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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
FRISK2 Score 1 4/15/2009
Probability of default range: 21.0% - 50.0%
Z" Score -2.60 (Fiscal danger) 12/31/2008
Auditor Information
Last Audit: 12/31/2008
Auditors: KPMG LLP
Opinion: Unqualified with
Explanation
Agency Credit Ratings
Rating
Agency
Long Term
Rating
Outlook
Short Term
Rating
Watch
Moody's Caa3 Negative OFF
S&P CCC NM POS
Days Sales Outstanding
45.20 43.52 41.31 42.3945.71
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
#
Name
Age
Title
Title
Date
Start
Date
1. William D Zollars 61 Chaiman of the Board, President, Chief Executive Officer 11/9/1999 4/22/1999
Page 1 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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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
Overland Park, KS
66211
Yellow Corp.
News
2. 10990 Roe Ave
Overland Park, KS
66211
Yellow Freight
System Inc. News
Suits Payments
3. 1077 Gorge Blvd
Akron, OH 44310
ROADWAY EXPRESS
INC SEC
Page 2 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Credit Ratings
Moody's Ratings
Issuer Name
Long Term
Rating
Outlook
Short Term
Rating
Watchlist
Date
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
Entity Name
Long Term
Rating
Outlook
Short Term
Rating
Credit
Watch
Date
Issued
YRC Worldwide Inc. CCC NM POS 2/17/2009
Standard & Poor's Ratings (Subsidiaries)
S&P
Entity Name
Long Term
Rating
Outlook
Short Term
Rating
Credit
Watch
Date
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.
LEGEND:
Financially sound: 2.60 or higher
Neutral: 1.10 to 2.60
Fiscal danger: less than 1.10
Z" Score
1.65
2.02 1.93 1.65 1.67
(0.24) (0.37) (0.42) (2.18) (2.60)
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
Page 3 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Calculation of most recent Z"-Scores (Financial data in thousands)
* Gray shaded area(s) highlight missing Z"-Score component(s)
Assets Liabilities Assets Assets
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.
Likelihood of failure
Financially sound: 2.6 or higher
Neutral: 1.1 to 2.6
Fiscal danger: less than 1.1
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
Page 4 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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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:
FRISK2
Probability of default within 12 months
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%
Page 5 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Annual Financial Statements
Performance Ratios - Annual(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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%
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2006
Page 6 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Liquidity Ratios - Annual(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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%
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2006
Page 7 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Efficiency Ratios - Annual(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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
(annualized)8.63 8.07 8.09 8.42 8.82
% 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
vendors1,350.82% 1,334.69% 1,494.68% 1,250.62% 928.34%
% 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
ratio(0.08) (0.13) 0.20 (0.17) (0.14)
% 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%
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2006
Page 8 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Leverage Ratios - Annual(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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
capital-195.58% -188.97% 172.89% -200.37% -251.07%
% 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
worth ratio12.06 9.12 20.96 n/a 21.21
% change 32.19% -56.50% n/a n/a n/a
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2006
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Long Term Obligations - Annual(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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
within 3 years963,600 1,130,900 928,500 995,000 158,800
% of free cash flow 1,674.54% n/m 600.52% 515.65% 67.89%
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
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.
Page 10 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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Rates of Return - Annual(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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%
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2006
Page 11 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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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
12/31/2007
Reclassified
12/31/2006
Current Assets:
Cash and short term
investments$325,349 $58,233 $76,391 $82,361 $106,489
Accounts receivable
(trade), net837,055 1,073,915 1,190,818 1,164,383 778,596
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,
total133,781 41,019 34,261 104,591 66,496
Total current assets 1,460,505 1,377,534 1,490,613 1,477,632 1,053,441
Non-Current Assets:
Property/plant/equip.,
net2,200,977 2,380,473 2,269,846 2,205,792 1,422,718
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,
total119,862 70,630 73,300 106,307 50,559
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
term debt147,000 180,000 225,000 374,970 112,917
Current port. LT
debt/capital leases426,337 231,955 n/a n/a 254,400
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
earnings/accum. deficit(547,338) 471,119 1,115,246 838,614 550,484
Treasury stock -
common(92,737) (144,614) (109,617) (89,620) (38,462)
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 &
shareholders' equity$3,966,113 $5,062,623 $5,851,759 $5,734,189 $3,627,169
Supplemental Information:
Total common shares
outstanding59,334 56,712 57,197 57,292 49,237
Auditor/Opinion:
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2005
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Income Statement - Annual - Standardized(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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,
total391,161 431,503 427,516 400,960 297,620
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-
operating(77,907) (88,760) (87,760) (63,371) (43,954)
Interest/investment income,
non-operating4,293 4,372 3,127 3,506 2,080
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.
extra. items($16.92) ($11.17) $4.82 $5.30 $3.83
Diluted EPS incl. extra.
items($16.92) ($11.17) $4.74 $5.07 $3.75
Interest expense,
supplemental$77,907 $88,760 $87,760 $63,371 $43,954
Interest capitalized,
supplemental($12,600) ($26,800) ($14,700) ($8,200) ($7,300)
Depreciation/amortization,
supplemental$246,800 $237,303 $251,684 $232,062 $171,468
Auditor/Opinion:
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
KPMG LLP
Unqualified
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2006
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Statement of Cash Flows - Annual - Standardized(Thousands of U.S. Dollars)
Period Ended12 mos
12/31/2008
12 mos
12/31/2007
12 mos
12/31/2006
12 mos
12/31/2005
12 mos
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
capital177,708 (17,410) (183,533) (88,227) 48,195
Total cash from
operating activities219,820 392,598 532,304 497,677 435,718
Cash Flows from Investing Activities:
Capital expenditures (162,276) (393,763) (377,687) (304,718) (201,818)
Other investing cash
flow items, total75,342 52,676 48,716 (739,577) 31,560
Total cash from
investing activities(86,934) (341,087) (328,971) (1,044,295) (170,258)
Cash Flows from Financing Activities:
Financing cash flow
items(11,404) (1,298) n/a (4,245) (3,452)
Issuance/retirement of
stock, net50 (28,467) (14,311) (38,796) 15,859
Issuance/retirement of
debt, net145,584 (39,904) (194,992) 565,531 (246,544)
Total cash from
financing activities134,230 (69,669) (209,303) 522,490 (234,137)
Net change in cash 267,116 (18,158) (5,970) (24,128) 31,323
Net cash-beginning
balance58,233 76,391 82,361 106,489 75,166
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,
supplemental($46,463) ($48,132) $109,500 $100,354 $85,316
Auditor/Opinion:
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
with
Explanation
KPMG LLP
Unqualified
KPMG LLP
Unqualified
with
Explanation
Source:10-K
3/2/2009
10-K
2/29/2008
10-K
3/1/2007
10-K
3/15/2006
10-K
3/15/2005
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Financial Statements - Sequential Quarters
Performance Ratios - Sequential Quarters(Thousands of U.S. Dollars)
Period Ended3 mos
12/31/2008
3 mos
9/30/2008
3 mos
6/30/2008
3 mos
3/31/2008
3 mos
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%
Source:10-K
1/29/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
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Liquidity Ratios - Sequential Quarters(Thousands of U.S. Dollars)
Period Ended3 mos
12/31/2008
3 mos
9/30/2008
3 mos
6/30/2008
3 mos
3/31/2008
3 mos
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%
Source:10-K
1/29/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
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Efficiency Ratios - Sequential Quarters(Thousands of U.S. Dollars)
Period Ended3 mos
12/31/2008
3 mos
9/30/2008
3 mos
6/30/2008
3 mos
3/31/2008
3 mos
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
(annualized)7.99 8.61 8.84 8.39 8.08
% 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)
Source:10-K
1/29/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
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Leverage Ratios - Sequential Quarters(Thousands of U.S. Dollars)
Period Ended3 mos
12/31/2008
3 mos
9/30/2008
3 mos
6/30/2008
3 mos
3/31/2008
3 mos
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
capital-195.58% 134.22% -194.07% -167.71% -188.97%
% 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
ratio12.06 6.41 8.93 10.02 9.12
% change 88.12% -28.24% -10.90% 9.90% -32.35%
Source:10-K
1/29/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
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Rates of Return - Sequential Quarters(Thousands of U.S. Dollars)
Period Ended3 mos
12/31/2008
3 mos
9/30/2008
3 mos
6/30/2008
3 mos
3/31/2008
3 mos
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%
Source:10-K
1/29/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
Page 19 of 25CreditRiskMonitor Report for YRC Worldwide Inc.
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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'
equity$3,966,113 $4,159,552 $5,019,480 $5,011,025 $5,062,623
Supplemental Information:
Total common shares outstanding 59,334 59,253 57,284 57,092 56,712
Source:10-K
3/2/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
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Income Statement - Sequential Quarters - Standardized(Thousands of U.S. Dollars)
Period Ended3 mos
12/31/2008
3 mos
9/30/2008
3 mos
6/30/2008
3 mos
3/31/2008
3 mos
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-
operating3,317 n/a n/a n/a n/a
Interest expense/income, net non-
operating(17,586) (20,334) (18,104) (18,566) (24,241)
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,
supplemental$69,735 $67,808 $63,435 $63,313 $74,035
Source:10-K
1/29/2009
10-Q
11/10/2008
10-Q
8/6/2008
10-Q
5/8/2008
10-K
2/29/2008
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Payments
Trade Payment Summary By Month
Date
Reported
#
Total
Receivable
Current
Amount
Past
Due
1-30
Past
Due
31-60
Past
Due
61-90
Past
Due
90+
Other
Amount
Days
Beyond
Terms
4-2009 2 19,408 22,793 2,215 (5,600) 4.0
3-2009 57 764,635 638,805 285,790 (148,121) (11,672) (167) 5.0
2-2009 112 400,122 417,104 (35,597) 10,870 11,919 (4,174) 9.8
1-2009 123 1,028,387 786,256 172,906 25,363 50,440 (6,578) 25.8
12-2008 116 1,764,241 1,001,271 618,745 70,287 (6,128) 80,066 20.1
11-2008 131 2,576,520 1,905,523 549,067 28,696 8,464 84,770 13.8
10-2008 120 3,768,350 2,260,774 1,348,317 16,519 61,183 81,557 12.7
9-2008 116 3,552,990 3,015,196 393,436 57,819 4,828 81,711 8.8
8-2008 115 5,524,398 3,462,570 1,908,086 11,868 29,129 112,745 10.1
7-2008 120 4,208,717 3,574,380 477,159 36,741 (4,255) 124,692 8.1
6-2008 124 4,137,050 2,002,586 1,871,058 12,455 108,374 142,577 14.5
5-2008 122 4,819,358 3,251,489 1,299,563 15,710 105,462 147,134 11.3
4-2008 122 3,477,562 2,824,893 360,742 15,834 121,135 154,958 12.4
3-2008 119 6,302,700 3,540,118 1,803,872 490,960 292,008 175,742 15.9
2-2008 119 6,738,829 4,105,852 1,222,910 510,864 99,706 799,497 21.2
1-2008 128 6,368,153 3,906,377 1,367,008 82,357 54,219 958,192 21.7
12-2007 126 7,702,899 3,604,412 2,132,364 970,830 (39,352) 1,034,645 24.7
11-2007 180 8,074,915 4,816,563 1,961,229 (70,037) 324,000 1,043,160 20.7
10-2007 205 7,510,292 4,968,180 1,152,091 304,674 50,796 1,034,551 19.5
9-2007 186 3,598,907 1,776,477 1,173,604 225,997 85,514 337,315 19.3
8-2007 178 7,605,566 4,443,523 1,439,098 1,009,174 121,322 592,449 18.6
7-2007 190 4,330,010 2,450,819 1,368,818 151,955 94,058 264,360 15.0
6-2007 184 3,286,869 2,044,217 831,051 126,858 44,014 240,729 14.9
5-2007 185 3,130,637 1,767,322 808,668 134,195 246,520 173,932 18.2
4-2007 181 3,688,563 2,367,800 623,231 521,833 3,275 172,424 13.9
3-2007 180 3,985,847 2,181,589 1,530,196 24,610 749 248,703 12.7
2-2007 154 1,502,287 1,213,788 199,952 306 8,115 80,126 8.5
1-2007 161 1,350,180 1,027,252 185,147 15,477 27,183 95,121 11.8
12-2006 96 1,784,515 1,105,579 535,553 36,050 21,528 85,805 11.5
11-2006 90 2,091,300 1,315,282 600,011 45,888 61,020 69,099 11.0
10-2006 81 2,994,559 2,133,414 687,112 63,394 29,116 81,523 8.0
9-2006 75 2,952,925 2,107,747 633,579 52,300 25,930 133,369 9.4
8-2006 82 2,388,364 1,727,303 446,032 57,066 49,988 107,975 10.2
7-2006 97 2,639,904 2,216,787 200,042 82,241 46,174 94,660 7.7
6-2006 75 2,425,668 1,897,857 403,312 34,038 31,238 59,223 6.7
5-2006 81 2,558,778 2,023,277 414,101 65,046 17,278 39,076 5.7
4-2006 75 1,350,199 913,420 202,404 102,357 8,373 123,645 15.8
3-2006 77 982,944 641,857 196,871 16,514 7,734 119,968 17.2
2-2006 72 323,945 257,791 26,221 9,841 3,909 26,183 12.1
1-2006 72 577,227 263,946 36,973 222,617 28,310 25,381 26.6
12-2005 58 1,124,651 662,319 428,185 17,008 3,483 13,656 7.9
11-2005 60 435,294 378,569 16,861 26,371 2,624 10,869 6.4
10-2005 64 398,747 328,918 54,689 2,979 1,641 10,520 6.5
9-2005 70 720,521 561,241 146,138 1,517 (2,515) 14,140 5.4
8-2005 67 405,061 378,900 8,496 1,588 6,971 9,106 4.1
7-2005 88 293,154 228,049 41,078 10,753 1,319 11,955 8.3
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6-2005 20 58,765 44,120 14,267 478 (100) 3.9
5-2005 26 301,466 113,837 166,797 9,886 2,657 8,289 13.4
4-2005 23 389,197 78,409 140,830 160,386 594 8,978 26.5
3-2005 18 280,204 70,134 191,531 17,355 1,184 13.5
2-2005 23 427,276 93,020 111,354 214,864 (38) 8,076 28.5
1-2005 20 350,594 72,303 268,524 9,767 14.4
12-2004 19 195,199 101,567 91,901 1,576 235 (80) 7.5
11-2004 19 261,294 150,447 99,035 776 7,180 3,856 9.5
10-2004 27 490,212 175,416 292,280 14,607 (446) 8,355 12.1
9-2004 23 566,373 314,445 111,832 122,817 17,279 15.9
8-2004 17 579,368 392,076 50,921 124,240 589 11,542 13.1
7-2004 16 115,750 81,708 22,053 365 5,770 5,854 12.0
6-2004 13 183,394 1,540 47,849 5,770 124,757 3,478 58.4
5-2004 13 189,224 33,996 26,201 124,760 366 3,901 34.0
4-2004 23 401,947 132,650 218,757 40,868 1,854 7,818 15.1
3-2004 29 286,265 203,877 50,849 17,233 543 13,763 10.6
2-2004 27 386,492 300,082 43,087 16,262 16,124 10,937 9.7
1-2004 27 323,710 61,411 238,173 18,667 2,349 3,110 15.3
12-2003 22 195,176 165,945 12,191 15,132 1,504 404 5.3
11-2003 25 337,232 237,743 74,776 6,947 4,115 13,651 9.5
10-2003 26 90,248 73,313 14,435 185 447 1,868 5.3
9-2003 24 254,277 237,054 2,987 11,571 665 2,000 3.3
8-2003 22 117,511 63,397 24,355 23,036 6,699 24 16.3
7-2003 21 219,964 195,194 17,588 7,562 (315) (65) 2.9
6-2003 21 128,081 111,041 16,480 701 (141) 2.5
5-2003 19 81,305 60,190 14,404 4,339 446 1,926 8.2
4-2003 19 159,216 76,187 71,230 3,434 5,788 2,577 12.1
3-2003 18 283,503 218,587 45,963 15,385 1,311 2,257 6.1
2-2003 14 63,423 49,984 12,235 1,028 176 3.9
1-2003 12 170,086 66,610 40,834 54,397 8,245 21.6
12-2002 10 103,883 55,804 40,035 8,044 9.3
11-2002 19 345,279 280,612 63,010 5,276 (3,619) 4.3
10-2002 15 140,229 97,624 34,748 7,275 298 284 6.4
9-2002 7 23,550 10,393 11,057 1,816 284 11.4
8-2002 15 240,112 187,157 49,957 2,597 401 3.8
7-2002 14 253,455 48,872 203,244 1,339 12.3
6-2002 9 47,010 35,491 11,519 3.7
5-2002 8 37,709 21,912 14,656 (936) 2,386 (309) 11.6
4-2002 3 4,248 2,117 2,131 30.0
3-2002 3 4,748 4,748 15.0
1-2002 1 0.0
12-2001 1 0.0
11-2001 1 5,264 5,264 0.0
10-2001 2 3,200 3,200 0.0
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Peer Analysis
[Sector: Transportation] [Industry: Trucking] [Calendar Quarter: 2008.4]
Businesses in Peer Group: 228
Ranking
Within
Peer
Group
Number
Of
Peers
Ranked
Company
Value
Peer Group Range
Low Median High
Credit Ratings:
ZScore -- Current Quarter 63 64 (2.60) (23.97) 2.91 32.01
Performance ratios:
Net Sales (Thousands of U.S. Dollars) 1 24 1,928,823.00 37,932.00 142,493.50 1,928,823.00
Gross margin % of Sales -- Current
Quarter
93 98 0.82 (453.66) 14.34 90.98
Gross margin % of Sales -- TTM 51 61 7.05 (3.80) 19.14 88.87
SG&A % of Sales -- Current Quarter N/A 97 N/A 0.38 9.07 412.20
SG&A % of Sales -- TTM N/A 60 N/A 0.86 11.44 91.68
Operating Margin % of Sales --
Current Quarter
96 103 (17.38) (349.16) 3.57 80.14
Operating Margin % of Sales -- TTM 62 66 (12.01) (54.24) 4.99 52.59
EBITDA Margin % of Sales -- Current
Quarter
97 101 (13.75) (339.99) 6.07 282.93
EBITDA Margin % of Sales -- TTM 60 63 (9.00) (47.19) 7.83 130.85
Net Profit Margin % of Sales --
Current Quarter
96 103 (12.67) (367.08) 1.96 207.32
Net Profit Margin % of Sales -- TTM 62 66 (10.90) (49.60) 2.77 156.01
Pre-tax Income % of Sales -- Current
Quarter
97 103 (18.28) (414.19) 3.39 224.39
Effective Tax Rate 36 101 30.67 (171.16) 37.33 277.97
Depreciation % Of
Prop/Plant/Equipment
67 96 12.58 1.73 7.50 103.85
CapitalExpense % Of
Prop/Plant/Equipment
50 92 10.44 0.04 8.18 80.21
Interest Coverage -- Current Quarter 88 89 (12.69) (40.00) 11.96 989.28
Interest Coverage -- TTM 52 53 (10.33) (46.00) 8.34 3,380.34
Liquidity ratios:
Cash Ratio 55 99 0.19 0.00 0.22 20.09
Quick Ratio 73 95 0.66 0.24 0.98 21.07
Current Ratio 79 102 0.83 0.27 1.23 21.19
Efficiency ratios:
Accounts Receivable Turnover 26 96 7.99 0.01 6.13 40.51
Days Sales Outstanding 26 96 45.71 9.01 59.54 25,552.23
% Inventory Financed by vendors --
Current Quarter
N/A 65 N/A 21.17 1,738.86 85,702.35
% Inventory Financed by vendors --
TTM
19 42 1,350.82 73.29 1,126.24 29,031.37
Inventory Turnover (annualized) --
Current Quarter
19 70 309.57 0.32 146.07 3,084.53
Inventory Turnover -- TTM 11 43 309.11 0.66 130.62 1,427.05
Days Sales in Inventory 19 70 1.18 0.12 2.50 1,124.95
Inventory to Working Capital 54 71 (0.08) (7.95) 0.47 4.04
Accounts Payable Turnover
(annualized) -- Current Quarter
N/A 87 N/A 0.44 8.35 44.68
Accounts Payable Turnover -- TTM N/A 51 N/A 0.66 9.80 359.30
Leverage & debt coverage:
Total Debt to Equity Ratio 90 93 2.87 0.00 0.59 11.69
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Debt to Tangible Equity Ratio 88 91 4.70 (0.87) 0.64 11.83
Total Debt to Assets Ratio 65 94 0.34 0.00 0.25 0.74
Short-Term Debt % of Total Debt 39 91 42.13 1.10 49.89 100.00
Short-Term Debt % of Working
Capital
71 91 (195.58) (8,171.05) 246.45 6,478.15
Liabilities to Net Worth Ratio 96 99 12.06 (1.48) 1.27 30.22
Total Liabilities to Equity Ratio 99 101 7.36 0.04 1.14 15.19
TTM = trailing 12 months
N/A = Not Available Green - Ranked in Upper Quartile of Peer Group
White - Ranked in the Middle Two Quartiles of Peer Group
Red - Ranked in Lower Quartile of Peer Group
Grey - Data is Not Available
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