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Press Release: YRC Worldwide Inc. is Renamed -4-

· 02/04/2021 16:01
Repayment of long-term debt (31.4) (579.0) Debt issuance costs (12.0) (12.7) Payments for tax withheld on equity-based compensation (0.6) (0.9) Net cash provided by (used in) financing activities 330.8 (22.6) ------ ------ NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW 368.8 (118.4) CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW, BEGINNING OF PERIOD 109.2 227.6 CASH, CASH EQUIVALENTS AND RESTRICTED AMOUNTS HELD IN ESCROW, END OF PERIOD $ 478.0 $ 109.2 ====== ====== SUPPLEMENTAL CASH FLOW INFORMATION Interest paid $ (67.6) $(106.8) Letter of credit fees paid (7.1) (6.8) Income tax payment, net (1.2) (3.7) SUPPLEMENTAL FINANCIAL INFORMATION Yellow Corporation and Subsidiaries (Amounts in millions) (Unaudited) SUPPLEMENTAL INFORMATION: Total Debt Commitment Debt Issue As of December Par 31, 2020 Value Discount Fee Costs Book Value ------------------ -------- ---------- ------------ ---------- ----------- Term Loan $ 613.0 $ (21.0) $ - $ (9.3) $ 582.7 ABL Facility - - - - - Tranche A UST Credit Agreement 302.3 - (17.7) (4.6) 280.0 Tranche B UST Credit Agreement 74.8 - (4.4) (1.2) 69.2 Secured Second A&R CDA 24.1 - - (0.1) 24.0 Unsecured Second A&R CDA 43.9 - - (0.1) 43.8 Lease financing obligations 225.9 - - (0.2) 225.7 Total debt $1,284.0 $ (21.0) $ (22.1) $ (15.5) $1,225.4 ======= ===== === ====== ===== ======= Commitment Debt Issue As of December Par 31, 2019 Value Discount Fee Costs Book Value ------------------ -------- ---------- ------------ ---------- ----------- Term Loan $ 600.0 $ (28.1) $ - $ (12.0) $ 559.9 ABL Facility - - - - - Secured Second A&R CDA 26.0 - - (0.1) 25.9 Unsecured Second A&R CDA 45.2 - - (0.1) 45.1 Lease financing obligations 231.6 - - (0.3) 231.3 Total debt $ 902.8 $ (28.1) $ - $ (12.5) $ 862.2 ======= ===== === ====== ===== ======= SUPPLEMENTAL INFORMATION: Liquidity December December 31, 2020 31, 2019 ---------- ----------- Cash and cash equivalents $ 439.3 $ 109.2 Changes to restricted cash (3.1) (29.0) Managed Accessibility (a) 4.0 0.2 Total Cash and cash equivalents and Managed Accessibility $ 440.2 $ 80.4 ===== ======= (a) Managed Accessibility represents the maximum amount we would access on the ABL Facility and is adjusted for eligible receivables plus eligible borrowing base cash measured for the applicable period. Based on the eligible receivable's management uses to measure availability, which is 10% of the borrowing line, the credit agreement governing the ABL Facility permits adjustments from eligible borrowing base cash to restricted cash prior to the compliance measurement date which is 15 days from the period close. SUPPLEMENTAL FINANCIAL INFORMATION Yellow Corporation and Subsidiaries For the Three and Twelve Months Ended December 31 (Amounts in millions) (Unaudited) Three Months Twelve Months ---------------- ------------------- 2020 2019 2020 2019 ------ ------ ------ ------- Reconciliation of net income (loss) to Adjusted EBITDA: Net income (loss) $(18.7) $(15.3) $(53.5) $(104.0) Interest expense, net 33.8 27.9 135.6 109.9 Income tax expense (benefit) (0.8) (3.2) (19.6) (4.3) Depreciation and amortization 32.5 36.7 134.9 152.4 ----- ----- ----- ------ EBITDA 46.8 46.1 197.4 154.0 Adjustments for TL Agreements: Gains on property disposals, net - (10.1) (45.3) (13.7) Non-cash reserve changes(a) (0.1) 2.1 2.9 16.1 Impairment charges - - - 8.2 Letter of credit expense 2.1 1.7 7.3 6.5 Permitted dispositions and other (0.2) 0.1 0.3 (0.9) Equity-based compensation expense 0.4 1.1 4.7 6.3 Loss on extinguishment of debt - - - 11.2 Non-union pension settlement charge 1.7 0.1 3.6 1.8 Other, net 2.0 0.6 3.5 2.9 Expense amounts subject to 10% threshold(b) : COVID-19 - - 3.9 - Other, net 8.5 4.1 17.3 18.2 Adjusted EBITDA prior to 10% threshold 61.2 45.8 195.6 210.6 Adjustments pursuant to TTM calculation(b) (3.3) 1.5 (3.7) - ----- ----- ----- ------ Adjusted EBITDA $ 57.9 $ 47.3 $191.9 $ 210.6 ===== ===== ===== ====== (a) Non-cash reserve changes reflect the net non-cash reserve charge for union and non-union vacation, with such non-cash reserve adjustment to be reduced by cash charges in a future period when paid. (b) Pursuant to the UST Credit Agreements and Term Loan Agreement, Adjusted EBITDA limits certain adjustments in aggregate to 10% of the trailing-twelve-month ("TTM") consolidated Adjusted EBITDA, prior to the inclusion of amounts subject to the 10% threshold, for each period ending. Such adjustments include, but are not limited to, restructuring charges, integration costs, severance, and non-recurring charges. The limitation calculation is updated quarterly based on TTM Adjusted EBITDA, however, the sum of the quarters may not necessarily equal TTM Adjusted EBITDA due to the expiration of adjustments from prior periods. Yellow Corporation and Subsidiaries Statistics Quarterly Comparison Y/Y Sequential 4Q20 4Q19 3Q20 % (a) % (a) --------- --------- --------- ----- ------------ Workdays 60.5 62.0 64.0 LTL picked up revenue (in millions) $1,044.6 $1,052.4 $1,076.1 (0.7) (2.9) LTL tonnage (in thousands) 2,434 2,436 2,584 (0.1) (5.8) LTL tonnage per workday (in thousands) 40.22 39.28 40.38 2.4 (0.4) LTL shipments (in thousands) 4,176 4,284 4,480 (2.5) (6.8) LTL shipments per workday (in thousands) 69.03 69.10 70.00 (0.1) (1.4) LTL picked up revenue/cwt. $ 21.46 $ 21.60 $ 20.82 (0.7) 3.1 LTL picked up revenue/cwt. (excl. FSC) $ 19.46 $ 19.04 $ 18.90 2.2 3.0 LTL picked up revenue/shipment $ 250 $ 246 $ 240 1.8 4.1 LTL picked up revenue/shipment (excl. FSC) $ 227 $ 216 $ 218 4.8 4.1 LTL weight/shipment (in pounds) 1,165 1,137 1,154 2.5 1.0 Total picked up revenue (in millions) (b) $1,148.8 $1,143.2 $1,179.1 0.5 (2.6) Total tonnage (in thousands) 3,134 3,089 3,295 1.5 (4.9) Total tonnage per workday (in thousands) 51.81 49.82 51.49 4.0 0.6 Total shipments (in thousands) 4,289 4,382 4,609 (2.1) (7.0) Total shipments per workday (in thousands) 70.88 70.68 72.02 0.3 (1.6) Total picked up revenue/cwt. $ 18.33 $ 18.50 $ 17.89 (1.0) 2.4 Total picked up revenue/cwt. (excl. FSC) $ 16.67 $ 16.37 $ 16.29 1.9 2.3 Total picked up revenue/shipment $ 268 $ 261 $ 256 2.7 4.7 Total picked up revenue/shipment (excl. FSC) $ 244 $ 231 $ 233 5.6 4.6 Total weight/shipment (in pounds) 1,462 1,410 1,430 3.7 2.2 (b) Reconciliation of operating revenue to total picked up revenue (in millions):

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