$YELLQ
Yellow Corp

2018 Q2 Form 10-Q Financial Statement

#000071600618000011 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.327B $1.261B
YoY Change 5.23% 4.39%
Cost Of Revenue $1.175B $1.106B
YoY Change 6.29% 4.91%
Gross Profit $151.3M $154.9M
YoY Change -2.32% 0.85%
Gross Profit Margin 11.41% 12.29%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.60M $37.20M
YoY Change 1.08% -3.38%
% of Gross Profit 24.85% 24.02%
Operating Expenses $1.276B $1.207B
YoY Change 5.65% 4.95%
Operating Profit $50.90M $53.20M
YoY Change -4.32% -6.99%
Interest Expense $25.50M $25.70M
YoY Change -0.78% -1.91%
% of Operating Profit 50.1% 48.31%
Other Income/Expense, Net -$26.10M -$30.60M
YoY Change -14.71% 20.47%
Pretax Income $24.80M $22.60M
YoY Change 9.73% -28.93%
Income Tax $10.40M $3.600M
% Of Pretax Income 41.94% 15.93%
Net Earnings $14.40M $19.00M
YoY Change -24.21% -29.89%
Net Earnings / Revenue 1.09% 1.51%
Basic Earnings Per Share $0.44 $0.58
Diluted Earnings Per Share $0.43 $0.57
COMMON SHARES
Basic Shares Outstanding 32.97M shares 32.72M shares
Diluted Shares Outstanding 33.79M shares 33.32M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.7M $215.2M
YoY Change -26.25% -11.62%
Cash & Equivalents $158.7M $215.2M
Short-Term Investments
Other Short-Term Assets $82.20M $131.1M
YoY Change -37.3% -4.65%
Inventory
Prepaid Expenses
Receivables $553.9M $510.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $794.8M $857.0M
YoY Change -7.26% -0.87%
LONG-TERM ASSETS
Property, Plant & Equipment $774.6M $826.8M
YoY Change -6.31% -8.41%
Goodwill
YoY Change
Intangibles $27.50M
YoY Change -19.59%
Long-Term Investments
YoY Change
Other Assets $75.10M $47.80M
YoY Change 57.11% -17.44%
Total Long-Term Assets $849.7M $902.1M
YoY Change -5.81% -11.69%
TOTAL ASSETS
Total Short-Term Assets $794.8M $857.0M
Total Long-Term Assets $849.7M $902.1M
Total Assets $1.645B $1.759B
YoY Change -6.51% -6.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $193.7M $163.5M
YoY Change 18.47% -4.44%
Accrued Expenses $341.0M $336.9M
YoY Change 1.22% 2.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $28.50M $17.70M
YoY Change 61.02% 7.93%
Total Short-Term Liabilities $612.6M $564.1M
YoY Change 8.6% -4.84%
LONG-TERM LIABILITIES
Long-Term Debt $864.7M $970.3M
YoY Change -10.88% -5.61%
Other Long-Term Liabilities $508.2M $632.1M
YoY Change -19.6% 1.75%
Total Long-Term Liabilities $864.7M $970.3M
YoY Change -10.88% -5.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $612.6M $564.1M
Total Long-Term Liabilities $864.7M $970.3M
Total Liabilities $1.477B $1.534B
YoY Change -3.72% -5.33%
SHAREHOLDERS EQUITY
Retained Earnings -$2.229B -$2.224B
YoY Change 0.21% 0.0%
Common Stock $300.0K $300.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $92.70M $92.70M
YoY Change 0.0% 0.0%
Treasury Stock Shares 410.0 shares 410.0 shares
Shareholders Equity -$344.1M -$410.5M
YoY Change
Total Liabilities & Shareholders Equity $1.645B $1.759B
YoY Change -6.51% -6.73%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $14.40M $19.00M
YoY Change -24.21% -29.89%
Depreciation, Depletion And Amortization $37.60M $37.20M
YoY Change 1.08% -3.38%
Cash From Operating Activities $75.20M $64.30M
YoY Change 16.95% 9.73%
INVESTING ACTIVITIES
Capital Expenditures -$23.00M -$22.70M
YoY Change 1.32% -17.45%
Acquisitions
YoY Change
Other Investing Activities $1.200M $5.200M
YoY Change -76.92% -88.82%
Cash From Investing Activities -$21.80M -$17.50M
YoY Change 24.57% -192.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.800M -4.000M
YoY Change 95.0% -78.95%
NET CHANGE
Cash From Operating Activities 75.20M 64.30M
Cash From Investing Activities -21.80M -17.50M
Cash From Financing Activities -7.800M -4.000M
Net Change In Cash 45.60M 42.80M
YoY Change 6.54% -26.96%
FREE CASH FLOW
Cash From Operating Activities $75.20M $64.30M
Capital Expenditures -$23.00M -$22.70M
Free Cash Flow $98.20M $87.00M
YoY Change 12.87% 1.05%

Facts In Submission

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CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-344100000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
410 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
410 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
92700000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
92700000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33322000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32642000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33794000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32894000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32715000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32642000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32966000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32894000 shares
CY2017Q4 yrcw Claims And Insurance Accruals Current
ClaimsAndInsuranceAccrualsCurrent
115100000 USD
CY2018Q2 yrcw Claims And Insurance Accruals Current
ClaimsAndInsuranceAccrualsCurrent
116400000 USD
CY2017Q4 yrcw Claims And Insurance Accruals Noncurrent
ClaimsAndInsuranceAccrualsNoncurrent
280800000 USD
CY2018Q2 yrcw Claims And Insurance Accruals Noncurrent
ClaimsAndInsuranceAccrualsNoncurrent
281600000 USD
CY2018Q2 yrcw Debt Instrument Face Amount Excluding Current Maturities
DebtInstrumentFaceAmountExcludingCurrentMaturities
882200000 USD
CY2018Q2 yrcw Debt Instrument Unamortized Discount Premium Net Noncurrent Maturities
DebtInstrumentUnamortizedDiscountPremiumNetNoncurrentMaturities
9100000 USD
CY2017Q2 yrcw Non Union Pension And Postretirement Benefits
NonUnionPensionAndPostretirementBenefits
3200000 USD
yrcw Non Union Pension And Postretirement Benefits
NonUnionPensionAndPostretirementBenefits
6500000 USD
CY2018Q2 yrcw Non Union Pension And Postretirement Benefits
NonUnionPensionAndPostretirementBenefits
-400000 USD
yrcw Non Union Pension And Postretirement Benefits
NonUnionPensionAndPostretirementBenefits
-900000 USD
CY2017Q2 yrcw Purchased Transportation
PurchasedTransportation
159600000 USD
yrcw Purchased Transportation
PurchasedTransportation
294100000 USD
CY2018Q2 yrcw Purchased Transportation
PurchasedTransportation
177200000 USD
yrcw Purchased Transportation
PurchasedTransportation
332600000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Consolidated Financial Statements include the accounts of YRC Worldwide and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. We report on a calendar year basis. The quarters of the Regional Transportation companies (with the exception of New Penn) consist of thirteen weeks that end on a Saturday either before or after the end of March, June and September, whereas all other operating segment quarters end on the natural calendar quarter end. For ease of reference, the calendar quarter end dates are used herein. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and notes. Actual results could differ from those estimates. We have prepared the Consolidated Financial Statements, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). In our opinion, we have made all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods included in these financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;) have been condensed or omitted from these statements pursuant to SEC rules and regulations. Accordingly, the accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year&#8217;s consolidated financial statements to conform to current year presentation. Total net periodic pension cost associated with the Company&#8217;s non-union defined benefit plans that was previously reported in operating expenses in the income statement is now reported in nonoperating expenses due to the adoption of Accounting Standards Update (&#8220;ASU&#8221;) 2017-07, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font><font style="font-family:inherit;font-size:10pt;">, discussed further below. This resulted in a </font><font style="font-family:inherit;font-size:10pt;">$3.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$6.5 million</font><font style="font-family:inherit;font-size:10pt;"> reclassification from &#8220;Salaries, wages and employee benefits&#8221; in operating expenses to &#8220;Non-union pension and postretirement benefits&#8221; in nonoperating expenses for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. In addition, due to the adoption of ASU 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">, cash paid to a taxing authority when shares are withheld to satisfy the employer&#8217;s statutory income tax withholding obligation are now required to be classified as a financing activity. This resulted in a </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;"> reclassification in the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> from &#8220;Change in other operating liabilities&#8221; in cash flows from operating activities to &#8220;Payments for tax withheld on equity-based compensation&#8221; in cash flows from financing activities in the statement of consolidated cash flows.</font></div></div>

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