Yellow Corporation · OTC:YELLQ
Yellow — Q4 2021 Earnings Presentation
9 slides from Yellow's earnings presentation, Feb 2, 2022
Slide 1: Yellow Corporation Fourth Quarter 2021 Earnings Conference Call
Yellow Corporation Fourth Quarter 2021 Earnings Conference Call 1
Slide 2: Financial Results
Financial Results Revenue Operating Income (in millions) (in millions) $5,122 $104 $4,871 $4,514 $57 $16 2019 2020 2021 2019 2020 2021 2
Slide 3: Financial Results
Financial Results Adjusted EBITDA Cash and Cash Equivalents and (in millions) Managed Accessibility (in millions) $306 $440 $359 $211 $192 $80 2019 2020 2021 12/31/2019 12/31/2020 12/31/2021 3
Slide 4: Operating Statistics – Fourth Quarter
Operating Statistics – Fourth Quarter (a) 4Q21 4Q20 YoY % Workdays 61.0 60.5 LTL tonnage (in thousands) 2,208 2,434 (9.3) LTL tonnage per workday (in thousands) 36.20 40.22 (10.0) LTL shipments (in thousands) 3,884 4,176 (7.0) LTL shipments per workday (in thousands) 63.66 69.03 (7.8) LTL picked up
Slide 5: Operating Statistics – Year End
Operating Statistics – Year End (a) YTD 2021 YTD 2020 YoY % Workdays 252.0 253.0 LTL tonnage (in thousands) 9,520 9,845 (3.3) LTL tonnage per workday (in thousands) 37.78 38.91 (2.9) LTL shipments (in thousands) 16,707 16,982 (1.6) LTL shipments per workday (in thousands) 66.30 67.12 (1.2) LTL picke
Slide 6: Capital Structure Overview
Capital Structure Overview (in millions) $1,800.0 $1,614.5 $1,600.0 $1,400.0 $400.0 UST Tranche B $1,284.0 $74.8 $1,200.0 $302.3 $311.4 UST Tranche A $1,000.0 $902.8 $71.2 $68.0 $66.6 CDA Notes $800.0 Lease Financing $231.6 $225.9 $224.0 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 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) $306 LTM as of 4Q21 $200 $150 $100 4Q21 1Q22 2Q22 and thereafter 8
Slide 9: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in millions) Yellow Corporation 2019 2020 2021 Reconciliation of net loss to Adjusted EBITDA Net loss $ (104.0) $ (53.5) $ (109.1) Interest expense, net 109.9 135.6 150.4 Income tax expense (benefit) (4.3) (19.6) 3.1 Depreciation and amortization 152.4 134.9 143.6 EBI