Sorry I missed you R, I would have gladly met you at the Grand Old House for lunch and cracked a couple bottles of Dom.
http://www.grandoldhouse.com/mobile/
Yellow | Local 707
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Sorry I missed you R, I would have gladly met you at the Grand Old House for lunch and cracked a couple bottles of Dom.
http://www.grandoldhouse.com/mobile/
bigtruk_us
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I think exploring combining these funds would be useful.Using the western States fund model (proven model).Put the info up to all the members and entities involved.Giving the pros and cons of doing or not doing this.Then possibly giving all the members a vote on whether to combine or not.Sounds sensible to me.Obviously we aren't going anywhere begging the government and the politicians.They really don't give a rats a%$ about the eminent insolvancy.Do something now or go broke later
Canadian Flyer
They Call Me CF, Eh
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Once again, brand new equipment isn't cheap. Even stripped down and with fleet purchase discounts each new tractor costs about $90000. And each new trailer costs about $50000, with congears being another $5000 each.
New computer equipment costs hundreds of thousands of dollars too. And do you think diesel grows on trees? How about insurance? Damages from improperly loaded freight? Fleet maintenance?
The operating cost for a company the size of YRCW is MASSIVE! We're talking billions of dollars a year! Everyone at the top of the food chain could volunteer to work for free and the savings would be A DROP IN THE BUCKET every year!
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damages from improperly loaded freight??? I am not aware yrc has that issue....
Quite simply, our -15% agreement ( if you want to call it that) was supposed to be used to pay down the debt, period. It was not supposed to be used as a subsidy for all the expenditures you've listed. That's supposed to come from profit. And certainly there was some profit,because there certainly was some bonuses.
Snark Monkey
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Its high and tight, so what's the problem?
I guess I would just like to meet the person who loaded it so I could shake his hand... that took some talent to load that one....
that's just wages per year for approximately 25,000 teamsters, let's not forget 75% of our pension contributions!
so they've spent over 4 billion dollars on new equipment?
The skid is suppose to be on the bottom not the top......................Geez even us dumb mechanics know that much
Canadian Flyer
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Not just new equipment. Damages from improperly loaded freight. Insurance. Fuel.
Running a company the size of YRCW is very, very expensive. How much diesel do you think 10000 trucks use in a single year?
Not much diesel at 63mph,and they should have thought about the expense when they decided to form yrc,it shouldn't be put on the backs of the employees, because some highly educated people with no common sense made a bad business decision, and many of them to boot,but I do agree with your post it is expensive, that should have been thought about before hand,
Canadian Flyer
They Call Me CF, Eh
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The average tractor trailer is lucky to achieve 8mpg. The companies that make up YRCW were invented before diesel was $4/gallon. And how the diesel is paid for is based upon the revenue they produce.
Everything YRCW does is on the backs of the employees. It's how they make money at all. Understand that I'm not advocating in YRC's defense here, as I believe you all deserve your money back. I'm just explaining that YRC can't afford to do anything at all unless it's on the backs of workers. And let me tell you, the rate war is a real thing.
Just understand that your money isn't disappearing. It IS helping, in a number of ways. That doesn't mean you should have to give it up. But if you don't, the money has to come from somewhere else. If you have an idea of where that kind of money can be had, by all means share it.
As I've said, the executives could work for free and it wouldn't be 15% of your 15%.
the concessions were to help pay down the debt, that's it, not to pay for their day to day business expenses.
Believe anything you want if it makes you feel good, but the concessions were required by the investment banks before they would refinance the debt and keep YRC in business. And in addition, the concessions aren't "real" money in a pile somewhere. They just represent a lower labor expense for YRC.
Chicken-egg conundrum. Concessions were needed to remain in business. Remaining in business permits the slow repayment of the debt. Your simple thoughts reveal your serious lack of understanding of business.
Full year Operating ratio (2016) 100.0 (2015) 102.9 In the event you are unfamiliar what an O/R is. It means that anything below 100 means profit, anything above 100 means loss. Therefore an O/R of 98 means for every dollar of revenue generated we earned 2 cents. And in the case of the 2015 O/R above we lost 2.9 cents. Read the earnings report.
http://investors.yrcw.com/releasedetail.cfm?ReleaseID=1010597
This is spot on. And is what is fundamentally wrong with all the moaning and groaning about the concessions. If you wanted to be paid like senior management, you should have gone to college and got an MBA.
D
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Riddle me this...how long does it take to cycle that dollar?
Agree but that's no reason that those managing the least money making company should be paid what they are when compared to their peers. Besides, they're all overpaid IMO...and I have plenty of company on that.
Riddle me this...how long does it take to cycle that dollar?
It took 252.5 work days to gross $2,958,900,000.
YRC Freight 2016 2015 Percent
Change(b)
Workdays 252.5 251.5
Operating revenue (in millions) $ 2,958.9 $ 3,055.7 (3.2 )%
Operating income (in millions) $ 53.2 $ 18.0 NM (a)
Operating ratio 98.2 99.4 1.2 pp
Total tonnage per day (in thousands) 24.64 25.43 (3.1 )%
Total shipments per day (in thousands) 41.06 42.35 (3.0 )%
Total picked up revenue per hundredweight incl FSC $ 23.49 $ 23.71 (0.9 )%
Total picked up revenue per hundredweight excl FSC $ 21.30 $ 21.01 1.3 %
Total picked up revenue per shipment incl FSC $ 282 $ 285 (1.0 )%
Total picked up revenue per shipment excl FSC $ 256 $ 252 1.3 %
Total weight/shipment (in pounds) 1,200 1,201 (0.1 )%
As far as earning opportunities for employees my point is that ABF as well as nearly every other LTL carrier is hiring. So there are opportunities to improve ones earnings potential, even if you should opt to remain in this industry.
And yes, senior management as a whole, especially in America ARE quite overpaid. I've expressed that opinion numerous times before.
It took 252.5 work days to gross $2,958,900,000.
YRC Freight 2016 2015 Percent
Change(b)
Workdays 252.5 251.5
Operating revenue (in millions) $ 2,958.9 $ 3,055.7 (3.2 )%
Operating income (in millions) $ 53.2 $ 18.0 NM (a)
Operating ratio 98.2 99.4 1.2 pp
Total tonnage per day (in thousands) 24.64 25.43 (3.1 )%
Total shipments per day (in thousands) 41.06 42.35 (3.0 )%
Total picked up revenue per hundredweight incl FSC $ 23.49 $ 23.71 (0.9 )%
Total picked up revenue per hundredweight excl FSC $ 21.30 $ 21.01 1.3 %
Total picked up revenue per shipment incl FSC $ 282 $ 285 (1.0 )%
Total picked up revenue per shipment excl FSC $ 256 $ 252 1.3 %
Total weight/shipment (in pounds) 1,200 1,201 (0.1 )%
As far as earning opportunities for employees my point is that ABF as well as nearly every other LTL carrier is hiring. So there are opportunities to improve ones earnings potential, even if you should opt to remain in this industry.
And yes, senior management as a whole, especially in America ARE quite overpaid. I've expressed that opinion numerous times before.
Canadian Flyer
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I'm not saying they're not overpaid, because they are. I'm saying don't call for a pay cut from them expecting it to help save money, because it won't.
YRC is making headway, whether everyone wants to admit it or not. For a company so far in debt it's nearly drowned itself, the fact that they remain in business (defying everyone's expectations) is nothing short of a miracle of Herculean proportions. But with a debt load of just under a billion dollars, they have a long way to go.
Anyone under the illusion that the 15% was expressly to pay down the debt is believing what they want to believe. The concessions were to keep the company operating.
Albag has shown everyone here the information detailing YRC's financial condition. Those who choose not to read it because it looks complicated need to at least recognize that YRC is a Titanic company in size and scope. If you can't understand what Albag posted, you don't have it in you to understand that scope.
Any owner/operator will tell you that running just one truck is difficult, expensive and requires careful financial management. YRC has thousands of them divided between five companies scattered across two countries. Plus tens of thousands of trailers, hundreds of facilities and thousands of employees.
You want to watch a hundred million dollars disappear? Run a trucking company.