Strong Results Include a 93.0% Operating Ratio and Earnings Per Share of $1.17

NASHVILLE, Tenn., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Yellow Corporation (NASDAQ:YELL) reported results for the second quarter ended June 30, 2022. Operating revenue was $1.424 billion and operating income was $99.2 million, which included a $3.2 million net gain on property disposals. In comparison, operating revenue in the second quarter of 2021 was $1.313 billion and operating income was $27.0 million.

Net income for second quarter 2022 was $60.0 million, or $1.17 per share, compared to net loss of $9.4 million, or $0.18 per share, in the second quarter of 2021.

On a non-GAAP basis, the Company generated Adjusted EBITDA of $145.9 million in second quarter 2022, a $63.0 million increase compared to $82.9 million in the prior year comparable quarter (as detailed in the reconciliation below). The last twelve months Adjusted EBITDA as of June 30, 2022, was $406.7 million compared to $216.0 million as of June 30, 2021 (as detailed in the reconciliation below).

"Strong yield and efforts to manage the use of purchased transportation helped Yellow achieve its highest quarterly operating income in 15 years," said Darren Hawkins, chief executive officer. "Elevated demand for LTL capacity continued during the quarter which drove the favorable pricing environment. On the cost side, purchased transportation expense was down to 14.5% of revenue in the second quarter compared to 16% a year ago.

"We remain focused on integrating the four operating company networks into a single LTL network with national coverage, servicing regional and long-haul lanes. We expect to execute the integration of phase one in the western U.S. this summer with the transformation of the entire network to be completed around the end of the year. When this transformation is completed, our customers will benefit by interacting with North America's second largest super-regional LTL network for both regional and long-haul shipments. We expect the network transformation to also lead to improved asset utilization, enhanced network efficiencies, cost savings and create capacity without the need to add new terminals.

"Primarily due to limited tractor and trailer production capacity at the original equipment manufacturers, we are lowering our capital expenditures guidance. For 2022, we expect our total investments in capital expenditures to be in the range of $250 million to $300 million compared to the previous range of $325 million to $400 million," concluded Hawkins.

Operational Update

The operating ratio for second quarter 2022 was 93.0 compared to 97.9 in second quarter 2021.
Including fuel surcharge, second quarter 2022 LTL revenue per hundredweight increased 29.7% and LTL revenue per shipment increased 27.8% compared to the same period in 2021. Excluding fuel surcharge, second quarter LTL revenue per hundredweight increased 15.3% and LTL revenue per shipment increased 13.7%.
Second quarter 2022 LTL tonnage per workday decreased 16.4% when compared to second quarter 2021.

Capital Expenditures Update

In second quarter 2022, the Company invested $36.2 million in capital expenditures. This compares to $143.8 million in capital expenditures in the second quarter of 2021.
Full-year 2022 capital expenditures are expected to be in the range of $250 million to $300 million.

Liquidity Update

The Company's available liquidity, which is comprised of cash and cash equivalents and Managed Accessibility (as detailed in the supplemental information provided below) under its ABL facility, was $304.9 million as of June 30, 2022, compared to $423.2 million a year ago.
The Company's outstanding debt was $1.603 billion as of June 30, 2022, compared to $1.594 billion as of June 30, 2021.
For the six months ended June 30, 2022, cash provided by operating activities was $36.6 million compared to cash used in operating activities of $12.7 million in 2021.

Key Information – Second quarter 2022 compared to second quarter 2021

		2022		2021	Percent Change⁽^a⁾
Workdays		63.5		64.0
Operating revenue (in millions)	$	1,423.7	$	1,313.1	8.4	%
Operating income (in millions)	$	99.2	$	27.0	NM*
Operating ratio		93.0		97.9	4.9 pp
LTL tonnage per workday (in thousands)		32.80		39.24	(16.4	)%
LTL shipments per workday (in thousands)		58.56		69.05	(15.2	)%
LTL picked up revenue per hundredweight incl FSC	$	30.69	$	23.67	29.7	%
LTL picked up revenue per hundredweight excl FSC	$	23.88	$	20.70	15.3	%
LTL picked up revenue per shipment incl FSC	$	344	$	269	27.8	%
LTL picked up revenue per shipment excl FSC	$	267	$	235	13.7	%
LTL weight/shipment (in pounds)		1,120		1,137	(1.5	)%
Total tonnage per workday (in thousands)		41.87		51.06	(18.0	)%
Total shipments per workday (in thousands)		60.16		71.10	(15.4	)%
Total picked up revenue per hundredweight incl FSC	$	26.35	$	20.01	31.7	%
Total picked up revenue per hundredweight excl FSC	$	20.72	$	17.57	17.9	%
Total picked up revenue per shipment incl FSC	$	367	$	287	27.6	%
Total picked up revenue per shipment excl FSC	$	288	$	252	14.3	%
Total weight/shipment (in pounds)		1,392		1,436	(3.1	)%

(a) Percent change based on unrounded figures and not the rounded figures presented

* Not meaningful

Review of Financial Results

Yellow Corporation will host a conference call with the investment community today, Wednesday, August 3, 2022, beginning at 5:00 p.m. ET.

A live audio webcast of the conference call and presentation slides will be available on Yellow Corporation's website www.myyellow.com. A replay of the webcast will also be available at www.myyellow.com

Non-GAAP Financial Measures

EBITDA is a non-GAAP measure that reflects the company's earnings before interest, taxes, depreciation, and amortization expense. Adjusted EBITDA is a non-GAAP measure that reflects EBITDA, and further adjusts for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals, restructuring charges, transaction costs related to issuances of debt, non-recurring consulting fees, non-cash impairment charges and the gains or losses from permitted dispositions, discontinued operations, and certain non-cash expenses, charges and losses (provided that if any of such non-cash expenses, charges or losses represents an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period will be subtracted from Adjusted EBITDA in such future period to the extent paid). Adjusted EBITDA as used herein is defined as Consolidated EBITDA in our UST Credit Agreements and Term Loan Agreement (collectively, the "TL Agreements"). EBITDA and Adjusted EBITDA are used for internal management purposes as a financial measure that reflects the company's core operating performance. In addition, management uses Adjusted EBITDA to measure compliance with financial covenants in our TL Agreements and to determine certain incentive compensation. We believe our presentation of EBITDA and Adjusted EBITDA is useful to investors and other users as these measures represent key supplemental information our management uses to compare and evaluate our core underlying business results, particularly in light of our leverage position and the capital-intensive nature of our business. Further, EBITDA is a measure that is commonly used by other companies in our industry and provides a comparison for investors to evaluate the performance of the companies in the industry. Additionally, Adjusted EBITDA helps investors to understand how the company is tracking against our financial covenants in our TL Agreements.

EBITDA and Adjusted EBITDA have the following limitations:

EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or fund principal payments on our outstanding debt;
Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or fund principal payments on our outstanding debt, letter of credit expenses, restructuring charges, transaction costs related to debt, non-cash charges, charges or losses (subject to the conditions above), or nonrecurring consulting fees, among other items;
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
Equity-based compensation is an element of our long-term incentive compensation program for certain employees, although Adjusted EBITDA excludes employee equity-based compensation expense when presenting our ongoing operating performance for a particular period; and
Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, our non-GAAP measures should not be considered a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using our non-GAAP measures as secondary measures. The company has provided reconciliations of its non-GAAP measures to GAAP net income (loss) within the supplemental financial information in this release.

Cautionary Note on Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include those preceded by, followed by or characterized by words such as "will," "expect," "intend," "anticipate," "believe," "could," "should," "may," "project," "forecast," "propose," "plan," "designed," "estimate," "enable," and similar expressions which speak only as of the date the statement was made. Forward-looking statements are inherently uncertain, are based upon current beliefs, assumptions and expectations of Company management and current market conditions, and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond our control. Readers are cautioned not to place undue reliance on any forward-looking statements. Our future financial condition and results could differ materially from those predicted in such forward-looking statements because of a number of business, financial and liquidity, and common stock related factors, including (without limitation) the impact of compliance with Executive Order 14042 and any Federal Occupational Safety and Health Administration requirements, each as applicable, regarding mandatory COVID-19 vaccinations and testing of non-vaccinated employees, respectively; our ability to attract and retain qualified drivers and increasing costs of driver compensation; the risk of labor disruptions or stoppages, if our relationship with our employees and unions were to deteriorate; general economic factors, including (without limitation) impacts of COVID-19 and customer demand in the retail and manufacturing sectors; the widespread outbreak of an illness or any other communicable disease, including the effects of pandemics comparable to COVID-19, or any other public health crisis, as well as regulatory measures implemented in response to such events; interruptions to our computer and information technology systems and sophisticated cyber-attacks; business risks and increasing costs associated with the transportation industry, including increasing equipment, operational and technology costs and disruption from natural disasters, and impediments to our operations and business resulting from anti-terrorism measures; competition and competitive pressure on pricing; changes in pension expense and funding obligations, subject to interest rate volatility; increasing costs relating to our self-insurance claims expenses; our ability to comply and the cost of compliance with, or liability resulting from violation of, federal, state, local and foreign laws and regulations, including (without limitation) labor laws and laws and regulations regarding the environment and climate change initiatives; the impact of claims and litigation expense to which we are or may become exposed; that we may not realize the expected benefits and costs savings from our performance and operational improvement initiatives; a significant privacy breach or IT system disruption; our dependence on key employees; our ability to finance the maintenance, acquisition and replacement of revenue equipment and other necessary capital expenditures; seasonality and the impact of weather; shortages of fuel and changes in the cost of fuel or the index upon which we base our fuel surcharge and the effectiveness of our fuel surcharge program in protecting us against fuel price volatility; risks of operating in foreign countries; our failure to comply with the covenants in the documents governing our existing and future indebtedness; our ability to generate sufficient liquidity to satisfy our indebtedness and cash interest payment obligations, lease obligations and pension funding obligations; fluctuations in the price of our common stock; dilution from future issuances of our common stock; we are not permitted to pay dividends on our common stock in the foreseeable future; that we have the ability to issue preferred stock that may adversely affect the rights of holders of our common stock; and other risks and contingencies, including (without limitation) the risk factors that are included in our reports filed with the SEC, including those described under "Risk Factors" in our annual report on Form 10-K and quarterly reports on Form 10-Q.

About Yellow Corporation

Yellow operates one of the largest, most comprehensive logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Backed by a team of over 30,000 transportation professionals, Yellow's flexible supply chain solutions and best-in-class expertise ensure the safe, timely delivery of industrial, commercial, and retail goods for customers of all sizes. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics.

Please visit our website at www.myyellow.com for more information.

Investor Contact:	Tony Carreño
	913-696-6108
	investor@myyellow.com

Media Contacts:	Mike Kelley
	913-696-6121
	mike.kelley@myyellow.com

	Heather Nauert
	Heather.nauert@myyellow.com


CONSOLIDATED BALANCE SHEETS
Yellow Corporation and Subsidiaries
(Amounts in millions except per share data)


	June 30, 2022			December 31, 2021
Assets	(Unaudited)
Current Assets:
Cash and cash equivalents	$	266.8		$	310.7
Restricted amounts held in escrow		8.4			4.1
Accounts receivable, net		783.9			663.7
Prepaid expenses and other		88.7			65.0
Total current assets		1,147.8			1,043.5
Property and Equipment:
Cost		3,111.0			3,164.6
Less - accumulated depreciation		(1,968.4	)		(2,032.3	)
Net property and equipment		1,142.6			1,132.3
Deferred income taxes, net		1.4			1.4
Pension		41.9			40.5
Operating lease right-of-use assets		147.7			184.8
Other assets		22.5			23.1
Total Assets	$	2,503.9		$	2,425.6
Liabilities and Shareholders' Deficit
Current Liabilities:
Accounts payable	$	239.6		$	178.4
Wages, vacations and employee benefits		249.6			252.5
Current operating lease liabilities		61.8			76.5
Other current and accrued liabilities		270.0			244.4
Current maturities of long-term debt		71.1			72.3
Total current liabilities		892.1			824.1
Other Liabilities:
Long-term debt, less current portion		1,483.6			1,482.2
Pension and postretirement		84.3			88.2
Operating lease liabilities		95.9			118.9
Claims and other liabilities		272.1			275.7
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		2,391.4			2,388.3
Accumulated deficit		(2,442.5	)		(2,475.0	)
Accumulated other comprehensive loss		(180.8	)		(184.6	)
Treasury stock, at cost		(92.7	)		(92.7	)
Total shareholders' deficit		(324.1	)		(363.5	)
Total Liabilities and Shareholders' Deficit	$	2,503.9		$	2,425.6

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
Yellow Corporation and Subsidiaries
For the Three and Six Months Ended June 30
(Amounts in millions except per share data, shares in thousands)
(Unaudited)

	Three Months						Six Months
	2022			2021			2022			2021

Operating Revenue	$	1,423.7		$	1,313.1		$	2,684.1		$	2,511.5
Operating Expenses:
Salaries, wages and employee benefits		736.7			751.3			1,447.7			1,475.1
Fuel, operating expenses and supplies		287.3			217.0			530.9			420.5
Purchased transportation		206.1			210.3			391.5			410.3
Depreciation and amortization		35.5			35.0			71.2			68.3
Other operating expenses		62.1			72.2			143.1			136.6
(Gains) losses on property disposals, net		(3.2	)		0.3			(8.7	)		1.3
Total operating expenses		1,324.5			1,286.1			2,575.7			2,512.1
Operating Income (Loss)		99.2			27.0			108.4			(0.6	)
Nonoperating Expenses:
Interest expense		38.0			37.7			75.7			73.6
Non-union pension and postretirement benefits		(0.5	)		(1.1	)		(0.9	)		(2.4	)
Other, net		(0.1	)		(0.3	)		0.1			(0.3	)
Nonoperating expenses, net		37.4			36.3			74.9			70.9
Income (loss) before income taxes		61.8			(9.3	)		33.5			(71.5	)
Income tax expense		1.8			0.1			1.0			1.2
Net income (loss)		60.0			(9.4	)		32.5			(72.7	)
Other comprehensive income, net of tax		1.5			3.3			3.8			6.9
Comprehensive Income (Loss)	$	61.5		$	(6.1	)	$	36.3		$	(65.8	)

Average Common Shares Outstanding - Basic		51,342			50,751			51,217			50,555
Average Common Shares Outstanding - Diluted		52,135			50,751			52,183			50,555

Income (Loss) Per Share - Basic	$	1.17		$	(0.18	)	$	0.64		$	(1.44	)
Income (Loss) Per Share - Diluted	$	1.15		$	(0.18	)	$	0.62		$	(1.44	)

OPERATING RATIO ^(a):		93.0	%		97.9	%		96.0	%		100.0	%

^(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.

STATEMENTS OF CONSOLIDATED CASH FLOWS
Yellow Corporation and Subsidiaries
For the Six Months Ended June 30
(Amounts in millions)
(Unaudited)


	2022			2021

Operating Activities:
Net income (loss)	$	32.5		$	(72.7	)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization		71.2			68.3
Lease amortization and accretion expense		52.8			71.1
Lease payments		(53.4	)		(74.6	)
Paid-in-kind interest		4.7			4.6
Debt-related amortization		11.7			11.5
Equity-based compensation and employee benefits expense		7.4			8.6
Non-union pension settlement charges		-			0.3
(Gains) losses on property disposals, net		(8.7	)		1.3
Deferred income taxes, net		-			(1.0	)
Other non-cash items, net		(0.2	)		0.8
Changes in assets and liabilities, net:
Accounts receivable		(120.5	)		(128.5	)
Accounts payable		44.9			44.0
Other operating assets		13.6			1.2
Other operating liabilities		(19.4	)		52.4
Net cash provided by (used in) operating activities		36.6			(12.7	)
Investing Activities:
Acquisition of property and equipment		(72.6	)		(346.2	)
Proceeds from disposal of property and equipment		9.4			0.6
Net cash provided by (used in) investing activities		(63.2	)		(345.6	)
Financing Activities:
Issuance of long-term debt, net		-			306.3
Repayment of long-term debt		(12.4	)		(1.1	)
Debt issuance costs		-			(0.2	)
Payments for tax withheld on equity-based compensation		(0.6	)		(0.4	)
Net cash provided by (used in) financing activities		(13.0	)		304.6
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Amounts Held in Escrow		(39.6	)		(53.7	)
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, Beginning of Period		314.8			478.0
Cash and Cash Equivalents and Restricted Amounts Held in Escrow, End of Period	$	275.2		$	424.3

Supplemental Cash Flow Information:
Interest paid	$	(71.0	)	$	(56.1	)

SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Corporation and Subsidiaries
(Amounts in millions)
(Unaudited)

SUPPLEMENTAL INFORMATION: Total Debt
							Commitment			Debt Issue
	As of June 30, 2022	Par Value		Discount			Fee			Costs			Book Value
	UST Loan Tranche A	$	317.7	$	-		$	(10.6	)	$	(2.8	)	$	304.3
	UST Loan Tranche B		400.0		-			(14.1	)		(3.7	)		382.2
	Term Loan		602.9		(11.8	)		-			(5.3	)		585.8
	ABL Facility		-		-			-			-			-
	Secured Second A&R CDA		23.5		-			-			-			23.5
	Unsecured Second A&R CDA		42.5		-			-			-			42.5
	Lease financing obligations		216.5		-			-			(0.1	)		216.4
	Total debt	$	1,603.1	$	(11.8	)	$	(24.7	)	$	(11.9	)	$	1,554.7

							Commitment			Debt Issue
	As of December 31, 2021	Par Value		Discount			Fee			Costs			Book Value
	UST Loan Tranche A	$	311.4	$	-		$	(12.9	)	$	(3.4	)	$	295.1
	UST Loan Tranche B		400.0		-			(17.3	)		(4.5	)		378.2
	Term Loan		612.5		(15.0	)		-			(6.6	)		590.9
	ABL Facility		-		-			-			-			-
	Secured Second A&R CDA		24.1		-			-			-			24.1
	Unsecured Second A&R CDA		42.5		-			-			(0.1	)		42.4
	Lease financing obligations		224.0		-			-			(0.2	)		223.8
	Total debt	$	1,614.5	$	(15.0	)	$	(30.2	)	$	(14.8	)	$	1,554.5

SUPPLEMENTAL INFORMATION: Liquidity
										June 30, 2022			December 31, 2021
	Cash and cash equivalents									$	266.8		$	310.7
	Managed Accessibility ^(a)										38.1			48.1
	Total Cash and cash equivalents and Managed Accessibility									$	304.9		$	358.8

	^(a) Managed Accessibility represents the maximum amount we would access on the ABL Facility and is adjusted for eligible receivables plus eligible borrowing base cash measured for the applicable period. If eligible receivables fall below the threshold management uses to measure availability, which is 10% of the borrowing line, the credit agreement governing the ABL Facility permits adjustments from the eligible borrowing base cash to restricted cash prior to the compliance measurement date, which is 15 days from the period close.

SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Corporation and Subsidiaries
For the Three and Six Months Ended June 30
(Amounts in millions)
(Unaudited)




		Three Months						Six Months
			2022			2021			2022			2021
	Reconciliation of net income (loss) to Adjusted EBITDA:
	Net income (loss)	$	60.0		$	(9.4	)	$	32.5		$	(72.7	)
	Interest expense, net		37.9			37.6			75.6			73.4
	Income tax expense		1.8			0.1			1.0			1.2
	Depreciation and amortization		35.5			35.0			71.2			68.3
	EBITDA		135.2			63.3			180.3			70.2
	Adjustments for TL Agreements:
	(Gains) losses on property disposals, net		(3.2	)		0.3			(8.7	)		1.3
	Non-cash reserve changes^(a)		5.6			4.7			3.7			2.9
	Letter of credit expense		2.2			2.1			4.3			4.2
	Permitted dispositions and other		-			0.1			0.3			0.8
	Equity-based compensation expense		1.0			0.6			3.3			2.7
	Non-union pension settlement charges		-			0.3			-			0.3
	Other, net		0.5			0.9			1.2			1.9
	Expense amounts subject to 10% threshold^(b):
	Department of Defense settlement charge		-			-			5.3			-
	Other, net		4.6			8.3			8.2			12.9
	Adjusted EBITDA prior to 10% threshold		145.9			80.6			197.9			97.2
	Adjustments pursuant to TTM calculation^(b)		-			2.3			-			(1.1	)
	Adjusted EBITDA	$	145.9		$	82.9		$	197.9		$	96.1

	^(a)Non-cash reserve changes reflect the net charges for union and nonunion vacation, with such adjustments to be reduced by cash charges in a future period when paid.
	^(b)Pursuant to the TL Agreements, Adjusted EBITDA limits certain adjustments in aggregate to 10% of the trailing-twelve-month ("TTM") Adjusted EBITDA, prior to the inclusion of amounts subject to the 10% threshold, for each period ending. Such adjustments include, but are not limited to, restructuring charges, integration costs, severance, and non-recurring charges. The limitation calculation is updated quarterly based on TTM Adjusted EBITDA, and any necessary adjustment resulting from this limitation, if applicable, will be presented here. The sum of the quarters may not necessarily equal TTM Adjusted EBITDA due to the expiration of adjustments from prior periods.

SUPPLEMENTAL FINANCIAL INFORMATION
Yellow Corporation and Subsidiaries
For the Trailing Twelve Months Ended June 30
(Amounts in millions)
(Unaudited)



	Trailing Twelve Months
		2022			2021
Reconciliation of net loss to Adjusted EBITDA:
Net loss	$	(3.9	)	$	(93.4	)
Interest expense, net		152.6			140.6
Income tax expense (benefit)		2.9			(10.5	)
Depreciation and amortization		146.5			133.3
EBITDA		298.1			170.0
Adjustments for TL Agreements:
(Gains) losses on property disposals, net		(9.3	)		1.3
Non-cash reserve changes^(a)		12.4			2.8
Letter of credit expense		8.6			8.3
Permitted dispositions and other		0.3			0.9
Equity-based compensation expense		5.0			4.2
Non-union pension settlement charges		64.4			3.9
Other, net		2.3			4.9
Expense amounts subject to 10% threshold^(b):
Department of Defense settlement charge		5.3			-
Other, net		19.6			24.5
Adjusted EBITDA prior to 10% threshold		406.7			220.8
Adjustments pursuant to TTM calculation^(b)		-			(4.8	)
Adjusted EBITDA	$	406.7		$	216.0


For explanations of footnotes (a) and (b), please refer to previous page.


	Yellow Corporation and Subsidiaries
	Statistics
	Quarterly Comparison

											Y/Y		Sequential
		2Q22			2Q21			1Q22			% ^(a)		% ^(a)

Workdays			63.5			64.0			63.5

LTL picked up revenue (in millions)		$	1,278.4		$	1,188.8		$	1,137.2		7.5		12.4
LTL tonnage (in thousands)			2,082			2,511			1,980		(17.1	)	5.2
LTL tonnage per workday (in thousands)			32.80			39.24			31.18		(16.4	)	5.2
LTL shipments (in thousands)			3,719			4,419			3,561		(15.9	)	4.4
LTL shipments per workday (in thousands)			58.56			69.05			56.08		(15.2	)	4.4
LTL picked up revenue/cwt.		$	30.69		$	23.67		$	28.72		29.7		6.9
LTL picked up revenue/cwt. (excl. FSC)		$	23.88		$	20.70		$	23.83		15.3		0.2
LTL picked up revenue/shipment		$	344		$	269		$	319		27.8		7.6
LTL picked up revenue/shipment (excl. FSC)		$	267		$	235		$	265		13.7		0.9
LTL weight/shipment (in pounds)			1,120			1,137			1,112		(1.5	)	0.7

Total picked up revenue (in millions) ^(b)		$	1,401.1		$	1,307.6		$	1,252.4		7.1		11.9
Total tonnage (in thousands)			2,659			3,268			2,543		(18.6	)	4.5
Total tonnage per workday (in thousands)			41.87			51.06			40.05		(18.0	)	4.5
Total shipments (in thousands)			3,820			4,550			3,653		(16.0	)	4.6
Total shipments per workday (in thousands)			60.16			71.10			57.53		(15.4	)	4.6
Total picked up revenue/cwt.		$	26.35		$	20.01		$	24.62		31.7		7.0
Total picked up revenue/cwt. (excl. FSC)		$	20.72		$	17.57		$	20.59		17.9		0.6
Total picked up revenue/shipment		$	367		$	287		$	343		27.6		7.0
Total picked up revenue/shipment (excl. FSC)		$	288		$	252		$	287		14.3		0.6
Total weight/shipment (in pounds)			1,392			1,436			1,392		(3.1	)	-

	^(b)Reconciliation of operating revenue to total picked up revenue (in millions):
	Operating revenue	$	1,423.7		$	1,313.1		$	1,260.4
	Change in revenue deferral and other		(22.6	)		(5.5	)		(8.0	)
	Total picked up revenue	$	1,401.1		$	1,307.6		$	1,252.4

^(a)	Percent change based on unrounded figures and not the rounded figures presented.
^(b)	Does not equal financial statement revenue due to revenue recognition adjustments between accounting periods and the impact of other revenue.


	Yellow Corporation and Subsidiaries
	Statistics
	YTD Comparison

								Y/Y
		2022			2021			% ^(a)

Workdays			127.0			127.5

LTL picked up revenue (in millions)		$	2,415.6		$	2,279.4		6.0
LTL tonnage (in thousands)			4,062			4,989		(18.6	)
LTL tonnage per workday (in thousands)			31.99			39.13		(18.3	)
LTL shipments (in thousands)			7,279			8,682		(16.2	)
LTL shipments per workday (in thousands)			57.32			68.10		(15.8	)
LTL picked up revenue/cwt.		$	29.73		$	22.84		30.2
LTL picked up revenue/cwt. (excl. FSC)		$	23.86		$	20.12		18.6
LTL picked up revenue/shipment		$	332		$	263		26.4
LTL picked up revenue/shipment (excl. FSC)		$	266		$	231		15.1
LTL weight/shipment (in pounds)			1,116			1,149		(2.9	)

Total picked up revenue (in millions) ^(b)		$	2,653.4		$	2,503.9		6.0
Total tonnage (in thousands)			5,203			6,484		(19.8	)
Total tonnage per workday (in thousands)			40.96			50.85		(19.4	)
Total shipments (in thousands)			7,473			8,930		(16.3	)
Total shipments per workday (in thousands)			58.85			70.04		(16.0	)
Total picked up revenue/cwt.		$	25.50		$	19.31		32.1
Total picked up revenue/cwt. (excl. FSC)		$	20.65		$	17.07		21.0
Total picked up revenue/shipment		$	355		$	280		26.6
Total picked up revenue/shipment (excl. FSC)		$	288		$	248		16.0
Total weight/shipment (in pounds)			1,392			1,452		(4.1	)

	^(b) Reconciliation of operating revenue to total picked up revenue (in millions):
	Operating revenue	$	2,684.1		$	2,511.5
	Change in revenue deferral and other		(30.7	)		(7.6	)
	Total picked up revenue	$	2,653.4		$	2,503.9

^(a)	Percent change based on unrounded figures and not the rounded figures presented.
^(b)	Does not equal financial statement revenue due to revenue recognition adjustments between accounting periods and the impact of other revenue.

Yellow Corporation Reports Second Quarter 2022 Results