|
|
|
|
|
255.5 |
|
|
- |
|
|
|
(0.9 |
) |
|
|
254.6 |
|
Total debt |
|
|
|
|
$ |
926.1 |
|
$ |
(10.4 |
) |
|
$ |
(9.6 |
) |
|
$ |
906.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31, 2017 was 3.38 to 1.00. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Managed Accessibility
was $26.7M. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) |
Managed Accessibility
was $44.4M. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of net income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(7.5 |
) |
|
$ |
(7.5 |
) |
|
$ |
(10.8 |
) |
|
$ |
21.5 |
|
|
Interest
expense, net |
|
25.7 |
|
|
|
25.4 |
|
|
|
102.4 |
|
|
|
103.0 |
|
|
Income
tax expense (benefit) |
|
(7.7 |
) |
|
|
(0.3 |
) |
|
|
(7.3 |
) |
|
|
3.1 |
|
|
Depreciation and amortization |
|
36.7 |
|
|
|
40.3 |
|
|
|
147.7 |
|
|
|
159.8 |
|
|
EBITDA |
|
47.2 |
|
|
|
57.9 |
|
|
|
232.0 |
|
|
|
287.4 |
|
|
Adjustments for Term
Loan Agreement: |
|
|
|
|
|
|
|
|
Gains on
property disposals, net |
|
(3.6 |
) |
|
|
(3.4 |
) |
|
|
(0.6 |
) |
|
|
(14.6 |
) |
|
Letter of
credit expense |
|
1.7 |
|
|
|
1.7 |
|
|
|
6.8 |
|
|
|
7.7 |
|
|
Restructuring professional fees |
|
- |
|
|
|
- |
|
|
|
2.2 |
|
|
|
- |
|
|
Transaction costs related to issuances of debt |
|
1.4 |
|
|
|
- |
|
|
|
8.1 |
|
|
|
- |
|
|
Permitted
dispositions and other |
|
0.1 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
3.0 |
|
|
Equity-based compensation expense |
|
1.2 |
|
|
|
1.3 |
|
|
|
6.5 |
|
|
|
7.3 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4.6 |
|
|
Non-union
pension settlement charge |
|
7.6 |
|
|
|
- |
|
|
|
7.6 |
|
|
|
- |
|
|
Other,
net (a) |
|
2.9 |
|
|
|
(1.0 |
) |
|
|
10.4 |
|
|
|
2.1 |
|
|
Adjusted
EBITDA |
$ |
58.5 |
|
|
$ |
57.7 |
|
|
$ |
274.2 |
|
|
$ |
297.5 |
|
|
|
|
|
|
|
|
|
|
|
(a) As
required under our Term Loan Agreement, Other, net shown above
consists of the impact of certain items to be included in Adjusted
EBITDA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve
Months |
|
Adjusted EBITDA
by segment: |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
YRC
Freight |
$ |
32.0 |
|
|
$ |
20.8 |
|
|
$ |
137.8 |
|
|
$ |
140.1 |
|
|
Regional
Transportation |
|
26.1 |
|
|
|
35.2 |
|
|
|
136.4 |
|
|
|
156.5 |
|
|
Corporate
and other |
|
0.4 |
|
|
|
1.7 |
|
|
|
(0.0 |
) |
|
|
0.9 |
|
|
Adjusted
EBITDA |
$ |
58.5 |
|
|
$ |
57.7 |
|
|
$ |
274.2 |
|
|
$ |
297.5 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of operating income (loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating income
(loss) |
$ |
3.6 |
|
|
$ |
(0.1 |
) |
|
$ |
41.4 |
|
|
$ |
53.2 |
|
|
Depreciation and amortization |
|
21.2 |
|
|
|
22.4 |
|
|
|
84.8 |
|
|
|
90.3 |
|
|
Gains on
property disposals, net |
|
(3.9 |
) |
|
|
(3.7 |
) |
|
|
(2.2 |
) |
|
|
(15.7 |
) |
|
Letter of
credit expense |
|
1.0 |
|
|
|
1.1 |
|
|
|
4.3 |
|
|
|
5.0 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3.0 |
|
|
Non-union
pension settlement charge |
|
7.6 |
|
|
|
- |
|
|
|
7.6 |
|
|
|
- |
|
|
Other,
net (a) |
|
2.5 |
|
|
|
1.1 |
|
|
|
1.9 |
|
|
|
4.3 |
|
|
Adjusted
EBITDA |
$ |
32.0 |
|
|
$ |
20.8 |
|
|
$ |
137.8 |
|
|
$ |
140.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve
Months |
|
Regional
Transportation segment |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of operating income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating
income |
$ |
8.9 |
|
|
$ |
16.4 |
|
|
$ |
67.9 |
|
|
$ |
81.3 |
|
|
Depreciation and amortization |
|
15.5 |
|
|
|
17.9 |
|
|
|
62.9 |
|
|
|
69.5 |
|
|
Losses on
property disposals, net |
|
0.3 |
|
|
|
0.2 |
|
|
|
1.6 |
|
|
|
1.1 |
|
|
Letter of
credit expense |
|
0.6 |
|
|
|
0.5 |
|
|
|
2.2 |
|
|
|
2.5 |
|
|
Amortization of ratification bonus |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1.6 |
|
|
Other,
net (a) |
|
0.8 |
|
|
|
0.2 |
|
|
|
1.8 |
|
|
|
0.5 |
|
|
Adjusted EBITDA |
$ |
26.1 |
|
|
$ |
35.2 |
|
|
$ |
136.4 |
|
|
$ |
156.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Twelve
Months |
|
Corporate and
other |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Reconciliation
of operating loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(1.2 |
) |
|
$ |
(1.4 |
) |
|
$ |
(10.9 |
) |
|
$ |
(10.2 |
) |
|
Loss on
property disposals, net |
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
- |
|
|
Letter of
credit expense |
|
0.1 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
Restructuring professional fees |
|
- |
|
|
|
- |
|
|
|
2.2 |
|
|
|
- |
|
|
Permitted
dispositions and other |
|
0.1 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
|
3.0 |
|
|
Equity-based compensation expense |
|
1.2 |
|
|
|
1.3 |
|
|
|
6.5 |
|
|
|
7.3 |
|
|
Other,
net (a) |
|
0.2 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
0.6 |
|
|
Adjusted EBITDA |
$ |
0.4 |
|
|
$ |
1.7 |
|
|
$ |
(0.0 |
) |
|
$ |
0.9 |
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
YRC Worldwide Inc. |
Segment Statistics |
Quarterly Comparison |
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
4Q17 |
|
4Q16 |
|
3Q17 |
|
% (b) |
|
% (b) |
Workdays |
|
61.5 |
|
|
|
61.0 |
|
|
|
62.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
747.7 |
|
|
$ |
713.8 |
|
|
$ |
776.3 |
|
|
4.8 |
|
|
(3.7 |
) |
Total tonnage (in
thousands) |
|
1,525 |
|
|
|
1,520 |
|
|
|
1,592 |
|
|
0.3 |
|
|
(4.2 |
) |
Total tonnage per day
(in thousands) |
|
24.80 |
|
|
|
24.92 |
|
|
|
25.47 |
|
|
(0.5 |
) |
|
(2.7 |
) |
Total shipments (in
thousands) |
|
2,489 |
|
|
|
2,493 |
|
|
|
2,623 |
|
|
(0.1 |
) |
|
(5.1 |
) |
Total shipments per day
(in thousands) |
|
40.48 |
|
|
|
40.86 |
|
|
|
41.96 |
|
|
(0.9 |
) |
|
(3.5 |
) |
Total picked up
revenue/cwt. |
$ |
24.52 |
|
|
$ |
23.48 |
|
|
$ |
24.38 |
|
|
4.4 |
|
|
0.6 |
|
Total picked up
revenue/cwt. (excl. FSC) |
$ |
21.71 |
|
|
$ |
21.16 |
|
|
$ |
21.81 |
|
|
2.6 |
|
|
(0.5 |
) |
Total picked up
revenue/shipment |
$ |
300 |
|
|
$ |
286 |
|
|
$ |
296 |
|
|
4.9 |
|
|
1.5 |
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
266 |
|
|
$ |
258 |
|
|
$ |
265 |
|
|
3.1 |
|
|
0.4 |
|
Total weight/shipment
(in pounds) |
|
1,225 |
|
|
|
1,220 |
|
|
|
1,214 |
|
|
0.5 |
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
Operating revenue |
$ |
761.7 |
|
|
$ |
730.3 |
|
|
$ |
787.8 |
|
|
|
|
|
Change in revenue
deferral and other |
|
(14.0 |
) |
|
|
(16.5 |
) |
|
|
(11.5 |
) |
|
|
|
|
Total picked up
revenue |
$ |
747.7 |
|
|
$ |
713.8 |
|
|
$ |
776.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
4Q17 |
|
4Q16 |
|
3Q17 |
|
% (b) |
|
% (b) |
Workdays |
|
61.5 |
|
|
|
60.5 |
|
|
|
62.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
446.0 |
|
|
$ |
417.1 |
|
|
$ |
463.4 |
|
|
6.9 |
|
|
(3.7 |
) |
Total tonnage (in
thousands) |
|
1,892 |
|
|
|
1,791 |
|
|
|
1,975 |
|
|
5.6 |
|
|
(4.2 |
) |
Total tonnage per day
(in thousands) |
|
30.76 |
|
|
|
29.60 |
|
|
|
31.60 |
|
|
3.9 |
|
|
(2.7 |
) |
Total shipments (in
thousands) |
|
2,469 |
|
|
|
2,415 |
|
|
|
2,631 |
|
|
2.2 |
|
|
(6.2 |
) |
Total shipments per day
(in thousands) |
|
40.14 |
|
|
|
39.92 |
|
|
|
42.10 |
|
|
0.6 |
|
|
(4.6 |
) |
Total picked up
revenue/cwt. |
$ |
11.79 |
|
|
$ |
11.64 |
|
|
$ |
11.73 |
|
|
1.2 |
|
|
0.5 |
|
Total picked up
revenue/cwt. (excl. FSC) |
$ |
10.45 |
|
|
$ |
10.49 |
|
|
$ |
10.52 |
|
|
(0.4 |
) |
|
(0.7 |
) |
Total picked up
revenue/shipment |
$ |
181 |
|
|
$ |
173 |
|
|
$ |
176 |
|
|
4.6 |
|
|
2.6 |
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
160 |
|
|
$ |
156 |
|
|
$ |
158 |
|
|
2.9 |
|
|
1.4 |
|
Total weight/shipment
(in pounds) |
|
1,532 |
|
|
|
1,483 |
|
|
|
1,501 |
|
|
3.3 |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
Operating revenue |
$ |
446.9 |
|
|
$ |
418.0 |
|
|
$ |
463.5 |
|
|
|
|
|
Change in revenue
deferral and other |
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
(0.1 |
) |
|
|
|
|
Total picked up
revenue |
$ |
446.0 |
|
|
$ |
417.1 |
|
|
$ |
463.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
251.5 |
|
|
|
252.5 |
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
3,033.0 |
|
|
$ |
2,922.7 |
|
|
3.8 |
Total tonnage (in
thousands) |
|
6,291 |
|
|
|
6,221 |
|
|
1.1 |
Total tonnage per day
(in thousands) |
|
25.01 |
|
|
|
24.64 |
|
|
1.5 |
Total shipments (in
thousands) |
|
10,465 |
|
|
|
10,368 |
|
|
0.9 |
Total shipments per day
(in thousands) |
|
41.61 |
|
|
|
41.06 |
|
|
1.3 |
Total picked up
revenue/cwt. |
$ |
24.11 |
|
|
$ |
23.49 |
|
|
2.6 |
Total picked up
revenue/cwt. (excl. FSC) |
$ |
21.53 |
|
|
$ |
21.30 |
|
|
1.1 |
Total picked up
revenue/shipment |
$ |
290 |
|
|
$ |
282 |
|
|
2.8 |
Total picked up
revenue/shipment (excl. FSC) |
$ |
259 |
|
|
$ |
256 |
|
|
1.3 |
Total weight/shipment
(in pounds) |
|
1,202 |
|
|
|
1,200 |
|
|
0.2 |
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
Operating revenue |
$ |
3,067.9 |
|
|
$ |
2,958.9 |
|
|
|
Change in revenue
deferral and other |
|
(34.9 |
) |
|
|
(36.2 |
) |
|
|
Total picked up
revenue |
$ |
3,033.0 |
|
|
$ |
2,922.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
Y/Y |
|
|
2017 |
|
|
|
2016 |
|
|
% (b) |
Workdays |
|
251.5 |
|
|
|
252.0 |
|
|
|
|
|
|
|
|
|
Total picked up revenue
(in millions) (a) |
$ |
1,824.8 |
|
|
$ |
1,740.7 |
|
|
4.8 |
Total tonnage (in
thousands) |
|
7,827 |
|
|
|
7,585 |
|
|
3.2 |
Total tonnage per day
(in thousands) |
|
31.12 |
|
|
|
30.10 |
|
|
3.4 |
Total shipments (in
thousands) |
|
10,370 |
|
|
|
10,291 |
|
|
0.8 |
Total shipments per day
(in thousands) |
|
41.23 |
|
|
|
40.84 |
|
|
1.0 |
Total picked up
revenue/cwt. |
$ |
11.66 |
|
|
$ |
11.47 |
|
|
1.6 |
Total picked up
revenue/cwt. (excl. FSC) |
$ |
10.44 |
|
|
$ |
10.42 |
|
|
0.1 |
Total picked up
revenue/shipment |
$ |
176 |
|
|
$ |
169 |
|
|
4.0 |
Total picked up
revenue/shipment (excl. FSC) |
$ |
158 |
|
|
$ |
154 |
|
|
2.5 |
Total weight/shipment
(in pounds) |
|
1,510 |
|
|
|
1,474 |
|
|
2.4 |
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
Operating revenue |
$ |
1,823.4 |
|
|
$ |
1,739.3 |
|
|
|
Change in revenue
deferral and other |
|
1.4 |
|
|
|
1.4 |
|
|
|
Total picked up
revenue |
$ |
1,824.8 |
|
|
$ |
1,740.7 |
|
|
|
|
|
|
|
|
|
(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. |
|
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