EX-99.2 3 d213092dex992.htm EX-99.2 EX-99.2

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Second Quarter 2016 Earnings Conference Call 20.3% CAGR 2011 – 2015 Consolidated ($ in millions) Exhibit 99.2


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($ in millions) By Segment


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Steady progress every year since 2011 Funded Debt to Adjusted EBITDA ratio down 2.6x 2.6x reduction since 2011 Note: Funded debt balances based on par value Leverage Ratio Second Quarter 2016 Earnings Conference Call


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YOY Revenue Per Shipment and Revenue Per CWT +2.9% +0.5% +1.3% +1.4% Second Quarter 2016 Earnings Conference Call


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YOY Volume -4.6% -6.0% -1.6% -2.4% Second Quarter 2016 Earnings Conference Call


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Consolidated Adjusted EBITDA ($ in millions) -18.0M -110bps -7.4M +20bps Second Quarter 2016 Earnings Conference Call


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Segment Adjusted EBITDA ($ in millions) -9.2M -8.9M -90bps -170bps Second Quarter 2016 Earnings Conference Call


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(a) As required under our Term Loan Agreement, other, net, shown above consists of the impact of certain items to be included in Adjusted EBITDA Second Quarter 2016 Earnings Conference Call EBITDA Reconciliation - Consolidated ($ in millions) YRCW Consolidated FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 LTM 2Q 2015 LTM 2Q 2016 2Q 2015 2Q 2016 Reconciliation of Net (Loss) Income to Adjusted EBITDA Net (loss) income (354.4) $ (136.5) $ (83.6) $ (67.7) $ 0.7 $ 11.8 $ 11.4 $ 26.0 $ 27.1 $ Interest expense, net 155.7 150.1 163.8 149.5 107.1 115.0 103.9 27.9 26.1 Income tax (benefit) expense (7.5) (15.0) (45.9) (16.1) (5.1) (0.4) (5.9) 2.3 4.7 Depreciation and amortization 195.7 183.8 172.3 163.6 163.7 164.5 160.0 41.3 38.5 EBITDA (10.5) $ 182.4 $ 206.6 $ 229.3 $ 266.4 $ 290.9 $ 269.4 $ 97.5 $ 96.4 $ Adjustments for debt covenants: (Gains) / loss on property disposals, net (8.2) (9.7) (2.2) (11.9) 1.9 (5.0) (10.1) (0.7) (11.1) Letter of credit expense 35.2 36.3 33.9 12.1 8.8 9.2 8.7 2.2 2.1 Restructuring professional fees 44.0 3.0 12.0 4.2 0.2 3.1 0.2 - - Nonrecurring consulting fees - - - - 5.1 5.9 (0.8) 3.0 - Permitted dispositions and other 6.2 (4.0) 1.7 1.8 0.4 1.9 (0.3) 0.1 (0.4) Equity based compensation expense 0.6 3.8 5.8 14.3 8.5 8.9 9.3 3.2 2.7 Union equity awards 14.9 - - - - - - - - Restructuring transaction costs 17.8 - - - - - - - - Fair value adjustment of derivative liabilities 79.2 - - - - - - - - Amortization of ratification bonus - - - 15.6 18.9 20.2 13.7 4.6 - Non-union pension settlement - - - - 28.7 - 28.7 - - Equity Investment Impairment - 30.8 - - - - - - - (Gains) / loss on extinguishment of debt (25.8) - - (11.2) 0.6 0.6 - - - Other, net (a) 5.8 (3.1) (2.9) (9.7) (6.2) (8.9) 0.6 (0.5) 1.7 Adjusted EBITDA 159.2 $ 239.5 $ 254.9 $ 244.5 $ 333.3 $ 326.8 $ 319.4 $ 109.4 $ 91.4 $ Revenue 4,868.8 $ 4,850.5 $ 4,865.4 $ 5,068.8 $ 4,832.4 $ 4,985.1 $ 4,715.5 $ 1,258.4 $ 1,207.6 $ Adjusted EBITDA Margin 3.3% 4.9% 5.2% 4.8% 6.9% 6.6% 6.8% 8.7% 7.6% Funded Debt 1,358.8 $ 1,381.0 $ 1,361.3 $ 1,116.2 $ 1,081.9 $ 1,089.2 $ 1,060.8 $ Leverage Ratio 8.54x 5.77x 5.34x 4.57x 3.25x 3.33x 3.32x


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(a) As required under our Term Loan, other nonoperating, net, shown above does not include the impact of non-cash foreign currency gains or losses Second Quarter 2016 Earnings Conference Call EBITDA Reconciliation - Segment ($ in millions) YRC Freight Segment FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 LTM 2Q 2015 LTM 2Q 2016 2Q 2015 2Q 2016 Reconciliation of operating income (loss) to adjusted EBITDA Operating (loss) income (88.5) $ (37.3) $ (31.2) $ 0.5 $ 18.0 $ 56.0 $ 27.8 $ 22.5 $ 28.4 $ Depreciation and amortization 102.9 119.8 109.1 98.0 93.1 95.7 90.9 23.3 22.3 (Gains) losses on property disposals, net (10.5) (9.9) (3.0) (15.9) 1.9 (8.4) (10.7) 0.8 (11.2) Letter of credit expense 28.1 29.6 25.8 8.3 6.1 6.3 5.9 1.5 1.4 Union equity awards 10.3 - - - - - - - - Nonrecurring consulting fees - - - - 5.1 5.9 (0.8) 3.0 - Amortization of ratification bonus - - - 10.0 12.2 13.0 8.9 3.0 - Non-union pension settlement charge - - - - 28.7 - 28.7 - - Other, net (a) 1.4 2.7 4.5 (1.1) 2.1 (1.3) 5.3 (1.0) 3.0 Adjusted EBITDA 43.7 $ 104.9 $ 105.2 $ 99.8 $ 167.2 $ 167.2 $ 156.0 $ 53.1 $ 43.9 $ Revenue 3,203.0 $ 3,206.9 $ 3,136.8 $ 3,237.4 $ 3,055.7 $ 3,171.3 $ 2,973.6 $ 795.2 $ 755.0 $ Adjusted EBITDA Margin 1.4% 3.3% 3.4% 3.1% 5.5% 5.3% 5.2% 6.7% 5.8% Regional Transportation Segment FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 LTM 2Q 2015 LTM 2Q 2016 2Q 2015 2Q 2016 Reconciliation of operating income to adjusted EBITDA Operating Income 32.9 $ 70.0 $ 79.9 $ 66.1 $ 85.4 $ 77.3 $ 86.1 $ 37.7 $ 30.6 $ Depreciation and amortization 61.6 63.3 63.1 65.8 70.7 69.0 69.1 18.1 16.2 (Gains) losses on property disposals, net (2.7) 0.7 0.6 4.0 0.2 3.6 0.6 (1.3) 0.1 Letter of credit expense 6.6 6.2 6.8 2.9 2.1 2.1 2.5 0.5 0.7 Union equity awards 4.6 - - - - - - - - Amortization of ratification bonus - - - 5.6 6.7 7.2 4.8 1.6 - Other, net (a) 0.1 - 0.1 - 0.8 - 1.1 - 0.1 Adjusted EBITDA 103.1 $ 140.2 $ 150.5 $ 144.4 $ 165.9 $ 159.2 $ 164.2 $ 56.6 $ 47.7 $ Revenue 1,554.3 $ 1,640.6 $ 1,728.6 $ 1,831.4 $ 1,776.9 $ 1,813.9 $ 1,742.6 $ 463.2 $ 452.8 $ Adjusted EBITDA Margin 6.6% 8.5% 8.7% 7.9% 9.3% 8.8% 9.4% 12.2% 10.5%