YRCW - Earnings call transcript Q3 2019

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Operator

Good morning and welcome to YRC Worldwide's Third Quarter 2018 Earnings Call. All participants will be in listen-only mode. After today's presentation, there will be a question-and-answer session. Please note this event is being recorded.

I would now like to turn the conference over to Eric Birge, Vice President of investor relations. ahead. go Please

Eric Birge

and third operator everyone. to Welcome Thank XXXX good earnings Worldwide's quarter conference YRC you, morning call.

O'Connor, Financial Joining us Executive and Chief Chief Darren are Officer. T.J. Officer; today on Officer; the Stephanie call Chief Operating Hawkins, Fisher,

historical some made During statements differ materially. meaning facts, which on These statements to this within laws. to statements other may not forward-looking therefore, and and the actual does number call, call a Securities will all fully Federal that of the we forward-looking these call, make us of risks, format are might are risk of The not factors. subject uncertainty all for this of results allow discuss be

refer the factors release the discussion earnings on could items SEC full and our of a at most available also For These including our and risk XX-Q. this website XX-K to yrcw.com. our recent are Forms morning's differ, that please filings, cause results to

to of see today's loss EBITDA please Additionally, basis. operating on income a basis to loss release on and adjusted segment a reconciliation a consolidated and net adjusted for EBITDA

this EBITDA. During refer we measure our simply EBITDA, call, of adjusted non-GAAP may as to

today's issued which be presentation available on a during release, conjunction will with The earnings an was the release presentation, call. X-K in and is In referenced filed along with earnings we the our website.

turn now to call the I'll Darren. over

Darren Hawkins

for operating and yield the resulted operating XX in slide QX, in year-over-year operating third and as best earnings income income increases quarter our call. even thanks years. over in softness and start made joining of I'm moderation reported which they proud freight in everyone with the will economy, with and the YRC Good progress third quarter improvement, morning ratio, I they continued in both

expense control trucks results financial due efficiency through the cost from were across local along with areas. a land efficiencies decrease and contract box resulted improved in discipline significant achieved purchase all and to that increased transportation These labor haul largely

labor the due the we in regional to which sector, Belt, in disruption deteriorated were quarter. last results operating regionals, the help depressed the exposure particularly did weeks levels, of two acute where Rust automotive not Midwest with the our Concerning that volume and have along

Our from these companies has volume labor labor costs regional levels, hampered due for contract flexibilities the obtained the ability operational the to been have muted leverage to while increased.

disciplined asset network We improved needs, through and with to while will operating on to continuing focus continue our capacity remain network. lead should to control cost which resource to regional with utilization performance balance our also improving measures density optimization, from

YRCW. a productive long, has but all challenging a trade year year XXXX been also environment for

As we look our beyond QX, strategy. currently with well our path and forward is multiyear defined underway

of cleared five-year new the hurdles agreement, stability our ratification providing flexibility refinance and with of term us have loan. an We improved a more structure capital the labor and

extending operations and efficiency runway intended drive optimization enterprise-wide implemented property sales for clearing creating while multiple we and asset an changes and are all measures. across network Additionally, utilization, the to structure, building productivity leadership density while brands. across and These

our hit and on to end by focus of be consolidated of year. XX goal on consolidations With efficiencies, the completed XX are greater to service have the centers, we centers approximately service we of track the

for surface As continue network effort several this will to the scratches the I've enhance terminal we of just and through mentioned, our quarters. consolidations the next

companies. a and to conditions to these of modernize for QX weak to cost safety be environment controls primary our until all their demand focus improve. In I like done would thank will our strategy continue we experiencing the offset network right dedication things closing, getting commitment are the XX,XXX to while helps to optimization our employees and

details to over results. now Stephanie turn around to financial more will share our I call the

Stephanie Fisher

Thank everyone. and you, Darren, good morning,

to from the YRC operating quarter third $X.X million compared year. prior which in income down of $X.XX Operating million quarter of income was third $XX.X when is to consolidated compared quarter revenue XXXX, billion, third the $XX.X XXXX. for X.X% reported Worldwide the billion, For or

the reported to $XX.X company for compared the year. adjusted Additionally, EBITDA of prior third quarter million the million $XX.X for XXXX

trailing $XXX.X $XXX.X to was million, XX compared XXXX. in months, adjusted the For EBITDA million

third in Turning a year-over-year operating YRC decrease the LTL is which shipments down LTL shipment. and day in to stat. per a day was Freight per due quarter X.X% reported XXXX X%, to tonnage X.X% per decrease weight

up and LTL Additionally, up was revenue X.X% fuel including surcharge year-over-year per hundredweight, LTL fuel surcharge was revenue excluding X.X%. per hundredweight,

including when Finally, fuel X.X% fuel year-over-year up up and shipment, surcharge. excluding surcharge was LTL revenue X.X% per

Moving to the segment. regional

in which year-over-year. The shipment third per decrease day to quarter is as XXXX year-over-year LTL X.X% day weight X.X%, was shipments due down per flat LTL tonnage per was

LTL year-over-year surcharge, fuel LTL surcharge, including excluding revenue per revenue down per fuel was hundredweight, And was hundredweight, Additionally, flat. X.X%.

Finally fuel year-over-year surcharge. was when including X.X% and fuel shipment, revenue per executing surcharge, down flat LTL

costs. The volume advantage results the take some to they've YRC Freight that third indicate quarter of in the this even labor able been depressed operational efficiencies absorbed environment, and increased of

opportunities. revenue costs environment regional the expense contracts, relates utilizing diminished benefits and XXXX. their for to volume companies, operational of labor it regional lower to the On the the and companies the the has year-over-year leverage increased $X from other hand, as efficiencies on depressed by third basis wages quarter For fully labor million, million to specifically when a ability decrease $XX.X compared

and grow right throughout reduction trends. the volume we price cost right forward, increase to efforts on be freight continue around to disciplined based the at our network, will current the Going

optimization Additionally, miles, additional reduce efforts as cost the we opportunities reduce network reduction continue on will facility will to costs. those density provide and increase focus efforts to

from of still be in our on the over of the contract, Even with in couple the have some factor operational achieve network will to $XX to $XX of volumes optimization, the expected XXXX. margin ultimate the the the from made measures efficiencies labor benefits And determining progress we million expansion ability million control cost quarters. identified last

recently refinancing of the to mentioned our we Darren, agreement. sheet. term the Moving balance announced loan

a of we recognize rate interest maturity our an of $X.XX new point loan, term June ETFs in loan Our provides by approximately million decrease charge extended with restrictive loan, impacted less $XX.X XXX extinguishment the and new to covenant, term term share. which conjunction an prior related per negatively to In additional liquidity our basis XXXX.

cash and cash the at decrease use during it's December a XXXX, our equipment invest XX.X And to $XX to is September and levels $XXX.X we quarter. approximately compared XX, XX, accessibility of which XXXX. liquidity million, liquidity, in million We comparable to equivalents managed million and in third revenue cash Regarding in June. technology reported was

to XXXX. we relates One quarter, final similar it note, experienced as to fourth what in

remainder settlement This a settlement fourth based for our XXXX EBITDA. non-cash adjusted and quarter recognize will the charges pension We during expect the not charge $XX on to of charge million year. ranging is $X of lump the sum the to non-union million from impact projected

the we manage current as while economic implementation will a environment, plan. place closing, through continue margin All the XXXX. macro position focus of control our expansion we QX, we In on multi-year the ourselves in ensuring in have for to appropriate strategic move beyond measures cost

now I'll TJ. turn the call to over

T.J. O'Connor

Thank everyone. you, Stephanie, morning and good

YRC heard a you from As quarter. had solid Darren, Freight

quarter was over XX the in best income operating years. This

improved expensive new benefited efficiencies has contract. operating to have us labor cost control contributed sluggish We to trucks use the from measures the for operational reduce allowed negotiating purchase margin despite box transportation volumes. local of recent This which language, our includes

our a bit to regionals. about want talk I

and higher the provides competitive in and agreement market. labor classifications jobs flexibilities necessary be wages and these new Our new to are

fully the flexibilities been volumes, the However, leverage increased has use of in has restricted depressed decreased term. wage regionals, Year-over-year our to these has at with while ability with the short the volumes. revenue a average

We for are prepared increased demand.

use However, measures. cost control continued current strict conditions of require

truck our labor efficiencies of it to in relates positions. driving interest solid be contract non-CDL operational box our new As continues to there our

We customers. are approximately XXX box purchase our now local reduction provide expensive use to trucks. These a the company of improving service in while transportation, operating drivers

our its new YRC service in service Freight in day next offering offerings expanded is Texas. exciting Another Texas. has

This optimize delivers for As velocity just transform we operations, day our Center San next less service from and our we greater time offer it opportunities handling. customers. network network of example optimization in the our This Antonio. with and can now benefits one is our to allows another service through

leaders we and all area division have their operating a brands assigned our developed and for within In geography. order leverages new deployed increase management managers operations our brands. our experienced The multiple to This structure. and build company from efficiencies responsible serve are structure talented most and of customers,

best practices brands, including are from leveraging all regional We the next model. day

service In regional fact, the and and New a core models flexibilities Holland, optimization. at remain the our in network of Reddaway Penn, speed fundamental

great All as of will Reddaway newest size, markets. then our customers. to go HNRY scope anywhere well brands This our in Freight YRC of their company, America, companies, our endless and to Holland, in value Penn, Logistics. and vibrant respective best-in-class North capabilities LTL New provide regional all the and as remain and strong

to happy be morning. may Thanks for questions now time your that this any you have. We’d answer

Operator

with will David question from come first Ross Our Stifel.

David Ross

Good morning everyone.

Darren Hawkins

David Hello,

T.J. O'Connor

Morning.

David Ross

talking shipment. Everybody about Freight, YRC and per Any guess that? buck colour the else about in not complaining it to also a drop only on showing weight you is train up I shipment weight terms per were but year-over-year, up seem sequentially. of First, in

T.J. O'Connor

is this T.J. David Well, good morning.

truckload based was mix that's that per the in our think HNRY of the there I from operation. some traffic weight drove shipment non-asset influence and that result up,

Darren Hawkins

the Logistics, the at look and in different the the on you it including Logistics focus only it with if we've HNRY makes and Yeah, success HNRY LTL down, slightly truckload, had look quite then total.

David Ross

trends I guess, through walk guess, Freight how I YRC quarter went you're tonnage in and – I shipment the and seeing both see. October And through, can what or Regional? you YRC the for the

Darren Hawkins

Sure.

Stephanie Fisher

Good It's Yes, morning. sure David. Stephanie.

X.X%. down and X.X%. So was is August July down October down was was for then YRC Freight And down X.X%. LTL was tonnage-only. this X.X%. September

was is September the down August X.X%. was October down For July And was Regionals, down tonnage, X.X%. LPL X.X%. X.X%. down then

David Ross

in October the that expect you now strike December? November over, to is and number would improve that And

Darren Hawkins

question, October. month we the Good Midwest of regional the largest freight was majority in The Yeah. two of disruption part the even that our of we've specific automotive labour seen experienced quarter Regionals the last the carrier. and the toughest before and the that the weeks of that is David then economy to

any I the country slight more for Midwest, but the expect was us. improvement of in So the a Midwest down overall overall, do than area

news should disruption. continue keep contracts other an got be to OEMs that but also are that that we've helps recently out getting the that'll disruption eye it labour we most from up, on, the something further and prevent So lined of then way certainly

David Ross

very Excellent. much. Thank you

Stephanie Fisher

David. Thanks

Darren Hawkins

David. Thanks

Operator

with Atkins Jack from Stephens. comes question next The

Jack Atkins

Good T.J. Stephanie, morning. for question. my taking Darren, Thanks

Stephanie Fisher

Jack. Hello

Darren Hawkins

Hello Jack. joining. Thanks for

Jack Atkins

Absolutely.

So, in related comments to to so labor here. a your new Stephanie, agreement. around $XX the $XX million just couple things accretion million

being that said upon if dependent been think to economy to to million And guess think look? through what's as how A, million, quantify that number you does there's year, $XX and XX captured of of is about next improve that year, that drive million can sort You so volume far, next ultimately able to I sort of way change? us a you $XX help that million doesn't would if that B, sort the and $XX

Stephanie Fisher

so things couple a Jack. different Yeah,

in As seeing to nicely. it to as grade the mentioned is relates program and move million, truck the million XX remarks, box prepared the actually we're benefiting $XX where C along T.J. that

to expect coming really benefit movement, specifically truck $X card get was quarter. and reduction the We spend. from to that about That box continue million local to for from

we We continue as forward XXXX. expect to into move that

be So, and of XXXX that's something XX that million. to $XX will that million absolutely into carry part

of think come pieces, volumes some about pieces additional from have. reduction we were classification to wage of and the take the those that casual into workers kinds items of we play. workers Obviously, in As pie other the other wages classification,

will think I our help could optimization. think those But strategic So the risk. the us plan network that is in year we other about XXXX, at five thing as be

to well, the on happens could million move likely volume part come $XX And earlier, into $XX the to what and as savings But XXXX, to by into those we'll million help million will XX some XX $XX of down? also to It to-date, the of centers, levels another cost be XXXX. $XX XXXX far with service see this end consolidate which which in thus point XX million. depending done as of could, continue we we and roll expect your to as year, start we've

Jack Atkins

network some all the it. are executing guys more And the fourth mean, and but optimization. quarter you to the control I go is There's got subsidiaries. related regional thinking into have headwinds it, then efficiencies operational you takes here. the which at just to Okay, what you got different third the about puts there things the and can from on moving clearly

kind of I'm are third, now. the to EBITDA give guidance, sequentially. to you decline moving historically, the So, XQ I given, guess given see obviously know, you you know, that to there EBITDA but different to directionality in bit quarter pieces know, tend guys we there's How not relative cost you thinking fourth some just little asking opportunity a right are about, XQ out the there

Stephanie Fisher

weak, part the demand quarter. that the of for with equation equation XQ. benefits make Jack, we Yeah, reductions our perspective the still But the as fourth and considering that employee EBITDA are of wages being is from we part can obviously that other in the salary,

So levels that make we matches sure will work workforce volume the to have. we that the

still QX know, from through our expect QX. we But manage benefits, expenses. you with we'll have decline and So, a QX, salary, to wages employee that

Darren Hawkins

Jack, this you'll improve continue even control And QX. stringent see conditions is the we Darren, cost throughout see until

the October, other all as we of know, at always do. this, we look some with we look out cost top like and needed control about week we will at companies giving at much information when list played in this what's us many You what's keep happening the public announcing

is it's not And building and control, certainly cost network that density because for network. optimization good only the timing

these we've down it also track as that eliminates year, after on then in already cost through -- take we'll start the to that, terminals taken working to As the next on for network. our and right we're XX out we've immediately guided XX this

cost moving we're economy up ahead network in our will be as uncertain forward, focus. optimization an to So, control,

T.J. O'Connor

about transportation, purchase contract currently or And the to helpful outside month. box savings expensive per T.J. in box is versus had If transportation is box referred said, – trucks operation. through the efficiencies, truck Jack, per the $XX,XXX savings it’s Stephanie I truck about using we it’s The purchase cartridge which XXX

Jack Atkins

Per Truck

T.J. O'Connor

truck. Per

Jack Atkins

Wow.

Okay, got new agreement? last Can the over kind is turn just under you. an thing, I'll it housekeeping through go us help you substantial. definitely one interest Well, Stephanie. expense credit item. That of think forward

Stephanie Fisher

it approximately, quarterly be a I basis. XX so Yeah, think million million about XX on should to

Jack Atkins

Okay, perfect.

to we in be what the million our the expense, pulling XX of credit P&L in what just there? should -- agreement terms XX from for should we – models, from So million interest new what

Stephanie Fisher

be Should the same.

Jack Atkins

Okay, got you.

much. Okay. very Thanks Great.

Darren Hawkins

Thanks, Jack.

Operator

The will next of Loop Markets be Jeff from Kaufman question Capital

Jeff Kaufman

Thank morning, congratulations. and you. everyone, Good

Darren Hawkins

Thank Hello. Hi. you.

Stephanie Fisher

Good morning, Darren.

Jeff Kaufman

to and been folks think but the GM. there parse quarter and affected is have heard weeks to Couple third the about help three going mostly Can column, that one, the about quarter. Number little some of And your impact us regional change assume a two at about fourth how out I talked this questions. you what other bit subs? I'm weeks to impact we've strike have

Darren Hawkins

normalized their Yeah, was sector weeks then October, groups our on from exposure two mainly even as a which through think that impact October September October moving negative think an than X that's, working look when know, certainly was than it had there the have metric but But environment, month, decline. Other we Tier you more we tonnage. supplier tonnage piece, challenging know, also regional a added negative where the percentage of and look I was of forward overall last August impact heavy do automotive X.X to is I the in already landed to X.X that the I’ve carrier. through regionals freight to in noticeable. at at And and to without the kind that if was environment largest a from compare you and

Jeff Kaufman

pretty think decent Okay, like fray labor metrics the quarter to seeing I the some relative benefits do thank are now? mean, YRC of more and to basis what help have the it of at it there. it regional right a companies, struggling at the YRC, does. traction at so market you. And new Why be contract doesn't even subs, seems the the a look appears or the the on am the I than much you looking under basis, whether maybe a a this rest other on understand division regional regional seem tonnage Could of me on the hood? yield you that on trucking on going looking might regionals

Darren Hawkins

price QX was on our started know, of bet contract, focus, year, business you that, time ratified Yeah, company our to it you largest basis. we turn last a think regional in and actually year this was our daily started negotiating about a down when Jeff. using And before this year, we

we as ratification. through companies, at of we the just were industry we competitive all we've put saw several out a ratified, package as that seen for other industry, national tonnage across company. our now. wage we So together negotiating, certainly just the bottom that And not regional That an was drop event quarters

toward And companies those growth. contract regional were benefits for really targeted the

cooperate. service we his comments, companies have position leading service. the We in -- the regionals really mentioned economy the growth, is earlier And those didn't T.J. just good. as a although had for It's at market

the And start once optimization density the to will the these down improving and efforts, because regional regional to that, of the optimization. on into the us network which that's and allow density fortunately, linked of contract our increase and target were on benefits we're individual we road network lines networks capturing they're Hall

So tough cost got certainly but the place. good controls regional, spot in in a with we've

continue We will those.

moving this optimization, And all in forward, footprint. the to of our none don't plan network through the standards we we we through enhance And those absolutely build customers, process. that network -- centre also density service have on-time delivery deteriorate and through the the service reduce

Jeff Kauffman

of where and switching give an know that's how how an growing comfortable revenue Henry doing? moving is kind I give rate, update how annualized it gears, of is you're sizes. But an you run along? idea giving Alright just us on the not a can of kind to Henry

Darren Hawkins

impact noticeable question out. that you be around freight see We tonnage about number NYC excited way. But David's to a that’s Logistics. those positive tonnage, Henry you starting in where a don't when total break Yeah, know I'm certainly earlier with

power that them because asset we've because our through even business value continue in to Logistics, a well X growing Henry spot sector. brands they've been unique and known a they've market tough of the proposition able LCL the truckload got very got So truckload behind

the shipments what revenue like Much came down. has shipment way So we're last you've grown. week per have that heard have happy week and from our very with reported, our brokerages this other

revenue solid of talking the originally are revenue we but shipment margins less is than Our that about. our XXXX per through were because process, dropping, in overall impact

– $XXX shipments, of the doubling $XXX little something Henry the reported per revenue and track Logistics that proud million to we were We're a on very had we're million shipments there earlier basically impact but stronger only of. growth, year-over-year business for still the and is range number

Jeff Kauffman

pages thank I'm kind $X last one Stephanie, then All you. out estate And for you $XX the Stephanie, question the right, loss debt like be the of any, that looking And through New you was and then agreement. Penn I real looked It was a sales, called good. to vendor to on wondering the unusual I impact related that the what million of the back the million a release, then looked there there headquarters. impact whether costs would bankruptcy were that call, to absorbed benefit.

Stephanie Fisher

Yeah.

that So in we that XX very did have headquarters. as Penn actual the about we only employees New was a total. severance was That minimal, in as happened September closed charge

You're right.

impact year written see that actually from the third the bankruptcy You the that recovery about quarter in the and vendor the earlier receivables actually got of some had in just space that we bankruptcy as well. talked in we off that was some vendor

out. So, quarter basis kind two of things are call only things would a probably unusual I those that on the two

Jeff Kauffman

you. Okay. congratulations thank Well, and

Darren Hawkins

you. Thank

Stephanie Fisher

Thank you.

Operator

come will question next Research. Scott Group Wolfe from The with

Scott Group

guys. Thanks. Good Hey. morning,

Darren Hawkins

Scott. morning, Good Hey.

Stephanie Fisher

Scott. morning, Good

Scott Group

pricing you about and How more tonnage, of in give thinking the then focus and renewals price. environment sort more if how us it's talk Can you're about your the just just pricing it? more the broadly, see quarter, you

Darren Hawkins

start I'll Scott, that with one.

average at Freight, contract the negotiations specifically. as that you our and contracts and X%, far QX, those true if and regionals YRC As was

Scott Group

more of the more things feel like the pricing environment challenging, that? market? and a tonnage, you Is whole getting focus does you So, on more it of is think that's couple that guys about it

Darren Hawkins

certainly. Yeah,

although flat YRC Freight they as last strong as then little the year, better perspective, Of from X% a and course comps than tracking very saw, from you were over regionals tracking a yield that.

pricing QX. I environment. X,XXX we over those as them renewals, would contract renewals of Our in classify very have stable

When out price and and these. payers, most reporting renewals you're these of origin that we're with big XX,XXX as you destination dealing

solid So, foot brand foot Reddaway specifically with lanes or National a contribution targeting that there's we're a brand, New brand that very have after and or going network. to Penn our foot

takes we from that is daily credit verifying revenue and pieces hundred from all and those to puts a as our and or at Freight there's network YRC a quarter, make strong what basis. we as land impact, referenced wait the of use pricing, you the and we're So and but way shipment lot came And efficiencies dimension then look see. to for what sure land per profit haul impact good we a and accurate haul enters our on of also,

good feel that. about So overall,

we're a longer negative the think tonnage I in environment.

one internal appears of for Scott, the we said perspective, for see longer back the I focus area, an a and but to in XX your until on weather tonnage environment. pressure been that, controls profit think negative costs I environment LTL me And stable, a normalized is recent into had think more this months using we industry get notes in now. storm from tonnage continues, it the very OR to pricing that

Scott Group

terms way, around of Okay. the any we any cost in in put these XX to terminals yet Thanks. numbers savings? Are ready

Darren Hawkins

and million environment. continued buckets, next weeks, there those over XX and then we're have that from believe we're track we're the that's December put with what see where comments $XX going we in I to week at Previously, go but and Stephanie's Well, talking that completing, number about from going the by consolidated to demand a into on with $XX XXXX. I we'll that XX million separate for several was out we just two

conjunction that, this where focus we're improvement our where company network is only of getting this doing, the we out that right is margin make is regardless that my course signaling efficiencies, we've the is the out, strategy sure the areas the for use moving the the laid through in labor defined that the our will and path that make optimization company. to course company will we're been multi-year confidence well with economy's believe on comes We use in I controls overall direction what And cost those and and from to that's right difference. is

Scott Group

do do then – next Just $XX to to it added million? the you're to you that planning do you if to $XX or the – which another with XX million next so you another to million be XX like going million unclear to $XX sounds it you you're the year, think need get year to $XX

Darren Hawkins

Now, I would classify that the as additive, through that our process, we're teed-up. the We've belt. XX XX we've got got under next

We somewhere of And working through end our YRC start XXXX on will XXXX, from would and in those. a my you you terminal and XXX know, a footprint I look the regionals think mind. pretty Freight, target perspective, our count total that, immediately know, national be you terminals at around good by and as involving

Scott Group

from these now to quarter, the that Okay, also savings headcount still you XX? XX separate last as that is the say? just Is to separate? That along lines would into well. you Would to getting XX. about million talk was lumped Or XX of XX

Stephanie Fisher

Yeah.

So rate. annualized that's that's an run separate. still And

reductions from from types we in took the pin, headcount new So, things. out those of that's year took the that earlier and we non-union

annualized will that XXXX. roll an So, into number that's

Scott Group

Stephanie. of the -- XXX so is just And new I EBITDA. Okay. then, last The million question, covenant think,

Stephanie Fisher

That's correct.

Scott Group

you it? need you big the it? pretty you quarter a How think have Do we flexibility, But XXX. if are at calculation fourth XXXX. coming out in of thinking you we're number need about And

Stephanie Fisher

Yeah.

that managing weak, very think are perspective. The tightly. salary, costs we with environment employee being So the can need get demand we it. we we benefit And from a and reductions wage don't

Here in quarter, we will in fourth the think we compliance. be

Scott Group

quarter. something. make and not of EBTIDA we keep missing doesn't to quarter flat drop XX want million like versus fourth EBITDA off. third I'm sure just just I If It

Stephanie Fisher

So the count that's of Because losses the XXX new million. definition. necessarily factored EBITDA out in gains don't already and the don't

won't from million sale last this. that quarter property towards that and fourth the XX count we that So got year, the

Scott Group

so Okay, was EBITDA real last number year? what the

Stephanie Fisher

was XX It like million.

Scott Group

okay. Got you,

Okay, that sense. makes

time. Thank I Okay. the appreciate guys. you,

Darren Hawkins

Hey, thanks, Scott.

Operator

conference turn I over company, call. closing earnings the our back concludes to like any to the remarks. This for would

Darren Hawkins

Thank with have. call you. you, again may the any Please call. questions our Eric for to turning joining operator, back And you thanks today. Operator. to that us concludes And This additional everyone I'm contact

Operator

Thank Thank today's you, sir. for you The conferences attending all presentation. concluded.

You day. your all lines. disconnect Have a great may

Yellow (YELLQ) 31 Oct 192019 Q3 Earnings call transcript