Yellow Corporation Fourth Quarter 2022 Earnings Conference Call EX 99.2
Financial Results
Financial Results LTM Adjusted EBITDA covenant is $200 million in 2Q 2022 and thereafter
Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash proceeds from disposals During FY 2020, the Company recognized cash proceeds on the sale of terminals of approximately $53 million 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 Cash Flow (b) (c) (d)
CapEx Equivalent as a percentage of revenue. Percent change based on unrounded figures. 2020 CapEx Equivalent includes less than $1M of capital value of leases (a) (a) (b) (a) Reinvesting in the Business
CDA Notes (in millions) UST Tranche A carries a variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD Libor with a floor of 1.0%, plus a fixed margin of 3.5%. 1.5% is paid in cash and the remainder paid-in-kind (PIK). The Tranche A balance includes $25.7M of PIK interest as of 12/31/22. UST Tranche B carries a variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD Libor with a floor of 1.0%, plus a fixed margin of 3.5%. All paid in cash. The Term Loan carries a variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month Libor, with a floor of 1.0%, plus a fixed margin of 7.5%. If LTM Adjusted EBITDA is above $400 million the fixed margin decreases from 7.5% to 6.5%. All paid in cash. (a) Proforma reflects settlement of CDA notes on January 3, 2023 Capital Structure Overview Lease Financing Obligations UST Tranche A UST Tranche B Term Loan (a)
Leverage Ratio Note: Funded debt balances based on par value Growing into capital structure 1/3/23 Proforma, Funded Debt / LTM Adjusted EBITDA ratio down 0.9 compared to 12/31/21 (a) (a) Proforma reflects settlement of CDA notes on January 3, 2023
IBT March ABL Facility January Term Loan June UST LoanSeptember Capital Structure Maturities and Labor Timeline
(a) Percent change based on unrounded figures and not the rounded figures presented Operating Statistics – Fourth Quarter
Operating Statistics – Full Year
(in millions) Adjusted EBITDA Reconciliation