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Press Release: YRC Worldwide Inc. is Renamed -3-

· 02/04/2021 16:01
CONSOLIDATED BALANCE SHEETS Yellow Corporation and Subsidiaries (Amounts in millions except share and per share data) December 31, 2020 December 31, 2019 ------------------- ------------------- (Unaudited) CURRENT ASSETS: Cash and cash equivalents $ 439.3 $ 109.2 Restricted amounts held in escrow 38.7 - Accounts receivable, net 505.0 464.4 Prepaid expenses and other 46.8 44.6 --------------- --------------- Total current assets 1,029.8 618.2 --------------- --------------- PROPERTY AND EQUIPMENT: Cost 2,795.5 2,761.6 Less - accumulated depreciation (2,031.3) (1,991.3) --------------- --------------- Net property and equipment 764.2 770.3 --------------- --------------- Deferred income taxes, net 0.9 0.6 Pension 63.2 6.1 Operating lease right-of-use assets 276.0 386.0 Other assets 51.7 50.4 --------------- --------------- Total assets $ 2,185.8 $ 1,831.6 =============== =============== LIABILITIES AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable $ 160.7 $ 163.7 Wages, vacations, and employee benefits 214.6 195.9 Current operating lease liabilities 114.2 120.8 Other current and accrued liabilities 207.2 167.5 Current maturities of long-term debt 4.0 4.1 Total current liabilities 700.7 652.0 --------------- --------------- OTHER LIABILITIES: Long-term debt, less current portion 1,221.4 858.1 Pension and postretirement 16.7 236.5 Operating lease liabilities 172.6 246.3 Claims and other liabilities 297.7 279.9 Commitments and contingencies SHAREHOLDERS' DEFICIT: Cumulative preferred stock, $1 par value per share - - Common stock, $0.01 par value per share 0.5 0.3 Capital surplus 2,383.6 2,332.9 Accumulated deficit (2,365.9) (2,312.4) Accumulated other comprehensive loss (148.8) (369.3) Treasury stock, at cost (92.7) (92.7) --------------- --------------- Total shareholders' deficit (223.3) (441.2) --------------- --------------- Total liabilities and shareholders' deficit $ 2,185.8 $ 1,831.6 =============== =============== STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) Yellow Corporation 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 -------------------------- -------------------------- 2020 2019 2020 2019 -------- -------- -------- -------- OPERATING REVENUE $1,164.5 $1,159.5 $4,513.7 $4,871.2 OPERATING EXPENSES: Salaries, wages and employee benefits 681.4 707.0 2,770.1 2,963.7 Fuel, operating expenses and supplies 173.0 205.9 719.1 889.0 Purchased transportation 199.5 149.2 638.8 614.2 Depreciation and amortization 32.5 36.7 134.9 152.4 Other operating expenses 64.4 61.0 239.6 241.2 Gains on property disposals, net - (10.1) (45.3) (13.7) Impairment charges - - - 8.2 Total operating expenses 1,150.8 1,149.7 4,457.2 4,855.0 ------- ------- ------- ------- OPERATING INCOME 13.7 9.8 56.5 16.2 ------- ------- ------- ------- NONOPERATING EXPENSES: Interest expense 34.0 28.1 135.9 111.2 Loss on extinguishment of debt - - - 11.2 Non-union pension and postretirement benefits (2.0) 0.3 (6.3) 3.1 Other, net 1.2 (0.1) - (1.0) ------- ------- ------- ------- Nonoperating expenses, net 33.2 28.3 129.6 124.5 ------- ------- ------- ------- INCOME (LOSS) BEFORE INCOME TAXES (19.5) (18.5) (73.1) (108.3) INCOME TAX EXPENSE (BENEFIT) (0.8) (3.2) (19.6) (4.3) NET INCOME (LOSS) (18.7) (15.3) (53.5) (104.0) OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 118.0 (46.1) 220.5 (37.0) ------- ------- ------- ------- COMPREHENSIVE INCOME (LOSS) $ 99.3 $ (61.4) $ 167.0 $ (141.0) ======= ======= ======= ======= AVERAGE COMMON SHARES OUTSTANDING - BASIC 50,121 33,349 41,694 33,252 AVERAGE COMMON SHARES OUTSTANDING - DILUTED 50,121 33,349 41,694 33,252 EARNINGS (LOSS) PER SHARE - BASIC $ (0.37) $ (0.46) $ (1.28) $ (3.13) EARNINGS (LOSS) PER SHARE - DILUTED $ (0.37) $ (0.46) $ (1.28) $ (3.13) OPERATING RATIO (a) : 98.8% 99.2% 98.7% 99.7% (a) Operating ratio is calculated as (i) 100 percent (ii) minus the result of dividing operating income by operating revenue or (iii) plus the result of dividing operating loss by operating revenue, and expressed as a percentage. STATEMENTS OF CONSOLIDATED CASH FLOWS Yellow Corporation and Subsidiaries For the Twelve Months Ended December 31 (Amounts in millions) (Unaudited) 2020 2019 OPERATING ACTIVITIES: Net income (loss) $ (53.5) $(104.0) Adjustments to reconcile net income (loss) to cash flows from operating activities: Depreciation and amortization 134.9 152.4 Lease amortization and accretion expense 160.9 168.0 Lease payments (135.0) (155.1) Paid-in-kind interest 42.4 - Debt-related amortization 17.5 6.7 Equity-based compensation and employee benefits expense 21.8 18.6 Non-union pension settlement charge 3.6 1.8 Gains on property disposals, net (45.3) (13.7) Loss on extinguishment of debt - 11.2 Impairment charges - 8.2 Deferred income tax benefit, net (14.9) (3.0) Other non-cash items, net 0.9 (0.3) Changes in assets and liabilities, net: Accounts receivable (40.4) 7.1 Accounts payable (3.6) (14.8) Other operating assets (23.9) (1.5) Other operating liabilities 57.1 (60.1) ------ ------ Net cash provided by operating activities 122.5 21.5 ------ ------ INVESTING ACTIVITIES: Acquisition of property and equipment (140.6) (143.2) Proceeds from disposal of property and equipment 56.1 25.9 Net cash provided by (used in) investing activities (84.5) (117.3) ------ ------ FINANCING ACTIVITIES: Issuance of long-term debt, net 374.8 570.0

SOURCE: Yellow Corporation

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February 04, 2021 16:01 ET (21:01 GMT)