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Share Name | Share Symbol | Market | Type |
---|---|---|---|
YRC Worldwide Inc | NASDAQ:YRCW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.11 | 5.09 | 5.11 | 0 | 01:00:00 |
Fourth quarter results include Operating Income of $14.9 million and Adjusted EBITDA of $57.7 million
Consolidated operating revenue for the year ended December 31, 2016 was $4.698 billion with consolidated operating income of $124.3 million, which included a $14.6 million gain on property disposals. This compares to full-year 2015 consolidated operating revenue of $4.832 billion with consolidated operating income of $93.0 million, which included the settlement charge referenced above and a $1.9 million loss on property disposals.
In January 2017 the Company completed an amendment to its Term Loan Credit Agreement to adjust the leverage ratio covenant from the first quarter of 2017 through the fourth quarter of 2018, to reduce uncertainty regarding its ongoing compliance with that covenant.
Financial Highlights
Operational Highlights
Liquidity Update
“In the fourth quarter 2016, year-over-year tonnage per day was up at YRC Freight and flat at the Regional segment,” said James Welch, chief executive officer at YRC Worldwide. “However, YRC Freight’s year-over-year revenue per hundredweight declined which impacted its ability to offset cost increases during the quarter. Our pricing strategy remains focused on profitability while delivering award-winning customer service. Overall, we believe pricing discipline in the LTL space remains stable,” stated Welch.
“During the quarter we used our liquidity position to pay down a portion of the term loan, further derisking the balance sheet and reducing long-term debt to the lowest level since 2005. The term loan amendment allows us to maintain our focus on running the business and positioning the Company for long-term success.
“Despite the soft industrial conditions and lower fuel surcharge revenue during the year, we reported the highest full-year operating income since 2006. We also increased our capital value equivalent investments, including technology and new tractors and trailers for the fifth consecutive year. Until we see a stronger freight environment it is critical that our investments and self-help actions drive improvements,” concluded Welch.
Key Segment Information – fourth quarter 2016 compared to fourth quarter 2015
YRC Freight | 2016 | 2015 | Percent Change(b) | ||||||||
Workdays | 61.0 | 61.5 | |||||||||
Operating revenue (in millions) | $ | 730.3 | $ | 733.7 | (0.5 | )% | |||||
Operating loss (in millions) | $ | (0.1 | ) | $ | (21.4 | ) | NM | (a) | |||
Operating ratio | 100.0 | 102.9 | 2.9 | pp | |||||||
Total tonnage per day (in thousands) | 24.92 | 24.46 | 1.9 | % | |||||||
Total shipments per day (in thousands) | 40.86 | 40.92 | (0.1 | )% | |||||||
Total picked up revenue per hundredweight incl FSC | $ | 23.48 | $ | 23.91 | (1.8 | )% | |||||
Total picked up revenue per hundredweight excl FSC | $ | 21.16 | $ | 21.48 | (1.5 | )% | |||||
Total picked up revenue per shipment incl FSC | $ | 286 | $ | 286 | 0.2 | % | |||||
Total picked up revenue per shipment excl FSC | $ | 258 | $ | 257 | 0.5 | % | |||||
Total weight/shipment (in pounds) | 1,220 | 1,196 | 2.0 | % |
Regional Transportation | 2016 | 2015 | Percent Change(b) | ||||||
Workdays | 60.5 | 59.5 | |||||||
Operating revenue (in millions) | $ | 418.0 | $ | 409.2 | 2.2 | % | |||
Operating income (in millions) | $ | 16.4 | $ | 9.5 | 72.2 | % | |||
Operating ratio | 96.1 | 97.7 | 1.6 | pp | |||||
Total tonnage per day (in thousands) | 29.60 | 29.59 | 0.0 | % | |||||
Total shipments per day (in thousands) | 39.92 | 40.13 | (0.5 | )% | |||||
Total picked up revenue per hundredweight incl FSC | $ | 11.64 | $ | 11.59 | 0.4 | % | |||
Total picked up revenue per hundredweight excl FSC | $ | 10.49 | $ | 10.46 | 0.3 | % | |||
Total picked up revenue per shipment incl FSC | $ | 173 | $ | 171 | 1.0 | % | |||
Total picked up revenue per shipment excl FSC | $ | 156 | $ | 154 | 0.9 | % | |||
Total weight/shipment (in pounds) | 1,483 | 1,475 | 0.6 | % | |||||
Key Segment Information – full-year 2016 compared to full-year 2015
YRC Freight | 2016 | 2015 | Percent Change(b) | ||||||
Workdays | 252.5 | 251.5 | |||||||
Operating revenue (in millions) | $ | 2,958.9 | $ | 3,055.7 | (3.2 | )% | |||
Operating income (in millions) | $ | 53.2 | $ | 18.0 | NM | (a) | |||
Operating ratio | 98.2 | 99.4 | 1.2 | pp | |||||
Total tonnage per day (in thousands) | 24.64 | 25.43 | (3.1 | )% | |||||
Total shipments per day (in thousands) | 41.06 | 42.35 | (3.0 | )% | |||||
Total picked up revenue per hundredweight incl FSC | $ | 23.49 | $ | 23.71 | (0.9 | )% | |||
Total picked up revenue per hundredweight excl FSC | $ | 21.30 | $ | 21.01 | 1.3 | % | |||
Total picked up revenue per shipment incl FSC | $ | 282 | $ | 285 | (1.0 | )% | |||
Total picked up revenue per shipment excl FSC | $ | 256 | $ | 252 | 1.3 | % | |||
Total weight/shipment (in pounds) | 1,200 | 1,201 | (0.1 | )% |
Regional Transportation | 2016 | 2015 | Percent Change(b) | ||||||
Workdays | 252.0 | 251.5 | |||||||
Operating revenue (in millions) | $ | 1,739.3 | $ | 1,776.9 | (2.1 | )% | |||
Operating income (in millions) | $ | 81.3 | $ | 85.4 | (4.8 | )% | |||
Operating ratio | 95.3 | 95.2 | (0.1 | )pp | |||||
Total tonnage per day (in thousands) | 30.10 | 30.71 | (2.0 | )% | |||||
Total shipments per day (in thousands) | 40.84 | 41.33 | (1.2 | )% | |||||
Total picked up revenue per hundredweight incl FSC | $ | 11.47 | $ | 11.52 | (0.4 | )% | |||
Total picked up revenue per hundredweight excl FSC | $ | 10.42 | $ | 10.26 | 1.6 | % | |||
Total picked up revenue per shipment incl FSC | $ | 169 | $ | 171 | (1.2 | )% | |||
Total picked up revenue per shipment excl FSC | $ | 154 | $ | 152 | 0.8 | % | |||
Total weight/shipment (in pounds) | 1,474 | 1,486 | (0.8 | )% |
(a) Not Meaningful |
(b) Percent change based on unrounded figures and not the rounded figures presented |
Review of Financial Results
YRC Worldwide Inc. will host a conference call with the investment community today, Monday, February 6, 2017, beginning at 4:30 p.m. ET.
A live audio webcast of the conference call and presentation slides will be available on YRC Worldwide Inc.’s website www.yrcw.com. A replay of the webcast will also be available at www.yrcw.com.
Non-GAAP Financial Measures
EBITDA is a non-GAAP measure that reflects the company’s earnings before interest, taxes, depreciation, and amortization expense. Adjusted EBITDA (defined in our credit facilities as Consolidated EBITDA) is a non-GAAP measure that reflects the company’s earnings before interest, taxes, depreciation, and amortization expense, and further adjusted for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals, restructuring professional fees, nonrecurring consulting fees, expenses associated with certain lump sum payments to our union employees and gains or losses from permitted dispositions and discontinued operations, among other items, as defined in the company’s credit facilities. EBITDA and Adjusted EBITDA are used for internal management purposes as a financial measure that reflects the company’s core operating performance. In addition, management uses Adjusted EBITDA to measure compliance with financial covenants in the company’s credit facilities and to pay certain executive bonus compensation. However, these financial measures should not be construed as better measurements than net income, as defined by generally accepted accounting principles (GAAP).
EBITDA and Adjusted EBITDA have the following limitations:
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA as secondary measures. The company has provided reconciliations of its non-GAAP measures, EBITDA and Adjusted EBITDA, to GAAP net income and operating income (loss) within the supplemental financial information in this release.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “will,” “expect,” “intend,” “anticipate,” “believe,” “could,” “would,” “should,” “may,” “project,” “forecast,” “propose,” “plan,” “designed,” “enable,” and similar expressions which speak only as of the date the statement was made are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, are based upon current beliefs, assumptions and expectations of Company management and current market conditions, and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond our control. Our future financial condition and results could differ materially from those predicted in such forward-looking statements because of a number of factors, including (without limitation): our level of indebtedness; our ability to generate sufficient cash flows and liquidity to fund operations and satisfy our cash needs and future cash commitments, including (without limitation) our obligations related to our indebtedness, cash interest and lease and pension funding requirements; the impact of restrictive covenants in the documents governing of existing and future indebtedness; our failure to comply with the covenants in the documents governing our existing and future indebtedness; our holding company structure that makes us dependent on the ability of our subsidiaries to distribute funds to us; the uncertainty in the overall economy; business risks, including expense volatility, including (without limitation) volatility due to changes in purchased transportation service or pricing for purchased transportation; competition and competitive pressure on pricing; labor relations; our obligations to multi-employer health, welfare and pension plans; our exposure to self-insurance claims expense and higher insurance costs; our ability to finance the maintenance, acquisition and replacement of revenue equipment and other necessary capital expenditures; our ability to comply and the cost of compliance with federal, state, local and foreign laws and regulations, including (without limitation) laws and regulations for the protection of employee safety and health, as well as state and federal labor laws; the costs of complying with environmental regulations and our exposure to liabilities for violations of such laws; terrorist attack; the impact of claims and litigation to which we are or may become exposed; the success of our management team in continuing with its strategic plan and operational and productivity initiatives; our ability to attract and retain qualified drivers; our dependence on our information technology systems in our network operations and the production of accurate information, as well as the risk of system failure, inadequacy or security breach; risks associated with doing business in foreign countries; our dependence on the services of key employees; inclement weather and seasonality; fuel shortages, changes in the cost of fuel or the index upon which we base our fuel surcharge and the effectiveness of our fuel surcharge program in protecting us against fuel price volatility; volatility in the price of our common stock; the dilutive effects of future issuances of our common stock; our intention not to pay dividends; our ability to issue preferred stock; and other risks and contingencies, including (without limitation) the risk factors that are included in our reports filed with the SEC, including those described under “Risk Factors” in our annual report on Form 10-K and quarterly reports on Form 10-Q.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland Park, Kan., is the holding company for a portfolio of less-than-truckload (LTL) companies including YRC Freight, YRC Reimer, Holland, Reddaway, and New Penn. Collectively, YRC Worldwide companies have one of the largest, most comprehensive LTL networks in North America with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer industry-leading expertise in flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence.
Please visit our website at www.yrcw.com for more information.
SOURCE: YRC Worldwide
CONSOLIDATED BALANCE SHEETS | ||||||||||
YRC Worldwide Inc. and Subsidiaries | ||||||||||
(Amounts in millions except share and per share data) | ||||||||||
December 31, | December 31, | |||||||||
2016 | 2015 | |||||||||
ASSETS | (Unaudited) | |||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ | 136.7 | $ | 173.8 | ||||||
Restricted amounts held in escrow | 126.7 | 58.8 | ||||||||
Accounts receivable, net | 448.7 | 427.4 | ||||||||
Prepaid expenses and other | 68.7 | 74.4 | ||||||||
Total current assets | 780.8 | 734.4 | ||||||||
PROPERTY AND EQUIPMENT: | ||||||||||
Cost | 2,787.0 | 2,822.8 | ||||||||
Less - accumulated depreciation | (1,916.4 | ) | (1,885.5 | ) | ||||||
Net property and equipment | 870.6 | 937.3 | ||||||||
Intangibles, net | 27.2 | 40.4 | ||||||||
Restricted amounts held in escrow | 12.3 | 63.4 | ||||||||
Deferred income taxes, net | 24.9 | 23.0 | ||||||||
Other assets | 54.2 | 80.9 | ||||||||
Total assets | $ | 1,770.0 | $ | 1,879.4 | ||||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||||||||||
CURRENT LIABILITIES: | ||||||||||
Accounts payable | $ | 160.6 | $ | 161.1 | ||||||
Wages, vacations, and employee benefits | 191.0 | 195.1 | ||||||||
Deferred income taxes, net | 24.9 | 23.0 | ||||||||
Other current and accrued liabilities | 168.6 | 178.4 | ||||||||
Current maturities of long-term debt | 16.8 | 15.9 | ||||||||
Total current liabilities | 561.9 | 573.5 | ||||||||
OTHER LIABILITIES: | ||||||||||
Long-term debt, less current portion | 980.3 | 1,046.5 | ||||||||
Deferred income taxes, net | 3.6 | 3.7 | ||||||||
Pension and postretirement | 358.2 | 339.9 | ||||||||
Claims and other liabilities | 282.2 | 295.2 | ||||||||
Commitments and contingencies | ||||||||||
SHAREHOLDERS' DEFICIT: | ||||||||||
Preferred stock, $1 par value per share | - | - | ||||||||
Common stock, $0.01 par value per share | 0.3 | 0.3 | ||||||||
Capital surplus | 2,319.2 | 2,312.6 | ||||||||
Accumulated deficit | (2,217.8 | ) | (2,239.3 | ) | ||||||
Accumulated other comprehensive loss | (425.2 | ) | (360.3 | ) | ||||||
Treasury stock, at cost (410 shares) | (92.7 | ) | (92.7 | ) | ||||||
Total shareholders' deficit | (416.2 | ) | (379.4 | ) | ||||||
Total liabilities and shareholders' deficit | $ | 1,770.0 | $ | 1,879.4 | ||||||
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
YRC Worldwide Inc. and Subsidiaries | |||||||||||||||||
For the Three and Twelve Months Ended December 31 | |||||||||||||||||
(Amounts in millions except per share data, shares in thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
OPERATING REVENUE | $ | 1,148.3 | $ | 1,142.7 | $ | 4,697.5 | $ | 4,832.4 | |||||||||
OPERATING EXPENSES: | |||||||||||||||||
Salaries, wages and employee benefits | 690.5 | 719.6 | 2,823.1 | 2,868.2 | |||||||||||||
Operating expenses and supplies | 203.4 | 200.3 | 799.1 | 878.4 | |||||||||||||
Purchased transportation | 144.6 | 130.1 | 553.6 | 561.1 | |||||||||||||
Depreciation and amortization | 40.3 | 40.1 | 159.8 | 163.7 | |||||||||||||
Other operating expenses | 58.0 | 67.5 | 252.2 | 266.1 | |||||||||||||
(Gains) losses on property disposals, net | (3.4 | ) | 0.4 | (14.6 | ) | 1.9 | |||||||||||
Total operating expenses | 1,133.4 | 1,158.0 | 4,573.2 | 4,739.4 | |||||||||||||
OPERATING INCOME (LOSS) | 14.9 | (15.3 | ) | 124.3 | 93.0 | ||||||||||||
NONOPERATING EXPENSES: | |||||||||||||||||
Interest expense | 25.5 | 26.4 | 103.4 | 107.6 | |||||||||||||
Other, net | (2.8 | ) | (2.7 | ) | (3.7 | ) | (10.2 | ) | |||||||||
Nonoperating expenses, net | 22.7 | 23.7 | 99.7 | 97.4 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (7.8 | ) | (39.0 | ) | 24.6 | (4.4 | ) | ||||||||||
INCOME TAX EXPENSE (BENEFIT) | (0.3 | ) | (15.5 | ) | 3.1 | (5.1 | ) | ||||||||||
NET INCOME (LOSS) | (7.5 | ) | (23.5 | ) | 21.5 | 0.7 | |||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (67.8 | ) | 69.6 | (64.9 | ) | 72.5 | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (75.3 | ) | $ | 46.1 | $ | (43.4 | ) | $ | 73.2 | |||||||
AVERAGE COMMON SHARES OUTSTANDING - BASIC | 32,472 | 32,134 | 32,416 | 31,736 | |||||||||||||
AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 32,472 | 32,134 | 33,040 | 32,592 | |||||||||||||
EARNINGS (LOSS) PER SHARE - BASIC | $ | (0.23 | ) | $ | (0.73 | ) | $ | 0.66 | $ | 0.02 | |||||||
EARNINGS (LOSS) PER SHARE - DILUTED | $ | (0.23 | ) | $ | (0.73 | ) | $ | 0.65 | $ | 0.02 |
STATEMENTS OF CONSOLIDATED CASH FLOWS | ||||||||||
YRC Worldwide Inc. and Subsidiaries | ||||||||||
For the Twelve Months Ended December 31 | ||||||||||
(Amounts in millions) | ||||||||||
(Unaudited) | ||||||||||
2016 | 2015 | |||||||||
OPERATING ACTIVITIES: | ||||||||||
Net income | $ | 21.5 | $ | 0.7 | ||||||
Noncash items included in net income: | ||||||||||
Depreciation and amortization | 159.8 | 163.7 | ||||||||
Equity-based compensation and employee benefits expense | 21.0 | 24.4 | ||||||||
Non-union pension settlement charge | - | 28.7 | ||||||||
Deferred income tax benefit, net | (0.4 | ) | (9.8 | ) | ||||||
(Gains) losses on property disposals, net | (14.6 | ) | 1.9 | |||||||
Other noncash items, net | 6.1 | 0.4 | ||||||||
Changes in assets and liabilities, net: | ||||||||||
Accounts receivable | (21.0 | ) | 40.7 | |||||||
Accounts payable | (1.1 | ) | (11.1 | ) | ||||||
Other operating assets | 10.5 | (6.1 | ) | |||||||
Other operating liabilities | (78.7 | ) | (92.7 | ) | ||||||
Net cash provided by operating activities | 103.1 | 140.8 | ||||||||
INVESTING ACTIVITIES: | ||||||||||
Acquisition of property and equipment | (100.6 | ) | (108.0 | ) | ||||||
Proceeds from disposal of property and equipment | 35.1 | 17.5 | ||||||||
Restricted escrow receipts | 112.1 | 41.9 | ||||||||
Restricted escrow deposits | (128.9 | ) | (75.0 | ) | ||||||
Proceeds from disposal of equity method investment, net | 14.6 | - | ||||||||
Other, net | - | 2.2 | ||||||||
Net cash used in investing activities | (67.7 | ) | (121.4 | ) | ||||||
FINANCING ACTIVITIES: | ||||||||||
Repayment of long-term debt | (70.7 | ) | (16.7 | ) | ||||||
Debt issuance costs | (1.8 | ) | - | |||||||
Net cash used in financing activities | (72.5 | ) | (16.7 | ) | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (37.1 | ) | 2.7 | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 173.8 | 171.1 | ||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 136.7 | $ | 173.8 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||
Interest paid | $ | (90.2 | ) | $ | (104.5 | ) | ||||
Letter of credit fees paid | (8.5 | ) | (8.8 | ) | ||||||
Income tax payments, net | (6.8 | ) | (6.2 | ) | ||||||
Debt redeemed for equity consideration | - | 17.9 |
SUPPLEMENTAL FINANCIAL INFORMATION | ||||||||||||||||||||||||
YRC Worldwide Inc. and Subsidiaries | ||||||||||||||||||||||||
For the Three and Twelve Months Ended December 31 | ||||||||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||||||
2016 | 2015 | % | 2016 | 2015 | % | |||||||||||||||||||
Operating revenue: | ||||||||||||||||||||||||
YRC Freight | $ | 730.3 | $ | 733.7 | (0.5 | ) | $ | 2,958.9 | $ | 3,055.7 | (3.2 | ) | ||||||||||||
Regional Transportation | 418.0 | 409.2 | 2.2 | 1,739.3 | 1,776.9 | (2.1 | ) | |||||||||||||||||
Other, net of eliminations | - | (0.2 | ) | (0.7 | ) | (0.2 | ) | |||||||||||||||||
Consolidated | 1,148.3 | 1,142.7 | 0.5 | 4,697.5 | 4,832.4 | (2.8 | ) | |||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||
YRC Freight | (0.1 | ) | (21.4 | ) | 53.2 | 18.0 | ||||||||||||||||||
Regional Transportation | 16.4 | 9.5 | 81.3 | 85.4 | ||||||||||||||||||||
Corporate and other | (1.4 | ) | (3.4 | ) | (10.2 | ) | (10.4 | ) | ||||||||||||||||
Consolidated | $ | 14.9 | $ | (15.3 | ) | $ | 124.3 | $ | 93.0 | |||||||||||||||
Operating ratio: | ||||||||||||||||||||||||
YRC Freight | 100.0 | % | 102.9 | % | 98.2 | % | 99.4 | % | ||||||||||||||||
Regional Transportation | 96.1 | % | 97.7 | % | 95.3 | % | 95.2 | % | ||||||||||||||||
Consolidated | 98.7 | % | 101.3 | % | 97.4 | % | 98.1 | % | ||||||||||||||||
Operating ratio is calculated as (i) 100 percent (ii) minus the result of dividing operating income by operating revenue or (iii) plus the result of dividing operating loss by operating revenue, and expressed as a percentage. | ||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION | Debt Issue | |||||||||||||||||||||||
As of December 31, 2016 | Par Value | Discount | Costs | Book Value | ||||||||||||||||||||
Term Loan | $ | 638.5 | $ | (2.7 | ) | $ | (8.6 | ) | $ | 627.2 | ||||||||||||||
ABL Facility (a) | - | - | - | - | ||||||||||||||||||||
Secured Second A&R CDA | 28.7 | - | (0.2 | ) | 28.5 | |||||||||||||||||||
Unsecured Second A&R CDA | 73.2 | - | (0.4 | ) | 72.8 | |||||||||||||||||||
Lease financing obligations | 269.9 | - | (1.3 | ) | 268.6 | |||||||||||||||||||
Total debt | $ | 1,010.3 | $ | (2.7 | ) | $ | (10.5 | ) | $ | 997.1 | ||||||||||||||
Debt Issue | ||||||||||||||||||||||||
As of December 31, 2015 | Par Value | Discount | Costs | Book Value | ||||||||||||||||||||
Term Loan | $ | 686.0 | $ | (4.3 | ) | $ | (12.7 | ) | $ | 669.0 | ||||||||||||||
ABL Facility (b) | - | - | - | - | ||||||||||||||||||||
Secured Second A&R CDA | 44.7 | - | (0.3 | ) | 44.4 | |||||||||||||||||||
Unsecured Second A&R CDA | 73.2 | - | (0.5 | ) | 72.7 | |||||||||||||||||||
Lease financing obligations | 278.0 | - | (1.7 | ) | 276.3 | |||||||||||||||||||
Total debt | $ | 1,081.9 | $ | (4.3 | ) | $ | (15.2 | ) | $ | 1,062.4 | ||||||||||||||
Our total leverage ratio for the four consecutive fiscal quarters ended December 31, 2016 was 3.40 to 1.00. | ||||||||||||||||||||||||
(a) | Managed Accessibility was $44.4M. | |||||||||||||||||||||||
(b) | Managed Accessibility was $35.5M. |
SUPPLEMENTAL FINANCIAL INFORMATION | ||||||||||||||||
YRC Worldwide Inc. and Subsidiaries | ||||||||||||||||
For the Three and Twelve Months Ended December 31 | ||||||||||||||||
(Amounts in millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Reconciliation of net income to Adjusted EBITDA: | ||||||||||||||||
Net income (loss) | $ | (7.5 | ) | $ | (23.5 | ) | $ | 21.5 | $ | 0.7 | ||||||
Interest expense, net | 25.4 | 26.2 | 103.0 | 107.1 | ||||||||||||
Income tax expense (benefit) | (0.3 | ) | (15.5 | ) | 3.1 | (5.1 | ) | |||||||||
Depreciation and amortization | 40.3 | 40.1 | 159.8 | 163.7 | ||||||||||||
EBITDA | 57.9 | 27.3 | 287.4 | 266.4 | ||||||||||||
Adjustments for Term Loan Agreement: | ||||||||||||||||
(Gains) losses on property disposals, net | (3.4 | ) | 0.4 | (14.6 | ) | 1.9 | ||||||||||
Letter of credit expense | 1.7 | 2.2 | 7.7 | 8.8 | ||||||||||||
Restructuring professional fees | - | - | - | 0.2 | ||||||||||||
Nonrecurring consulting fees | - | - | - | 5.1 | ||||||||||||
Permitted dispositions and other | 1.2 | 0.1 | 3.0 | 0.4 | ||||||||||||
Equity-based compensation expense | 1.3 | 2.0 | 7.3 | 8.5 | ||||||||||||
Amortization of ratification bonus | - | 4.5 | 4.6 | 18.9 | ||||||||||||
Loss on extinguishment of debt | - | - | - | 0.6 | ||||||||||||
Non-union pension settlement charge | - | 28.7 | - | 28.7 | ||||||||||||
Other, net (a) | (1.0 | ) | 0.8 | 2.1 | (6.2 | ) | ||||||||||
Adjusted EBITDA | $ | 57.7 | $ | 66.0 | $ | 297.5 | $ | 333.3 | ||||||||
Operating revenue | $ | 1,148.3 | $ | 1,142.7 | $ | 4,697.5 | $ | 4,832.4 | ||||||||
Adjusted EBITDA margin | 5.0 | % | 5.8 | % | 6.3 | % | 6.9 | % | ||||||||
(a) As required under our Term Loan Agreement, other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA. | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Adjusted EBITDA by segment: | 2016 | 2015 | 2016 | 2015 | ||||||||||||
YRC Freight | $ | 20.8 | $ | 36.8 | $ | 140.1 | $ | 167.2 | ||||||||
Regional Transportation | 35.2 | 30.2 | 156.5 | 165.9 | ||||||||||||
Corporate and other | 1.7 | (1.0 | ) | 0.9 | 0.2 | |||||||||||
Adjusted EBITDA | $ | 57.7 | $ | 66.0 | $ | 297.5 | $ | 333.3 |
SUPPLEMENTAL FINANCIAL INFORMATION | ||||||||||||||||
YRC Worldwide Inc. and Subsidiaries | ||||||||||||||||
For the Three and Twelve Months Ended December 31 | ||||||||||||||||
(Amounts in millions) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
YRC Freight segment | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Reconciliation of operating income to Adjusted EBITDA: | ||||||||||||||||
Operating income (loss) | $ | (0.1 | ) | $ | (21.4 | ) | $ | 53.2 | $ | 18.0 | ||||||
Depreciation and amortization | 22.4 | 22.6 | 90.3 | 93.1 | ||||||||||||
(Gains) losses on property disposals, net | (3.7 | ) | 0.2 | (15.7 | ) | 1.9 | ||||||||||
Letter of credit expense | 1.1 | 1.5 | 5.0 | 6.1 | ||||||||||||
Nonrecurring consulting fees | - | - | - | 5.1 | ||||||||||||
Amortization of ratification bonus | - | 2.9 | 3.0 | 12.2 | ||||||||||||
Non-union pension settlement charge | - | 28.7 | - | 28.7 | ||||||||||||
Other, net (a) | 1.1 | 2.3 | 4.3 | 2.1 | ||||||||||||
Adjusted EBITDA | $ | 20.8 | $ | 36.8 | $ | 140.1 | $ | 167.2 | ||||||||
(a) As required under our Term Loan Agreement, other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA. | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Regional Transportation segment | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Reconciliation of operating income to Adjusted EBITDA: | ||||||||||||||||
Operating income | $ | 16.4 | $ | 9.5 | $ | 81.3 | $ | 85.4 | ||||||||
Depreciation and amortization | 17.9 | 17.5 | 69.5 | 70.7 | ||||||||||||
Losses on property disposals, net | 0.2 | 0.2 | 1.1 | 0.2 | ||||||||||||
Letter of credit expense | 0.5 | 0.6 | 2.5 | 2.1 | ||||||||||||
Amortization of ratification bonus | - | 1.6 | 1.6 | 6.7 | ||||||||||||
Other, net (a) | 0.2 | 0.8 | 0.5 | 0.8 | ||||||||||||
Adjusted EBITDA | $ | 35.2 | $ | 30.2 | $ | 156.5 | $ | 165.9 | ||||||||
(a) As required under our Term Loan Agreement, other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA. | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Corporate and other | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Reconciliation of operating loss to Adjusted EBITDA: | ||||||||||||||||
Operating loss | $ | (1.4 | ) | $ | (3.4 | ) | $ | (10.2 | ) | $ | (10.4 | ) | ||||
Depreciation and amortization | - | - | - | (0.1 | ) | |||||||||||
(Gains) losses on property disposals, net | 0.1 | - | - | (0.2 | ) | |||||||||||
Letter of credit expense | 0.1 | 0.1 | 0.2 | 0.6 | ||||||||||||
Restructuring professional fees | - | - | - | 0.2 | ||||||||||||
Permitted dispositions and other | 1.2 | 0.1 | 3.0 | 0.4 | ||||||||||||
Equity-based compensation expense | 1.3 | 2.0 | 7.3 | 8.5 | ||||||||||||
Other, net (a) | 0.4 | 0.2 | 0.6 | 1.2 | ||||||||||||
Adjusted EBITDA | $ | 1.7 | $ | (1.0 | ) | $ | 0.9 | $ | 0.2 | |||||||
(a) As required under our Term Loan Agreement, other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA. |
YRC Worldwide Inc. | |||||||||||||||||
Segment Statistics | |||||||||||||||||
Quarterly Comparison | |||||||||||||||||
YRC Freight | |||||||||||||||||
Y/Y | Sequential | ||||||||||||||||
4Q16 | 4Q15 | 3Q16 | % (b) | % (b) | |||||||||||||
Workdays | 61.0 | 61.5 | 64.0 | ||||||||||||||
Total picked up revenue (in millions) (a) | $ | 713.8 | $ | 719.5 | $ | 763.6 | (0.8 | ) | (6.5 | ) | |||||||
Total tonnage (in thousands) | 1,520 | 1,504 | 1,620 | 1.0 | (6.2 | ) | |||||||||||
Total tonnage per day (in thousands) | 24.92 | 24.46 | 25.31 | 1.9 | (1.5 | ) | |||||||||||
Total shipments (in thousands) | 2,493 | 2,517 | 2,678 | (1.0 | ) | (6.9 | ) | ||||||||||
Total shipments per day (in thousands) | 40.86 | 40.92 | 41.84 | (0.1 | ) | (2.3 | ) | ||||||||||
Total picked up revenue/cwt. | $ | 23.48 | $ | 23.91 | $ | 23.57 | (1.8 | ) | (0.4 | ) | |||||||
Total picked up revenue/cwt. (excl. FSC) | $ | 21.16 | $ | 21.48 | $ | 21.31 | (1.5 | ) | (0.7 | ) | |||||||
Total picked up revenue/shipment | $ | 286 | $ | 286 | $ | 285 | 0.2 | 0.4 | |||||||||
Total picked up revenue/shipment (excl. FSC) | $ | 258 | $ | 257 | $ | 258 | 0.5 | 0.1 | |||||||||
Total weight/shipment (in pounds) | 1,220 | 1,196 | 1,210 | 2.0 | 0.8 | ||||||||||||
(a) Reconciliation of operating revenue to total picked up revenue (in millions): | |||||||||||||||||
Operating revenue | $ | 730.3 | $ | 733.7 | $ | 777.9 | |||||||||||
Change in revenue deferral and other | (16.5 | ) | (14.2 | ) | (14.3 | ) | |||||||||||
Total picked up revenue | $ | 713.8 | $ | 719.5 | $ | 763.6 | |||||||||||
Regional Transportation | |||||||||||||||||
Y/Y | Sequential | ||||||||||||||||
4Q16 | 4Q15 | 3Q16 | % (b) | % (b) | |||||||||||||
Workdays | 60.5 | 59.5 | 63.0 | ||||||||||||||
Total picked up revenue (in millions) (a) | $ | 417.1 | $ | 408.2 | $ | 443.6 | 2.2 | (6.0 | ) | ||||||||
Total tonnage (in thousands) | 1,791 | 1,761 | 1,914 | 1.7 | (6.4 | ) | |||||||||||
Total tonnage per day (in thousands) | 29.60 | 29.59 | 30.38 | 0.0 | (2.5 | ) | |||||||||||
Total shipments (in thousands) | 2,415 | 2,388 | 2,622 | 1.2 | (7.9 | ) | |||||||||||
Total shipments per day (in thousands) | 39.92 | 40.13 | 41.62 | (0.5 | ) | (4.1 | ) | ||||||||||
Total picked up revenue/cwt. | $ | 11.64 | $ | 11.59 | $ | 11.59 | 0.4 | 0.5 | |||||||||
Total picked up revenue/cwt. (excl. FSC) | $ | 10.49 | $ | 10.46 | $ | 10.49 | 0.3 | 0.1 | |||||||||
Total picked up revenue/shipment | $ | 173 | $ | 171 | $ | 169 | 1.0 | 2.1 | |||||||||
Total picked up revenue/shipment (excl. FSC) | $ | 156 | $ | 154 | $ | 153 | 0.9 | 1.7 | |||||||||
Total weight/shipment (in pounds) | 1,483 | 1,475 | 1,460 | 0.6 | 1.6 | ||||||||||||
(a) Reconciliation of operating revenue to total picked up revenue (in millions): | |||||||||||||||||
Operating revenue | $ | 418.0 | $ | 409.2 | $ | 443.7 | |||||||||||
Change in revenue deferral and other | (0.9 | ) | (1.0 | ) | (0.1 | ) | |||||||||||
Total picked up revenue | $ | 417.1 | $ | 408.2 | $ | 443.6 | |||||||||||
(a) Does not equal financial statement revenue due to revenue adjustments for shipments in transit and the impact of other revenue for YRC Freight. | |||||||||||||||||
(b) Percent change based on unrounded figures and not the rounded figures presented. |
YRC Worldwide Inc. | ||||||||||||
Segment Statistics | ||||||||||||
YTD Comparison | ||||||||||||
YRC Freight | ||||||||||||
Y/Y | ||||||||||||
2016 | 2015 | % (b) | ||||||||||
Workdays | 252.5 | 251.5 | ||||||||||
Total picked up revenue (in millions) (a) | $ | 2,922.7 | $ | 3,033.4 | (3.7 | ) | ||||||
Total tonnage (in thousands) | 6,221 | 6,396 | (2.7 | ) | ||||||||
Total tonnage per day (in thousands) | 24.64 | 25.43 | (3.1 | ) | ||||||||
Total shipments (in thousands) | 10,368 | 10,651 | (2.7 | ) | ||||||||
Total shipments per day (in thousands) | 41.06 | 42.35 | (3.0 | ) | ||||||||
Total picked up revenue/cwt. | $ | 23.49 | $ | 23.71 | (0.9 | ) | ||||||
Total picked up revenue/cwt. (excl. FSC) | $ | 21.30 | $ | 21.01 | 1.3 | |||||||
Total picked up revenue/shipment | $ | 282 | $ | 285 | (1.0 | ) | ||||||
Total picked up revenue/shipment (excl. FSC) | $ | 256 | $ | 252 | 1.3 | |||||||
Total weight/shipment (in pounds) | 1,200 | 1,201 | (0.1 | ) | ||||||||
(a) Reconciliation of operating revenue to total picked up revenue (in millions): | ||||||||||||
Operating revenue | $ | 2,958.9 | $ | 3,055.7 | ||||||||
Change in revenue deferral and other | (36.2 | ) | (22.3 | ) | ||||||||
Total picked up revenue | $ | 2,922.7 | $ | 3,033.4 | ||||||||
Regional Transportation | ||||||||||||
Y/Y | ||||||||||||
2016 | 2015 | % (b) | ||||||||||
Workdays | 252.0 | 251.0 | ||||||||||
Total picked up revenue (in millions) (a) | $ | 1,740.7 | $ | 1,776.5 | (2.0 | ) | ||||||
Total tonnage (in thousands) | 7,585 | 7,708 | (1.6 | ) | ||||||||
Total tonnage per day (in thousands) | 30.10 | 30.71 | (2.0 | ) | ||||||||
Total shipments (in thousands) | 10,291 | 10,375 | (0.8 | ) | ||||||||
Total shipments per day (in thousands) | 40.84 | 41.33 | (1.2 | ) | ||||||||
Total picked up revenue/cwt. | $ | 11.47 | $ | 11.52 | (0.4 | ) | ||||||
Total picked up revenue/cwt. (excl. FSC) | $ | 10.42 | $ | 10.26 | 1.6 | |||||||
Total picked up revenue/shipment | $ | 169 | $ | 171 | (1.2 | ) | ||||||
Total picked up revenue/shipment (excl. FSC) | $ | 154 | $ | 152 | 0.8 | |||||||
Total weight/shipment (in pounds) | 1,474 | 1,486 | (0.8 | ) | ||||||||
(a) Reconciliation of operating revenue to total picked up revenue (in millions): | ||||||||||||
Operating revenue | $ | 1,739.3 | $ | 1,776.9 | ||||||||
Change in revenue deferral and other | 1.4 | (0.4 | ) | |||||||||
Total picked up revenue | $ | 1,740.7 | $ | 1,776.5 | ||||||||
(a) Does not equal financial statement revenue due to revenue adjustments for shipments in transit and the impact of other revenue for YRC Freight. | ||||||||||||
(b) Percent change based on unrounded figures and not the rounded figures presented. |
Investor Contact: Tony Carreño 913-696-6108 investor@yrcw.com Media Contact: Mike Kelley 916-696-6121 mike.kelley@yrcw.com
1 Year YRC Worldwide Chart |
1 Month YRC Worldwide Chart |
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