Slide 1: Yellow Corporation First Quarter 2023 Earnings Conference Call
Yellow Corporation First Quarter 2023 Earnings Conference Call 1
Slide 2: Financial Results
Financial Results Revenue Operating Income (in millions) (in millions) $5,245 $5,184 $5,143 $5,122 $198 $179 $140 $104 2021 1Q22 LTM 2022 1Q23 LTM 2021 1Q22 LTM 2022 1Q23 LTM 2
Slide 3: Financial Results
Financial Results Adjusted EBITDA Cash and Cash Equivalents (in millions) and Managed Accessibility (in millions) $343 $341 $359 $325 $277 $242 $306 $168 2021 1Q22 LTM 2022 1Q23 LTM 12/31/2021 3/31/2022 12/31/2022 3/31/2023 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) $167 $24 $(25) $121 $(306) $16 $10 $(484) (b) (b), (c) (c) (c), (d) 2021 LTM 1Q22 2022 LTM 1Q23 2021 LTM 1Q22 2022 LTM 1Q23 (a) Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash pr
Slide 5: Reinvesting in the Business
Reinvesting in the Business CapEx Equivalent (in millions) 9.7% (a) $498 (a) 6.4% $332 3.7% (a) 3.6%(a) $498 $192 $185 $332 $192 $185 2021 LTM 1Q22 2022 LTM 1Q23 CapEx Cap. Value of Leases (a) CapEx Equivalent as a percentage of revenue. Percent change based on unrounded figures. 5
Slide 6: Capital Structure Overview
Capital Structure Overview (in millions) $1,800.0 $1,614.5 $1,574.7 $1,509.0 $1,600.0 $1,400.0 $400.0 $400.0 $400.0 UST Tranche B $1,200.0 $311.4 $1,000.0 $325.7 $329.4 UST Tranche A $66.6 $800.0 $66.0 CDA Notes $224.0 Lease Financing $213.9 $212.2 $600.0 Obligations $400.0 $612.5 $569.1 $567.4 Term
Slide 7: Leverage Ratio
Leverage Ratio 5.28x Growing into capital structure LTM 1Q23 Funded Debt / LTM 4.71x 4.64x Adjusted EBITDA 4.59x ratio down 0.64 compared to 2021 2021 LTM 1Q22 2022 LTM 1Q23 Note: Funded debt balances based on par value LTM LTM Reconciliation 2021 1Q22 2022 1Q23 Funded Debt $ 1,614.5 $ 1,606.9 $ 1,5
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 – First Quarter
Operating Statistics – First Quarter 1Q23 1Q22 YoY % (a) Workdays 64.0 63.5 LTL tonnage (in thousands) 1,756 1,980 (11.3) LTL tonnage per workday (in thousands) 27.43 31.18 (12.0) LTL shipments (in thousands) 3,111 3,561 (12.6) LTL shipments per workday (in thousands) 48.61 56.08 (13.3) LTL picked u
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in millions) LTM LTM Yellow Corporation 2021 2022 1Q 2022 1Q 2023 1Q 2022 1Q 2023 Reconciliation of net income (loss) to Adjusted EBITDA Net income (loss) $ (109.1) $ 21.8 $ (27.5) $ (54.6) $ (73.3) $ (5.3) Interest expense, net 150.4 161.6 37.7 46.2 152.3 170.1 Incom