Slide 1: Yellow Corporation Second Quarter 2021 Earnings Conference Call
Yellow Corporation Second Quarter 2021 Earnings Conference Call 1
Slide 2: Financial Results
Financial Results Revenue Operating Income (in millions) (in millions) $4,871 $57 $57 $4,859 $4,582 $4,514 $33 $16 2019 2Q20 LTM 2020 2Q21 LTM 2019 2Q20 LTM 2020 2Q21 LTM 2
Slide 3: Financial Results
Financial Results Adjusted EBITDA Cash and Cash Equivalents and (in millions) Managed Accessibility $216 (in millions) $211 $440 $423 $303 $192 $183 $80 2019 2Q20 LTM 2020 2Q21 LTM 12/31/2019 6/30/2020 12/31/2020 6/30/2021 3
Slide 4: Operating Statistics – Second Quarter
Operating Statistics – Second Quarter 2Q21 2Q20 YoY % (a) Workdays 64.0 63.0 LTL tonnage (in thousands) 2,511 2,283 10.0 LTL tonnage per workday (in thousands) 39.24 36.24 8.3 LTL shipments (in thousands) 4,419 4,003 10.4 LTL shipments per workday (in thousands) 69.05 63.53 8.7 LTL picked up revenue
Slide 5: Operating Statistics – Year-To-Date
Operating Statistics – Year-To-Date YTD 2021 YTD 2020 YoY % (a) Workdays 127.5 128.5 Total LTL tonnage (in thousands) 4,989 4,827 3.4 Total LTL tonnage per workday (in thousands) 39.13 37.57 4.2 Total LTL shipments (in thousands) 8,682 8,325 4.3 Total LTL shipments per workday (in thousands) 68.10 6
Slide 6: Capital Structure Overview
Capital Structure Overview (in millions) $1,800.0 $1,593.9 $1,600.0 $1,400.0 $381.1 UST Tranche B $1,284.0 $74.8 $1,200.0 $302.3 $306.7 UST Tranche A $1,000.0 $902.8 $71.2 $68.0 $68.0 CDA Notes $800.0 Lease Financing $231.6 $225.9 $225.2 Obligations $600.0 $400.0 $600.0 $613.0 $612.9 Term Loan $200.
Slide 7: Capital Structure and Labor Timeline
Capital Structure and Labor Timeline CDA Notes Term Loan December June ABL Facility Jan. UST Loan Sept. IBT March 2021 2022 2023 2024 Largest debt instruments and the labor agreement mature at various dates in 2024 7 7
Slide 8: Covenant Waiver Through 3Q21
LTM Adjusted EBITDA Covenant (in millions) $200 $150 $100 COVENANT WAIVER THROUGH 3Q21 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 and thereafter 8
Slide 9: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in millions) LTM LTM Yellow Corporation 2019 2020 2Q 2020 2Q 2021 2Q 2020 2Q 2021 Reconciliation of net loss to Adjusted EBITDA Net loss $ (104.0) $ (53.5) $ (37.1) $ (9.4) $ (64.1) $ (93.4) Interest expense, net 109.9 135.6 40.2 37.6 124.0 140.6 Income tax expense (b