YELLOW (EX-YRC WORLDWIDE) Yellow Corporation
Second Quarter 2022
Earnings Conference Call
Financial Results
Revenue | Operating Income |
(in millions) | (in millions) |
$5,294 | |
$5,122 | $213 |
$4,859 |
$4,514
$104
$57
$33
2020 | 2Q21 LTM | 2021 | 2Q22 LTM | 2020 | 2Q21 LTM | 2021 | 2Q22 LTM |
2
Financial Results
Adjusted EBITDA
(in millions)
Cash and Cash Equivalents and
Managed Accessibility
$407
$306
$216
$192
$440
(in millions)
$423
$359
$305
2020 | 2Q21 LTM | 2021 | 2Q22 LTM |
LTM Adjusted EBITDA covenant is $200 million in 2Q 2022 and thereafter
12/31/2020 | 6/30/2021 | 12/31/2021 | 6/30/2022 |
3
Cash Flow
Operating Cash Flow | Free Cash Flow(a) | |||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||
$123 | $38 | |||||||||||||||||||||
$60 | ||||||||||||||||||||||
$10 | ||||||||||||||||||||||
$(152) | ||||||||||||||||||||||
$(104) | $(484) | ||||||||
2020 | LTM 2Q21 | 2021 | LTM 2Q22 | (b) | $(564) (b), (c) | 2021 | (c) | LTM 2Q22 | (c), (d) |
2020 | LTM 2Q21 |
- Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash proceeds from disposals
- During FY 2020, the Company recognized cash proceeds on the sale of terminals of approximately $53 million
- During FY 2021, the Company recognized cash proceeds on the sale of terminals of approximately $1 million
- For YTD 2Q22, the Company recognized cash proceeds on the sale of terminals of approximately $9 million
Free Cash Flow Reconciliation | FY 2020 | LTM 2Q21 | FY 2021 | LTM 2Q22 | ||||
Net cash provided in operating activities | $ | 122.5 | $ | (103.8) | $ | 10.2 | $ | 59.5 |
Acquisition of property and equipment | (140.6) | (462.7) | (497.6) | (224.0) | ||||
Proceeds from disposal of property and equipment | 56.1 | 2.6 | 3.6 | 12.4 | ||||
Free Cash Flow | $ | 38.0 | $ | (563.9) | $ | (483.8) | $ | (152.1) |
4
Operating Statistics - Second Quarter
Workdays | |
LTL tonnage (in thousands) | |
LTL tonnage per workday (in thousands) | |
LTL shipments (in thousands) | |
LTL shipments per workday (in thousands) | |
LTL picked up revenue/cwt. | $ |
LTL picked up revenue/cwt. (excl. FSC) | $ |
LTL picked up revenue/shipment | $ |
LTL picked up revenue/shipment (excl. FSC) | $ |
LTL weight/shipment (in pounds) | |
Total tonnage (in thousands) | |
Total tonnage per workday (in thousands) | |
Total shipments (in thousands) | |
Total shipments per workday (in thousands) | |
Total picked up revenue/cwt. | $ |
Total picked up revenue/cwt. (excl. FSC) | $ |
Total picked up revenue/shipment | $ |
Total picked up revenue/shipment (excl. FSC) | $ |
Total weight/shipment (in pounds) |
2Q22 | 2Q21 | YoY % (a) | |
63.5 | 64.0 | ||
2,082 | 2,511 | (17.1) | |
32.80 | 39.24 | (16.4) | |
3,719 | 4,419 | (15.9) | |
58.56 | 69.05 | (15.2) | |
30.69 | $ | 23.67 | 29.7 |
23.88 | $ | 20.70 | 15.3 |
344 | $ | 269 | 27.8 |
267 | $ | 235 | 13.7 |
1,120 | 1,137 | (1.5) | |
2,659 | 3,268 | (18.6) | |
41.87 | 51.06 | (18.0) | |
3,820 | 4,550 | (16.0) | |
60.16 | 71.10 | (15.4) | |
26.35 | $ | 20.01 | 31.7 |
20.72 | $ | 17.57 | 17.9 |
367 | $ | 287 | 27.6 |
288 | $ | 252 | 14.3 |
1,392 | 1,436 | (3.1) |
YoY % (a) | |||
Apr-22 | May-22 | Jun-22 | |
LTL tonnage per workday | (17.0) | (17.2) | (15.1) |
Total tonnage per workday | (17.5) | (18.2) | (18.3) |
(a) Percent change based on unrounded figures and not the rounded figures presented
5
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Disclaimer
Yellow Corporation published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 20:37:12 UTC.
