Yellow Corporation · OTC:YELLQ
Yellow — Q3 2021 Earnings Presentation
9 slides from Yellow's earnings presentation, Nov 3, 2021
Slide 1: Yellow Corporation Third Quarter 2021 Earnings Conference Call
Yellow Corporation Third Quarter 2021 Earnings Conference Call 1
Slide 2: Financial Results
Financial Results Revenue Operating Income (in millions) (in millions) $62 $57 $4,977 $4,871 $53 $4,509 $4,514 $16 2019 3Q20 LTM 2020 3Q21 LTM 2019 3Q20 LTM 2020 3Q21 LTM 2
Slide 3: Financial Results
Financial Results Adjusted EBITDA Cash and Cash Equivalents and (in millions) Managed Accessibility (in millions) $248 $454 $440 $409 $211 $192 $180 $80 2019 3Q20 LTM 2020 3Q21 LTM 12/31/2019 9/30/2020 12/31/2020 9/30/2021 3
Slide 4: Operating Statistics – Third Quarter
Operating Statistics – Third Quarter 3Q21 3Q20 YoY % (a) Workdays 63.5 64.0 LTL tonnage (in thousands) 2,323 2,584 (10.1) LTL tonnage per workday (in thousands) 36.58 40.38 (9.4) LTL shipments (in thousands) 4,141 4,480 (7.6) LTL shipments per workday (in thousands) 65.22 70.00 (6.8) LTL picked up r
Slide 5: Operating Statistics – First Three Quarters
Operating Statistics – First Three Quarters YTD 2021 YTD 2020 YoY % (a) Workdays 191.0 192.5 LTL tonnage (in thousands) 7,312 7,412 (1.3) LTL tonnage per workday (in thousands) 38.28 38.50 (0.6) LTL shipments (in thousands) 12,824 12,806 0.1 LTL shipments per workday (in thousands) 67.14 66.52 0.9 L
Slide 6: Capital Structure Overview
Capital Structure Overview (in millions) $1,800.0 $1,614.1 $1,600.0 $1,400.0 $400.0 UST Tranche B $1,284.0 $74.8 $1,200.0 $302.3 $309.0 UST Tranche A $1,000.0 $902.8 $71.2 $68.0 $68.0 CDA Notes $800.0 Lease Financing $231.6 $225.9 $224.6 Obligations $600.0 $400.0 $600.0 $613.0 $612.5 Term Loan $200.
Slide 7: Capital Structure and Labor Timeline
Capital Structure and Labor Timeline CDA Notes Term Loan December June ABL Facility January UST Loan September IBT March 2021 2022 2023 2024 Largest debt instruments and the labor agreement mature at various dates in 2024 7 7
Slide 8: LTM Adjusted EBITDA Covenant
LTM Adjusted EBITDA Covenant (in millions) $248 LTM as of 3Q21 $200 $150 $100 COVENANT WAIVER THROUGH 3Q21 3Q21 4Q21 1Q22 2Q22 and thereafter 8
Slide 9: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in millions) LTM LTM Yellow Corporation 2019 2020 3Q 2020 3Q 2021 3Q 2020 3Q 2021 Reconciliation of net income (loss) to Adjusted EBITDA Net income (loss) $ (104.0) $ (53.5) $ (2.0) $ 8.3 $ (50.1) $ (83.1) Interest expense, net 109.9 135.6 33.4 38.5 129.7 145.7 Income