YRC Worldwide Inc. (NASDAQ: YRCW) reported consolidated operating
revenue for first quarter 2019 of $1.182 billion and consolidated
operating loss of $31.7 million, which included a $1.6 million net
loss on property disposals. As a comparison, for the first quarter
2018, the Company’s results included operating revenue of $1.215
billion and consolidated operating loss of $4.3 million, which
included a $3.2 million net loss on property disposals.
“Our primary focus during first quarter was
securing a new labor agreement that was scheduled to expire on
March 31, 2019. I am pleased to announce that on May 3, 2019, our
employees approved the national agreement and 26 of the 27
applicable supplemental agreements,” said Darren Hawkins, Chief
Executive Officer of YRC Worldwide. “Leading up to the approval of
the five-year agreement, we experienced the effects of some
customer concerns around the uncertainty of the negotiations
process. While we cannot precisely quantify the revenue loss
related to the labor agreement, our first quarter results were
adversely impacted.”
Hawkins added, “During the first quarter, our
freight operations were negatively impacted by severe winter
weather events. Approximately half of the 63-day quarter was
impacted by weather events for both YRC Freight and our largest
Regional carrier, Holland, resulting in limited or closed
operations across our 384-facility network. Holland was
significantly impacted during a two-week period in late January, in
which more than 25% of its’ network was down or severely
limited.
“As we move through 2019, we will continue to
prioritize yield over tonnage. We believe the new labor agreement
provides both long-term value and opportunity for our employees,
our customers, and our shareholders and it will be our number one
priority to execute on the new contractual operational
capabilities.
“At the very core of our 2019 strategy is
network optimization. The initiative has multiple layers – with the
primary objectives of enhancing service, creating opportunities for
productivity improvements, and streamlining our cost structure as
we seek to eliminate inefficiencies across the network, providing
the potential for revenue growth and margin expansion,” said
Hawkins.
Financial Highlights
- In first quarter 2019, net loss was $49.1 million compared to
net loss of $14.6 million in first quarter 2018.
- On a non-GAAP basis, the Company generated consolidated
Adjusted EBITDA of $30.1 million in first quarter 2019, a decrease
of $15.6 million compared to $45.7 million for the same period in
2018 (as detailed in the reconciliation below). Last twelve month
(LTM) consolidated Adjusted EBITDA was $321.9 million compared to
$276.7 million a year ago.
- The total debt-to-Adjusted EBITDA ratio for first quarter 2019
improved to 2.76 times compared to 3.32 times for first quarter
2018.
- First quarter 2019 results included a non-cash impairment
charge at YRC Freight of $8.2 million. The non-cash impairment
charge reflects the write-down of an intangible asset as a result
of rebranding strategies, leading to discontinued use of a
tradename. The non-cash expense is included in operating loss and
excluded from Adjusted EBITDA.
- Investment in the business continued with $32.6 million in
capital expenditures and new operating leases for revenue equipment
with a capital value equivalent of $25.3 million, for a total of
$57.9 million, which is equal to 4.9% of operating revenue for
first quarter 2019. The majority of the investment was tractors,
trailers and technology.
Operational Highlights
- The consolidated operating ratio for first quarter 2019 was
102.7 compared to 100.4 in first quarter 2018. The operating ratio
at YRC Freight was 102.8 compared to 100.9 for the same period in
2018. The Regional segment’s first quarter 2019 operating ratio was
101.6 compared to 98.9 a year ago.
- At YRC Freight, first quarter 2019 less-than-truckload (LTL)
revenue per hundredweight, including fuel surcharge, increased 5.4%
and LTL revenue per shipment increased 3.6% when compared to the
same period in 2018. Excluding fuel surcharge, LTL revenue
per hundredweight increased 5.8% and LTL revenue per shipment
increased 3.9%.
- At the Regional segment, first quarter 2019 LTL revenue per
hundredweight, including fuel surcharge, increased 3.8% and LTL
revenue per shipment increased 3.7% when compared to the same
period in 2018. Excluding fuel surcharge, LTL revenue per
hundredweight increased 4.2% and LTL revenue per shipment increased
4.1%.
- First quarter 2019 LTL tonnage per day decreased 5.8% at YRC
Freight and decreased 7.5% at the Regional segment compared to
first quarter 2018.
- Total shipments per day for the first quarter 2019 declined
4.1% at YRC Freight and 7.6% at the Regional segment.
Liquidity Update
- At March 31, 2019, the Company’s outstanding debt was $884.5
million, a decrease of $34.2 million compared to $918.7 million as
of March 31, 2018.
- The Company’s available liquidity, which is comprised of cash
and cash equivalents and Managed Accessibility (as detailed in the
supplemental information provided below) under its ABL facility
totaled $155.7 million compared to $117.2 million as of March 31,
2018, an increase of $38.5 million.
- For the three months ended March 31, 2019, cash used in
operating activities was $41.7 million compared to cash used in
operating activities of $3.7 million for the three months ended
March 31, 2018.
Key Segment Information –
first quarter 2019 compared to first quarter 2018
YRC Freight |
|
|
2019 |
|
|
|
2018 |
|
Percent Change(a) |
Workdays |
|
|
63.0 |
|
|
|
63.5 |
|
|
Operating revenue (in millions) |
|
$ |
743.8 |
|
|
$ |
751.3 |
|
(1.0 |
)% |
Operating loss (in
millions) |
|
$ |
(21.1 |
) |
|
$ |
(6.9 |
) |
NM |
|
Operating ratio |
|
|
102.8 |
|
|
|
100.9 |
|
(1.9 |
)pp |
LTL tonnage per day (in
thousands) |
|
|
18.33 |
|
|
|
19.46 |
|
(5.8 |
)% |
LTL shipments per day (in
thousands) |
|
|
36.47 |
|
|
|
38.05 |
|
(4.1 |
)% |
LTL picked up revenue per
hundredweight incl FSC |
|
$ |
29.80 |
|
|
$ |
28.27 |
|
5.4 |
% |
LTL picked up revenue per
hundredweight excl FSC |
|
$ |
26.33 |
|
|
$ |
24.90 |
|
5.8 |
% |
LTL picked up revenue per
shipment incl FSC |
|
$ |
300 |
|
|
$ |
289 |
|
3.6 |
% |
LTL picked up revenue per
shipment excl FSC |
|
$ |
265 |
|
|
$ |
255 |
|
3.9 |
% |
LTL weight/shipment (in
pounds) |
|
|
1,005 |
|
|
|
1,023 |
|
(1.7 |
)% |
Total tonnage per day (in
thousands) |
|
|
22.90 |
|
|
|
23.60 |
|
(3.0 |
)% |
Total shipments per day (in
thousands) |
|
|
37.01 |
|
|
|
38.59 |
|
(4.1 |
)% |
Total picked up revenue per
hundredweight incl FSC |
|
$ |
25.58 |
|
|
$ |
24.94 |
|
2.6 |
% |
Total picked up revenue per
hundredweight excl FSC |
|
$ |
22.66 |
|
|
$ |
21.99 |
|
3.1 |
% |
Total picked up revenue per
shipment incl FSC |
|
$ |
317 |
|
|
$ |
305 |
|
3.8 |
% |
Total picked up revenue per
shipment excl FSC |
|
$ |
280 |
|
|
$ |
269 |
|
4.3 |
% |
Total weight/shipment (in
pounds) |
|
$ |
1,237 |
|
|
$ |
1,223 |
|
1.2 |
% |
Regional Transportation |
|
|
2019 |
|
|
|
2018 |
|
Percent Change(a) |
Workdays |
|
|
63.0 |
|
|
|
63.5 |
|
|
Operating revenue (in millions) |
|
$ |
438.6 |
|
|
$ |
463.3 |
|
(5.3 |
)% |
Operating income (loss) (in
millions) |
|
$ |
(7.0 |
) |
|
$ |
5.2 |
|
NM |
|
Operating ratio |
|
|
101.6 |
|
|
|
98.9 |
|
(2.7 |
)pp |
LTL tonnage per day (in
thousands) |
|
|
22.02 |
|
|
|
23.80 |
|
(7.5 |
)% |
LTL shipments per day (in
thousands) |
|
|
34.81 |
|
|
|
37.59 |
|
(7.4 |
)% |
LTL picked up revenue per
hundredweight incl FSC |
|
$ |
14.59 |
|
|
$ |
14.06 |
|
3.8 |
% |
LTL picked up revenue per
hundredweight excl FSC |
|
$ |
12.93 |
|
|
$ |
12.41 |
|
4.2 |
% |
LTL picked up revenue per
shipment incl FSC |
|
$ |
185 |
|
|
$ |
178 |
|
3.7 |
% |
LTL picked up revenue per
shipment excl FSC |
|
$ |
164 |
|
|
$ |
157 |
|
4.1 |
% |
LTL weight/shipment (in
pounds) |
|
|
1,265 |
|
|
|
1,266 |
|
(0.1 |
)% |
Total tonnage per day (in
thousands) |
|
|
27.39 |
|
|
|
30.14 |
|
(9.1 |
)% |
Total shipments per day (in
thousands) |
|
|
35.58 |
|
|
|
38.49 |
|
(7.6 |
)% |
Total picked up revenue per
hundredweight incl FSC |
|
$ |
12.70 |
|
|
$ |
12.12 |
|
4.8 |
% |
Total picked up revenue per
hundredweight excl FSC |
|
$ |
11.26 |
|
|
$ |
10.71 |
|
5.2 |
% |
Total picked up revenue per
shipment incl FSC |
|
$ |
196 |
|
|
$ |
190 |
|
3.0 |
% |
Total picked up revenue per
shipment excl FSC |
|
$ |
173 |
|
|
$ |
168 |
|
3.4 |
% |
Total weight/shipment (in
pounds) |
|
|
1,540 |
|
|
|
1,566 |
|
(1.7 |
)% |
|
|
|
|
|
|
|
(a) Percent change based on unrounded figures and not the
rounded figures presented
The Company uses key operating metrics to
provide a comparison with industry peers. Two primary components
include volume (commonly evaluated using tonnage, tonnage per day,
total shipments, shipments per day or weight per shipment) and
yield or price (commonly evaluated as picked up revenue, revenue
per hundredweight, or revenue per shipment). With the
enhanced focus of service and product expansion and the launch of
HNRY Logistics in late 2018, our increase in shipments over 10,000
pounds is growing, impacting the year-over-year revenue per
hundredweight metrics that we have historically presented for YRC
Freight, which includes the results of operations for HNRY
Logistics. Therefore, the Company has updated its presentation of
operating metrics to separately present less-than-truckload (LTL)
operating statistics, which represents shipments less than 10,000
pounds. Shipments greater than 10,000 pounds are primarily
transported using third-party purchased transportation.
Review of Financial Results
YRC Worldwide Inc. will host a conference call
with the investment community today, Wednesday, May 8, 2019,
beginning at 9:30 a.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: a non-GAAP measure that
reflects EBITDA, and further adjusts for net gains or losses on
certain property disposals, non-cash impairment charges, letter of
credit expenses, restructuring charges, transaction costs related
to issuances of debt, nonrecurring consulting fees, permitted
dispositions and discontinued operations, equity-based compensation
expense, and non-union pension settlement charges, among other
items, as defined in our 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 management and employee 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 service interest or fund principal
payments on our outstanding debt, letter of credit expenses,
restructuring charges, transaction costs related to debt, or
nonrecurring consulting fees, among other items;
- 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, including (without limitation) customer
demand in the retail and manufacturing sectors; business risks and
increasing costs associated with the transportation industry,
including increasing equipment, operational and technology costs;
competition and competitive pressure on pricing; the risk of labor
disruptions or stoppages, if our relationship with our employees
and unions were to deteriorate; increasing pension expense and
funding obligations, subject to interest rate volatility;
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, including (without limitation) labor laws and laws
and regulations regarding the environment; 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; a significant privacy
breach or IT system disruption; risks of operating in foreign
countries; our dependence on key employees; seasonality; disruption
from natural disasters; shortages of fuel and 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 Holland, New Penn,
Reddaway, YRC Freight, and YRC Reimer as well as the logistics
company HNRY Logistics. Collectively, YRC Worldwide companies have
one of the largest, most comprehensive logistics and 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: |
Bri Simoneau913-696-6108investor@yrcw.com |
Media Contact: |
Mike Kelley916-696-6121mike.kelley@yrcw.com |
SOURCE: YRC Worldwide
CONSOLIDATED BALANCE SHEETS |
YRC Worldwide Inc. and Subsidiaries |
(Amounts in millions except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
126.6 |
|
|
$ |
227.6 |
|
|
Restricted amounts
held in escrow |
|
|
25.0 |
|
|
|
- |
|
|
Accounts
receivable, net |
|
|
513.6 |
|
|
|
470.3 |
|
|
Prepaid expenses
and other |
|
|
65.9 |
|
|
|
58.7 |
|
|
|
Total current assets |
|
|
731.1 |
|
|
|
756.6 |
|
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT: |
|
|
|
|
|
|
|
|
|
Cost |
|
|
|
2,764.8 |
|
|
|
2,765.9 |
|
|
Less - accumulated
depreciation |
|
|
(1,978.4 |
) |
|
|
(1,969.8 |
) |
|
|
Net property and
equipment |
|
|
786.4 |
|
|
|
796.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes, net |
|
|
0.3 |
|
|
|
- |
|
Operating lease
right-of-use assets |
|
|
367.6 |
|
|
|
- |
|
Other assets |
|
|
43.4 |
|
|
|
64.4 |
|
|
|
Total assets |
|
$ |
1,928.8 |
|
|
$ |
1,617.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
198.5 |
|
|
$ |
178.0 |
|
|
Wages, vacations,
and employee benefits |
|
|
207.1 |
|
|
|
223.6 |
|
|
Curent operating
lease liabilities |
|
|
106.4 |
|
|
|
- |
|
|
Other current and
accrued liabilities |
|
|
180.6 |
|
|
|
170.1 |
|
|
Current maturities
of long-term debt |
|
|
23.6 |
|
|
|
20.7 |
|
|
|
Total current liabilities |
|
|
716.2 |
|
|
|
592.4 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Long-term debt,
less current portion |
|
|
846.9 |
|
|
|
854.2 |
|
|
Deferred income
taxes, net |
|
|
- |
|
|
|
1.8 |
|
|
Pension and
postretirement |
|
|
198.6 |
|
|
|
202.9 |
|
|
Operating lease
liabilities |
|
|
240.5 |
|
|
|
- |
|
|
Claims and other
liabilities |
|
|
276.1 |
|
|
|
271.3 |
|
|
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 |
|
|
2,329.2 |
|
|
|
2,327.6 |
|
|
Accumulated
deficit |
|
|
(2,257.5 |
) |
|
|
(2,208.4 |
) |
|
Accumulated other
comprehensive loss |
|
|
(328.8 |
) |
|
|
(332.3 |
) |
|
Treasury stock, at
cost (410 shares) |
|
|
(92.7 |
) |
|
|
(92.7 |
) |
|
|
Total shareholders' deficit |
|
|
(349.5 |
) |
|
|
(305.5 |
) |
|
|
Total liabilities and
shareholders' deficit |
|
$ |
1,928.8 |
|
|
$ |
1,617.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED COMPREHENSIVE LOSS |
YRC Worldwide Inc. and Subsidiaries |
For the Three Months Ended March 31 |
(Amounts in millions except per share data, shares in
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE |
$ |
1,182.3 |
|
|
$ |
1,214.5 |
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
Salaries, wages
and employee benefits |
|
718.2 |
|
|
|
729.7 |
|
|
|
Fuel, operating
expenses and supplies |
|
235.9 |
|
|
|
230.2 |
|
|
|
Purchased
transportation |
|
146.3 |
|
|
|
155.4 |
|
|
|
Depreciation and
amortization |
|
40.0 |
|
|
|
37.7 |
|
|
|
Other operating
expenses |
|
63.8 |
|
|
|
62.6 |
|
|
|
Losses on property
disposals, net |
|
1.6 |
|
|
|
3.2 |
|
|
|
Impairment
charges |
|
8.2 |
|
|
|
- |
|
|
|
|
Total operating expenses |
|
1,214.0 |
|
|
|
1,218.8 |
|
|
OPERATING
LOSS |
|
(31.7 |
) |
|
|
(4.3 |
) |
|
|
|
|
|
|
|
|
NONOPERATING
EXPENSES: |
|
|
|
|
|
Interest
expense |
|
27.0 |
|
|
|
25.6 |
|
|
|
Non-union pension
and postretirement benefits |
|
0.3 |
|
|
|
(0.5 |
) |
|
|
Other, net |
|
(0.2 |
) |
|
|
(1.9 |
) |
|
|
|
Nonoperating expenses,
net |
|
27.1 |
|
|
|
23.2 |
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME
TAXES |
|
(58.8 |
) |
|
|
(27.5 |
) |
|
INCOME TAX
BENEFIT |
|
(9.7 |
) |
|
|
(12.9 |
) |
|
NET LOSS |
|
(49.1 |
) |
|
|
(14.6 |
) |
|
OTHER
COMPREHENSIVE INCOME, NET OF TAX |
|
3.5 |
|
|
|
2.0 |
|
|
COMPREHENSIVE LOSS |
$ |
(45.6 |
) |
|
$ |
(12.6 |
) |
|
|
|
|
|
|
|
|
AVERAGE COMMON
SHARES OUTSTANDING - BASIC |
|
33,150 |
|
|
|
32,821 |
|
|
AVERAGE COMMON
SHARES OUTSTANDING - DILUTED |
|
33,150 |
|
|
|
32,821 |
|
|
|
|
|
|
|
|
|
LOSS PER SHARE -
BASIC |
$ |
(1.48 |
) |
|
$ |
(0.44 |
) |
|
LOSS PER SHARE -
DILUTED |
$ |
(1.48 |
) |
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF CONSOLIDATED CASH FLOWS |
YRC Worldwide Inc. and Subsidiaries |
For the Three Months Ended March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES: |
|
|
|
|
Net loss |
$ |
(49.1 |
) |
|
$ |
(14.6 |
) |
|
Noncash items
included in net loss: |
|
|
|
|
|
Depreciation and
amortization |
|
40.0 |
|
|
|
37.7 |
|
|
|
Lease amortization
and accretion expense |
|
41.2 |
|
|
|
- |
|
|
|
Equity-based
compensation and employee benefits expense |
|
5.3 |
|
|
|
5.3 |
|
|
|
Gains on property
disposals, net |
|
1.6 |
|
|
|
3.2 |
|
|
|
Impairment
charges |
|
8.2 |
|
|
|
- |
|
|
|
Other noncash
items, net |
|
0.8 |
|
|
|
0.4 |
|
|
Changes in assets
and liabilities, net: |
|
|
|
|
|
Accounts
receivable |
|
(42.1 |
) |
|
|
(41.3 |
) |
|
|
Accounts
payable |
|
12.8 |
|
|
|
1.9 |
|
|
|
Other operating
assets |
|
(20.0 |
) |
|
|
(29.4 |
) |
|
|
Other operating
liabilities |
|
(40.4 |
) |
|
|
33.1 |
|
|
|
Net cash used in
operating activities |
|
(41.7 |
) |
|
|
(3.7 |
) |
|
|
|
|
|
|
|
INVESTING
ACTIVITIES: |
|
|
|
|
Acquisition of
property and equipment |
|
(32.6 |
) |
|
|
(23.5 |
) |
|
Proceeds from
disposal of property and equipment |
|
0.8 |
|
|
|
3.0 |
|
|
|
Net cash used in
investing activities |
|
(31.8 |
) |
|
|
(20.5 |
) |
|
|
|
|
|
|
|
FINANCING
ACTIVITIES: |
|
|
|
|
Repayment of
long-term debt |
|
(1.9 |
) |
|
|
(7.0 |
) |
|
Payments for tax
withheld on equity-based compensation |
|
(0.6 |
) |
|
|
(1.4 |
) |
|
|
Net cash used in
financing activities |
|
(2.5 |
) |
|
|
(8.4 |
) |
NET DECREASE IN
CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW |
|
(76.0 |
) |
|
|
(32.6 |
) |
CASH, CASH
EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW, BEGINNING OF
PERIOD |
|
227.6 |
|
|
|
145.7 |
|
CASH, CASH
EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW, END OF
PERIOD |
$ |
151.6 |
|
|
$ |
113.1 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH
FLOW INFORMATION |
|
|
|
Interest paid |
$ |
(13.3 |
) |
|
$ |
(14.9 |
) |
Income tax
payment, net |
|
(1.6 |
) |
|
|
(1.7 |
) |
SUPPLEMENTAL FINANCIAL INFORMATION |
|
YRC Worldwide Inc. and Subsidiaries |
|
For the Three Months Ended March 31 |
|
(Amounts in millions) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
$ |
743.8 |
|
|
$ |
751.3 |
|
|
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
438.6 |
|
|
|
463.3 |
|
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other, net of
eliminations |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
1,182.3 |
|
|
|
1,214.5 |
|
|
|
(2.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
(21.1 |
) |
|
|
(6.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
(7.0 |
) |
|
|
5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other |
|
(3.6 |
) |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
$ |
(31.7 |
) |
|
$ |
(4.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating ratio (a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YRC Freight |
|
102.8 |
% |
|
|
100.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
101.6 |
% |
|
|
98.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
102.7 |
% |
|
|
100.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) 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: Total Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issue |
|
|
|
|
As of March 31, 2019 |
|
|
|
|
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
Term Loan |
|
|
|
|
|
|
|
|
$ |
573.0 |
|
|
$ |
(7.3 |
) |
|
$ |
(6.0 |
) |
|
$ |
559.7 |
|
|
|
ABL Facility |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Secured Second A&R
CDA |
|
|
|
|
|
|
|
|
|
26.8 |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
26.7 |
|
|
|
Unsecured Second A&R
CDA |
|
|
|
|
|
|
|
|
|
46.7 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
46.5 |
|
|
|
Lease financing
obligations |
|
|
|
|
|
|
|
|
|
238.0 |
|
|
|
- |
|
|
|
(0.4 |
) |
|
|
237.6 |
|
|
|
Total debt |
|
|
|
|
|
|
|
|
$ |
884.5 |
|
|
$ |
(7.3 |
) |
|
$ |
(6.7 |
) |
|
$ |
870.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Issue |
|
|
|
|
As of December 31, 2018 |
|
|
|
|
|
|
|
|
Par Value |
|
Discount |
|
Costs |
|
Book Value |
|
|
Term Loan |
|
|
|
|
|
|
|
|
$ |
573.7 |
|
|
$ |
(7.8 |
) |
|
$ |
(6.5 |
) |
|
$ |
559.4 |
|
|
|
ABL Facility |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Secured Second A&R
CDA |
|
|
|
|
|
|
|
|
|
26.9 |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
26.8 |
|
|
|
Unsecured Second A&R
CDA |
|
|
|
|
|
|
|
|
|
46.7 |
|
|
|
- |
|
|
|
(0.2 |
) |
|
|
46.5 |
|
|
|
Lease financing
obligations |
|
|
|
|
|
|
|
|
|
242.7 |
|
|
|
- |
|
|
|
(0.5 |
) |
|
|
242.2 |
|
|
|
Total debt |
|
|
|
|
|
|
|
|
$ |
890.0 |
|
|
$ |
(7.8 |
) |
|
$ |
(7.3 |
) |
|
$ |
874.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Our total leverage
ratio for the four consecutive fiscal quarters ended March 31, 2019
was 2.76 to 1.00. |
|
|
|
|
|
|
Our total leverage
ratio for the four consecutive fiscal quarters ended December 31,
2018 was 2.64 to 1.00. |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION:
Liquidity |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
Cash and cash equivalents |
|
|
|
|
$ |
126.6 |
|
|
$ |
227.6 |
|
|
|
Changes to restricted
cash |
|
|
|
|
|
20.0 |
|
|
|
(25.0 |
) |
|
|
Managed Accessibility (b) |
|
|
|
|
|
9.1 |
|
|
|
1.2 |
|
|
|
Total Cash and cash equivalents and Managed
Accessibility |
|
|
|
|
$ |
155.7 |
|
|
$ |
203.8 |
|
|
|
|
|
|
(b) Managed
Accessibility represents the maximum amount we would access on the
ABL Facility and is adjusted for eligible receivables plus eligible
borrowing base cash measured for the period ending March 31, 2019.
Based on the eligible receivable’s management uses to measure
availability, which is 10% of the borrowing line, the credit
agreement governing the ABL Facility permits adjustments from
eligible borrowing base cash to restricted cash prior to the
compliance measurement date which is 15 days from the period
close. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three Months Ended March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
Three Months |
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of net
loss to Adjusted EBITDA: |
|
|
|
Net loss |
$ |
(49.1 |
) |
|
$ |
(14.6 |
) |
Interest expense, net |
|
26.5 |
|
|
|
25.5 |
|
Income tax benefit |
|
(9.7 |
) |
|
|
(12.9 |
) |
Depreciation and amortization |
|
40.0 |
|
|
|
37.7 |
|
EBITDA |
|
7.7 |
|
|
|
35.7 |
|
Adjustments for Term Loan
Agreement: |
|
|
|
Losses on property disposals, net |
|
1.6 |
|
|
|
3.2 |
|
Impairment charges |
|
8.2 |
|
|
|
- |
|
Letter of credit expense |
|
1.6 |
|
|
|
1.7 |
|
Restructuring charges |
|
- |
|
|
|
0.6 |
|
Nonrecurring consulting fees |
|
2.4 |
|
|
|
1.5 |
|
Permitted dispositions and other |
|
(1.1 |
) |
|
|
0.5 |
|
Equity-based compensation expense |
|
2.3 |
|
|
|
1.6 |
|
Nonrecurring item (vendor bankruptcy) |
|
3.7 |
|
|
|
- |
|
Other, net (a) |
|
3.7 |
|
|
|
0.9 |
|
Adjusted EBITDA |
$ |
30.1 |
|
|
$ |
45.7 |
|
|
|
|
|
(a) As required under
our Term Loan Agreement, Other, net shown above consists of the
impact of certain items to be included in Adjusted EBITDA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
Adjusted EBITDA by
segment: |
|
2019 |
|
|
|
2018 |
|
YRC Freight |
$ |
18.3 |
|
|
$ |
22.1 |
|
Regional Transportation |
|
11.3 |
|
|
|
22.6 |
|
Corporate and other |
|
0.5 |
|
|
|
1.0 |
|
Adjusted EBITDA |
$ |
30.1 |
|
|
$ |
45.7 |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Three Months Ended March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
YRC Freight segment |
|
2019 |
|
|
|
2018 |
|
Reconciliation of
operating loss to Adjusted EBITDA: |
|
|
|
Operating loss |
$ |
(21.1 |
) |
|
$ |
(6.9 |
) |
Depreciation and amortization |
|
22.9 |
|
|
|
21.6 |
|
Losses on property disposals, net |
|
1.1 |
|
|
|
2.8 |
|
Impairment charges |
|
8.2 |
|
|
|
- |
|
Letter of credit expense |
|
1.0 |
|
|
|
1.0 |
|
Restructuring charges |
|
- |
|
|
|
0.1 |
|
Non-union pension and postretirement benefits |
|
(0.1 |
) |
|
|
0.6 |
|
Nonrecurring consulting fees |
|
2.1 |
|
|
|
1.5 |
|
Nonrecurring item (vendor bankruptcy) |
|
3.7 |
|
|
|
- |
|
Other, net (a) |
|
0.5 |
|
|
|
1.4 |
|
Adjusted EBITDA |
$ |
18.3 |
|
|
$ |
22.1 |
|
|
|
|
|
|
|
Three Months |
Regional
Transportation segment |
|
2019 |
|
|
|
2018 |
|
Reconciliation of
operating income (loss) to Adjusted EBITDA: |
|
|
|
Operating income (loss) |
$ |
(7.0 |
) |
|
$ |
5.2 |
|
Depreciation and amortization |
|
16.8 |
|
|
|
16.1 |
|
Losses on property disposals, net |
|
0.5 |
|
|
|
0.4 |
|
Letter of credit expense |
|
0.5 |
|
|
|
0.6 |
|
Nonrecurring consulting fees |
|
0.3 |
|
|
|
- |
|
Other, net (a) |
|
0.2 |
|
|
|
0.3 |
|
Adjusted EBITDA |
$ |
11.3 |
|
|
$ |
22.6 |
|
|
|
|
|
|
|
Three Months |
Corporate and
other |
|
2019 |
|
|
|
2018 |
|
Reconciliation of
operating loss to Adjusted EBITDA: |
|
|
|
Operating loss |
$ |
(3.6 |
) |
|
$ |
(2.6 |
) |
Depreciation and amortization |
|
0.3 |
|
|
|
- |
|
Letter of credit expense |
|
0.1 |
|
|
|
0.1 |
|
Restructuring charges |
|
- |
|
|
|
0.5 |
|
Permitted dispositions and other |
|
(1.1 |
) |
|
|
0.5 |
|
Non-union pension and postretirement benefits |
|
(0.2 |
) |
|
|
(0.1 |
) |
Equity-based compensation expense |
|
2.3 |
|
|
|
1.6 |
|
Other, net (a) |
|
2.7 |
|
|
|
1.0 |
|
Adjusted EBITDA |
$ |
0.5 |
|
|
$ |
1.0 |
|
|
(a) As required under our Term Loan Agreement, Other, net shown
above consists of the impact of certain items to be included in
Adjusted EBITDA. |
SUPPLEMENTAL FINANCIAL INFORMATION |
YRC Worldwide Inc. and Subsidiaries |
For the Trailing Twelve Months Ended March 31 |
(Amounts in millions) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
Reconciliation of net
loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
Net loss |
$ |
(14.3 |
) |
|
$ |
(0.1 |
) |
Interest expense, net |
|
105.5 |
|
|
|
102.7 |
|
Income tax expense (benefit) |
|
14.3 |
|
|
|
(16.1 |
) |
Depreciation and amortization |
|
150.0 |
|
|
|
148.3 |
|
EBITDA |
|
255.5 |
|
|
|
234.8 |
|
Adjustments for Term Loan
Agreement: |
|
|
|
|
|
|
|
Gains on property disposals, net |
|
(22.4 |
) |
|
|
(0.1 |
) |
Property gains on certain disposals(a) |
|
29.7 |
|
|
|
- |
|
Impairment charges |
|
8.2 |
|
|
|
- |
|
Letter of credit expense |
|
6.5 |
|
|
|
6.8 |
|
Restructuring charges |
|
1.7 |
|
|
|
1.5 |
|
Transaction costs related to issuances of debt |
|
- |
|
|
|
8.1 |
|
Nonrecurring consulting fees |
|
8.6 |
|
|
|
1.5 |
|
Permitted dispositions and other |
|
(1.3 |
) |
|
|
1.6 |
|
Equity-based compensation expense |
|
7.0 |
|
|
|
6.7 |
|
Non-union pension settlement charge |
|
10.9 |
|
|
|
7.6 |
|
Nonrecurring item (vendor bankruptcy) |
|
8.0 |
|
|
|
- |
|
Other, net (b) |
|
9.5 |
|
|
|
8.2 |
|
Adjusted EBITDA |
$ |
321.9 |
|
|
$ |
276.7 |
|
|
|
|
|
|
|
|
|
(a) Certain
property gains are added back in the calculation of Adjusted EBITDA
pursuant to the Term Loan Agreement which permits gains from the
sale of excess property with continuing operations. |
(b) 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 |
|
1Q19 |
|
1Q18 |
|
4Q18 |
|
% (b) |
|
% (b) |
Workdays |
|
63.0 |
|
|
|
63.5 |
|
|
|
61.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTL picked up revenue (in millions) |
$ |
688.3 |
|
|
$ |
698.6 |
|
|
$ |
729.0 |
|
|
(1.5 |
) |
|
(5.6 |
) |
LTL tonnage (in
thousands) |
|
1,155 |
|
|
|
1,236 |
|
|
|
1,207 |
|
|
(6.5 |
) |
|
(4.3 |
) |
LTL tonnage per day (in
thousands) |
|
18.33 |
|
|
|
19.46 |
|
|
|
19.63 |
|
|
(5.8 |
) |
|
(6.6 |
) |
LTL shipments (in
thousands) |
|
2,298 |
|
|
|
2,416 |
|
|
|
2,425 |
|
|
(4.9 |
) |
|
(5.2 |
) |
LTL shipments per day (in
thousands) |
|
36.47 |
|
|
|
38.05 |
|
|
|
39.42 |
|
|
(4.1 |
) |
|
(7.5 |
) |
LTL picked up
revenue/cwt. |
$ |
29.80 |
|
|
$ |
28.27 |
|
|
$ |
30.19 |
|
|
5.4 |
|
|
(1.3 |
) |
LTL picked up revenue/cwt.
(excl. FSC) |
$ |
26.33 |
|
|
$ |
24.90 |
|
|
$ |
26.33 |
|
|
5.8 |
|
|
0.0 |
|
LTL picked up
revenue/shipment |
$ |
300 |
|
|
$ |
289 |
|
|
$ |
301 |
|
|
3.6 |
|
|
(0.4 |
) |
LTL picked up revenue/shipment
(excl. FSC) |
$ |
265 |
|
|
$ |
255 |
|
|
$ |
262 |
|
|
3.9 |
|
|
1.0 |
|
LTL weight/shipment (in
pounds) |
|
1,005 |
|
|
|
1,023 |
|
|
|
996 |
|
|
(1.7 |
) |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in
millions) (a) |
$ |
738.0 |
|
|
$ |
747.5 |
|
|
$ |
779.7 |
|
|
(1.3 |
) |
|
(5.3 |
) |
Total tonnage (in
thousands) |
|
1,442 |
|
|
|
1,499 |
|
|
|
1,473 |
|
|
(3.8 |
) |
|
(2.1 |
) |
Total tonnage per day (in
thousands) |
|
22.90 |
|
|
|
23.60 |
|
|
|
23.95 |
|
|
(3.0 |
) |
|
(4.4 |
) |
Total shipments (in
thousands) |
|
2,331 |
|
|
|
2,450 |
|
|
|
2,458 |
|
|
(4.9 |
) |
|
(5.1 |
) |
Total shipments per day (in
thousands) |
|
37.01 |
|
|
|
38.59 |
|
|
|
39.96 |
|
|
(4.1 |
) |
|
(7.4 |
) |
Total picked up
revenue/cwt. |
$ |
25.58 |
|
|
$ |
24.94 |
|
|
$ |
26.47 |
|
|
2.6 |
|
|
(3.4 |
) |
Total picked up revenue/cwt.
(excl. FSC) |
$ |
22.66 |
|
|
$ |
21.99 |
|
|
$ |
23.12 |
|
|
3.1 |
|
|
(2.0 |
) |
Total picked up
revenue/shipment |
$ |
317 |
|
|
$ |
305 |
|
|
$ |
317 |
|
|
3.8 |
|
|
(0.2 |
) |
Total picked up
revenue/shipment (excl. FSC) |
$ |
280 |
|
|
$ |
269 |
|
|
$ |
277 |
|
|
4.3 |
|
|
1.2 |
|
Total weight/shipment (in
pounds) |
|
1,237 |
|
|
|
1,223 |
|
|
|
1,199 |
|
|
1.2 |
|
|
3.2 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
Operating revenue |
$ |
743.8 |
|
|
$ |
751.3 |
|
|
$ |
796.3 |
|
|
|
|
|
Change in revenue deferral and
other |
|
(5.8 |
) |
|
|
(3.8 |
) |
|
|
(16.6 |
) |
|
|
|
|
Total picked up revenue |
$ |
738.0 |
|
|
$ |
747.5 |
|
|
$ |
779.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation |
|
|
|
|
|
|
|
Y/Y |
|
Sequential |
|
1Q19 |
|
1Q18 |
|
4Q18 |
|
% (b) |
|
% (b) |
Workdays |
|
63.0 |
|
|
|
63.5 |
|
|
|
61.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTL picked up revenue (in
millions) |
$ |
404.8 |
|
|
$ |
424.9 |
|
|
$ |
415.2 |
|
|
(4.7 |
) |
|
(2.5 |
) |
LTL tonnage (in
thousands) |
|
1,388 |
|
|
|
1,512 |
|
|
|
1,415 |
|
|
(8.2 |
) |
|
(1.9 |
) |
LTL tonnage per day (in
thousands) |
|
22.02 |
|
|
|
23.80 |
|
|
|
23.00 |
|
|
(7.5 |
) |
|
(4.3 |
) |
LTL shipments (in
thousands) |
|
2,193 |
|
|
|
2,387 |
|
|
|
2,253 |
|
|
(8.1 |
) |
|
(2.7 |
) |
LTL shipments per day (in
thousands) |
|
34.81 |
|
|
|
37.59 |
|
|
|
36.64 |
|
|
(7.4 |
) |
|
(5.0 |
) |
LTL picked up
revenue/cwt. |
$ |
14.59 |
|
|
$ |
14.06 |
|
|
$ |
14.67 |
|
|
3.8 |
|
|
(0.6 |
) |
LTL picked up revenue/cwt.
(excl. FSC) |
$ |
12.93 |
|
|
$ |
12.41 |
|
|
$ |
12.85 |
|
|
4.2 |
|
|
0.6 |
|
LTL picked up
revenue/shipment |
$ |
185 |
|
|
$ |
178 |
|
|
$ |
184 |
|
|
3.7 |
|
|
0.2 |
|
LTL picked up revenue/shipment
(excl. FSC) |
$ |
164 |
|
|
$ |
157 |
|
|
$ |
161 |
|
|
4.1 |
|
|
1.3 |
|
LTL weight/shipment (in
pounds) |
|
1,265 |
|
|
|
1,266 |
|
|
|
1,256 |
|
|
(0.1 |
) |
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
Total picked up revenue (in
millions) (a) |
$ |
438.4 |
|
|
$ |
464.0 |
|
|
$ |
450.2 |
|
|
(5.5 |
) |
|
(2.6 |
) |
Total tonnage (in
thousands) |
|
1,726 |
|
|
|
1,914 |
|
|
|
1,767 |
|
|
(9.8 |
) |
|
(2.4 |
) |
Total tonnage per day (in
thousands) |
|
27.39 |
|
|
|
30.14 |
|
|
|
28.74 |
|
|
(9.1 |
) |
|
(4.7 |
) |
Total shipments (in
thousands) |
|
2,242 |
|
|
|
2,444 |
|
|
|
2,303 |
|
|
(8.3 |
) |
|
(2.7 |
) |
Total shipments per day (in
thousands) |
|
35.58 |
|
|
|
38.49 |
|
|
|
37.45 |
|
|
(7.6 |
) |
|
(5.0 |
) |
Total picked up
revenue/cwt. |
$ |
12.70 |
|
|
$ |
12.12 |
|
|
$ |
12.74 |
|
|
4.8 |
|
|
(0.3 |
) |
Total picked up revenue/cwt.
(excl. FSC) |
$ |
11.26 |
|
|
$ |
10.71 |
|
|
$ |
11.16 |
|
|
5.2 |
|
|
0.9 |
|
Total picked up
revenue/shipment |
$ |
196 |
|
|
$ |
190 |
|
|
$ |
195 |
|
|
3.0 |
|
|
0.1 |
|
Total picked up
revenue/shipment (excl. FSC) |
$ |
173 |
|
|
$ |
168 |
|
|
$ |
171 |
|
|
3.4 |
|
|
1.2 |
|
Total weight/shipment (in
pounds) |
|
1,540 |
|
|
|
1,566 |
|
|
|
1,534 |
|
|
(1.7 |
) |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
(a) Reconciliation of operating revenue to
total picked up revenue (in millions): |
|
|
|
|
Operating revenue |
$ |
438.6 |
|
|
$ |
463.3 |
|
|
$ |
451.2 |
|
|
|
|
|
Change in revenue deferral and
other |
|
(0.2 |
) |
|
|
0.7 |
|
|
|
(1.0 |
) |
|
|
|
|
Total picked up revenue |
$ |
438.4 |
|
|
$ |
464.0 |
|
|
$ |
450.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 (NASDAQ:YRCW)
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Von Mär 2024 bis Apr 2024
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