YELLOW (EX-YRC WORLDWIDE) Yellow Corporation
First Quarter 2023
Earnings Conference Call
Financial Results
Revenue
(in millions)
$5,122 $5,184 $5,245 $5,143
2021 | 1Q22 LTM | 2022 | 1Q23 LTM |
Operating Income
(in millions)
$198
$179
$140
$104
2021 | 1Q22 LTM | 2022 | 1Q23 LTM |
2
Financial Results
Adjusted EBITDA
(in millions)
$341 $343
$325
$306
2021 | 1Q22 LTM | 2022 | 1Q23 LTM |
LTM Adjusted EBITDA covenant is $200 million in 2Q 2022 and thereafter
Cash and Cash Equivalents and Managed Accessibility
(in millions)
$359
$277
$242
$168
12/31/2021 | 3/31/2022 | 12/31/2022 | 3/31/2023 |
3
Cash Flow
Operating Cash Flow
(in millions)
$167
$121
$10$16
2021 | LTM 1Q22 | 2022 | LTM 1Q23 |
Free Cash Flow(a)
(in millions)
$24
$(25)
$(306)
$(484)
2021(b) | LTM 1Q22(b), (c) | 2022(c) | LTM 1Q23 (c), (d) |
- Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash proceeds from disposals
- During FY 2021, the Company recognized cash proceeds on the sale of terminals of approximately $1 million
- During FY 2022, the Company recognized cash proceeds on the sale of terminals of approximately $43 million
- During Q1 2023, the Company recognized cash proceeds on the sale of terminals of approximately $2 million
Free Cash Flow Reconciliation | FY 2021 | LTM 1Q22 | FY 2022 | LTM 1Q23 | |||||
Net cash provided in operating activities | $ | 10.2 | $ | 15.5 | $ | 121.3 | $ | 167.4 | |
Acquisition of property and equipment | (497.6) | (331.6) | (191.8) | (185.0) | |||||
Proceeds from disposal of property and equipment | 3.6 | 9.8 | 45.7 | 41.5 | |||||
Free Cash Flow | $ | (483.8) | $ | (306.3) | $ | (24.8) | $ | 23.9 |
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Reinvesting in the Business
CapEx Equivalent
(in millions)
9.7%(a)
$498
6.4% (a)
$332 | 3.7%(a) | 3.6%(a) | |||||||||
$498 | $192 | $185 | |||||||||
$332 | |||||||||||
$192 | $185 | ||||||||||
2021 | LTM 1Q22 | 2022 | LTM 1Q23 | ||||||||
CapEx | Cap. Value of Leases | ||||||||||
- CapEx Equivalent as a percentage of revenue. Percent change based on unrounded figures.
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Disclaimer
Yellow Corporation published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2023 20:29:54 UTC.
