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YRC Worldwide reports second quarter results

OVERLAND PARK, Kan., August 09, 2019 (GLOBE NEWSWIRE) – YRC Worldwide Inc. (NASDAQ: YRCW) reports second quarter 2019 consolidated income of $ 1.273 billion and consolidated operating revenue of $ 14.3 million, including actual property disposals Internet profit of $ 6.2 million. Second-quarter working revenue includes a $ 12.4 million non-recurring holiday profit associated to prior durations because of a new employment contract. By comparability, Q2 2018 results included $ 1.327 billion in working revenue and $ 50.9 million in consolidated working revenue, including a $ 2.2 million internet loss on actual estate disposals.

“In Might, we reached our ratification agreement, which offers essential enterprise alternatives for our firm. We consider that these opportunities will provide a foundation for enhancing the company's profitability over time. Nevertheless, we have been affected in many ways through the second quarter, "said Darren Hawkins, CEO of YRC Worldwide Inc." First, income declined because of momentary buyer considerations related to job negotiations. Second, regardless that the employment contract was ratified in mid-Might, the economic package deal was retroactive on April 1, 2019. In the brief term, this resulted in a price manager that we couldn’t absolutely substitute in the course of the quarter with income progress or value financial savings. . We consider industrial pricing for truck-less (LTL) continues to be smart. As we move into the back end of 2019, we’ll concentrate on profit initiatives that help our comprehensive strategic plan. “

The corporate has developed a comprehensive enterprise strategy to realize long-term profitability and stability. Our strategic roadmap is predicated on the proven alliance of our LTL regional and nationwide networks as well as our just lately launched diversified freight forwarding answer, HNRY Logistics, to offer our shoppers with a wide range of freight and business providers.

The important thing elements of the Multi-Annual Strategic Progress Plan are:

  • ratification of the employment contract and growing operational effectivity to realize service excellence.
  • capital construction improvement
  • community optimization
  • customer progress / engagement initiatives [19659006] Gear and Know-how Investments

Throughout this quarter, by means of this earnings announcement, the Company has launched: to complete new company management to steer buyer engagement initiatives [19659006] Completed the reorganization of our company-wide gross sales pressure and launched into a new Penn consolidation The merger of Enterprise Workplace scale processes ought to result in expected annual financial savings of approximately $ 25.zero million per yr.

  • Onboarded almost 170 new CDL vans, permitting for ongoing reductions in local transportation costs and short-term rental costs.
  • Our improved hourly wage mixture with part-time staff
  • embarked on the primary part of community optimization plans to attach service factors, with approximately 25 service facilities expected to be accomplished by the top of 2019.
  • “As we move into the second half of 2019, we’ll aggressively transfer forward with the operational modifications beneath the brand new collective agreement. In addition, we prioritize our network optimization tasks, which ought to strengthen the long-term profitability of the corporate, "stated Hawkins.

    ." In network optimization plans, we focus on building density in the areas we serve by implementing ongoing initiatives. improve our customer experience and value propositions, and drive our efforts to control our cost structure and ensure greater efficiency with our equipment, devices and resources. We are making plans to strategically reduce our network of 384 locations by connecting service centers, improving terminal and productivity revenue, and improving our service capabilities through technology and operational workforce efficiency. "

    Hawkins continued," Last we announced a new client manager, Jason Bergman. He and his team contribute to the strength of the top three regional operational companies, YRC Freight and our in-house brokerage solution, HNRY Logistics, a state-of-the-art technology that provides turnkey solutions to our customers' supply chain needs. I am proud to about 31 000 jäsenestämme team that we have introduced a change initiatives that will help our company can take advantage of the income, while improving our profitability. "

    " Lastly, we consider in an necessary step in the direction of our long-term strategic plan. in search of new financing options to switch current mortgage repayments with less restrictive covenants, lower interest rates and prolonged maturities. Modifications in capital structure ought to present a practical runway that permits us to spend money on company-specific initiatives and set the agency in occasions of weaker demand, ”stated Hawkins.

    Monetary Highlights

    • Second quarter 2019 internet loss of $ 23.6 million compared to $ 14.four million in second quarter 2018
    • Non-GAAP consolidated, adjusted EBITDA of $ 57.6 million for the second quarter of 2019, a decrease of $ 43.2 million in comparison with $ 100.8 million for a similar period in 2018 (as explained in the reconciliation under). LTM consolidated adjusted EBITDA for the final 12 months was $ 278.7 million, in comparison with $ 286.four million a yr earlier.
    • Second-quarter operating revenue consists of one-time funds for the 2018 related vacation advantages and $ 8.4 million and $ four.zero million for the first quarter of 2019, as offered within the new employment agreement. As a part of our credit facility custom-made EBITDA definition, a portion of the $ 4.2 million installment for 2018 was added to adjusted EBITDA in the second quarter, and the remaining quantity can be reinvested proportionately in the subsequent two quarters of 2019.
    • The debt-to-EBITDA ratio for the second quarter of 2019 improved to 3.12 occasions, in comparison with 3.18 occasions for the second quarter of 2018.
    • Investments within the business continued at $ 38.0 million by way of investments and new working leases for $ 52.6 million of capital belongings, totaling $ 90.6 million, representing 7.1% of Q2 / 2019 income. A lot of the funding was in tractors, trailers and know-how.
    • Within the second quarter of 2019, employee claims prices elevated by $ 8.5 million in comparison with the second quarter of 2018, primarily as a result of unfavorable developments in claims related to current and prior years.

    Highlights of Operations

    • The second quarter 2019 consolidated utilization fee was 98.9 compared to the second quarter 2018 96.2. YRC Freight had an operating ratio of 98.zero in comparison with 96.8 within the corresponding interval of 2018. The phase's occupancy price for the second quarter of 2019 was 99.4, compared with 94.1 a yr earlier.
    • Within the second quarter of 2019, YRC Freight's income per lorry weight (LTL), including gasoline additions, elevated by four.3% and liter shipments increased 2.6% compared to the same period in 2018. Excluding the gasoline surcharge, LTL / kg yield elevated 4.8% and liter shipments increased three.zero%.
    • Within the regional phase, second quarter income per hundred weights, including gasoline improve, increased by 1.four% and liter per transmission, by 1.6%, in comparison with the identical interval in 2018. Excluding gasoline improve, Lita's revenue per hundred weights increased by 1, eight. % and LTL income per cargo elevated by 2.0%.
    • Through the second quarter, 2019 liters / day decreased by 6.eight% in YRC Freight and decreased by four.9% within the regional phase compared to Q2 / 2018.
    • Complete shipments per day for the second quarter of 2019 decreased 5.1% for YRC Freight and 5.four% for the regional phase.

    Liquidity Replace

    • The Company's outstanding debt as of June 30, 2019 was $ 865.0 million, down $ 45.7 million in comparison with $ 910.7 million as of June 30, 2018.
      [19659006] The corporate is presently on the lookout for new financing choices, together with a attainable re-lending to a ahead contract, to offer less restrictive monetary covenants. , in addition to lower rates of interest and prolong the mortgage maturity as compared to your current loan agreement.
    • On July 25, 2019, the corporate acquired an updated score from Moody's Investor Service. The score was upgraded to "B2" from "B3" with a secure view.
    • The Company's obtainable liquidity, consisting of money and its managed availability (as detailed in more element under), was $ 156.eight million underneath its ABL facility as compared to $ 190.8 million at June 30, 2018, , $ 0 million.
    • Through the six months ended June 30, 2019, $ 29.5 million of cash was used in working actions, compared to $ 71.5 million of operating cash in the course of the six months ended June 30, 2018.

    – second quarter 2019 versus second quarter 2018

    YRC Freight 2019 2018 Proportion
    Change (a) Working Days 63.5 . 64.zero Turnover (million) $ 800.eight $ 827.6 (three,2). % Working revenue (million) $ 16.zero 26.eight (40.three%) Operational Relations 98.0 96.8 (1.2) ss liters per day (in hundreds) 19.33 [19659047] 2 0.73 (6.eight)% liters per day (in hundreds) 38.96 41, 08 (5.2)% [5]. LTL 19659052] LTL elevated income together with 100 FSC $ $ 30.09 $ 28.85 four.3% LTL elevated income per hundred weights without FSC [19659075] 26.45 25.24 four.8% LTL elevated revenue per consignment, including FSC 299 . ] 291 2.6% LTL elevated income per shipment with out FSC $ 262 [ ] 255 3.0% LTL weight / cargo (kilos) 992 1,009 (1.7)% complete day by day volume (in hundreds)) 24.46 ] 25.36 [19659053] (3.5)% complete every day shipments (in hundreds) 39.54 41.67 ( 5.1)% . Complete yields per hundred weights together with FSC [ ] 25.47 25.29 0.7% . 22.45 $ 22.17 1.three% complete revenue per shipment, including FSC $ 315 . 19659101] 308 2.four% complete income per shipment, excluding FSC $ 278 $ 270 three.0% 19659052] complete weight / consignment (pound) 1,238 1,217 1.7% regional transportation . 2018 %
    Change (a) working days 63.5 64.zero [19659052] operating revenue (million) [19659198 471.eight 499.zero (5.5)% working profit (loss) (million) [19659153] 2.6 29.2 NM utilization ratio 99.four 94, 1 (5.35) ss. tonnage per day (in hundreds) 23.61 24.84 (4.9)% LTL per day (in hundreds) ] 37, 52 39.55 (5.1)% LTL increased income per hundred weight together with FSC $ 14.64 [196590193] . ] 14.44 $ 1.4% $ income per gatha ght excluding FSC $ 12.90 $ 12.68 $ 1.8% revenue per cargo including FSC 184 $ 19659101] 181 1.6% LTL elevated revenue per shipment, excluding FSC $ 159 . ] 2.0% $ wt / shipment (in pounds) 1,259 1,256 0.2% complete day by day volume (in hundreds) 28, 95 31.28 (7.4)% complete every day shipments (in hundreds) 38.29] 40.47 (5.four)% Complete value per hundred weight including FSC [ $ 12.85 12.48. ] 3.0% Complete Value Per 100 Weight Excluding Non-recurring Gadgets FSC $ 11.34 $ 10.97 3.3% ] complete income per shipment, including FSC $ 194 [19659101] 193 0.7% Complete revenue per shipment, excluding FSC $ 170 170 ] 1.1% complete weight / cargo (in pounds) 1,512 1,546 (2.2)%

    (a) Proportion change based mostly on unjustified figures and not on rounded figures .

    Monetary Performance Evaluate

    YRC Worldwide Inc. is holding a convention call with the funding firm as we speak, Friday, August 9, 2019, starting at 9:30 a.m. ET.

    A reside webcast of the conference call and slideshow is accessible on the YRC Worldwide Inc. Website online www.yrcw.com . A replay of the webcast can also be obtainable at www.yrcw.com .

    Non-GAAP Financing Measures

    EBITDA is a non-GAAP technique that reflects an organization's earnings earlier than curiosity, taxes, depreciation and amortization. Adjusted EBITDA: A non-GAAP technique that reflects EBITDA and further adjusts for sure internet positive aspects or losses on real property gross sales, cash impairment losses, letters of credit, restructuring costs, debt issuance transaction prices, non-recurring consultancy fees, non-recurring consultancy charges, , union travel bills, and non-union pension preparations, including those laid out in our credit line. EBITDA and Adjusted EBITDA are used for inner administration purposes as a financial measure that reflects the efficiency of the Company's core business. In addition, management uses adjusted EBITDA to measure compliance with financial covenants inside the Firm's credit limits and to pay sure management and employee charges. We consider that the presentation of EBITDA and Adjusted EBITDA is useful to buyers and other customers as a result of these measures characterize key further info that administration makes use of to match and consider our underlying working results, both on a consolidated foundation and throughout enterprise segments, notably our leverage and capital adequacy nature. In addition, EBITDA is a measure generally utilized by our different industries and offers a benchmark for buyers to guage the efficiency of corporations within the industry. As well as, adjusted EBITDA helps buyers perceive how the company complies with our financial covenants in our loan-to-credit agreement, as this measure is calculated in accordance with our fixed-term mortgage settlement and is a key aspect in key monetary covenants. Nevertheless, these financial measures should not be interpreted more as measurements than as internet revenue, as outlined by Usually Accepted Accounting Rules (GAAP).

    EBITDA and Adjusted EBITDA are topic to the following limitations:

    • EBITDA doesn’t mirror the curiosity expense or cash requirements required to finance curiosity or principal payments on our excellent debt;
    • Adjusted EBITDA doesn’t mirror the price of interest or cash needs to service interest or the cost of the Fund's capital payments on excellent debt, letters of credit, restructuring fees, debt-related transaction costs, commerce union interest reimbursement fees, or one-time consultancy fees;
    • Although depreciation and impairment are non-cash belongings, depreciation and amortization is required in the future and EBITDA and EBITDA do not mirror the money requirements for such compensation.
    • Fairness compensation is a part of a long-term incentive scheme, although adjusted EBITDA does not embrace employee share-based compensation expense when presenting our continuing working performance for a time period;
    • Different corporations in our industry might calculate adjusted EBITDA in a different way than we do. , limiting its usefulness as a comparative measure. Because of these limitations, non-GAAP meters should not be thought-about as substitutes for efficiency meters calculated in accordance with GAAP. We compensate for these limitations by relying primarily on GAAP results and using non-GAAP measures as a secondary measure. The Company has offered reconciliation measures for non-GAAP measures of GAAP internet revenue (loss) and working revenue (loss) in the accompanying financial info.

      Forward-Wanting Statements

      This press launch incorporates prospects. statements referred to in section 27A of the Securities Act and part 21E of the Stock Trade Act. Phrases like "will", "expect", "intend", "anticipate", "believe", "may", "wish", "should", "may", "project", "predict", "recommend, “The“ plan ”,“ planned ”,“ possible ”and comparable expressions, which converse only from the date of difficulty of the assertion, are meant to determine forward-looking statements. The outlook is inherently uncertain, based mostly on current beliefs, assumptions and expectations of management and current market circumstances, and includes vital business, financial, competitors, regulatory and different risks, uncertainties and uncertainties, lots of which we’re outdoors management. The longer term financial position and results might differ materially from these predicted in such forward-looking statements because of quite a lot of elements, together with, without limitation, common financial elements; our potential to successfully secure all new financing choices to switch the prevailing loan on current commercially affordable phrases or otherwise; buyer demand in retail and industry; business dangers and rising prices in the transport industry, including rising gear, operational and technological costs and disruptions on account of natural disasters; competition and competitive strain on pricing; the danger of labor disruption or disruption if our relationship with our staff and trade unions weakens; growing pension expenditure and monetary liabilities according to interest rate fluctuations; adding our personal insurance indemnity prices; our means to finance the upkeep, acquisition and alternative of income gear and different essential investments; the price of our potential to comply with and comply with federal, state, native, and overseas legal guidelines and laws, together with, with out limitation, labor laws and environmental laws and laws; obstacles to our operations and business arising from counter-terrorism measures; the consequences of any claims or litigation to which we’re or could also be uncovered; failure to understand the expected advantages and price savings from efficiency and efficiency enchancment initiatives; our capacity to attract and retain qualified drivers and the rising value of driver compensation; Vital invasion of privateness or disruption of the IT system; the dangers of operating abroad; our dependence on key individuals; the seasonal nature; gasoline shortages and modifications in gasoline prices or the index on which we base the gasoline surcharge, and the effectiveness of the gasoline surcharge program to guard us from gasoline worth volatility; our potential to generate adequate liquidity to satisfy our academic needs and future cash obligations, together with, with out limitation, our obligations beneath debt and lease and retirement financing necessities, and our capability to realize elevated money circulate by means of improved operations; restrictions on our operations, funding opportunities, potential strategic transactions, acquisitions, or divestitures ensuing from restrictive covenants in present and future indebtedness paperwork; we neglect the covenants of present and future indebtedness regulatory paperwork; fluctuations in the worth of our widespread stock; dilution of future share difficulty; our intention to not pay dividends on our widespread inventory; that we’ve got the power to concern choice shares which will adversely affect the rights of our holders; and different dangers and uncertainties, together with, without limitation, these contained in our SEC filed reports, including these described within the "Danger Elements" section of our Annual Report on Type 10-Okay and the Quarterly Reports on Type 10-Q.

      About YRC Worldwide

      YRC Worldwide Inc., headquartered in Overland Park, Canada, is a holding firm that gives a portfolio of lower than truck (LTL) corporations, including Holland New Penn Reddaway and YRC Freight in addition to a logistics firm HNRY Logistics . Collectively, YRC Worldwide has one among North America's largest, most complete logistics and LTL networks with local, regional, national, and worldwide capabilities. Via their groups of skilled service professionals, YRC Worldwide supplies industry-leading experience in flexible provide chain solutions, making certain that clients can ship industrial, business and retail products with confidence.

      Visit our website at www.yrcw. com for more info.

      SOURCE: YRC worldwide

      CONSOLIDATED BALANCE SHEET YRC Worldwide Inc. and Subsidiaries (Quantities in hundreds of thousands, excluding share and share info) 31. December 2019 2018 ASSETS (unverified) . 19659367] CURRENT ASSETS: [19659369] cash and cash equivalents $ 117,5 $ , 6 [196594037]. quantities held in escrow to to accounts receivable, internet ] advances and others 52.3 58.7 . 19659442] Complete Present Belongings 708.5 756.6 AND EQUIPMENT: Value 2 767.2 19659240] 1965 [1969] 1965 [1965]. 59405] much less – accrued depreciation (1 986.0 ) (1 969.8 ) internet belongings . 19659434] 781.2 796.1 [laskennalliset verot, ] zero.four to License Asset Belongings 373.9 . 19659408] Different Belongings 43.three 64.4 Complete Belongings . 19659523] $ 1,617.1 19659235] LIABILITIES AND SHAREHOLDERS 'DEFICITS . ] wages, holidays and worker advantages 239.1 223.6 present leasing liabilities 110.5 [19659355] to different current and accrued liabilities 172.zero . 170.1 maturities of long-term debt 18.four 20.7 Complete present liabilities 728.zero ] 592.four . 19659369] Other liabilities: non-current liabilities, minus current portion 1965 [1965] [1965] 854,2 per cent , internet – 1.8 1.8 . Retirement and post-retirement 194.7 202.9 operating lease liabilities [1965940] [1965] 1965 [1965] Receivables and Other Liabilities 277.1 271.three [19659372] Commitments and Contingencies ] Most popular share, $ 1 par value per share 19659240] – pressure, $ zero.099. per share zero.3 0.3 capital surplus 2330.2 . 19659407] 2,327.6 accrued deficit (2,281.1 ) (2,208.four ] loss (326.eight ) (332.three ) personal shares at value (410 shares) [19659433] (92.7 ) [19659355] (92.7 ) complete shareholder deficit (370.1 ). (305.5 ) Liabilities and shareholders deficits complete $ 1,907.3 $.] 1,617,1 COOPERATION AND CONSOLIDATION OF CONSOLIDATES 19659767] For the Three and Six Months Ended June 30 (19659352) [19659369] Six Months 2019 2018 2019 2018     $ 1,326.5     $ 2,454.9     $ 2,541.zero[19659260]                      OPERATING EXPENSES:                 Salaries, wages and employee advantages   782.3       756.0       1,500.5      [19659407]1,485.7     Gasoline, working bills and supplies   228.3       242.zero       464.2       472.2     Purchased transportation   158.0       177.2       304.three       332.6    [1 9659431]Depreciation and amortization   38.5       37.6       78.5       75.three     Different working expenses   57.four       60.6       121.2       123.2    [19659405](Features) losses on property disposals, internet   (6.2 )     2.2       (4.6 )     5.4     Impairment expenses   –       –       8.2       –            [19659355]                            Complete working expenses   1,258.3       1,275.6       2,472.three       2,494.4                                     OPERATING INCOME (LOSS)   14.three       50.9       (17.4 )     46.6                       NONOPERATING EXPENSES:  [19659355]              Interest expense   28.2       25.5       55.2       51.1     Non-union pension and postretirement benefits   zero.5       (0.four )    [19659407]zero.8       (zero.9 )   Other, internet   zero.1       1.zero       (zero.1 )     (0.9 )                                       Nonoperating expenses, internet   28.eight       26.1       55.9       49.three                       INCOME (LOSS) BEFORE INCOME TAXES   (14.5 )     24.eight  [1 9659367]    (73.3 )     (2.7 ) INCOME TAX EXPENSE (BENEFIT)   9.1       10.4       (0.6 )     (2.5 ) NET INCOME (LOSS)   (23.6 )     14.four       (72.7 )     (zero. 2 ) OTHER COMPREHENSIVE INCOME, NET OF TAX   2.zero       4.3       5.5       6.3   COMPREHENSIVE INCOME (LOSS) $ (21.6 )   $ 18.7     $ (67.2 )   $ 6.1    [1 9659367]                  AVERAGE COMMON SHARES OUTSTANDING – BASIC   33,247       32,966       33,199       32,894   AVERAGE COMMON SHARES OUTSTANDING – DILUTED   33,247       33,794    [19659432]  33,199       32,894                       EARNINGS (LOSS) PER SHARE – BASIC $ (0.71 )   $ 0.44     $ (2.19 )   $ (zero.00 ) EARNINGS (LOSS) PER SHARE – DILUT ED $ (0.71 )   $ 0.43     $ (2.19 )   $ (zero.00 )                    

       

       
      STATEMENTS OF CONSOLIDATED CASH FLOWS
      YRC Worldwide Inc. and Subsidiaries
      For the Six Months Ended June 30
      (Quantities in hundreds of thousands)
      (Unaudited)[19659908] 
                 
              2019       2018  
                 
      OPERATING ACTIVITIES:      
        Internet loss $ (72.7 )   $ (0.2 )
        Adjustments to reconcile internet loss to money flows from working activities:      
          Depreciation and amortization   78.5       75.3  
          Lease amortization and accretion expense   82.3        
          Lease funds   (75.4 )      
          Equity-based compensation and employee advantages expense   9.5       12.1  
          Features on property disposals, internet   (four.6 )     5.4  
          Impairment expenses   eight.2      [1 9659407]–  
          Deferred revenue tax benefit, internet   (1.6 )      
          Other noncash gadgets, internet   2.1       3.6  
        Modifications in belongings and liabilities, internet:      
          Accounts receivable   (67.2 )  [19659432]  (65.6 )
          Accounts payable   5.3       17.eight  
          Other operating belongings   (four.5 )     (17.4 )
          Other operating liabilities   10.6       40.5  
       [1 9659367]  Internet money offered by (utilized in) operating activities   (29.5 )     71.5  
                 
      INVESTING ACTIVITIES:      
        Acquisition of property and gear   (70.6 )     (46.5 )
        Proceeds from disposal of property and gear[19659432]  eight.three       4.2  
          Internet cash used in investing actions   (62.three )     (42.three )
                 
      FINANCING ACTIVITIES:      
        Reimbursement of long-term debt   (17.5 )  [1 9659406]  (14.6 )
        Payments for tax withheld on equity-based compensation   (0.eight )     (1.6 )
          Internet money utilized in financing activities   (18.3 )     (16.2 )
      NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW   (110.1 )    [19659433]13.0  
      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 $ 117.5     $ 158.7  
                 
      SUPPLEMENTAL CASH FLO W INFORMATION      
      Interest paid $ (50.6 )   $ (49.4 )
      Revenue tax cost, internet   (2.5 )     (2.9 )
                     

       

       
      SUPPLEMENTAL FINANCIAL INFORMATION
      YRC Worldwide Inc. and Subsidiaries
      For the Three and Six M onths Ended June 30
      (Quantities in hundreds of thousands)
      (Unaudited)
                               
      SEGMENT INFORMATION                      
                   [19660321]           
          Three Months   Six Months
            2019       2018     %     2019       2018     %
                       [19659895]       
      Operating income:            
        YRC Freight $ 800.eight     $ 827.6       (three.2 )   $ 1,544.6     $ 1,578.9       (2.2 )
       [19659367]Regional Transportation   471.8       499.0       (5.5 )     910.4       962.3       (5.4 )
        Different, internet of eliminations         (0.1 )         (0.1[19660358])     (zero.2 )    
        Consolidated   1,272.6       1,326.5       (4.1 )     2,454.9       2,541.0       (three.four )
                             
      Working revenue (loss):                      
        YRC Freight   16.0       26.8           (5.1 )     19.9    
        Regional Transportation   2.6       29.2           (four.4 )     34.4      
        Corporate and different   (4.three )     (5.1 )         (7.9 )[1 9659367]    (7.7 )    
        Consolidated $ 14.three     $ 50.9         $ (17.4 )   $ 46.6      
                               
      Operating ratio (a):                
        YRC Freight   98.0 %     96.8 %         100.3 %     98.7 %    
        Regional Transportation   99.four %    [19659407]94.1 %         100.5 %     96.4 %    
        Consolidated   98.9 %     96.2 %         100.7 %     98.2 %    
                   [19660299] 
        (a) Working ratio is calculated as (i) 100 % (ii) minus the results of dividing working revenue by operating income or (iii) plus the results of dividing working loss by operating revenue, and expressed as a proportion.
                           
                             
      SUPPLEMENTAL INFORMATION: Complete Debt                
                  Debt Concern    
        As of June 30, 2019     Par Worth   Low cost   Prices   Ebook Value
                           
        Term Mortgage   $ 558.1     $ (6.5 )   $[19659407](5.6 )   $ 546.zero  
        ABL Facility                              
        Secured Second A&R CDA     26.8             (zero.1 )     26.7  
        Unsecured Second A&R CDA     46.7             (zero.2 )     46.5  
        Lease financing obligations     233.four            [19659407](zero.three )     233.1  
        Complete debt   $ 865.0     $ (6.5 )   $ (6.2 )   $ 852.three  
                       
                  Debt Situation    
        As of December 31, 2018     Par Value   Low cost   Costs   Guide Value
                           
        Time period Mortgage   $ 573.7     $ (7.8 )   $ (6.5[19659408])   $ 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[19659408])     242.2  
        Complete debt   $ 890.zero     $ (7.8 )   $ (7.3 )   $ 874.9  
                         
        Our complete leverage ratio for the four consecutive fiscal quarters ended June 30, 2019 was 3.12 to 1.00.
         
        Our complete leverage ratio for the four consecutive fiscal quarters ended December 31, 2018 was 2.64 to 1.00.
                 
         
      SUPPLEMENTAL INFORMATION: Liquidity                       
                          June 30,   December 31,
                            2019       2018  
        Money and cash equivalents                 $ 117.5     $ 227.6  
        Modifications to restricted cash          [19659367]              (25.zero )
        Managed Accessibility (b)                   39.3       1.2  
        Complete Cash and money equivalents and Managed Accessibility                 $ 156.eight     $ 203.8  
                               
        (b) Managed Accessibility represents the maximum amount we might entry on the ABL Facility and is adjusted for eligible receivables plus eligible borrowing base money measured for the relevant period. Based mostly on the eligible receivable’s management makes use of to measure availability, which is 10% of the borrowing line, the credit score agreement governing the ABL Facility permits adjustments from eligible borrowing base money to restricted cash prior to the compliance measurement date which is 15 days from the period shut.
       

       

        SUPPLEMENTAL FINANCIAL INFORMATION YRC Worldwide Inc. and Subsidiaries For the Three and Six Months Ended June 30 (Quantities in tens of millions) (Unaudited)                                         Three Months    Six Months      2019       2018       2019       2018     Reconciliation of internet revenue (loss) to Adjusted EBITDA(a):                 Internet revenue (loss) $ (23.6 )   $[19661570]14.4     $ (72.7 )   $ (0.2 )   Curiosity expense, internet   27.8       25.5       54.three       51.0     Revenue tax profit   9.1       10.four       (zero.6 )     (2.5 )   Depreciation and amortization   38.5       37.6       78.5       75.3     EBITDA   51.eight       87.9       59.5       123.6     Adjustments for Time period Loan Agreement:                 (Positive factors) losses on property disposals, internet   (6.2 )     2.2       (four.6 )     5.four     Property good points on sure disposals (b)   –       0.four       –       zero.4     Impairment expenses   –       –       8.2       –     Letter of credit score expense   1.6      [19659407]1.7       3.2       3.four     Restructuring costs   zero.5       0.6       0.5       1.2     Nonrecurring consulting charges   1.9       1.7       4.3       three.2     Permitted tendencies and other   –       0.2       (1.1 )     0.7     Fairness-based compensation expense   1.1       3.2       three.4[19659408]      4.8     Union vacation charge   4.2       –       four.2       –     Nonrecurring merchandise (vendor chapter)   –       –       3.7       –     Other, internet (c)   2.7       2.9       6.4       3.eight     Adjusted EBITDA $ 57.6     $ 100.eight     $ 87.7     $ 146.5                     (a) Sure reclassifications have been made to prior yr to evolve to current yr presentation. (b) Sure property features are added again in the calculation of Adjusted EBITDA pursuant to the Time period Mortgage Agreement which permits positive aspects from the sale of excess property with continuing operations. (c) As required beneath our Term Loan Settlement, Other, internet proven above consists of the influence of sure gadgets to be included in Adjusted EBITDA.                                                                                 Three Months    Six Months    Adjusted EBITDA by phase:   2019       2018       2019       2018     YRC Freight $ 39.5     $ 54.5     $ 57.8     $ 76 .6     Regional Transportation   19.1     $ 46.eight       30.4       69.four     Corporate and different   (1.0 )   $ (zero.5 )     (zero.5 )     0.5     Adjusted EBITDA $ 57.6     $ 100.eight     $ 87.7     $ 146.5                  

       

        SUPPLEMENTAL FINANCIAL INFORMATION YRC Worldwide Inc. and Subsidiaries For the Three and Six Months Ended June 30 (Amounts in tens of millions) (Unau dited)                                       Three Months    Six Months    YRC Freight phase   2019       2018       2019       2018     Reconciliation of operating revenue (loss) to Adjusted EBITDA(a):                 Working revenue (loss) $ 16.0     $ 26.8     $ (5.1 )   $ 19.9     Depreciation and amortization[19659406]  21.6       21.5       44.5       43.1     (Positive aspects) losses on property disposals, internet   (three.2 )     1.7       (2.1 )     4.5     Property positive aspects on sure disposals (b)   –       zero.four       –       0.4     Impairment costs   –       –       8.2       –     Letter of credit expense   1.0    [19659406]  1.1       2.zero       2.1     Restructuring fees   –       –       –       zero.1     Non-union pension and postretirement benefits   (zero.3 )     zero.6       (zero.four )     1.1     Nonrecurring consulting charges   1.7       1.6       3.8       three.1     Union trip cost   2.6       –      [19659407]2.6       –     Nonrecurring merchandise (vendor bankruptcy)   –       –       3.7       –     Other, internet (c)   0.1       0.8       0.6       2.3     Adjusted EBITDA $ 39.5     $ 54.5     $ 57.eight     $ 76.6                               Three Months    Six Months    Regional Transportation phase   2019       2018       2019       2018     Reconciliation of working revenue (loss) to Adjusted EBITDA:                 Working revenue (loss) $ 2.6     $ 29.2     $ (4.4 )   $ 34.4     Depreciation and amortization   16.7       16.1       33.5       32.2     (Features) losses on property disposals, internet   (3.zero )    [19659407]zero.four       (2.5 )     zero.8     Letter of credit score expense   0.6       zero.5       1.1       1.1     Nonrecurring consulting charges   zero.2       –       0.5       –     Union trip cost   1.6       –       1.6       –     Other, internet (c)   0.four       zero.6       zero.6    [19659406]  0.9     Adjusted EBITDA $ 19.1     $ 46.eight     $ 30.4     $ 69.four                                 Three Months    Six Months    Company and different   2019       2018       2019       2018     Reconciliation of working loss to Adjusted EBITDA:                 Operating loss $ (4.3 )   $[19659407](5.1 )   $ (7.9 )   $ (7.7 )   Depreciation and amortization   zero.2       0.1       0.5       zero.1     Losses on property disposals, internet   –       0.1       –       zero.1     Letter of credit expense   –       –       0.1       0.1     Restructuring costs   0.5       0.6       0.5  [19659367]    1.1     Permitted tendencies and other   –       zero.2       (1.1 )     0.7     Non-union pension and postretirement benefits   (0.2 )     (0.2 )     (zero.four )     (0.2 )   Fairness-based compensation expense   1.1       three.2       three.four       4.8     Other, internet (c)   1.7       zero.6       4.4       1.5  [19659372]  Adjusted EBITDA $ (1.zero )   $ (0.5 )   $ (0.5 )   $ 0.5             (a) Certain reclassifications have been made to prior yr to evolve to current yr presentation. (b) Certain property features are added back in the calculation of Adjusted EBITDA pursuant to the Term Mortgage Agreement which permits features from the sale of extra property with continuing operations. (c) As required underneath our Time period Loan Agreement, Other, internet proven above consists of the influence of sure gadgets to be included in Adjusted EBITDA.  

       

        SUPPLEMENTAL FINANCIAL INFORMATION YRC Worldwide Inc. and Subsidiaries For the Trailing Twelve Months Ended June 30 (Quantities in hundreds of thousands) (Unaudited)                                       2019     2018     Reconciliation of internet loss to Adjusted EBITDA(a):       Internet loss $ (52.three ) $ (four.7 )   Interest expense, internet   107.8     102.6     Revenue tax expense (profit)   13.zero     (9.3 )   Depreciat ion and amortization   150.9     148.7     EBITDA   219.four     237.three     Adjustments for Term Loan Agreement:       (Positive factors) losses on property disposals, internet   (30.8 )   three.1     Property positive factors on certain disposals(b)   29.three     zero.four     Impairment costs   8.2     –     Letter of credit expense   6.4     6.8     Restructuring costs   1.6     2.1     Transaction prices associated to issuances of debt   –     eight.1     Nonrecurring consulting fees   eight.8     3.2     Permitted tendencies and other   (1.5 )   1.1     Equity-based compensation expense   4.9     7.3     Non-union pension settlement charge   10.9     7.6     Union trip charge   4.2     –     Nonrecurring item (vendor bankruptcy)   8.0     –     Different, internet (c)   9.three     9.4     Adjusted EBITDA $ 278.7   $ 286.4           (a) Sure reclassifications have been made to prior yr to evolve to current yr presentation. (b) Sure property good points are added back in the calculation of Adjusted EBITDA pursuant to the Term Mortgage Settlement which permits features from the sale of extra property with persevering with operations. (c) As required underneath our Time period Mortgage Agreement, Different, internet, shown above consists of the influence of sure gadgets to be included in Adjusted EBITDA.  

       

        YRC Worldwide Inc. Phase Statistics Quarterly Comparison                       YRC Freight               Y/Y   Sequential   2Q19   2Q18   1Q19   % (b)   % (b) Workdays   63.5       64.0       63.zero                               LTL picked up income (in tens of millions) $ 738.7     $ 765.5  [19662050]  $ 688.3     (3.5 )   7.three   LTL tonnage (in hundreds)   1,227       1,327       1,155     (7.5 )   6.three   LTL tonnage per day (in hundreds)   19.33       20.73       18.33     (6.eight )   5.four   LTL shipments (in hundreds)   2,474       2,629       2,298     (5.9 )   7.7   LTL shipments per day (in hundreds)   38.96       four 1.08       36.47     (5.2 )   6.eight   LTL picked up revenue/cwt. $ 30.09     $ 28.85     $ 29.80     4.3     1.zero   LTL picked up income/cwt. (excl. FSC) $ 26.45     $ 25.24     $ 26.33     4.eight     0.four   LTL picked up revenue/cargo $ 299     $ 291     $ 300     2.6     (0.three ) LTL picked up income/cargo (excl. FSC) $ 262     $ 255     $ 265     3.0     (0.9 ) LTL weight/cargo (in kilos)   992       1,009       1,005     (1.7 )   (1.three )  [19659381]                  Complete picked up income (in hundreds of thousands) (a) $ 791.5     $ 821.zero     $ 738.0     (3.6 )   7.2   Complete tonnage (in hundreds)   1,554       1,623       1,442     (four.3 )   7.7   Complete tonnage per day (in hundreds)   24.46       25.36       22.90     (3.5 )   6.eight   Complete shipments (in hundreds)   2,511       2,667[19659408]      2,331     (5.9 )   7.7   Complete shipments per day (in hundreds)   39.54       41.67       37.01     (5.1 )   6.eight   Complete picked up income/cwt. $ 25.47     $ 25.29     $ 25.58     0.7     (0.4 ) Complete picked up revenue/cwt. (excl. FSC) $ 22.45     $ 22.17     $ 22.66     1.three     (zero.9 ) Complete picked up income/cargo $ 315     $ 308     $ 317     2.four     (0.four ) Complete picked up income/shipment (excl. FSC) $ 278     $ 270     $ 280     3.zero     (0.9 ) Complete weight/shipment (in kilos)   1,238       1,217       1,237     1.7     zero.0                     (a) Reconciliation of operating income to complete picked up revenue (in tens of millions):         Working revenue $ 800.eight     $ 827.6     $ 743.8           Change in income deferral and different   (9.3 )     (6.6 )     (5.8 )         Complete picked up revenue $ 791.5     $ 821.0     $ 738.0                        [19659405]        Regional Transportation               Y/Y   Sequential   2Q19   2Q18   1Q19   % (b)   % (b) Workdays   63.5       64.0       63.zero                               LTL picked up revenue (in hundreds of thousands) $ 439.zero     $ 459.1     $ 404.8     (4.four )   8.4   LTL tonnage (in hundreds)   1,499  [19659382]    1,590       1,388     (5.7 )   eight.1   LTL tonnage per day (in hundreds)   23.61       24.84       22.02     (4.9 )   7.2   LTL shipments (in hundreds)   2,383       2,531       2,193     (5.9 )   8.6   LTL shipments per day (in hundreds)   37.52       39.55       34.81     (5.1 )   7.eight   LTL picked up revenue/cwt. $ 14 . 64     $ 14.44     $ 14.59     1.4     0.4   LTL picked up income/cwt. (excl. FSC) $ 12.90     $ 12.68     $ 12.93     1.8     (zero.2 ) LTL picked up income/shipment $ 184     $ 181     $ 185     1.6     (zero.2 ) LTL picked up revenue/shipment (excl. FSC) $ 162     $ 159     $ 164     2.zero     (zero.7 ) LTL weight/shipment (in kilos)   1,259       1,256       1,265     0.2     (zero.5 )  [19659381]                  Complete picked up revenue (in tens of millions) (a) $ 472.6     $ 499.8     $ 438.four     (5.four )   7.eight   Complete tonnage (in hundreds)   1,838       2,002       1,726     (eight.2 )   6.5   Complete tonnage per day (in hundreds)   28.95       31.28       27.39     (7.4 )   5.7   Complete shipments (in hundreds)   2,432       2,590[1 9459216]      2,242     (6.1 )   eight.5   Complete shipments per day (in hundreds)   38.29       40.47       35.58     (5.four )   7.6   Complete picked up revenue/cwt. $ 12.85     $ 12.48     $ 12.70     three.0     1.2   Complete picked up revenue/cwt. (excl. FSC) $ 11.34     $ 10.97     $ 11.26     3.3     0.7   Complete picked up income/cargo $ 194     $ 193     $ 196     0.7     (0.6 ) Complete picked up revenue/cargo (excl. FSC) $ 171     $ 170     $ 173     1.1     (1.1 ) Complete weight/cargo (in pounds)   1,512       1,546       1,540     (2.2 )   (1.8 )                   (a) Reconciliation of working income to complete picked up revenue (in tens of millions):         Operating revenue $ 471.eight     $ 499.zero     $ 438.6           Change in income deferral and different   zero.8       0.eight       (0.2 )         Complete picked up revenue $ 472.6     $ 499.eight     $ 438.four                        [19659405]      (a) Doesn’t equal financial assertion revenue as a result of income adjustments for shipments in transit and the influence of different income for YRC Freight. (b) % change based mostly on unrounded figures and not the rounded figures introduced.

       

        YRC Worldwide Inc. Phase Statistics YTD Comparison     YRC Freight           Y/Y     2019       2018     % (b) Workdays   126.5       127.5                   LTL picked up revenue (in hundreds of thousands) $ 1,427.zero     $ 1,464.1     (2.5 ) LTL tonnage (in hundreds)   2,382       2,562     (7.zero ) LTL tonnage per day (in hundreds)   18.83      [19659407]20.10     (6.3 ) LTL shipments (in hundreds)   4,772       5,045     (5.four ) LTL shipments per day (in hundreds)   37.72       39.57     (four.7 ) LTL picked up revenue/cwt. $ 29.95     $ 28.57     four.eight   LTL picked up revenue/cwt. (excl. FSC) $ 26.39     $ 25.08     5.2   LTL picked up revenue/cargo $ 299     $ 290     3.0   LTL picked up income/shipment (excl. FSC) $ 264     $ 255     3.5   LTL weight/shipment (in kilos)   998       1,zero16     (1.7 )             Complete picked up income (in hundreds of thousands) (a) $ 1,529.5     $ 1,568.6     (2.5 ) Complete tonnage (in hundreds)   2,996       three ,122     (four.0 ) Complete tonnage per day (in hundreds)   23.68       24.48     (3.3 ) Complete shipments (in hundreds)   four,842       5,118     (5.4 ) Complete shipments per day (in hundreds)   38.28       40.14     (four.6 ) Complete picked up income/cwt. $ 25.53     $ 25.12     1.6   Complete picked up income/cwt. (excl. FSC) $ 22.55     $ 22.08     2.1   Complete picked up income/cargo $ 316     $ 307     three.1   Complete picked up income/cargo (excl. FSC) $ 279     $ 269     3.6   Complete weight/cargo (in pounds)   1,238       1,220     1.four               (a) Reconciliation of working income to complete picked up income (in tens of millions):     Working income $ 1,544.6     $ 1,578.9       Change in revenu e deferral and other   (15.1 )     (10.three )     Complete picked up income $ 1,529.5     $ 1,568.6                     Regional Transportation           Y/Y     2019       2018     % (b) Workdays   126.5       127.5                           LTL picked up revenue (in hundreds of thousands) $ 843.8     $ 884.1    [19659406](four.5 ) LTL tonnage (in hundreds)   2,887       three,101     (6.9 ) LTL tonnage per day (in hundreds)   22.82       24.32     (6.2 ) LTL shipments (in hundreds)   four,576       four,918     (7.zero ) LTL shipments per day (in hundreds)   36.17       38.58     (6.2 ) LTL picked up revenue/cwt. $ 14.62     $ 14.25     2.5   LTL picked up revenue/cwt. (excl. FSC) $ 12.91     $ 12.55     2.9   LTL picked up income/shipment $ 184     $ 180     2.6   LTL picked up revenue/shipment (excl. FSC) $ 163     $ 158     three.0   LTL weight/shipment (in pounds)   1,262       1,261     0.1                       Complete picked up income (in tens of millions) (a) $ 911.zero     $ 963.8     (5.5 ) Complete tonnage (in hundreds)   three,564[19659408]      3,916     (9.0 ) Complete tonnage per day (in hundreds)   28.17       30.71     (eight.three ) Complete shipments (in hundreds)   4,673       5,zero34     (7.2 ) Complete shipments per day (in hundreds)   36.94       39.48     (6.four ) Complete picked up income/cwt. $ 12.78     $ 12.31     three.9   Complete picked up revenue/cwt. (excl. FSC) $ 11.30     $ 10.84     4.2   Complete picked up income/cargo $ 195     $ 191     1.eight   Complete picked up revenue/shipment (excl. FSC) $ 172     $ 169     2.2   Complete weight/cargo (in kilos)   1,525       1,556     (2.0 )             (a) Reconciliation of working income to complete picked up income (in tens of millions):     Working income $ 910.4     $ 962.3       Change in income de ferral and different   zero.6       1.5       Complete picked up revenue $ 911.zero     $ 963.eight                   (a) Does not equal monetary assertion revenue as a consequence of income changes for shipments in transit and the influence of other revenue for YRC Freight. (b) % change based mostly on unrounded figures and never the rounded figures introduced.  

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