EX-99.1

EX-99.1 2 yell-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 
News Release

Yellow Corporation Reports Second Quarter 2023 Results

NASHVILLE, Tenn., August 9, 2023 – Yellow Corporation (NASDAQ: YELL) reported results for the second quarter ended June 30, 2023. Operating revenue was $1.127 billion and operating income was $38.9 million which included a $75.9 million gain on property disposals. In comparison, operating revenue in the second quarter of 2022 was $1.424 billion and operating income was $99.2 million which included a $3.2 million net gain on property disposals.

Net loss for second quarter 2023 was $14.7 million, or $0.28 per share, compared to net income of $60.0 million, or $1.17 per share in the second quarter 2022.

Following a substantial workforce reduction impacting all areas of the organization, on August 6th, the Company and its domestic subsidiaries filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the district of Delaware seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code.

Investor Contact: [email protected]

Media Contact: [email protected]

CONSOLIDATED BALANCE SHEETS

Yellow Corporation and Subsidiaries

(Amounts in millions except per share data)


	June 30, 2023			December 31, 2022
	(Unaudited)
Assets
Current Assets:
Cash and cash equivalents	$	112.8		$	235.1
Restricted amounts held in escrow		19.6			3.9
Accounts receivable, net		535.1			599.7
Prepaid expenses and other		151.1			75.4
Total current assets		818.6			914.1
Property and Equipment:
Cost		3,065.9			3,109.0
Less - accumulated depreciation		(1,926.2	)		(1,940.0	)
Net property and equipment		1,139.7			1,169.0
Deferred income taxes, net		—			0.3
Pension		35.5			34.5
Operating lease right-of-use assets		123.1			139.7
Other assets		30.7			21.7
Total Assets	$	2,147.6		$	2,279.3
Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts payable	$	175.7		$	188.6
Wages, vacations and employee benefits		235.1			221.4
Current operating lease liabilities		43.0			53.1
Other current and accrued liabilities		188.3			182.1
Current maturities of long-term debt		1,274.5			71.8
Total current liabilities		1,916.6			717.0
Other Liabilities:
Long-term debt, less current portion		202.9			1,466.2
Deferred income taxes, net		0.5			—
Pension and postretirement		137.4			134.0
Operating lease liabilities		89.2			94.6
Claims and other liabilities		248.8			249.0
Commitments and contingencies
Shareholders' Deficit:
Cumulative preferred stock, $1 par value per share		—			—
Common stock, $0.01 par value per share		0.5			0.5
Capital surplus		2,396.6			2,393.4
Accumulated deficit		(2,522.5	)		(2,453.2	)
Accumulated other comprehensive loss		(229.7	)		(229.5	)
Treasury stock, at cost		(92.7	)		(92.7	)
Total shareholders' deficit		(447.8	)		(381.5	)
Total Liabilities and Shareholders' Deficit	$	2,147.6		$	2,279.3

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

Yellow Corporation and Subsidiaries

For the Three Months Ended June 30

(Amounts in millions except per share data, shares in thousands)

(Unaudited)


	Three Months						Six Months
	2023			2022			2023			2022
Operating Revenue	$	1,126.8		$	1,423.7		$	2,285.4		$	2,684.1
Operating Expenses:
Salaries, wages and employee benefits		686.3			736.7			1,358.8			1,447.7
Fuel, operating expenses and supplies		227.0			287.3			467.6			530.9
Purchased transportation		150.7			206.1			302.7			391.5
Depreciation and amortization		35.8			35.5			71.1			71.2
Other operating expenses		64.0			62.1			132.0			143.1
Gains on property disposals, net		(75.9	)		(3.2	)		(76.4	)		(8.7	)
Total operating expenses		1,087.9			1,324.5			2,255.8			2,575.7
Operating Income		38.9			99.2			29.6			108.4
Nonoperating Expenses:
Interest expense		48.3			38.0			94.8			75.7
Non-union pension and postretirement benefits		1.1			(0.5	)		2.3			(0.9	)
Other, net		0.1			(0.1	)		(0.1	)		0.1
Nonoperating expenses, net		49.5			37.4			97.0			74.9
Income (loss) before income taxes		(10.6	)		61.8			(67.4	)		33.5
Income tax expense		4.1			1.8			1.9			1.0
Net income (loss)		(14.7	)		60.0			(69.3	)		32.5
Other comprehensive income (loss), net of tax		2.4			1.5			(0.2	)		3.8
Comprehensive Income (Loss)	$	(12.3	)	$	61.5		$	(69.5	)	$	36.3

Average Common Shares Outstanding - Basic		52,010			51,342			51,871			51,217
Average Common Shares Outstanding - Diluted		52,010			52,135			51,871			52,183

Income (Loss) Per Share - Basic	$	(0.28	)	$	1.17		$	(1.34	)	$	0.64
Income (Loss) Per Share - Diluted	$	(0.28	)	$	1.15		$	(1.34	)	$	0.62

Operating Ratio(a):		96.5	%		93.0	%		98.7	%		96.0	%

(a)

Operating ratio is calculated as (i) 100 percent (ii) minus the result of dividing operating income by operating revenue or (iii) plus the result of dividing operating loss by operating revenue, and expressed as a percentage.