Adjusted EBITDA improved 74%, while reported EBITDA increased 61% y/y and beat Cons. by 17%. YRCW reported its best consolidated OR since 3Q:06 and its highest EBITDA since 2Q:08. Liquidity also increased to its highest level 1.5 years and YRCW’s leverage ratio fell to 3.3x EBITDA from 5.4x a year ago.