YELLOW (EX-YRC WORLDWIDE) Yellow Corporation Reports Second Quarter 2022 Results
Strong Results Include a 93.0% Operating Ratio and Earnings Per Share of $1.17
NASHVILLE, Tenn., August 3, 2022 - Yellow Corporation (NASDAQ: YELL) reported results for the second quarter ended June 30, 2022. Operating revenue was $1.424 billion and operating income was $99.2 million, which included a $3.2 million net gain on property disposals. In comparison, operating revenue in the second quarter of 2021 was $1.313 billion and operating income was $27.0 million.
Net income for second quarter 2022 was $60.0 million, or $1.17 per share, compared to net loss of $9.4 million, or $0.18 per share, in the second quarter of 2021.
On a non-GAAP basis, the Company generated Adjusted EBITDA of $145.9 million in second quarter 2022, a $63.0 million increase compared to $82.9 million in the prior year comparable quarter (as detailed in the reconciliation below). The last twelve months Adjusted EBITDA as of June 30, 2022, was $406.7 million compared to $216.0 million as of June 30, 2021 (as detailed in the reconciliation below).
"Strong yield and efforts to manage the use of purchased transportation helped Yellow achieve its highest quarterly operating income in 15 years," said Darren Hawkins, chief executive officer. "Elevated demand for LTL capacity continued during the quarter which drove the favorable pricing environment. On the cost side, purchased transportation expense was down to 14.5% of revenue in the second quarter compared to 16% a year ago.
"We remain focused on integrating the four operating company networks into a single LTL network with national coverage, servicing regional and long-haul lanes. We expect to execute the integration of phase one in the western U.S. this summer with the transformation of the entire network to be completed around the end of the year. When this transformation is completed, our customers will benefit by interacting with North America's second largest super-regional LTL network for both regional and long-haul shipments. We expect the network transformation to also lead to improved asset utilization, enhanced network efficiencies, cost savings and create capacity without the need to add new terminals.
"Primarily due to limited tractor and trailer production capacity at the original equipment manufacturers, we are lowering our capital expenditures guidance. For 2022, we expect our total investments in capital expenditures to be in the range of $250 million to $300 million compared to the previous range of $325 million to $400 million," concluded Hawkins.
Operational Update
Capital Expenditures Update
Liquidity Update
Key Information- Second quarter 2022 compared to second quarter 2021
2022 | 2021 |
Percent | ||||
Workdays | 63.5 | 64.0 | ||||
Operating revenue (in millions) | $ | 1,423.7 | $ | 1,313.1 | 8.4 | % |
Operating income (in millions) | $ | 99.2 | $ | 27.0 | ||
Operating ratio | 93.0 | 97.9 | 4.9 pp | |||
LTL tonnage per workday (in thousands) | 32.80 | 39.24 | (16.4 | )% | ||
LTL shipments per workday (in thousands) | 58.56 | 69.05 | (15.2 | )% | ||
LTL picked up revenue per hundredweight incl FSC | $ | 30.69 | $ | 23.67 | 29.7 | % |
LTL picked up revenue per hundredweight excl FSC | $ | 23.88 | $ | 20.70 | 15.3 | % |
LTL picked up revenue per shipment incl FSC | $ | 344 | $ | 269 | 27.8 | % |
LTL picked up revenue per shipment excl FSC | $ | 267 | $ | 235 | 13.7 | % |
LTL weight per shipment (in pounds) | 1,120 | 1,137 | (1.5 | )% | ||
Total tonnage per workday (in thousands) | 41.87 | 51.06 | (18.0 | )% | ||
Total shipments per workday (in thousands) | 60.16 | 71.10 | (15.4 | )% | ||
Total picked up revenue per hundredweight incl FSC | $ | 26.35 | $ | 20.01 | 31.7 | % |
Total picked up revenue per hundredweight excl FSC | $ | 20.72 | $ | 17.57 | 17.9 | % |
Total picked up revenue per shipment incl FSC | $ | 367 | $ | 287 | 27.6 | % |
Total picked up revenue per shipment excl FSC | $ | 288 | $ | 252 | 14.3 | % |
Total weight per shipment (in pounds) | 1,392 | 1,436 | (3.1 | )% |
* Not meaningful
Review of Financial Results
Yellow Corporation will host a conference call with the investment community today, Wednesday, August 3, 2022, beginning at 5:00 p.m. ET.
A live audio webcast of the conference call and presentation slides will be available on Yellow Corporation's website www.myyellow.com.A replay of the webcast will also be available at www.myyellow.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 is a non-GAAP measure that reflects EBITDA, and further adjusts for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals, restructuring charges, transaction costs related to issuances of debt, non-recurring consulting fees, non-cash impairment charges and the gains or losses from permitted dispositions, discontinued operations, and certain non-cash expenses, charges and losses (provided that if any of such non-cash expenses, charges or losses represents an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period will be subtracted from Adjusted EBITDA in such future period to the extent paid). Adjusted EBITDA as used herein is defined as Consolidated EBITDA in our UST Credit Agreements and Term Loan Agreement (collectively, the "TL Agreements"). 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 our TL Agreements and to determine certain incentive 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, 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 TL Agreements.
EBITDA and Adjusted EBITDA have the following limitations:
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) within the supplemental financial information in this release.
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Cautionary Note on 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. Forward-looking statements include those preceded by, followed by or characterized by words such as "will," "expect," "intend," "anticipate," "believe," "could," "should," "may," "project," "forecast," "propose," "plan," "designed," "estimate," "enable," and similar expressions which speak only as of the date the statement was made. 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. Readers are cautioned not to place undue reliance on any forward-looking statements. Our future financial condition and results could differ materially from those predicted in such forward-looking statements because of a number of business, financial and liquidity, and common stock related factors, including (without limitation) the impact of compliance with Executive Order 14042 and any Federal Occupational Safety and Health Administration requirements, each as applicable, regarding mandatory COVID-19 vaccinations and testing of non-vaccinated employees, respectively;our ability to attract and retain qualified drivers and increasing costs of driver compensation; the risk of labor disruptions or stoppages, if our relationship with our employees and unions were to deteriorate; general economic factors, including (without limitation) impacts of COVID-19 and customer demand in the retail and manufacturing sectors; the widespread outbreak of an illness or any other communicable disease, including the effects of pandemics comparable to COVID-19, or any other public health crisis, as well as regulatory measures implemented in response to such events; interruptions to our computer and information technology systems and sophisticated cyber-attacks; business risks and increasing costs associated with the transportation industry, including increasing equipment, operational and technology costs and disruption from natural disasters, and impediments to our operations and business resulting from anti-terrorism measures; competition and competitive pressure on pricing; changes in pension expense and funding obligations, subject to interest rate volatility; increasing costs relating to our self-insurance claims expenses; 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 and climate change initiatives; the impact of claims and litigation expense to which we are or may become exposed; that we may not realize the expected benefits and costs savings from our performance and operational improvement initiatives; a significant privacy breach or IT system disruption; our dependence on key employees; our ability to finance the maintenance, acquisition and replacement of revenue equipment and other necessary capital expenditures; seasonality and the impact of weather; 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; risks of operating in foreign countries; our failure to comply with the covenants in the documents governing our existing and future indebtedness; our ability to generate sufficient liquidity to satisfy our indebtedness and cash interest payment obligations, lease obligations and pension funding obligations; fluctuations in the price of our common stock; dilution from future issuances of our common stock; we are not permitted to pay dividends on our common stock in the foreseeable future; 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 Yellow Corporation
Yellow operates one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Backed by a team of over 30,000 transportation professionals, Yellow's flexible supply chain solutions and best-in-class expertise ensure the safe, timely delivery of industrial, commercial, and retail goods for customers of all sizes. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics.
Please visit our website at www.myyellow.com for more information.
Investor Contact: Tony Carreño
913-696-6108
investor@myyellow.com
Media Contacts: Mike Kelley
913-696-6121
mike.kelley@myyellow.com
Heather Nauert
Heather.nauert@myyellow.com
CONSOLIDATED BALANCE SHEETS
Yellow Corporation and Subsidiaries
(Amounts in millions except per share data)
June 30, 2022 | December 31, 2021 | |||
(Unaudited) | ||||
Assets | ||||
Current Assets: | ||||
Cash and cash equivalents | $ | 266.8 | $ | 310.7 |
Restricted amounts held in escrow | 8.4 | 4.1 | ||
Accounts receivable, net | 783.9 | 663.7 | ||
Prepaid expenses and other | 88.7 | 65.0 | ||
Total current assets | 1,147.8 | 1,043.5 | ||
Property and Equipment: | ||||
Cost | 3,111.0 | 3,164.6 | ||
Less - accumulated depreciation | (1,968.4 | ) | (2,032.3 | ) |
Net property and equipment | 1,142.6 | 1,132.3 | ||
Deferred income taxes, net | 1.4 | 1.4 | ||
Pension | 41.9 | 40.5 | ||
Operating lease right-of-use assets | 147.7 | 184.8 | ||
Other assets | 22.5 | 23.1 | ||
Total Assets | $ | 2,503.9 | $ | 2,425.6 |
Liabilities and Shareholders' Deficit | ||||
Current Liabilities: | ||||
Accounts payable | $ | 239.6 | $ | 178.4 |
Wages, vacations and employee benefits | 249.6 | 252.5 | ||
Current operating lease liabilities | 61.8 | 76.5 | ||
Other current and accrued liabilities | 270.0 | 244.4 | ||
Current maturities of long-term debt | 71.1 | 72.3 | ||
Total current liabilities | 892.1 | 824.1 | ||
Other Liabilities: | ||||
Long-term debt, less current portion | 1,483.6 | 1,482.2 | ||
Pension and postretirement | 84.3 | 88.2 | ||
Operating lease liabilities | 95.9 | 118.9 | ||
Claims and other liabilities | 272.1 | 275.7 | ||
Commitments and contingencies | ||||
Shareholders' Deficit: | ||||
Cumulative preferred stock, $1 par value per share | - | - | ||
Common stock, $0.01 par value per share | 0.5 | 0.5 | ||
Capital surplus | 2,391.4 | 2,388.3 | ||
Accumulated deficit | (2,442.5 | ) | (2,475.0 | ) |
Accumulated other comprehensive loss | (180.8 | ) | (184.6 | ) |
Treasury stock, at cost | (92.7 | ) | (92.7 | ) |
Total shareholders' deficit | (324.1 | ) | (363.5 | ) |
Total Liabilities and Shareholders' Deficit | $ | 2,503.9 | $ | 2,425.6 |
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
Yellow Corporation and Subsidiaries
For the Three and Six Months Ended June 30
(Amounts in millions except per share data, shares in thousands)
(Unaudited)
Three Months | Six Months | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||
Operating Revenue | $ | 1,423.7 | $ | 1,313.1 | $ | 2,684.1 | $ | 2,511.5 | ||
Operating Expenses: | ||||||||||
Salaries, wages and employee benefits | 736.7 | 751.3 | 1,447.7 | 1,475.1 | ||||||
Fuel, operating expenses and supplies | 287.3 | 217.0 | 530.9 | 420.5 | ||||||
Purchased transportation | 206.1 | 210.3 | 391.5 | 410.3 | ||||||
Depreciation and amortization | 35.5 | 35.0 | 71.2 | 68.3 | ||||||
Other operating expenses | 62.1 | 72.2 | 143.1 | 136.6 | ||||||
(Gains) losses on property disposals, net | (3.2 | ) | 0.3 | (8.7 | ) | 1.3 | ||||
Total operating expenses | 1,324.5 | 1,286.1 | 2,575.7 | 2,512.1 | ||||||
Operating Income (Loss) | 99.2 | 27.0 | 108.4 | (0.6 | ) | |||||
Nonoperating Expenses: | ||||||||||
Interest expense | 38.0 | 37.7 | 75.7 | 73.6 | ||||||
Non-union pension and postretirement benefits | (0.5 | ) | (1.1 | ) | (0.9 | ) | (2.4 | ) | ||
Other, net | (0.1 | ) | (0.3 | ) | 0.1 | (0.3 | ) | |||
Nonoperating expenses, net | 37.4 | 36.3 | 74.9 | 70.9 | ||||||
Income (loss) before income taxes | 61.8 | (9.3 | ) | 33.5 | (71.5 | ) | ||||
Income tax expense | 1.8 | 0.1 | 1.0 | 1.2 | ||||||
Net income (loss) | 60.0 | (9.4 | ) | 32.5 | (72.7 | ) | ||||
Other comprehensive income, net of tax | 1.5 | 3.3 | 3.8 | 6.9 | ||||||
Comprehensive Income (Loss) | $ | 61.5 | $ | (6.1 | ) | $ | 36.3 | $ | (65.8 | ) |
Average Common Shares Outstanding - Basic | 51,342 | 50,751 | 51,217 | 50,555 | ||||||
Average Common Shares Outstanding - Diluted | 52,135 | 50,751 | 52,183 | 50,555 | ||||||
Income (Loss) Per Share - Basic | $ | 1.17 | $ | (0.18 | ) | $ | 0.64 | $ | (1.44 | ) |
Income (Loss) Per Share - Diluted | $ | 1.15 | $ | (0.18 | ) | $ | 0.62 | $ | (1.44 | ) |
Operating Ratio(a): | 93.0 | % | 97.9 | % | 96.0 | % | 100.0 | % |
STATEMENTS OF CONSOLIDATED CASH FLOWS
Yellow Corporation and Subsidiaries
For the Six Months Ended June 30
(Amounts in millions)
(Unaudited)
(in millions) | 2022 | 2021 | |||
Operating Activities: | |||||
Net income (loss) | $ | 32.5 | $ | (72.7 | ) |
Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||||
Depreciation and amortization | 71.2 | 68.3 | |||
Lease amortization and accretion expense | 52.8 | 71.1 | |||
Lease payments | (53.4 | ) | (74.6 | ) | |
Paid-in-kind interest | 4.7 | 4.6 | |||
Debt-related amortization | 11.7 | 11.5 | |||
Equity-based compensation and employee benefits expense | 7.4 | 8.6 | |||
Non-union pension settlement charges | - | 0.3 | |||
(Gains) losses on property disposals, net | (8.7 | ) | 1.3 | ||
Deferred income taxes, net | - | (1.0 | ) | ||
Other non-cash items, net | (0.2 | ) | 0.8 | ||
Changes in assets and liabilities, net: | |||||
Accounts receivable | (120.5 | ) | (128.5 | ) | |
Accounts payable | 44.9 | 44.0 | |||
Other operating assets | 13.6 | 1.2 | |||
Other operating liabilities | (19.4 | ) | 52.4 | ||
Net cash provided by (used in) operating activities | 36.6 | (12.7 | ) | ||
Investing Activities: | |||||
Acquisition of property and equipment | (72.6 | ) | (346.2 | ) | |
Proceeds from disposal of property and equipment | 9.4 | 0.6 | |||
Net cash provided by (used in) investing activities | (63.2 | ) | (345.6 | ) | |
Financing Activities: | |||||
Issuance of long-term debt, net | - | 306.3 | |||
Repayment of long-term debt | (12.4 | ) | (1.1 | ) | |
Debt issuance costs | - | (0.2 | ) | ||
Payments for tax withheld on equity-based compensation | (0.6 | ) | (0.4 | ) | |
Net cash provided by (used in) financing activities | (13.0 | ) | 304.6 | ||
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow | (39.6 | ) | (53.7 | ) | |
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Period | 314.8 | 478.0 | |||
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Period | $ | 275.2 | $ | 424.3 |
Supplemental Cash Flow Information: | ||||||
Interest paid | $ | (71.0 | ) | $ | (56.1 | ) |
SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Corporation and Subsidiaries
(Amounts in millions)
(Unaudited)
SUPPLEMENTAL INFORMATION: Total Debt
As of June 30, 2022 | Par Value | Discount | Commitment Fee | Debt Issue Costs | Book Value | ||||||||
UST Loan Tranche A | $ | 317.7 | - | $ | (10.6 | ) | $ | (2.8 | ) | $ | 304.3 | ||
UST Loan Tranche B | 400.0 | - | (14.1 | ) | (3.7 | ) | 382.2 | ||||||
Term Loan | 602.9 | (11.8 | ) | - | (5.3 | ) | 585.8 | ||||||
ABL Facility | - | - | - | - | - | ||||||||
Secured Second A&R CDA | 23.5 | - | - | - | 23.5 | ||||||||
Unsecured Second A&R CDA | 42.5 | - | - | - | 42.5 | ||||||||
Lease financing obligations | 216.5 | - | - | (0.1 | ) | 216.4 | |||||||
Total debt | $ | 1,603.1 | $ | (11.8 | ) | $ | (24.7 | ) | $ | (11.9 | ) | $ | 1,554.7 |
As of December 31, 2021 | Par Value | Discount | Commitment Fee | Debt Issue Costs | Book Value | ||||||||
UST Loan Tranche A | $ | 311.4 | - | $ | (12.9 | ) | $ | (3.4 | ) | $ | 295.1 | ||
UST Loan Tranche B | 400.0 | - | (17.3 | ) | (4.5 | ) | 378.2 | ||||||
Term Loan | 612.5 | (15.0 | ) | - | (6.6 | ) | 590.9 | ||||||
ABL Facility | - | - | - | - | - | ||||||||
Secured Second A&R CDA | 24.1 | - | - | - | 24.1 | ||||||||
Unsecured Second A&R CDA | 42.5 | - | - | (0.1 | ) | 42.4 | |||||||
Lease financing obligations | 224.0 | - | - | (0.2 | ) | 223.8 | |||||||
Total debt | $ | 1,614.5 | $ | (15.0 | ) | $ | (30.2 | ) | $ | (14.8 | ) | $ | 1,554.5 |
SUPPLEMENTAL INFORMATION: Liquidity
June 30, 2022 | December 31, 2021 | |||
Cash and cash equivalents | $ | 266.8 | $ | 310.7 |
Managed Accessibility (a) | 38.1 | 48.1 | ||
Total Cash and cash equivalents and Managed Accessibility | $ | 304.9 | $ | 358.8 |
SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Corporation and Subsidiaries
For the Three and Six Months Ended June 30
(Amounts in millions)
(Unaudited)
Three Months | Six Months | |||||||||
2022 | 2021 | 2022 | 2021 | |||||||
Reconciliation of net loss to Adjusted EBITDA: | ||||||||||
Net income (loss) | $ | 60.0 | $ | (9.4 | ) | $ | 32.5 | $ | (72.7 | ) |
Interest expense, net | 37.9 | 37.6 | 75.6 | 73.4 | ||||||
Income tax expense | 1.8 | 0.1 | 1.0 | 1.2 | ||||||
Depreciation and amortization | 35.5 | 35.0 | 71.2 | 68.3 | ||||||
EBITDA | 135.2 | 63.3 | 180.3 | 70.2 | ||||||
Adjustments for TL Agreements: | ||||||||||
(Gains) losses on property disposals, net | (3.2 | ) | 0.3 | (8.7 | ) | 1.3 | ||||
Non-cash reserve changes(a) | 5.6 | 4.7 | 3.7 | 2.9 | ||||||
Letter of credit expense | 2.2 | 2.1 | 4.3 | 4.2 | ||||||
Permitted dispositions and other | - | 0.1 | 0.3 | 0.8 | ||||||
Equity-based compensation expense | 1.0 | 0.6 | 3.3 | 2.7 | ||||||
Other, net | 0.5 | 0.9 | 1.2 | 1.9 | ||||||
Expense amounts subject to 10% threshold(b): | ||||||||||
Department of Defense settlement charge | - | - | 5.3 | - | ||||||
Other, net | 4.6 | 8.3 | 8.2 | 12.9 | ||||||
Adjusted EBITDA prior to 10% threshold | 145.9 | 80.6 | 197.9 | 97.2 | ||||||
Adjustments pursuant to TTM calculation(b) | - | 2.3 | - | (1.1 | ) | |||||
Adjusted EBITDA | $ | 145.9 | $ | 82.9 | $ | 197.9 | $ | 96.1 |
SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Corporation and Subsidiaries
For the Trailing Twelve Months Ended June 30
(Amounts in millions)
(Unaudited)
Trailing Twelve Months | ||||||
2022 | 2021 | |||||
Reconciliation of net loss to Adjusted EBITDA: | ||||||
Net loss | $ | (3.9 | ) | $ | (93.4 | ) |
Interest expense, net | 152.6 | 140.6 | ||||
Income tax expense (benefit) | 2.9 | (10.5 | ) | |||
Depreciation and amortization | 146.5 | 133.3 | ||||
EBITDA | 298.1 | 170.0 | ||||
Adjustments for TL Agreements: | ||||||
(Gains) losses on property disposals, net | (9.3 | ) | 1.3 | |||
Non-cash reserve changes(a) | 12.4 | 2.8 | ||||
Letter of credit expense | 8.6 | 8.3 | ||||
Permitted dispositions and other | 0.3 | 0.9 | ||||
Equity-based compensation expense | 5.0 | 4.2 | ||||
Non-union pension settlement charges | 64.4 | 3.9 | ||||
Other, net | 2.3 | 4.9 | ||||
Expense amounts subject to 10% threshold(b): | ||||||
Department of Defense settlement charge | 5.3 | - | ||||
Other, net | 19.6 | 24.5 | ||||
Adjusted EBITDA prior to 10% threshold | 406.7 | 220.8 | ||||
Adjustments pursuant to TTM calculation(b) | - | (4.8 | ) | |||
Adjusted EBITDA | $ | 406.7 | $ | 216.0 |
For explanations of footnotes (a) and (b), please refer to previous page.
Yellow Corporation and Subsidiaries
Statistics
Quarterly Comparison
2Q22 | 2Q21 | 1Q22 |
Y/Y |
Sequential | ||||
Workdays | 63.5 | 64.0 | 63.5 | |||||
LTL picked up revenue (in millions) | $ | 1,278.4 | $ | 1,188.8 | $ | 1,137.2 | 7.5 | 12.4 |
LTL tonnage (in thousands) | 2,082 | 2,511 | 1,980 | (17.1 | ) | 5.2 | ||
LTL tonnage per workday (in thousands) | 32.80 | 39.24 | 31.18 | (16.4 | ) | 5.2 | ||
LTL shipments (in thousands) | 3,719 | 4,419 | 3,561 | (15.9 | ) | 4.4 | ||
LTL shipments per workday (in thousands) | 58.56 | 69.05 | 56.08 | (15.2 | ) | 4.4 | ||
LTL picked up revenue/cwt. | $ | 30.69 | $ | 23.67 | $ | 28.72 | 29.7 | 6.9 |
LTL picked up revenue/cwt. (excl. FSC) | $ | 23.88 | $ | 20.70 | $ | 23.83 | 15.3 | 0.2 |
LTL picked up revenue/shipment | $ | 344 | $ | 269 | $ | 319 | 27.8 | 7.6 |
LTL picked up revenue/shipment (excl. FSC) | $ | 267 | $ | 235 | $ | 265 | 13.7 | 0.9 |
LTL weight/shipment (in pounds) | 1,120 | 1,137 | 1,112 | (1.5 | ) | 0.7 | ||
Total picked up revenue (in millions)(b) | $ | 1,401.1 | $ | 1,307.6 | $ | 1,252.4 | 7.1 | 11.9 |
Total tonnage (in thousands) | 2,659 | 3,268 | 2,543 | (18.6 | ) | 4.5 | ||
Total tonnage per workday (in thousands) | 41.87 | 51.06 | 40.05 | (18.0 | ) | 4.5 | ||
Total shipments (in thousands) | 3,820 | 4,550 | 3,653 | (16.0 | ) | 4.6 | ||
Total shipments per workday (in thousands) | 60.16 | 71.10 | 57.53 | (15.4 | ) | 4.6 | ||
Total picked up revenue/cwt. | $ | 26.35 | $ | 20.01 | $ | 24.62 | 31.7 | 7.0 |
Total picked up revenue/cwt. (excl. FSC) | $ | 20.72 | $ | 17.57 | $ | 20.59 | 17.9 | 0.6 |
Total picked up revenue/shipment | $ | 367 | $ | 287 | $ | 343 | 27.6 | 7.0 |
Total picked up revenue/shipment (excl. FSC) | $ | 288 | $ | 252 | $ | 287 | 14.3 | 0.6 |
Total weight/shipment (in pounds) | 1,392 | 1,436 | 1,392 | (3.1 | ) | - | ||
(b) Reconciliation of operating revenue to total picked up revenue (in millions): | ||||||||
Operating revenue | $ | 1,423.7 | $ | 1,313.1 | $ | 1,260.4 | ||
Change in revenue deferral and other | (22.6 | ) | (5.5 | ) | (8.0 | ) | ||
Total picked up revenue | $ | 1,401.1 | $ | 1,307.6 | $ | 1,252.4 |
Yellow Corporation and Subsidiaries
Statistics
YTD Comparison
2022 | 2021 |
Y/Y | |||
Workdays | 127.0 | 127.5 | |||
LTL picked up revenue (in millions) | $ | 2,415.6 | $ | 2,279.4 | 6.0 |
LTL tonnage (in thousands) | 4,062 | 4,989 | (18.6 | ) | |
LTL tonnage per workday (in thousands) | 31.99 | 39.13 | (18.3 | ) | |
LTL shipments (in thousands) | 7,279 | 8,682 | (16.2 | ) | |
LTL shipments per workday (in thousands) | 57.32 | 68.10 | (15.8 | ) | |
LTL picked up revenue/cwt. | $ | 29.73 | $ | 22.84 | 30.2 |
LTL picked up revenue/cwt. (excl. FSC) | $ | 23.86 | $ | 20.12 | 18.6 |
LTL picked up revenue/shipment | $ | 332 | $ | 263 | 26.4 |
LTL picked up revenue/shipment (excl. FSC) | $ | 266 | $ | 231 | 15.1 |
LTL weight/shipment (in pounds) | 1,116 | 1,149 | (2.9 | ) | |
Total picked up revenue (in millions)(b) | $ | 2,653.4 | $ | 2,503.9 | 6.0 |
Total tonnage (in thousands) | 5,203 | 6,484 | (19.8 | ) | |
Total tonnage per workday (in thousands) | 40.96 | 50.85 | (19.4 | ) | |
Total shipments (in thousands) | 7,473 | 8,930 | (16.3 | ) | |
Total shipments per workday (in thousands) | 58.85 | 70.04 | (16.0 | ) | |
Total picked up revenue/cwt. | $ | 25.50 | $ | 19.31 | 32.1 |
Total picked up revenue/cwt. (excl. FSC) | $ | 20.65 | $ | 17.07 | 21.0 |
Total picked up revenue/shipment | $ | 355 | $ | 280 | 26.6 |
Total picked up revenue/shipment (excl. FSC) | $ | 288 | $ | 248 | 16.0 |
Total weight/shipment (in pounds) | 1,392 | 1,452 | (4.1 | ) | |
(b) Reconciliation of operating revenue to total picked up revenue (in millions): | |||||
Operating revenue | $ | 2,684.1 | $ | 2,511.5 | |
Change in revenue deferral and other | (30.7 | ) | (7.6 | ) | |
Total picked up revenue | $ | 2,653.4 | $ | 2,503.9 |
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Yellow Corporation published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 20:37:44 UTC.
