Slide 1: Yellow Corporation Fourth Quarter 2022 Earnings Conference Call
Yellow Corporation Fourth Quarter 2022 Earnings Conference Call 1
Slide 2: Financial Results
Financial Results Revenue Operating Income (in millions) (in millions) $5,245 $5,122 $198 $4,514 $104 $57 2020 2021 2022 2020 2021 2022 2
Slide 3: Financial Results
Financial Results Adjusted EBITDA Cash and Cash Equivalents and (in millions) Managed Accessibility (in millions) $343 $440 $306 $359 $192 $242 2020 2021 2022 12/31/2020 12/31/2021 12/31/2022 LTM Adjusted EBITDA covenant is $200 million in 2Q 2022 and thereafter 3
Slide 4: Cash Flow
Cash Flow Operating Cash Flow Free Cash Flow(a) (in millions) (in millions) $38 $123 $121 $(25) $10 $(484) (c) 2020 2021 2022 2020(b) 2021 2022(d) (a) Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash proceeds from disposals (b) During FY 2020, the Company
Slide 5: Reinvesting in the Business
Reinvesting in the Business CapEx Equivalent (in millions) (a) 9.7% $498 (a) (a) 3.7% 3.1% $498 (b) $192 $141 $192 $141 2020 2021 2022 CapEx Cap. Value of Leases (a) CapEx Equivalent as a percentage of revenue. Percent change based on unrounded figures. (b) 2020 CapEx Equivalent includes less than $
Slide 6: Capital Structure Overview
Capital Structure Overview (in millions) $1,800.0 $1,614.5 $1,574.7 $1,600.0 $1,508.7 $1,400.0 $400.0 $1,284.0 $400.0 $400.0 UST Tranche B $74.8 $1,200.0 $302.3 $311.4 $1,000.0 $325.7 $325.7 UST Tranche A $68.0 $66.6 $800.0 $66.0 CDA Notes $225.9 $224.0 Lease Financing $213.9 $213.9 $600.0 Obligatio
Slide 7: Leverage Ratio
Leverage Ratio Funded Debt / LTM Adjusted EBITDA 6.69x Growing into capital structure 5.28x 4.59x 4.40x 1/3/23 Proforma, Funded Debt / LTM Adjusted EBITDA ratio down 0.9 compared to 12/31/21 2020 2021 2022 1/3/23 Proforma (a) Note: Funded debt balances based on par value 1/3/23 Reconciliation 2020 2
Slide 8: Capital Structure Maturities and Labor Timeline
Capital Structure Maturities and Labor Timeline Term Loan June ABL Facility UST January Loan September IBT March 2023 2024 2025 2026 8 8
Slide 9: Operating Statistics – Fourth Quarter
Operating Statistics – Fourth Quarter 4Q22 4Q21 YoY % (a) Workdays 61.5 61.0 LTL tonnage (in thousands) 1,668 2,208 (24.5) LTL tonnage per workday (in thousands) 27.12 36.20 (25.1) LTL shipments (in thousands) 3,016 3,884 (22.3) LTL shipments per workday (in thousands) 49.05 63.66 (23.0) LTL picked
Slide 10: Operating Statistics – Full Year
Operating Statistics – Full Year YTD 2022 YTD 2021 YoY % (a) Workdays 252.5 252.0 LTL tonnage (in thousands) 7,691 9,520 (19.2) LTL tonnage per workday (in thousands) 30.46 37.78 (19.4) LTL shipments (in thousands) 13,853 16,707 (17.1) LTL shipments per workday (in thousands) 54.86 66.30 (17.2) LTL
Slide 11: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in millions) Yellow Corporation 2020 2021 2022 Reconciliation of net income (loss) to Adjusted EBITDA Net income (loss) $ (53.5) $ (109.1) $ 21.8 Interest expense, net 135.6 150.4 161.6 Income tax expense (benefit) (19.6) 3.1 4.7 Depreciation and amortization 134.9 14