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1. CreditRiskMonitor Report for YRC Worldwide Inc. Page 1 of 25
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YRC Worldwide Inc.
10990 Roe Avenue
Phone: (913) 696-6100 Overland Park, KS 66211 United States Ticker: YRCW
Latest Financial Statements as of 12/31/2008
Business Summary
YRC Worldwide Inc. (YRC Worldwide) is a holding company, through its wholly owned operating subsidiaries offers
the customers a range of transportation services. The Company's operating subsidiaries includes YRC National
Transportation (National Transportation), YRC Regional Transportation (Regional Transportation), YRC Logistics, and
YRC Truckload (Truckload). National Transportation is the reporting unit for the transportation service providers
focused on business opportunities in regional, national, and international services. Regional Transportation is the
reporting unit for the transportation service providers focused on business opportunities in the regional and next-day
delivery markets. YRC Logistics plans and coordinates the movement of goods worldwide to provide customers a
single source for logistics management solutions. Truckload reflects the results of Glen Moore, a provider of
truckload services throughout the United States.
(Source: 10-K)
Employees: 55,000 (as of 12/31/2008) Federal Tax Id: 480948788
Credit Scores Auditor Information
FRISK2 Score 1 4/15/2009 Last Audit: 12/31/2008
Auditors: KPMG LLP
Probability of default range: 21.0% - 50.0%
Opinion: Unqualified with
Z" Score -2.60 (Fiscal danger) 12/31/2008 Explanation
Agency Credit Ratings Days Sales Outstanding
Rating Long Term Short Term 45.20 43.52 45.71
Agency Rating Outlook Rating Watch 41.31 42.39
Moody's Caa3 Negative OFF
S&P CCC NM POS
12/07 3/08 6/08 9/08 12/08
Fourth Quarter and Year-to-Date Results
Sales for the 3 months ended 12/31/2008 decreased 17.88% to $1.93 billion from last year's comparable period
amount of $2.35 billion. Sales for the 12 months ended 12/31/2008 decreased 7.08% to $8.94 billion from $9.62
billion for the same period last year.
Gross profit margin decreased 90.93% for the period to $15.79 million (0.82% of revenues) from $174.04 million
(7.41% of revenues) for the same period last year. Gross profit margin decreased 31.99% for the year-to-date
period to $629.91 million (7.05% of revenues) from $926.24 million (9.63% of revenues) for the comparable 12
month period last year.
Operating income for the period increased 57.10% to ($335.32) million compared with operating income of
($781.60) million for the same period last year. Operating income for the year-to-date period decreased 90.07% to
($1.07) billion compared with operating income of ($565.13) million for the equivalent 12 months last year.
Net loss for the period decreased 66.78% to ($244.41) million compared with net loss of ($735.77) million for the
same period last year. Net loss for the year-to-date period increased 52.63% to ($974.39) million compared with
net loss of ($638.38) million for the equivalent 12 months last year.
Net cash from operating activities was $219.82 million for the 12 month period, compared to net cash from
operating activities of $392.60 million for last year's comparable period.
Working capital at 12/31/2008 of ($293.15) million decreased 34.47% from the prior year end's balance of
($218.01) million.
Inventories decreased by $4.33 million for the year-to-date period, compared to a $2.45 million increase in the prior
year's comparable period.
Management
Title Start
# Name Age Title Date Date
1. William D Zollars 61 Chaiman of the Board, President, Chief Executive Officer 11/9/1999 4/22/1999
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2. CreditRiskMonitor Report for YRC Worldwide Inc. Page 2 of 25
2. Timothy A Wicks 43 Chief Financial Officer, Executive Vice President 10/13/2008 10/13/2008
3. Michael J Smid 53 President - YRC North American Transportation 10/25/2007 1/1/2004
4. Keith E Lovetro 53 President - YRC Regional Transportation 10/1/2007 10/1/2007
5. Daniel J Churay 46 Executive Vice President, General Counsel, Secretary 9/3/2002 9/3/2002
6. James G Kissinger 52 Executive Vice President - Human Resources 1/2/2008 1/2/2008
7. Paul F Liljegren 54 Vice President, Chief Accounting Officer, Controller 10/13/2008 1/1/2004
8. Cassandra C Carr 64 Director 1/1/1997 1/1/1997
9. Howard M Dean 71 Director 1/1/1987 1/1/1987
10. William L Trubeck 62 Director 1/1/1994 1/1/1994
11. Carl W Vogt 73 Director 1/1/1996 1/1/1996
12. Dennis E Foster 68 Director 9/19/2000 9/19/2000
Industries
Type Code Description
Sector TRANSP Transportation
Industry TRUCKS Trucking
SIC 4213 Trucking, Except Local
4700 TRANSPORTATION SERVICES
4214 Local Trucking With Storage
6719 Offices Of Holding Companies, Not Elsewhere Classified
NAICS 484121 General Freight Trucking, Long-Distance, Truckload
484122 General Freight Trucking, Long-Distance, Less Than Truckload
48411 General Freight Trucking, Local
551112 Offices of Other Holding Companies
# Address Name News S&P Moody's SEC Bkcy Suits Liens Payments
1. 10990 Roe Ave Yellow Corp.
Overland Park, KS News
66211
2. 10990 Roe Ave Yellow Freight
Overland Park, KS System Inc. News Suits Payments
66211
3. 1077 Gorge Blvd ROADWAY EXPRESS
SEC
Akron, OH 44310 INC
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3. CreditRiskMonitor Report for YRC Worldwide Inc. Page 3 of 25
Credit Ratings
Moody's Ratings
Long Term Short Term Date
Issuer Name Rating Outlook Rating Watchlist Updated
YRC WORLDWIDE INC. Caa3 Negative OFF 12/24/2008
Note: Moody's ratings are continuously monitored by Moody's. Thus, a rating with no change going back in time only
reflects that, after review, Moody's has not changed the rating since that date. It does not mean there have been no
reviews since that date.
Standard & Poor's Ratings
S&P Long Term Short Term Credit Date
Entity Name Rating Outlook Rating Watch Issued
YRC Worldwide Inc. CCC NM POS 2/17/2009
Standard & Poor's Ratings (Subsidiaries)
S&P Long Term Short Term Credit Date
Entity Name Rating Outlook Rating Watch Issued
Note: All S&P ratings are continuously monitored by S&P. Thus, a rating with no change going back in time only
reflects that, after review, S&P has not changed the rating since that date. It does not mean there have been no S&P
reviews since that date.
Z" Score
2.02 1.93
1.65 1.65 1.67
LEGEND:
Financially sound: 2.60 or higher
Neutral: 1.10 to 2.60 (0.24) (0.37) (0.42) (2.18) (2.60)
Fiscal danger: less than 1.10
9/06 12/06 3/07 6/07 9/07 12/07 3/08 6/08 9/08 12/08
Altman's Z"-Score The Z"-Score was developed by Dr. Edward I. Altman of New York University in the early-1990's. This
model is applicable to firms in the manufacturing, merchandising and service sectors. The Z"-Score calculates and combines 4
financial ratios, assigning each a different weighting.
Although the numbers that go into calculating the Z"-Score (and a company's financial soundness) are sometimes influenced by
external factors, it provides a good tool for analyzing the ups and downs of a company's financial stability over time. The score is
computed as follows:
Total Working Retained
EBIT Equity Capital Earnings
Z" = -------- * 6.72 + ------------- * 1.05 + --------- * 6.56 + ---------- * 3.26
Total Total Total Total
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4. CreditRiskMonitor Report for YRC Worldwide Inc. Page 4 of 25
Assets Liabilities Assets Assets
Likelihood of failure
Financially sound: 2.6 or higher
Neutral: 1.1 to 2.6
Fiscal danger: less than 1.1
Note that the Z"-Score is different than the original Z-score, developed by Altman in the 1960's. The original Z-Score has as one
of its variables the asset turnover ratio. As this variable is industry sensitive, the Z"-model, which omitted this variable, was
developed.
CreditRiskMonitor computes the Z"-score on a quarterly basis, provided the variables required by the scoring model are reported.
Previously, we used the company's quarterly EBIT in this calculation. Now we use the company's EBIT for the twelve trailing
months, as this provides a result that is less seasonal and less volatile.
One of the 4 variables used to compute Altman's Z"-Score is the ratio of working capital to total assets. As many of the
companies in the energy sector are highly leveraged, they generally have low working capital. Thus, we have found that their Z"-
Scores are adversely impacted and an abnormally high percentage of companies in this sector are in the neutral and fiscal danger
ranges.
Calculation of most recent Z"-Scores
(Financial data in thousands)
Component/Date 12/31/2007 3/31/2008 6/30/2008 9/30/2008 12/31/2008
EBIT(trailing-12 months) (562,957) (636,563) (669,856) (1,512,121) (1,068,872)
TotalAssets 5,062,623 5,011,025 5,019,480 4,159,552 3,966,113
EBIT/TotalAssets -0.1112 -0.127 -0.1335 -0.3635 -0.2695
(EBIT/TotalAssets)*6.72 -0.7473 -0.8537 -0.8968 -2.4429 -1.811
TotalEquity 1,612,304 1,572,057 1,607,070 903,145 474,394
TotalLiabilities 3,450,319 3,438,968 3,412,410 3,256,407 3,491,719
TotalEquity/TotalLiabilities 0.4673 0.4571 0.4709 0.2773 0.1359
(TotalEquity/TotalLiabilities)*1.05 0.4907 0.48 0.4945 0.2912 0.1427
WorkingCapital (218,005) (209,729) (242,842) 108,402 (293,146)
TotalAssets 5,062,623 5,011,025 5,019,480 4,159,552 3,966,113
WorkingCapital/TotalAssets -0.0431 -0.0419 -0.0484 0.0261 -0.0739
(WorkingCapital/TotalAssets)*6.56 -0.2825 -0.2746 -0.3174 0.171 -0.4849
RetainedEarnings 471,119 425,244 461,518 (258,864) (547,338)
TotalAssets 5,062,623 5,011,025 5,019,480 4,159,552 3,966,113
RetainedEarnings/TotalAssets 0.0931 0.0849 0.0919 -0.0622 -0.138
(RetainedEarnings/TotalAssets)*3.26 0.3034 0.2766 0.2997 -0.2029 -0.4499
Z"-Score -0.24 -0.37 -0.42 -2.18 -2.6
* Gray shaded area(s) highlight missing Z"-Score component(s)
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5. CreditRiskMonitor Report for YRC Worldwide Inc. Page 5 of 25
FRISK2 Score - A score indicating the probability of default for a company over a 12 month horizon, based on new daily
information in the CRMZ database, as calculated by a proprietary statistical model created by Dr. Camilo Gomez, and
back-tested on 10,000 companies. (see Financial Risk (FRISK2) Score). Historical FRISK2 scores shown above may
have been updated, based on new information or improvements to the model, more recently than the dates shown.
The FRISK2 score is reported on a 1 to 10 scale:
Probability of default within 12 months
FRISK2
From To
Best 10 0% 0.3%
9 0.3% 0.4%
8 0.4% 0.9%
7 0.9% 1.9%
6 1.9% 3.7%
5 3.7% 7.4%
4 7.4% 10.1%
3 10.1% 14.1%
2 14.1% 21.0%
Worst 1 21.0% 50.0%
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6. CreditRiskMonitor Report for YRC Worldwide Inc. Page 6 of 25
Annual Financial Statements
Performance Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Net Sales $ $8,940,401 $9,621,316 $9,918,690 $8,741,557 $6,767,485
% change -7.08% -3.00% 13.47% 29.17% 120.54%
Gross Margin $ $629,912 $926,240 $1,273,436 $1,200,861 $830,689
% change -31.99% -27.26% 6.04% 44.56% 151.59%
% of sales 7.05% 9.63% 12.84% 13.74% 12.27%
change as % of incremental sales n/m n/m 6.17% 18.75% 13.53%
Operating margin $ ($1,074,126) ($565,126) $545,434 $536,310 $343,322
% change -90.07% -203.61% 1.70% 56.21% 287.49%
% of sales -12.01% -5.87% 5.50% 6.14% 5.07%
change as % of incremental sales n/m n/m 0.78% 9.78% 6.89%
EBITDA $ ($805,557) ($311,726) $814,773 $782,690 $511,005
% change -158.42% -138.26% 4.10% 53.17% 195.19%
% of sales -9.01% -3.24% 8.21% 8.95% 7.55%
change as % of incremental sales n/m n/m 2.73% 13.76% 9.14%
Pre-tax income $ ($1,143,462) ($651,717) $455,956 $472,263 $297,663
% change -75.45% -242.93% -3.45% 58.66% 345.51%
% of sales -12.79% -6.77% 4.60% 5.40% 4.40%
change as % of incremental sales n/m n/m -1.39% 8.84% 6.24%
Net income (loss) $ ($974,392) ($638,381) $276,632 $288,130 $184,327
% change -52.63% -330.77% -3.99% 56.31% 353.08%
% of sales -10.90% -6.64% 2.79% 3.30% 2.72%
change as % of incremental sales n/m n/m -0.98% 5.26% 3.88%
Tax expense $ ($169,070) ($13,336) $179,324 $184,133 $113,336
Effective tax rate 14.79% 2.05% 39.33% 38.99% 38.08%
Depreciation expense $ $246,800 $237,303 $251,684 $232,062 $171,468
% of sales 2.76% 2.47% 2.54% 2.65% 2.53%
% of capital expenses 152.09% 60.27% 66.64% 76.16% 84.96%
% of PP&E, net (annualized) 10.75% 10.10% 11.12% 12.12% 12.01%
Capital expenditures $ $162,276 $393,763 $377,687 $304,718 $201,818
% change -58.79% 4.26% 23.95% 50.99% 95.32%
% of PP&E, net (annualized) 7.07% 16.76% 16.68% 15.91% 14.14%
% of working capital (annualized) -94.86% 1,900.55% -342.79% -110.48% -535.13%
Interest coverage ratio (10.34) (3.51) 9.28 12.35 11.63
% change -194.42% -137.83% -24.83% 6.24% 38.39%
Free cash flow $ $57,544 ($1,165) $154,617 $192,959 $233,900
% change 5,039.40% -100.75% -19.87% -17.50% 346.30%
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
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7. CreditRiskMonitor Report for YRC Worldwide Inc. Page 7 of 25
Liquidity Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Current assets $ $1,460,505 $1,377,534 $1,490,613 $1,477,632 $1,053,441
% change 6.02% -7.59% 0.88% 40.27% 19.11%
% of short-term debt 254.74% 334.39% 662.49% 394.07% 286.79%
Current liabilities $ $1,753,651 $1,595,539 $1,360,469 $1,664,774 $1,199,739
% change 9.91% 17.28% -18.28% 38.76% 38.99%
Working capital $ ($293,146) ($218,005) $130,144 ($187,142) ($146,298)
% change -34.47% -267.51% 169.54% -27.92% -788.82%
% of sales (annualized) -3.28% -2.27% 1.31% -2.14% -2.16%
Cash $ $325,349 $58,233 $76,391 $82,361 $106,489
% change 458.70% -23.77% -7.25% -22.66% 41.67%
% of short-term debt 56.75% 14.14% 33.95% 21.96% 28.99%
Cash ratio 0.19 0.04 0.06 0.05 0.09
% change 408.22% -35.05% 13.54% -44.26% 1.95%
Quick assets $ $1,162,404 $1,132,148 $1,267,209 $1,246,744 $885,085
% change 2.67% -10.66% 1.64% 40.86% 14.31%
% of short-term debt 202.74% 274.82% 563.20% 332.49% 240.96%
Quick ratio 0.66 0.71 0.93 0.75 0.74
% change -6.60% -23.82% 24.38% 1.52% -17.76%
Current ratio 0.83 0.86 1.10 0.89 0.88
% change -3.54% -21.20% 23.45% 1.08% -14.30%
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
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8. CreditRiskMonitor Report for YRC Worldwide Inc. Page 8 of 25
Efficiency Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Accounts receivable $ $837,055 $1,073,915 $1,190,818 $1,164,383 $778,596
% change -22.06% -9.82% 2.27% 49.55% 11.36%
% of sales 9.36% 11.16% 12.01% 13.32% 11.51%
change as % of incremental sales n/m n/m 2.25% 19.54% 2.15%
Accounts receivable turnover
8.63 8.07 8.09 8.42 8.82
(annualized)
% change 7.00% -0.30% -3.92% -4.45% 18.31%
Days sales outstanding 42.28 45.24 45.10 43.33 41.40
% change -6.54% 0.30% 4.08% 4.66% -15.47%
Inventory $ $24,719 $29,051 $26,600 $31,499 $20,916
% change -14.91% 9.21% -15.55% 50.60% 27.13%
% of sales 0.28% 0.30% 0.27% 0.36% 0.31%
change as % of incremental sales n/m n/m -0.42% 0.54% 0.12%
% inventory financed by
1,350.82% 1,334.69% 1,494.68% 1,250.62% 928.34%
vendors
% change 1.21% -10.70% 19.52% 34.72% -3.81%
Inventory turnover (annualized) 309.11 312.49 297.60 239.39 n/a
% change -1.08% 5.00% 24.32% n/a n/a
No. of days sales in inventory 1.18 1.17 1.23 1.52 n/a
% change 1.09% -4.76% -19.56% n/a n/a
Inventory to working capital
(0.08) (0.13) 0.20 (0.17) (0.14)
ratio
% change 36.76% -165.22% 221.45% -17.69% -118.46%
Accounts payable $ $333,910 $387,740 $397,586 $393,934 $194,172
% change -13.88% -2.48% 0.93% 102.88% 22.29%
% of sales 3.73% 4.03% 4.01% 4.51% 2.87%
change as % of incremental sales n/m n/m 0.31% 10.12% 0.96%
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
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9. CreditRiskMonitor Report for YRC Worldwide Inc. Page 9 of 25
Leverage Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Total debt $ $1,360,752 $1,234,003 $1,283,496 $1,488,055 $770,852
% change 10.27% -3.86% -13.75% 93.04% -23.73%
Stockholders' equity $ $474,394 $1,612,304 $2,192,549 $1,936,488 $1,214,191
% change -70.58% -26.46% 13.22% 59.49% 21.17%
Total debt to equity ratio 2.87 0.77 0.59 0.77 0.63
% change 274.76% 30.75% -23.82% 21.03% -37.05%
Tangible net worth $ $289,625 $378,318 $174,549 ($7,970) $113,740
% change -23.44% 116.74% 2,290.08% -107.01% 238.13%
Total debt to tangible net worth 4.70 3.26 7.35 n/a 6.78
% change 44.04% -55.64% n/a n/a n/a
Total assets $ $3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169
% change -21.66% -13.49% 2.05% 58.09% 4.73%
Total debt to assets ratio 0.34 0.24 0.22 0.26 0.21
% change 40.79% 11.13% -15.49% 22.12% -27.18%
Net tangible assets $ $3,781,344 $3,828,637 $3,833,759 $3,789,731 $2,526,718
% change -1.24% -0.13% 1.16% 49.99% 6.22%
Short-term debt $ $573,337 $411,955 $225,000 $374,970 $367,317
% change 39.17% 83.09% -40.00% 2.08% 110.31%
Short-term debt % of total debt 42.13% 33.38% 17.53% 25.20% 47.65%
% change 26.21% 90.43% -30.43% -47.12% 175.76%
Short-term debt % of working
-195.58% -188.97% 172.89% -200.37% -251.07%
capital
% change -3.50% -209.30% 186.28% 20.20% -130.53%
Total liabilities $ $3,491,719 $3,450,319 $3,659,210 $3,797,701 $2,412,978
% change 1.20% -5.71% -3.65% 57.39% -1.96%
Total liabilities to equity ratio 7.36 2.14 1.67 1.96 1.99
% change 243.94% 28.23% -14.90% -1.32% -19.08%
Total liabilities to tangible net
12.06 9.12 20.96 n/a 21.21
worth ratio
% change 32.19% -56.50% n/a n/a n/a
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
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10. CreditRiskMonitor Report for YRC Worldwide Inc. Page 10 of 25
Long Term Obligations - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Long Term Obligations:
Maturing within 1 year 573,300 412,600 225,000 375,000 4,400
% of free cash flow 996.28% n/m 145.52% 194.34% 1.88%
Maturing within 2 years 156,000 101,000 377,500 n/a n/a
% of free cash flow 271.10% n/m 244.15% n/a n/a
Maturing within 3 years n/a 406,000 101,000 377,500 n/a
% of free cash flow n/a n/m 65.32% 195.64% n/a
Maturing within 4 years 626,500 n/a 156,000 101,000 227,500
Maturing within 5 years n/a 300,000 n/a 201,000 1,000
Remaining Long Term Debt n/a n/a 400,000 400,000 406,000
Total Long Term Debt 1,355,800 1,219,600 1,259,500 1,454,500 638,900
Operating Lease Obligations:
Maturing within 1 year 106,100 101,700 99,400 106,500 75,100
% of free cash flow 184.38% n/m 64.29% 55.19% 32.11%
Maturing within 2 years 76,800 69,000 78,800 79,600 48,900
% of free cash flow 133.46% n/m 50.96% 41.25% 20.91%
Maturing within 3 years 51,400 40,600 46,800 56,400 30,400
% of free cash flow 89.32% n/m 30.27% 29.23% 13.00%
Maturing within 4 years 29,300 21,500 24,600 45,900 17,600
Maturing within 5 years 15,900 15,900 13,400 12,500 7,000
Remaining Operating Leases 17,000 19,200 23,000 14,700 9,200
Total Operating Leases 296,500 267,900 286,000 315,600 188,200
Cumulative Obligations due within 3 years:
Total Obligations Maturing
963,600 1,130,900 928,500 995,000 158,800
within 3 years
% of free cash flow 1,674.54% n/m 600.52% 515.65% 67.89%
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
NOTE: Long-term obligation information is a new addition to our database. At the current time, we may provide only the
most recent fiscal year data for a company. As we build out this capability in coming months, we will provide more
information for prior periods. We will also present an additional category, "Other". For more information, see 'What are
"Obligations?"' in our FAQ.
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11. CreditRiskMonitor Report for YRC Worldwide Inc. Page 11 of 25
Rates of Return - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Return on equity -60.43% -29.12% 14.29% 23.73% 18.39%
% change -107.57% -303.82% -39.80% 29.01% 62.75%
Return on net tangible equity -257.56% -365.73% n/a 253.32% n/a
% change 29.58% n/a n/a n/a n/a
Return on total assets -20.98% -10.93% 4.70% 5.88% 5.20%
% change -91.98% -332.31% -20.03% 13.11% 100.66%
Return on net tangible assets -25.71% -16.02% 7.13% 8.69% 7.58%
% change -60.46% -324.56% -17.89% 14.65% 140.14%
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
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12. CreditRiskMonitor Report for YRC Worldwide Inc. Page 12 of 25
Balance Sheet - Annual - Standardized
(Thousands of U.S. Dollars)
As of 12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Restated Reclassified
12/31/2007 12/31/2006
Current Assets:
Cash and short term
$325,349 $58,233 $76,391 $82,361 $106,489
investments
Accounts receivable
837,055 1,073,915 1,190,818 1,164,383 778,596
(trade), net
Total inventory 24,719 29,051 26,600 31,499 20,916
Prepaid expenses 139,601 175,316 162,543 94,798 80,944
Other current assets,
133,781 41,019 34,261 104,591 66,496
total
Total current assets 1,460,505 1,377,534 1,490,613 1,477,632 1,053,441
Non-Current Assets:
Property/plant/equip.,
2,200,977 2,380,473 2,269,846 2,205,792 1,422,718
net
Goodwill, net n/a 700,659 1,326,583 1,230,781 632,141
Intangibles, net 184,769 533,327 691,417 713,677 468,310
Other long term assets,
119,862 70,630 73,300 106,307 50,559
total
Total assets $3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169
Current Liabilities:
Accounts payable $333,910 $387,740 $397,586 $393,934 $194,172
Accrued expenses 846,404 795,844 737,883 895,870 638,250
Notes payable/short
147,000 180,000 225,000 374,970 112,917
term debt
Current port. LT
426,337 231,955 n/a n/a 254,400
debt/capital leases
Total current liabilities 1,753,651 1,595,539 1,360,469 1,664,774 1,199,739
Non-Current Liabilities:
Long term debt 787,415 822,048 1,058,496 1,113,085 403,535
Deferred income tax 238,704 521,615 508,715 387,220 319,839
Other liabilities, total 711,949 511,117 731,530 632,622 489,865
Total liabilities 3,491,719 3,450,319 3,659,210 3,797,701 2,412,978
Shareholders' Equity:
Common stock 62,413 61,514 60,876 60,450 51,303
Additional paid-in capital 1,224,606 1,211,956 1,180,578 1,154,654 694,504
Retained
(547,338) 471,119 1,115,246 838,614 550,484
earnings/accum. deficit
Treasury stock -
(92,737) (144,614) (109,617) (89,620) (38,462)
common
Other equity, total (172,550) 12,329 (54,534) (27,610) (43,638)
Total equity 474,394 1,612,304 2,192,549 1,936,488 1,214,191
Total liabilities &
$3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169
shareholders' equity
Supplemental Information:
Total common shares
59,334 56,712 57,197 57,292 49,237
outstanding
KPMG LLP KPMG LLP KPMG LLP KPMG LLP KPMG LLP
Unqualified Unqualified Unqualified Unqualified Unqualified
Auditor/Opinion:
with with with with with
Explanation Explanation Explanation Explanation Explanation
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 2/29/2008 3/1/2007 3/15/2005
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13. CreditRiskMonitor Report for YRC Worldwide Inc. Page 13 of 25
Income Statement - Annual - Standardized
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Reclassified
12/31/2005
Revenue:
Revenue $8,940,401 $9,621,316 $9,918,690 $8,741,557 $6,767,485
Total revenue 8,940,401 9,621,316 9,918,690 8,741,557 6,767,485
Operating Expense:
Cost of revenue, total 8,310,489 8,695,076 8,645,254 7,540,696 5,936,796
Depreciation/amortization 264,291 255,603 274,184 250,562 171,468
Unusual income/expense 1,048,586 804,260 26,302 13,029 18,279
Other operating expenses,
391,161 431,503 427,516 400,960 297,620
total
Total expense 10,014,527 10,186,442 9,373,256 8,205,247 6,424,163
Operating income (1,074,126) (565,126) 545,434 536,310 343,322
Non-Operating Expense/Income:
Interest expense, net non-
(77,907) (88,760) (87,760) (63,371) (43,954)
operating
Interest/investment income,
4,293 4,372 3,127 3,506 2,080
non-operating
Other, net 4,278 (2,203) (4,845) (4,182) (3,785)
Income before tax (1,143,462) (651,717) 455,956 472,263 297,663
Income tax - total (169,070) (13,336) 179,324 184,133 113,336
Net income ($974,392) ($638,381) $276,632 $288,130 $184,327
Supplemental and Per Share Items:
Basic/primary EPS incl.
($16.92) ($11.17) $4.82 $5.30 $3.83
extra. items
Diluted EPS incl. extra.
($16.92) ($11.17) $4.74 $5.07 $3.75
items
Interest expense,
$77,907 $88,760 $87,760 $63,371 $43,954
supplemental
Interest capitalized,
($12,600) ($26,800) ($14,700) ($8,200) ($7,300)
supplemental
Depreciation/amortization,
$246,800 $237,303 $251,684 $232,062 $171,468
supplemental
KPMG LLP KPMG LLP KPMG LLP
Unqualified Unqualified Unqualified KPMG LLP KPMG LLP
Auditor/Opinion:
with with with Unqualified Unqualified
Explanation Explanation Explanation
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2006
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14. CreditRiskMonitor Report for YRC Worldwide Inc. Page 14 of 25
Statement of Cash Flows - Annual - Standardized
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004
Cash Flows from Operating Activities:
Net income ($974,392) ($638,381) $276,632 $288,130 $184,327
Depreciation/depletion 264,291 255,603 274,184 250,562 171,468
Deferred taxes (158,352) 8,533 161,223 52,600 17,996
Non-cash Items 910,565 784,253 3,798 (5,388) 13,732
Changes in working
177,708 (17,410) (183,533) (88,227) 48,195
capital
Total cash from
219,820 392,598 532,304 497,677 435,718
operating activities
Cash Flows from Investing Activities:
Capital expenditures (162,276) (393,763) (377,687) (304,718) (201,818)
Other investing cash
75,342 52,676 48,716 (739,577) 31,560
flow items, total
Total cash from
(86,934) (341,087) (328,971) (1,044,295) (170,258)
investing activities
Cash Flows from Financing Activities:
Financing cash flow
(11,404) (1,298) n/a (4,245) (3,452)
items
Issuance/retirement of
50 (28,467) (14,311) (38,796) 15,859
stock, net
Issuance/retirement of
145,584 (39,904) (194,992) 565,531 (246,544)
debt, net
Total cash from
134,230 (69,669) (209,303) 522,490 (234,137)
financing activities
Net change in cash 267,116 (18,158) (5,970) (24,128) 31,323
Net cash-beginning
58,233 76,391 82,361 106,489 75,166
balance
Net cash-ending balance $325,349 $58,233 $76,391 $82,361 $106,489
Supplemental Disclosures:
Cash interest paid $70,945 $84,076 $90,072 $62,145 $59,044
Cash taxes paid,
($46,463) ($48,132) $109,500 $100,354 $85,316
supplemental
KPMG LLP KPMG LLP KPMG LLP KPMG LLP
Unqualified Unqualified Unqualified KPMG LLP Unqualified
Auditor/Opinion:
with with with Unqualified with
Explanation Explanation Explanation Explanation
10-K 10-K 10-K 10-K 10-K
Source:
3/2/2009 2/29/2008 3/1/2007 3/15/2006 3/15/2005
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15. CreditRiskMonitor Report for YRC Worldwide Inc. Page 15 of 25
Financial Statements - Sequential Quarters
Performance Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Net Sales $ $1,928,823 $2,380,258 $2,398,728 $2,232,592 $2,348,738
% change -18.97% -0.77% 7.44% -4.95% -4.43%
Gross Margin $ $15,788 $229,230 $245,989 $138,905 $174,043
% change -93.11% -6.81% 77.09% -20.19% -33.12%
% of sales 0.82% 9.63% 10.26% 6.22% 7.41%
change as % of incremental sales n/m n/m 64.46% n/m n/m
Operating margin $ ($335,316) ($756,621) $71,254 ($53,443) ($781,599)
% change 55.68% -1,161.86% 233.33% 93.16% -991.72%
% of sales -17.38% -31.79% 2.97% -2.39% -33.28%
change as % of incremental sales n/m n/m 75.06% n/m n/m
EBITDA $ ($265,189) ($687,785) $136,552 $11,841 ($704,138)
% change 61.44% -603.68% 1,053.21% 101.68% -572.88%
% of sales -13.75% -28.90% 5.69% 0.53% -29.98%
change as % of incremental sales n/m n/m 75.07% n/m n/m
Pre-tax income $ ($352,510) ($775,927) $55,013 ($70,038) ($802,414)
% change 54.57% -1,510.44% 178.55% 91.27% -1,354.61%
% of sales -18.28% -32.60% 2.29% -3.14% -34.16%
change as % of incremental sales n/m n/m 75.27% n/m n/m
Net income (loss) $ ($244,409) ($720,382) $36,274 ($45,875) ($735,771)
% change 66.07% -2,085.95% 179.07% 93.77% -1,905.84%
% of sales -12.67% -30.26% 1.51% -2.05% -31.33%
change as % of incremental sales n/m n/m 49.45% n/m n/m
Tax expense $ ($108,101) ($55,545) $18,739 ($24,163) ($66,643)
Effective tax rate 30.67% 7.16% 34.06% 34.50% 8.31%
Depreciation expense $ $69,735 $67,808 $63,435 $63,313 $74,035
% of sales 3.62% 2.85% 2.64% 2.84% 3.15%
% of capital expenses 120.49% 247.62% 158.03% 171.69% 92.21%
% of PP&E, net (annualized) 12.58% 11.92% 10.88% 10.71% 12.43%
Capital expenditures $ $57,874 $27,384 $40,142 $36,876 $80,289
% change 111.34% -31.78% 8.86% -54.07% 12.11%
% of PP&E, net (annualized) 10.44% 4.82% 6.89% 6.24% 13.48%
% of working capital (annualized) -250.61% -162.95% -70.96% -68.97% -441.32%
Interest coverage ratio (12.69) (33.82) 7.54 0.64 (29.05)
% change 62.49% -548.44% 1,082.60% 102.20% -543.11%
Free cash flow $ ($869) $24,844 ($22,677) $56,246 $106,373
% change -103.50% 209.56% -140.32% -47.12% 472.18%
10-K 10-Q 10-Q 10-Q 10-K
Source:
1/29/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
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Liquidity Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Current assets $ $1,460,505 $1,416,769 $1,406,757 $1,362,046 $1,377,534
% change 3.09% 0.71% 3.28% -1.12% -21.04%
% of short-term debt 254.74% 973.72% 298.49% 387.23% 334.39%
Current liabilities $ $1,753,651 $1,308,367 $1,649,599 $1,571,775 $1,595,539
% change 34.03% -20.69% 4.95% -1.49% -4.58%
Working capital $ ($293,146) $108,402 ($242,842) ($209,729) ($218,005)
% change -370.42% 144.64% -15.79% 3.80% -400.85%
% of sales (annualized) -3.80% 1.14% -2.53% -2.35% -2.32%
Cash $ $325,349 $102,623 $61,324 $59,826 $58,233
% change 217.03% 67.35% 2.50% 2.74% -71.62%
% of short-term debt 56.75% 70.53% 13.01% 17.01% 14.14%
Cash ratio 0.19 0.08 0.04 0.04 0.04
% change 136.61% 110.75% -2.36% 4.38% -70.25%
Quick assets $ $1,162,404 $1,197,807 $1,177,405 $1,115,401 $1,132,148
% change -2.96% 1.73% 5.56% -1.48% -22.35%
% of short-term debt 202.74% 823.24% 249.82% 317.11% 274.82%
Quick ratio 0.66 0.92 0.71 0.71 0.71
% change -27.60% 28.26% 0.59% 0.00% -18.61%
Current ratio 0.83 1.08 0.85 0.87 0.86
% change -23.10% 26.98% -1.59% 0.37% -17.24%
10-K 10-Q 10-Q 10-Q 10-K
Source:
1/29/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
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17. CreditRiskMonitor Report for YRC Worldwide Inc. Page 17 of 25
Efficiency Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Accounts receivable $ $837,055 $1,095,184 $1,116,081 $1,055,575 $1,073,915
% change -23.57% -1.87% 5.73% -1.71% -14.28%
% of sales 43.40% 46.01% 46.53% 47.28% 45.72%
change as % of incremental sales n/m n/m 36.42% n/m n/m
Accounts receivable turnover
7.99 8.61 8.84 8.39 8.08
(annualized)
% change -7.26% -2.55% 5.36% 3.86% 1.34%
Days sales outstanding 45.71 42.39 41.31 43.52 45.20
% change 7.83% 2.61% -5.08% -3.71% -1.32%
Inventory $ $24,719 n/a n/a n/a $29,051
% of sales 1.28% n/a n/a n/a 1.24%
Inventory turnover (annualized) 309.57 n/a n/a 288.28 299.43
% change n/a n/a n/a -3.73% n/a
No. of days sales in inventory 1.18 n/a n/a 1.27 1.22
% change n/a n/a n/a 3.86% n/a
Inventory to working capital ratio (0.08) n/a n/a n/a (0.13)
10-K 10-Q 10-Q 10-Q 10-K
Source:
1/29/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
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Leverage Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Total debt $ $1,360,752 $1,183,715 $1,195,085 $1,174,510 $1,234,003
% change 14.96% -0.95% 1.75% -4.82% -18.40%
Stockholders' equity $ $474,394 $903,145 $1,607,070 $1,572,057 $1,612,304
% change -47.47% -43.80% 2.23% -2.50% -29.69%
Total debt to equity ratio 2.87 1.31 0.74 0.75 0.77
% change 118.84% 76.26% -0.47% -2.39% 16.06%
Tangible net worth $ $289,625 $508,127 $382,089 $343,097 $378,318
% change -43.00% 32.99% 11.36% -9.31% 30.40%
Total debt to tangible net worth 4.70 2.33 3.13 3.42 3.26
% change 101.68% -25.52% -8.63% 4.95% -37.43%
Total assets $ $3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623
% change -4.65% -17.13% 0.17% -1.02% -18.40%
Total debt to assets ratio 0.34 0.28 0.24 0.23 0.24
% change 20.56% 19.53% 1.58% -3.82% 0.00%
Net tangible assets $ $3,781,344 $3,764,534 $3,794,499 $3,782,065 $3,828,637
% change 0.45% -0.79% 0.33% -1.22% -8.87%
Short-term debt $ $573,337 $145,500 $471,295 $351,740 $411,955
% change 294.05% -69.13% 33.99% -14.62% -10.44%
Short-term debt % of total debt 42.13% 12.29% 39.44% 29.95% 33.38%
% change 242.78% -68.83% 31.68% -10.29% 9.75%
Short-term debt % of working
-195.58% 134.22% -194.07% -167.71% -188.97%
capital
% change -245.71% 169.16% -15.72% 11.25% -129.77%
Total liabilities $ $3,491,719 $3,256,407 $3,412,410 $3,438,968 $3,450,319
% change 7.23% -4.57% -0.77% -0.33% -11.79%
Total liabilities to equity ratio 7.36 3.61 2.12 2.19 2.14
% change 104.14% 69.80% -2.93% 2.22% 25.45%
Total liabilities to tangible net worth
12.06 6.41 8.93 10.02 9.12
ratio
% change 88.12% -28.24% -10.90% 9.90% -32.35%
10-K 10-Q 10-Q 10-Q 10-K
Source:
1/29/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
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19. CreditRiskMonitor Report for YRC Worldwide Inc. Page 19 of 25
Rates of Return - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Return on equity -27.06% -44.83% 2.31% -2.85% -32.09%
% change 39.63% -2,042.70% 181.10% 91.13% -1,893.09%
Return on net tangible equity -48.10% -188.54% 10.57% -12.13% -253.62%
% change 74.49% -1,883.28% 187.19% 95.22% -1,764.38%
Return on total assets -6.02% -15.70% 0.72% -0.91% -13.06%
% change 61.67% -2,270.10% 179.41% 93.03% -2,058.99%
Return on net tangible assets -6.48% -19.06% 0.96% -1.21% -18.33%
% change 66.01% -2,090.62% 179.43% 93.42% -1,946.18%
10-K 10-Q 10-Q 10-Q 10-K
Source:
1/29/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
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20. CreditRiskMonitor Report for YRC Worldwide Inc. Page 20 of 25
Balance Sheet - Sequential Quarters - Standardized
(Thousands of U.S. Dollars)
As of 12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Current Assets:
Cash and short term investments $325,349 $102,623 $61,324 $59,826 $58,233
Accounts receivable (trade), net 837,055 1,095,184 1,116,081 1,055,575 1,073,915
Total inventory 24,719 n/a n/a n/a 29,051
Prepaid expenses 139,601 218,962 229,352 246,645 175,316
Other current assets, total 133,781 n/a n/a n/a 41,019
Total current assets 1,460,505 1,416,769 1,406,757 1,362,046 1,377,534
Non-Current Assets:
Property/plant/equip., net 2,200,977 2,234,887 2,314,899 2,349,284 2,380,473
Goodwill, net n/a 59,462 700,546 700,393 700,659
Intangibles, net 184,769 335,556 524,435 528,567 533,327
Other long term assets, total 119,862 112,878 72,843 70,735 70,630
Total assets $3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623
Current Liabilities:
Payable/accrued $333,910 $342,583 $368,654 $386,703 $387,740
Accrued expenses 527,835 428,363 430,066 438,016 593,994
Notes payable/short term debt 147,000 142,000 140,000 120,000 180,000
Current port. LT debt/capital leases 426,337 3,500 331,295 231,740 231,955
Other current liabilities, total 318,569 391,921 379,584 395,316 201,850
Total current liabilities 1,753,651 1,308,367 1,649,599 1,571,775 1,595,539
Non-Current Liabilities:
Long term debt 787,415 1,038,215 723,790 822,770 822,048
Deferred income tax 238,704 489,431 536,913 521,700 521,615
Other liabilities, total 711,949 420,394 502,108 522,723 511,117
Total liabilities 3,491,719 3,256,407 3,412,410 3,438,968 3,450,319
Shareholders' Equity:
Common stock 62,413 62,175 62,022 61,828 61,514
Additional paid-in capital 1,224,606 1,222,338 1,218,533 1,218,123 1,211,956
Retained earnings/accum. deficit (547,338) (258,864) 461,518 425,244 471,119
Treasury stock - common (92,737) (144,614) (144,614) (144,614) (144,614)
Other equity, total (172,550) 22,110 9,611 11,476 12,329
Total equity 474,394 903,145 1,607,070 1,572,057 1,612,304
Total liabilities & shareholders'
$3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623
equity
Supplemental Information:
Total common shares outstanding 59,334 59,253 57,284 57,092 56,712
10-K 10-Q 10-Q 10-Q 10-K
Source:
3/2/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
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21. CreditRiskMonitor Report for YRC Worldwide Inc. Page 21 of 25
Income Statement - Sequential Quarters - Standardized
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Revenue:
Revenue $1,928,823 $2,380,258 $2,398,728 $2,232,592 $2,348,738
Total revenue 1,928,823 2,380,258 2,398,728 2,232,592 2,348,738
Operating Expense:
Cost of revenue, total 1,913,035 2,151,028 2,152,739 2,093,687 2,174,695
Depreciation/amortization 69,735 67,808 63,435 63,313 74,035
Unusual income/expense 203,014 830,344 2,444 12,784 790,606
Other operating expenses, total 78,355 87,699 108,856 116,251 91,001
Total expense 2,264,139 3,136,879 2,327,474 2,286,035 3,130,337
Operating income (335,316) (756,621) 71,254 (53,443) (781,599)
Non-Operating Expense/Income:
Interest/investment income, non-
3,317 n/a n/a n/a n/a
operating
Interest expense/income, net non-
(17,586) (20,334) (18,104) (18,566) (24,241)
operating
Other, net 392 1,028 1,863 1,971 3,426
Income before tax (352,510) (775,927) 55,013 (70,038) (802,414)
Income tax - total (108,101) (55,545) 18,739 (24,163) (66,643)
Net income ($244,409) ($720,382) $36,274 ($45,875) ($735,771)
Supplemental and Per Share Items:
Basic/primary EPS incl. extra. items ($4.14) ($12.57) $0.64 ($0.81) ($12.99)
Diluted EPS incl. extra. items ($4.14) ($12.57) $0.62 ($0.81) ($12.99)
Interest expense, supplemental $20,903 $20,334 $18,104 $18,566 $24,241
Depreciation/amortization,
$69,735 $67,808 $63,435 $63,313 $74,035
supplemental
10-K 10-Q 10-Q 10-Q 10-K
Source:
1/29/2009 11/10/2008 8/6/2008 5/8/2008 2/29/2008
http://www.crmz.com/Report/PrintableReport.asp?BusinessId=3671&PrintReport=Y&Aut... 4/15/2009