- YRC Worldwide reported record quarterly revenue of $2.57 billion, up 3.2% from the third quarter of 2005. Adjusted quarterly earnings per share were $1.72, up 12% from the prior year.
- For the first nine months of 2006, revenue was $7.51 billion, up 20% from the same period in 2005. Adjusted diluted EPS was $4.06 compared to $3.88 the previous year.
- The company expects full year 2006 EPS between $5.45-$5.55 and revenue of approximately $10 billion.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. 10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6100 Fax 913 696 6116
News Release
October 26, 2006
YRC Worldwide Reports Record Quarterly Revenue and Earnings
Third Quarter Revenue Exceeded $2.57 Billion
Double-Digit Operating Income Growth
OVERLAND PARK, KAN. --- YRC Worldwide Inc. (NASDAQ: YRCW) today announced third quarter
2006 adjusted diluted earnings per share (“EPS”) of $1.72, a 12% increase from third quarter 2005
adjusted EPS of $1.53. Third quarter 2006 adjusted EPS excludes $.08 related to reorganization
expenses, a loss on sale of a subsidiary, and net losses on property disposals. The company does
not consider these costs a part of core operations and excludes them when evaluating ongoing
performance. Reported EPS for third quarter 2006 was $1.64 compared to reported EPS of $1.42 in
third quarter last year.
“We delivered a solid quarter with record revenue and earnings per share,” stated Bill Zollars,
Chairman, President and CEO of YRC Worldwide. “Our operating companies continued to execute
well while effectively reducing the cost base.”
YRC Worldwide reported the following consolidated results for the third quarter 2006:
▪ Record quarterly operating revenue of $2.57 billion compared to third quarter last year of
$2.49 billion.
▪ Adjusted operating income of $185 million compared to third quarter 2005 adjusted operating
income of $168 million, an increase of 11%. Adjustments in 2006 related to reorganization
expenses, a loss on sale of a subsidiary, and net losses on property disposals. Reported
operating income was $178 million compared to reported operating income of $157 million in
2005.
For the nine months ended September 30, 2006, YRC Worldwide reported the following consolidated
results:
▪ Adjusted diluted EPS of $4.06 compared to $3.88 for the same period last year. Reported diluted
EPS of $3.92 compared to $3.77 for the same period in 2005.
▪ Operating revenue of $7.51 billion, up 20% from the same period last year.
▪ Adjusted operating income of $451 million compared to $392 million for the nine months ended
September 30, 2005, an increase of 15%. Adjustments in 2006 related to reorganization
expenses, a loss on sale of a subsidiary, and net losses on property disposals. Reported
operating income was $438 million compared to reported operating income of $383 million in
2005.
During the quarter, the company recorded $16 million of expense related to insurance claims, based
primarily on deterioration in prior years’ workers’ compensation claims. The company also had lower
depreciation expense of $12 million. As part of the company’s synergy initiatives, practices are being
implemented that more effectively utilize equipment across multiple business units for a longer period
of time. Depreciation policies were therefore adjusted on a prospective basis.
Please note the 2006 results include the USF companies for the entire period. The 2005 results
include the USF companies from the date of the company’s acquisition of USF Corporation on
May 24, 2005.
2. For statistical information, refer to the company’s website at yrcw.com under Investor Relations and
then select Earnings Releases & Operating Statistics.
Outlook
“We have been pleased with the solid results our business units have delivered so far in 2006,”
Zollars stated. “With that said, the economy is growing at a much slower pace and we believe that will
impact our earnings growth in the fourth quarter.”
The company’s expectations include the following:
▪ Full year 2006 EPS between $5.45 and $5.55, implying fourth quarter EPS of $1.40 to $1.50.
▪ Full year 2006 consolidated revenue of about $10 billion, interest expense around $90 million and
a consolidated income tax rate of 38.3%.
▪ Diluted average shares of around 58.5 million.
▪ 2006 gross capital expenditures of about $385 million.
Review of Financial Results
YRC Worldwide (NASDAQ: YRCW) will host a conference call for the investment community on
Friday, October 27, 2006, beginning at 9:30 a.m. ET, 8:30 a.m. CT.
Investors and analysts should dial 1.888.609.3912 at least 10 minutes prior to the start of the call.
The conference ID number is 7484957. The conference call will be open to listeners through a live
webcast via StreetEvents at streetevents.com and via the YRC Worldwide Internet site yrcw.com.
An audio playback will be available beginning two hours after the call ends until midnight on
November 10, 2006, by calling 1.800.642.1687 and then entering the access code 7484957. An audio
playback also will be available for 30 days after the call via the StreetEvents and YRC Worldwide web
sites.
* * * * *
The preceding disclosures contain references to ‘reported’ and ‘adjusted’ operating income and earnings per
share. Reported numbers include property gains and losses, reorganization expenses, acquisition charges, and
a loss on sale of subsidiary, while adjusted numbers exclude these items. Management adjusts for these items
when evaluating operating performance to more accurately compare the results among periods.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words
“expect”, “believe” and similar expressions are intended to identify forward-looking statements. It is important to
note that the company’s actual future results, revenue and earnings per share could differ materially from those
projected in such forward-looking statements because of a number of factors, including (without limitation),
inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon
which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without
limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost
reductions, including (without limitation) those cost reduction opportunities arising from acquisitions, a downturn
in general or regional economic activity, changes in equity and debt markets, effects of a terrorist attack, and
labor relations, including (without limitation), the impact of work rules, any obligations to multi-employer health,
welfare and pension plans, wage requirements and employee satisfaction.
The company’s expectations regarding its interest expense are only its expectations regarding this expense.
Actual interest expense could differ based on a number of factors including (among others) the company’s
revenue and profitability results and the factors that affect revenue and results described above, the amount,
character and interest rate on the company’s outstanding debt and any financings the company may enter into
in the future.
3. The company’s expectations regarding its effective tax rate are only its expectations regarding this rate. The
actual rate could differ based on (among others) the following factors: variances in pre-tax earnings on both a
consolidated and business units basis, variance in pre-tax earnings by jurisdiction, impacts on our business from
the factors described above, variances in estimates on non-deductible expenses, tax authority audit
adjustments, change in tax rates and availability of tax credits.
The company’s expectations for the amount of its diluted average shares are only its expectations regarding this
amount. Actual diluted average shares could differ based on a number of factors including (among others) the
number of employee and director stock option exercises, actual amounts of stock awarded to employees and
directors during the year, the dilutive impact of the contingent convertible notes based on the company’s
average stock price, and any unanticipated issuance of stock for currently unplanned financings or acquisitions.
The company’s expectations regarding its gross capital expenditures are only its expectations regarding these
expenditures. Actual expenditures could differ based on (among others) the following factors: impacts on our
business from the factors described above, the accuracy of our estimates of our spending requirements, the
occurrence of any unanticipated acquisition opportunities, changes in our strategic direction, the need to spend
additional capital on cost reduction opportunities, and the need to replace any unanticipated losses in capital
assets.
YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the
world, is the holding company for a portfolio of successful brands including Yellow Transportation, Roadway,
Reimer Express, Meridian IQ, New Penn, USF Holland, USF Reddaway, USF Bestway, and USF Glen Moore.
The enterprise provides global transportation services, transportation management solutions and logistics
management. The portfolio of brands represents a comprehensive array of services for the shipment of
industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park,
Kansas, YRC Worldwide employs approximately 70,000 people.
Investor Contact: Phil J. Gaines Media Contact: Suzanne Dawson
YRC Worldwide Linden Alschuler & Kaplan
913.696.6108 212.329.1420
phil.gaines@yrcw.com sdawson@lakpr.com
4. STATEMENTS OF CONSOLIDATED OPERATIONS
YRC Worldwide Inc. and Subsidiaries
For the Three and Nine Months Ended September 30
(Amounts in thousands except per share data)
(Unaudited)
Three Months Nine Months
2006 2005 2006 2005
OPERATING REVENUE $ 2,571,087 $ 2,491,650 $ 7,511,027 $ 6,258,457
OPERATING EXPENSES:
Salaries, wages and employees' benefits 1,478,622 1,450,548 4,340,435 3,721,462
Operating expenses and supplies 459,738 412,949 1,378,087 1,002,998
Purchased transportation 277,848 274,568 811,752 686,552
Depreciation and amortization 64,118 75,800 212,280 180,848
Other operating expenses 105,288 110,147 317,754 274,272
(Gains) losses on property disposals, net 2,427 1,638 83 (346)
Loss on sale of subsidiary, reorganization and
acquisition charges 5,455 9,213 12,936 10,077
Total operating expenses 2,393,496 2,334,863 7,073,327 5,875,863
OPERATING INCOME 177,591 156,787 437,700 382,594
NONOPERATING (INCOME) EXPENSES:
Interest expense 23,025 19,949 66,684 42,753
Other (677) (943) (2,036) (1,488)
Nonoperating expenses, net 22,348 19,006 64,648 41,265
INCOME BEFORE INCOME TAXES 155,243 137,781 373,052 341,329
INCOME TAX PROVISION 59,458 52,496 142,879 130,046
NET INCOME $ 95,785 $ 85,285 $ 230,173 $ 211,283
AVERAGE SHARES OUTSTANDING-BASIC 57,464 57,994 57,434 53,177
AVERAGE SHARES OUTSTANDING-DILUTED 58,396 60,194 58,718 56,018
BASIC EARNINGS PER SHARE $ 1.67 $ 1.47 $ 4.01 $ 3.97
DILUTED EARNINGS PER SHARE $ 1.64 $ 1.42 $ 3.92 $ 3.77
5. SUPPLEMENTAL FINANCIAL INFORMATION
YRC Worldwide Inc. and Subsidiaries
For the Three Months Ended September 30
(Amounts in thousands except per share data)
(Unaudited)
Three Months
2006 2005 %
Operating revenue:
Yellow Transportation $ 898,807 $ 892,451 0.7
Roadway 900,182 858,353 4.9
YRC Regional Transportation 624,727 606,543 3.0
Meridian IQ 153,737 142,027 8.2
Corporate and other (6,366) (7,724)
Consolidated 2,571,087 2,491,650 3.2
Reported operating income (loss):
Yellow Transportation 68,715 73,464 (6.5)
Roadway 59,444 58,255 2.0
a
48,070 73.1
YRC Regional Transportation 27,766
850 (86.5)
Meridian IQ 6,314
a
Corporate and other 512 (9,012)
Consolidated 177,591 156,787 13.3
b
Adjustments to operating income by segment :
262
Yellow Transportation (321)
1,737
Roadway 1,855
109
YRC Regional Transportation 5,104
5,455
Meridian IQ (11)
319
Corporate and other 4,224
Consolidated 7,882 10,851
Adjusted operating income (loss):
68,977
Yellow Transportation 73,143 (5.7)
61,181
Roadway 60,110 1.8
48,179
YRC Regional Transportation 32,870 46.6
6,305 -
Meridian IQ 6,303
831
Corporate and other (4,788)
Consolidated $ 185,473 $ 167,638 10.6
Reported operating ratio:
Yellow Transportation 92.4% 91.8%
Roadway 93.4% 93.2%
YRC Regional Transportation 92.3% 95.4%
Meridian IQ 99.4% 95.6%
Consolidated 93.1% 93.7%
Adjusted operating ratio:
Yellow Transportation 92.3% 91.8%
Roadway 93.2% 93.0%
YRC Regional Transportation 92.3% 94.6%
Meridian IQ 95.9% 95.6%
Consolidated 92.8% 93.3%
Reconciliation of reported diluted earnings per
share (EPS) to adjusted diluted EPS:
Reported diluted EPS $ 1.64 $ 1.42
Losses on property disposals 0.02 0.02
Reorganization expenses 0.03 -
Loss on sale of subsidiary 0.03 -
Acquisition charges - 0.05
Executive severance - 0.04
Adjusted diluted EPS $ 1.72 $ 1.53
6. SUPPLEMENTAL FINANCIAL INFORMATION
YRC Worldwide Inc. and Subsidiaries
For the Nine Months Ended September 30
(Amounts in thousands except per share data)
(Unaudited)
Nine Months
2006 2005 %
Operating revenue:
Yellow Transportation $ 2,625,165 $ 2,534,769 3.6
Roadway 2,582,298 2,455,992 5.1
c
YRC Regional Transportation 1,870,838 986,447 89.7
c
Meridian IQ 447,184 294,078 52.1
Corporate and other (14,458) (12,829)
Consolidated 7,511,027 6,258,457 20.0
Reported operating income (loss):
Yellow Transportation 166,589 190,782 (12.7)
Roadway 154,975 146,522 5.8
a c
YRC Regional Transportation 123,080 55,656 121.1
c
Meridian IQ 6,064 10,922 (44.5)
a
Corporate and other (13,008) (21,288)
Consolidated 437,700 382,594 14.4
Adjustments to operating income by segment b :
Yellow Transportation 2,056 (2,833)
Roadway 1,586 2,352
YRC Regional Transportation (156) 5,475
Meridian IQ 6,968 (11)
Corporate and other 2,565 4,748
Consolidated 13,019 9,731
Adjusted operating income (loss):
Yellow Transportation 168,645 187,949 (10.3)
Roadway 156,561 148,874 5.2
YRC Regional Transportation 122,924 61,131 101.1
Meridian IQ 13,032 10,911 19.4
Corporate and other (10,443) (16,540)
14.9
Consolidated $ 450,719 $ 392,325
Reported operating ratio:
Yellow Transportation 93.7% 92.5%
Roadway 94.0% 94.0%
YRC Regional Transportation 93.4% 94.4%
Meridian IQ 98.6% 96.3%
Consolidated 94.2% 93.9%
Adjusted operating ratio:
Yellow Transportation 93.6% 92.6%
Roadway 93.9% 93.9%
YRC Regional Transportation 93.4% 93.8%
Meridian IQ 97.1% 96.3%
Consolidated 94.0% 93.7%
Reconciliation of reported diluted EPS to adjusted diluted EPS:
Reported diluted EPS $ 3.92 $ 3.77
(Gains) losses on property disposals - -
Reorganization expenses 0.11 -
Loss on sale of subsidiary 0.03 -
Acquisition charges - 0.07
Executive severance - 0.04
Adjusted diluted EPS $ 4.06 $ 3.88
7. a Amounts related to USF Dugan and USF Red Star, which were shut down in previous periods, have been classified in
'Corporate and Other' for 2006. The 2005 amounts continue to be classified in YRC Regional Transportation.
b Management excludes these items when evaluating operating income and segment performance to more accurately compare
the results of our core operations among periods. Adjustments presented in the 2006 period herein consist of property gains
and losses, reorganization charges and loss on sale of subsidiary. Adjustments presented in the 2005 period herein consist of
property gains and losses, acquisition charges and executive severance charges.
c Includes the revenue and operating income of USF operating companies since May 24, 2005, the date of acquisition.
8. Selected Financial Data
YRC Worldwide Inc. and Subsidiaries
(Amounts in thousands unless otherwise noted)
(Unaudited)
For the Nine Months Ended September 30,
2006 2005
Net cash from operating activities $ 299,051 $ 256,336
Net cash used in investing activities (302,063) (1,011,366)
Net cash (used in) provided by financing activities (9,385) 706,015
Gross capital expenditures (319,743) (231,644)
Net capital expenditures (284,673) (213,278)
Proceeds from exercise of stock options 4,294 4,293
Free cash flow a 18,672 47,351
September 30, December 31,
2006 2005
Cash and cash equivalents $ 69,964 $ 82,361
Accounts receivable, net 1,331,416 1,164,383
Net property and equipment 2,297,886 2,205,792
Total assets 6,033,286 5,734,189
Asset backed securitization borrowings 425,000 374,970
Long-term debt, less current portion 1,062,204 1,113,085
Total debt 1,487,204 1,488,055
Total shareholders' equity 2,172,250 1,936,488
Debt to capitalization b 40.6% 43.5%
Debt to capitalization, less cash 39.5% 42.1%
a Management uses free cash flow as an indication of the cash available to fund additional capital expenditures, to reduce outstanding
debt (including current maturities), or to invest in our growth strategies. Free cash flow is calculated as net cash from operating
activities plus stock option proceeds less net capital expenditures. This measurement is used for internal management purposes and
should not be construed as a better measurement than net cash from operating activities as defined by generally accepted accounting
principles.
b We calculate debt to capitalization as total debt divided by total debt plus total shareholders' equity.