Slide 1: Third Quarter 2022 Earnings Conference Call
Yellow Corporation Third Quarter 2022 Earnings Conference Call 1
Slide 2: Financial Results
Financial Results Revenue Operating Income (in millions) (in millions) $5,353 $5,122 $213 $4,977 $4,514 $104 $57 $62 2020 3Q21 LTM 2021 3Q22 LTM 2020 3Q21 LTM 2021 3Q22 LTM 2
Slide 3: Financial Results
Financial Results Adjusted EBITDA Cash and Cash Equivalents and (in millions) Managed Accessibility (in millions) $402 $440 $409 $306 $359 $326 $248 $192 2020 3Q21 LTM 2021 3Q22 LTM 12/31/2020 9/30/2021 12/31/2021 9/30/2022 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 $122 $(57) $23 $10 $(484) $(517) (b) (b), (c) 2020 LTM 3Q21 2021 LTM 3Q22 2020 LTM 3Q21 2021(c) LTM 3Q22(c), (d) (a) Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash proc
Slide 5: Operating Statistics – Third Quarter
Operating Statistics – Third Quarter 3Q22 3Q21 YoY % (a) Workdays 64.0 63.5 LTL tonnage (in thousands) 1,961 2,323 (15.6) LTL tonnage per workday (in thousands) 30.64 36.58 (16.2) LTL shipments (in thousands) 3,557 4,141 (14.1) LTL shipments per workday (in thousands) 55.58 65.22 (14.8) LTL picked u
Slide 6: Operating Statistics – Third Quarter Year-To-Date
Operating Statistics – Third Quarter Year-To-Date (a) YTD 2022 YTD 2021 YoY % Workdays 191.0 191.0 LTL tonnage (in thousands) 6,023 7,312 (17.6) LTL tonnage per workday (in thousands) 31.54 38.28 (17.6) LTL shipments (in thousands) 10,837 12,824 (15.5) LTL shipments per workday (in thousands) 56.74
Slide 7: Capital Structure Overview
Capital Structure Overview (in millions) $1,800.0 $1,614.5 $1,602.7 $1,600.0 $1,400.0 $400.0 $400.0 UST Tranche B $1,284.0 $74.8 $1,200.0 $302.3 $311.4 $321.1 UST Tranche A $1,000.0 $68.0 $66.6 $66.0 CDA Notes $800.0 $225.9 $224.0 Lease Financing $214.9 Obligations $600.0 $400.0 $613.0 $612.5 $600.7
Slide 8: Leverage Ratio
Leverage Ratio Funded Debt / LTM Adjusted EBITDA 6.69x 6.50x 5.28x 3.99x 2020 3Q21 2021 3Q22 Note: Funded debt balances based on par value Growing into capital structure Funded Debt / LTM Adjusted EBITDA ratio down 2.5 turns YoY 8 8
Slide 9: Capital Structure Maturities and Labor Timeline
Capital Structure Maturities and Labor Timeline CDA Notes Term Loan December June ABL Facility UST January (a) Loan September IBT March 2022 2023 2024 2025 2026 Largest debt instruments and the labor agreement mature at various dates in 2024 (a) In October 2022, the ABL Facility maturity was extende
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in millions) Yellow Corporation Reconciliation of Net Income (Loss) to Adjusted EBITDA LTM LTM Yellow Corporation 2020 2021 3Q 2021 3Q 2022 3Q 2021 3Q 2022 Reconciliation of net income (loss) to Adjusted EBITDA Net income (loss) $ (53.5) $ (109.1) $ 8.3 $ 4.8 $ (83.1)