Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 18, 2023



Yellow Corporation

(Exact name of Registrant as Specified in Its Charter)






(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)






501 Commerce Street, Suite 1120


Nashville, Tennessee



(Address of Principal Executive Offices)


(Zip Code)


Registrant’s Telephone Number, Including Area Code: (913) 696-6100



(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class




Name of each exchange on which registered

Common Stock, $0.01 par value per share




The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 7.01 Regulation FD Disclosure.

Yellow Corporation will present at investor meetings and an investor conference during the remainder of the second quarter of 2023. A copy of the slide show presentation to be presented is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit Number



Yellow Corporation Investor Presentation


Cover Page Interactive Data File (embedded within the Inline XBRL document)




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.










May 18, 2023


/s/ Daniel L. Olivier




Daniel L. Olivier
Chief Financial Officer






Slide 1

Yellow Corporation Investor Presentation Second Quarter 2023 Exhibit 99.1

Slide 2

The information in this presentation is summary in nature and may not contain all information that is important to you. The Recipient acknowledges and agrees that (i) no representation or warranty regarding the material contained in this presentation is made by Yellow Corporation (the “Company” or “we”) or any of its affiliates and (ii) that the Company and its affiliates have no obligation to update or supplement this presentation or otherwise provide additional information. This presentation is for discussion and reference purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or other property. This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or future performance of the Company and include statements about the Company’s expectations or forecasts for future periods and events. Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of such terms or other comparable terminology. We disclaim any obligation to update those statements, except as applicable law may require us to do so, and we caution you not to rely unduly on them. We have based those forward-looking statements on our current expectations and assumptions about future events, and while our management considers those expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those we discuss in the “Risk Factors” section of our Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission (the “SEC”). This presentation includes the presentation of Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles and may exclude items that are significant in understanding and assessing our financial results. Therefore, this measure should not be considered in isolation or as an alternative to net income from operations, cash flows from operations, earnings per fully-diluted share or other measures of profitability, liquidity or performance under generally accepted accounting principles. We believe our presentation of 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. Additionally, Adjusted EBITDA helps investors to understand how the company is tracking against our financial covenants in our UST Credit Agreements and New Term Loan Agreement (collectively the “TL Agreements”) as this measure is calculated as prescribed therein as Consolidated EBITDA and to determine certain incentive compensation. You should be aware that this presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. For additional information on Adjusted EBITDA and the TL Agreements, refer to our quarterly reports on Form 10-Q and other reports we file with the SEC. A reconciliation of this measure to the most comparable measures presented in accordance with generally accepted accounting principles has been included in this presentation. Statements & Disclaimers

Slide 3

Yellow At a Glance Premium LTL transportation & Logistics Services Provider 2nd largest 7th largest $5.2 billion 14.2 million ~30,000 308 ~12,700 ~42,000 LTL Network in North America Trucking Company in North America 2022 Revenue 2022 Shipments Employees Terminals Tractors Trailers

Slide 4

Pre-Transformation Super-Regional Carrier Integrated nationwide LTL service   YELLOW Service Centers   Border Gateway       Legend Roadmap to One Yellow Simplify Sales Team Streamline enterprise-wide sales team to provide customers a single point of contact for all brands Realign Operational Leadership Structure Operational realignment and reporting structure to create new efficiencies and operational areas to support the network Holdco renamed Yellow Corporation Formally changed the YRC Worldwide holding company name to Yellow Corporation in anticipation of a company-wide rebrand to Yellow One Technology Platform Transition operating companies to one technology platform Network Optimization Integration to one network, creating a common enterprise platform to strengthen asset and network efficiencies while enhancing service in the 1, 2 & 3-day lanes nationwide Super-Regional Carrier Go-to-market strategy as One Yellow. Provide customers with choice, simplicity, speed, visibility, reliability and value under one united brand 4 Enterprise Transformation

Slide 5

Network Optimization Phase One Phase One successfully implemented in September 2022 Integrated 89 legacy YRC Freight and Reddaway terminals in the Western U.S. Customers are seeing the benefits with an improvement in the percentage of shipments going out for delivery before 9:00 a.m. and a reduction in missed pick ups Will apply lessons learned during the rest of the transformation YRC Freight Terminals Reddaway Terminals

Slide 6

Network Optimization Eliminating Overlap and Duplication The One Yellow super-regional network will streamline operations and reduce duplication in pickup and delivery operations Customer benefit is one driver can pickup and deliver both regional and long haul shipments

Slide 7

Financial Results

Slide 8

Financial Results LTM Adjusted EBITDA covenant is $200 million in 2Q 2022 and thereafter

Slide 9

Free cash flow = operating cash flow less acquisitions of property and equipment, net of cash proceeds from disposals During FY 2021, the Company recognized cash proceeds on the sale of terminals of approximately $1 million During FY 2022, the Company recognized cash proceeds on the sale of terminals of approximately $43 million During Q1 2023, the Company recognized cash proceeds on the sale of terminals of approximately $2 million Cash Flow (b) (b), (c) (c), (d) (c)

Slide 10

CapEx Equivalent as a percentage of revenue. Percent change based on unrounded figures. (a) (a) (a) Reinvesting in the Business (a)

Slide 11

CDA Notes (in millions) UST Tranche A carries a variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD Libor with a floor of 1.0%, plus a fixed margin of 3.5%. 1.5% is paid in cash and the remainder paid-in-kind (PIK). The Tranche A balance includes $29.4M of PIK interest as of 3/31/23. UST Tranche B carries a variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month USD Libor with a floor of 1.0%, plus a fixed margin of 3.5%. All paid in cash. The Term Loan carries a variable interest rate based on the Eurodollar rate, which is currently determined by the 1, 2, 3 or 6-month Libor, with a floor of 1.0%, plus a fixed margin of 7.5%. If LTM Adjusted EBITDA is above $400 million the fixed margin decreases from 7.5% to 6.5%. All paid in cash. Capital Structure Overview Lease Financing Obligations UST Tranche A UST Tranche B Term Loan

Slide 12

Leverage Ratio Note: Funded debt balances based on par value Growing into capital structure LTM 1Q23 Funded Debt / LTM Adjusted EBITDA ratio down 0.64 compared to 2021

Slide 13

Approximately 80% of employees are represented by the International Brotherhood of Teamsters and covered by collective bargaining agreements 2023 total annual cash contributions expected to be approximately $102 million Contributions made to 33 multi-employer pension plans with various levels of underfunding. Multiemployer pension plans are separate from Yellow and managed by independent trustees The American Rescue Plan signed into law in March 2021 is providing severely underfunded eligible multi-employer pension plans funding to cover retiree benefits until 2051 substantially mitigating the plans’ unfunded liabilities Yellow Corporation has, and expects to continue, making its required contractual contributions to the multi-employer pension plans as agreed to in the collective bargaining agreements Refer to the Company’s Form 10-K for further disclosures Multi-Employer Pension Plans (Union)

Slide 14

Certain employees not covered by collective bargaining agreements Plans closed to new participants effective January 1, 2004 with benefit accrual for active employees frozen effective July 1, 2008 2023 cash contributions expected to be nominal Single-Employer Pension Plans (Non-Union) Refer to the Company’s Form 10-K for further disclosures

Slide 15

An industry leader with one of the largest, most comprehensive logistics and LTL networks in North America providing local, regional, national and international capabilities Multi-year enterprise transformation to One Yellow expected to create operational efficiencies that enhance customer service, improve productivity and improve financial results Executed one of the largest CapEx plans in Company history in 2021 Strong asset base includes terminals, tractors, trailers, box trucks, containers, liftgates and other assets Led by an experienced Senior Management Team and Board of Directors Yellow Value Proposition

Slide 16


Slide 17

IBT March ABL Facility January Term Loan June UST Loan September Capital Structure Maturities and Labor Timeline

Slide 18

Equity U.S. Treasury received 15.94 million shares of common stock and is the Company’s largest shareholder with approximately 30% of outstanding shares Debt U.S. Treasury loan provided two tranches totaling $700 million in aggregate principal commitments Tranche A for $300 million covered deferred short-term contractual obligations, certain other deferred obligations including pension and healthcare payments and working capital. Tranche A was fully drawn as of December 31, 2020 Tranche B for $400 million used for reinvestment in tractors and trailers. Tranche B was fully drawn as of July 31, 2021 CARES Act Funding

Slide 19

(a) Percent change based on unrounded figures and not the rounded figures presented Operating Statistics – First Quarter

Slide 20

(in millions) Adjusted EBITDA Reconciliation

Slide 21

www.myyellow.com Tony Carreño Senior Vice President of Treasury and Investor Relations (913) 696-6108 investor@myyellow.com