Continues to Deliver Strong Returns in Weak
Freight Environment; Raises Full-Year Guidance
Third-Quarter 2023 Highlights
- GAAP EPS from continuing operations of $3.44 compared to $4.82
in prior year
- Comparable EPS (non-GAAP) from continuing operations of $3.58,
as compared to a record $4.45 in prior year, reflecting weaker
market conditions in used vehicle sales and rental, partially
offset by strong Supply Chain Solutions (SCS) results
- Total revenue of $2.9 billion compared to $3.0 billion in prior
year
- Operating revenue (non-GAAP) of $2.4 billion, up 1%, reflecting
contractual revenue growth across all segments, partially offset by
lower commercial rental revenue in Fleet Management Solutions
(FMS)
Full-Year 2023 Forecast
- Increasing comparable EPS (non-GAAP) forecast to $12.60 -
$12.85 from prior forecast of $12.20 - $12.70
- Increasing adjusted ROE (ROE) forecast to 18% - 19% from 17% -
19%
- Reaffirming operating revenue (non-GAAP) growth forecast of
2%
- Reaffirming net cash provided by operating activities from
continuing operations forecast of $2.5 billion and free cash flow
(non-GAAP) forecast of ~$100 million
Ryder System, Inc. (NYSE: R), a leader in supply chain,
dedicated transportation, and fleet management solutions, reported
results for the three months ended September 30 as follows:
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(In millions, except EPS)
Earnings Before
Taxes
Earnings
Diluted Earnings
Per Share
2023
2022
2023
2022
2023
2022
Continuing operations (GAAP)
$
213
334
$
160
247
$
3.44
4.82
Comparable (non-GAAP)
$
227
309
$
165
227
$
3.58
4.45
Total and operating revenue for the three months ended September
30 were as follows:
(In millions)
Total Revenue
Operating Revenue
(non-GAAP)
2023
2022
Change
2023
2022
Change
Total
$
2,924
3,035
(4)%
$
2,379
2,347
1%
Fleet Management Solutions (FMS)
$
1,487
1,582
(6)%
$
1,266
1,303
(3)%
Supply Chain Solutions (SCS)
$
1,194
1,206
(1)%
$
909
835
9%
Dedicated Transportation Solutions
(DTS)
$
448
455
(1)%
$
325
317
3%
CEO Comment
"Our strong third quarter performance and increased 2023
guidance demonstrate the ongoing effectiveness of our balanced
growth strategy despite a challenging freight environment,” says
Ryder Chairman and CEO Robert Sanchez. “ROE of 21% remained above
our high-teens target and all three business segments achieved
their pre-tax earnings targets during the quarter.
"The transformative changes we’ve made to de-risk the business
model, enhance returns, and drive profitable growth are
contributing to our significant outperformance versus prior cycles
and are providing us with additional opportunities to increase
shareholder value. Our recently announced agreement to acquire
Impact Fulfillment Services supports our strategy to accelerate
growth in our supply chain business. The transaction is set to add
contract packaging and manufacturing capabilities that complement
our existing suite of port-to-door logistics services, allowing us
to expand with existing customers while adding new brands to our
extensive customer base.
"Our enhanced asset management playbook is also leading to
improved returns over the cycle. We reduced our tractor rental
fleet by 18% year over year to align with lower market demand by
redeploying vehicles into longer-term lease, dedicated, and supply
chain applications. In addition, our expanded retail sales capacity
has allowed us to sell a higher number of used vehicles through the
retail channel and maximize proceeds.
"The stronger earnings profile of the business and our
disciplined capital allocation provide ample capacity for organic
growth, strategic acquisitions, and returning capital to
shareholders through share repurchases and dividends. Our board
recently authorized new discretionary and anti-dilutive share
repurchase programs, as well as payment of our 189th consecutive
quarterly dividend, demonstrating that returning capital to
shareholders continues to be a key priority for us.
"We remain confident that our transformed business model is set
to deliver a stronger, more resilient return profile while
remaining well positioned to benefit from a cycle upturn."
Third Quarter 2023 Segment Review
Fleet Management Solutions: Strong Earnings Despite Weaker
Used Vehicle Sales and Rental Market Conditions
(In millions)
3Q23
3Q22
Change
Total Revenue
$
1,487
1,582
(6)%
Operating Revenue (1)
$
1,266
1,303
(3)%
Earnings Before Tax (EBT)
$
169
266
(36)%
EBT as a % of total revenue
11.4%
16.8%
(540) bps
EBT as a % of operating revenue (1)
13.4%
20.4%
(700) bps
Trailing 12-months EBT as % of total and
operating revenue
3Q23
3Q22
Change
EBT as a % of total revenue
13.0%
17.0%
(400) bps
EBT as a % of operating revenue (1)
15.4%
20.4%
(500) bps
(1) Non-GAAP financial measure excluding
fuel service revenue.
- FMS total revenue and operating revenue decreased 6% and
3%, respectively
- Total revenue reflects lower fuel revenue passed through to
customers and lower operating revenue
- Operating revenue reflects lower rental demand and 2% negative
impact from UK exit, partially offset by higher ChoiceLease and
SelectCare revenue
- FMS EBT decreased to $169 million
- Reflects lower used vehicle sales and rental results
- Lower used vehicle gains due to a 30% and 31% decrease in used
truck and tractor pricing, respectively, partially offset by higher
volumes; sequentially from second quarter of 2023, used truck and
tractor pricing decreased 6% and 8%, respectively
- Rental power-fleet utilization was 75%, down from a record
level of 83% in prior year on a 7% smaller average power fleet
- FMS EBT as a percentage of FMS operating revenue is at
the high end of the company's long-term target of low double digits
for the third quarter and above the target for the trailing
12-month period
Supply Chain Solutions: Higher Earnings Primarily Reflect
Operating Revenue Growth
(In millions)
3Q23
3Q22
Change
Total Revenue
$
1,194
1,206
(1)%
Operating Revenue (1)
$
909
835
9%
Earnings Before Tax (EBT)
$
81
71
14%
EBT as a % of total revenue
6.8%
5.9%
90 bps
EBT as a % of operating revenue (1)
9.0%
8.6%
40 bps
Trailing 12-month EBT as % of total and
operating revenue
3Q23
3Q22
Change
EBT as a % of total revenue
4.5%
4.6%
(10) bps
EBT as a % of operating revenue (1)
6.1%
6.7%
(60) bps
(1) Non-GAAP financial measure excluding
fuel and subcontracted transportation.
- SCS total revenue decreased 1% and operating
revenue grew 9%
- Decrease in total revenue primarily reflects lower
subcontracted transportation passed through to customers, partially
offset by higher operating revenue
- Increase in operating revenue primarily driven by new business
and increased pricing
- SCS EBT grew 14%
- Increase primarily due to higher operating revenue and lower
incentive-based compensation costs, partially offset by lower
volumes in the omnichannel retail vertical
- SCS EBT as a percentage of SCS operating revenue is
within the company's long-term target of high single digits for the
third quarter but below target for the trailing 12-month
period
Dedicated Transportation Solutions: Strong Earnings Results
Despite Weak Freight Environment
(In millions)
3Q23
3Q22
Change
Total Revenue
$
448
455
(1)%
Operating Revenue (1)
$
325
317
3%
Earnings Before Tax (EBT)
$
28
28
(2)%
EBT as a % of total revenue
6.2%
6.2%
— bps
EBT as a % of operating revenue (1)
8.5%
8.9%
(40) bps
Trailing 12-months EBT as % of total and
operating revenue
3Q23
3Q22
Change
EBT as a % of total revenue
6.7%
4.9%
180 bps
EBT as a % of operating revenue (1)
9.4%
6.9%
250 bps
(1) Non-GAAP financial measure excluding
fuel and subcontracted transportation.
- DTS total revenue decreased 1% and operating
revenue grew 3%
- Total revenue reflects lower fuel revenue passed through to
customers, largely offset by higher operating revenue
- Operating revenue increased primarily due to inflationary cost
recovery
- DTS EBT is generally in line with prior year
- DTS EBT as a percentage of DTS operating revenue is
within the company's long-term target of high single digits for the
third quarter and at the high end for the trailing 12-month
period
Corporate Financial Information
Unallocated Central Support Services (CSS)
Unallocated CSS costs declined to $20 million from $21 million
in the prior year, primarily due to lower professional fees.
Capital Expenditures, Cash Flow, and Leverage
Year-to-date capital expenditures increased to $2.6 billion in
2023, compared to $2.0 billion in 2022, reflecting higher
investments in the lease fleet and accelerated timing of OEM
deliveries, partially offset by lower investments in commercial
rental.
Year-to-date net cash provided by operating activities from
continuing operations was $1.8 billion, consistent with the prior
year, as lower working capital needs were offset by reduced
earnings. Free cash flow (non-GAAP) of $32 million, compared to
$887 million in 2022, primarily reflects an increase in capital
expenditures and prior-year proceeds of approximately $300 million
from the FMS UK exit.
Debt-to-equity as of September 30, 2023 was 214%, compared to
216% at year-end 2022, and remains below the company's long-term
target of 250% to 300%.
Share Repurchase Programs
In October, the Board of Directors authorized two new share
repurchase programs. Under a new discretionary repurchase program,
Ryder management is authorized to repurchase up to 2.0 million
shares of common stock at its discretion. Under a new anti-dilutive
repurchase program, Ryder management is authorized to repurchase up
to 2.0 million shares of common stock issued to employees under the
company’s employee stock plans since August 31, 2023. Both programs
commenced October 12, 2023 and expire October 12, 2025. Our
previously authorized discretionary repurchase program was
completed in September, and our anti-dilutive repurchase program
expired in October.
Outlook
"Our business model transformation is enabling us to achieve our
earnings and return targets throughout the cycle," says Ryder Chief
Financial Officer John Diez. "Despite weakening freight conditions
and used vehicle pricing that peaked over a year ago, we have
demonstrated the ability to deliver strong results in a difficult
environment. We remain confident that the continued execution of
our balanced growth strategy will drive long-term value creation
and shareholder returns."
Full
Year 2023
Total Revenue Growth
~(2%)
Operating Revenue Growth (non-GAAP)
~2%
FY23 GAAP EPS (includes ~$3.96 cumulative
currency translation charge for FMS UK exit)
$8.44 - $8.69
FY23 Comparable EPS (non-GAAP)
$12.60 - $12.85
Adjusted ROE (1)
18% - 19%
Net Cash from Operating Activities from
Continuing Operations
~$2.5B
Free Cash Flow (non-GAAP)
~$100M
Capital Expenditures
~$3.2B
Debt-to-Equity
~220%
Fourth
Quarter 2023
4Q23 GAAP EPS
$2.45 - $2.70
4Q23 Comparable EPS (non-GAAP)
$2.60 - $2.85
————————————
(1) The non-GAAP elements of this calculation have been reconciled
to the corresponding GAAP measures. A numerical reconciliation of
net earnings to adjusted net earnings and average shareholders'
equity to adjusted average equity is provided in the Appendix -
Non-GAAP Financial Measures Reconciliations at the end of this
release.
Supplemental Company Information
Third Quarter Net Earnings
(In millions, except EPS)
Earnings
Diluted EPS
2023
2022
2023
2022
Earnings from continuing operations
$
160
247
$
3.44
4.82
Discontinued operations
1
(1
)
0.03
(0.01
)
Net earnings
$
161
246
$
3.47
4.82
Year-to-Date Operating Results
Nine months ended September
30,
(In millions, except EPS)
2023
2022
Change
Total revenue
$
8,760
8,923
(2)%
Operating revenue (non-GAAP)
$
7,051
6,870
3%
Earnings from continuing operations
$
282
663
(57)%
Comparable earnings from continuing
operations (non-GAAP)
$
468
641
(27)%
Net earnings
$
282
661
(57)%
Earnings per common share (EPS) -
Diluted
Continuing operations
$
6.01
12.86
(53)%
Comparable (non-GAAP)
$
10.00
12.44
(20)%
Net earnings
$
6.02
12.82
(53)%
Business Description
Ryder System, Inc. is a leading supply chain, dedicated
transportation, and fleet management solutions company. Ryder's
stock (NYSE: R) is a component of the Dow Jones Transportation
Average and the S&P MidCap 400® index. The company's financial
performance is reported in the following three, inter-related
business segments:
- Supply Chain Solutions – Ryder's SCS business segment
optimizes logistics networks to make them more responsive and able
to be leveraged as a competitive advantage. Globally-recognized
brands in the automotive, consumer goods, food and beverage,
healthcare, industrial, oil and gas, technology, and retail
industries rely on Ryder's leading-edge technologies and
world-class logistics engineers to help them deliver the goods that
consumers use every day.
- Dedicated Transportation Solutions – Ryder's DTS
business segment combines the best of Ryder's leasing and
maintenance capabilities with the safest and most professional
drivers in the industry. With a dedicated transportation solution,
Ryder helps customers increase their competitive position, reduce
risk, and integrate their transportation needs with their overall
supply chain.
- Fleet Management Solutions – Ryder's FMS business
segment provides a broad range of services to help businesses of
all sizes, across virtually every industry, deliver for their
customers. From leasing, maintenance, and fueling, to rental and
used vehicle sales, customers rely on Ryder's expertise to help
them lower their costs, redirect capital to other parts of their
business, and focus on what they do best – so they can grow.
For more information on Ryder System, Inc., visit
investors.ryder.com and ryder.com.
Note: Regarding Forward-Looking Statements
Certain statements and information included in this news release
are “forward-looking statements” under the Federal Private
Securities Litigation Reform Act of 1995, including: our forecast;
our expectations regarding market trends and economic environment,
such as decreasing rental demand, challenging freight environment,
weakening used vehicle sales, and declining volumes in our
omnichannel retail vertical; our expectations regarding total and
operating revenue, earnings per share, comparable earnings per
share, adjusted ROE, earnings before income tax, net cash from
operating activities from continuing operations, debt-to-equity,
capital expenditures, operating cash flow, and free cash flow; our
ability to execute our balanced growth strategy; anticipated impact
of inflationary pressures; our expectations with respect to
ChoiceLease and SelectCare growth; our expectations regarding
commercial rental demand and utilization and used vehicle sales
volume and pricing; our expectations regarding long-term profitable
growth; our expectations with respect to the timing of OEM
deliveries; our expectations with respect to our actions to
increase returns and long-term value creation; our ability to
outperform prior cycles; and our ability to support organic growth,
make strategic investments and acquisitions, including the timing
and completion of our anticipated acquisition of Impact Fulfillment
Services, and return capital to shareholders, including through
share repurchases and dividends. Our forward-looking statements
also include our estimates of the impact of residual value
estimates on earnings and depreciation expense. The expected impact
of residual value estimates is based on our current assessment of
the residual values and useful lives of revenue-earning equipment
based on multi-year trends and our outlook for the expected near-
and long-term used vehicle market. A variety of factors, many of
which are outside of our control, could cause residual value
estimates to differ from actual used vehicle sales pricing, such as
changes in supply and demand of used vehicles; volatility in market
conditions; changes in vehicle technology; competitor pricing;
regulatory requirements; driver shortages; customer requirements
and preferences; and changes in underlying assumption factors.
All of our forward-looking statements should be evaluated by
considering the many risks and uncertainties inherent in our
business that could cause actual results and events to differ
materially from those in the forward-looking statements. Important
factors that could cause such differences include: changes in
general economic and financial conditions in the U.S. and
worldwide; ongoing supply chain and labor challenges and vehicle
production constraints; the effect of geopolitical events; our
ability to adapt to changing market conditions, including lower
than expected contractual sales, decreases in commercial rental
demand or utilization, poor acceptance of rental pricing, declining
market demand for or excess supply of used vehicles impacting
current or estimated pricing, and our anticipated proportion of
retail versus wholesale sales; declining customer demand for our
services; higher than expected maintenance costs; lower than
expected benefits from our cost-savings initiatives; our ability to
effectively and efficiently integrate acquisitions into our
business; lower than expected benefits from our sales, marketing,
and new product initiatives; setbacks in the economic market or in
our ability to retain profitable customer accounts; impact of
changing laws and regulations; difficulty in obtaining adequate
profit margins for our services; inability to maintain current
pricing levels due to, for example, economic conditions, business
interruptions, expenditures, labor disputes such as the United Auto
Workers strike, and severe weather or other natural occurrences;
competition from other service providers; changes in technology and
new entrants; professional driver and technician shortages
resulting in higher procurement costs and turnover rates; impact of
supply chain disruptions; higher than expected bad debt reserves or
write-offs; decrease in credit ratings; increased debt costs;
adequacy of accounting estimates; our ability to effectively and
efficiently integrate acquisitions into our business; higher than
expected reserves and accruals particularly with respect to
pension, taxes, insurance, and revenue; impact of changes in our
residual value estimates and accounting policies; unanticipated
changes in fuel and alternative energy prices; unanticipated
currency exchange rate fluctuations; increases in inflation or
interest rates; our ability to manage our cost structure; and the
risks described in our filings with the Securities and Exchange
Commission (SEC). The risks included here are not exhaustive. New
risks emerge from time to time, and it is not possible for
management to predict all such risk factors or to assess the impact
of such risks on our business. Accordingly, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Note: Regarding Non-GAAP Financial Measures
This news release includes certain non-GAAP financial measures
as defined under SEC rules. Refer to Appendix - Non-GAAP Financial
Measure Reconciliations at the end of the tables following this
press release for reconciliations of the most important comparable
GAAP measure to the non-GAAP financial measure and the reasons why
management believes this measure is important to investors.
Additional information regarding non-GAAP financial measures as
required by Regulation G and Item 10(e) of Regulation S-K can be
found in our most recent Form 10-K, Form 10-Q, and our Form 8-K
filed as of the date of this release with the SEC, which are
available at http://investors.ryder.com.
CONFERENCE CALL AND WEBCAST INFORMATION
Ryder’s earnings conference call and webcast is scheduled for
October 25, 2023 at 11:00 a.m. ET. To join, click here.
LIVE AUDIO VIA PHONE
Toll Free Number: 888-204-4368 USA Toll Number: 323-994-2093
Audio Passcode: Ryder Conference Leader: Calene Candela
WEBCAST REPLAY
An audio replay including the slide presentation will be
available within four hours following the call. Click here then
select Financials/Quarterly Results and the date.
ryder-financial
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS - UNAUDITED
(In millions, except per share
amounts)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
Lease & related maintenance and rental
revenues
$
986
1,044
$
2,941
3,119
Services revenue
1,799
1,811
5,399
5,258
Fuel services revenue
139
180
420
546
Total revenues
2,924
3,035
8,760
8,923
Cost of lease & related maintenance
and rental
666
691
2,001
2,078
Cost of services
1,524
1,550
4,638
4,523
Cost of fuel services
137
176
412
530
Selling, general and administrative
expenses
347
350
1,053
1,053
Non-operating pension costs, net
10
3
30
8
Used vehicle sales, net
(47
)
(113
)
(174
)
(356
)
Interest expense
75
57
212
165
Miscellaneous income, net
(5
)
(9
)
(36
)
(23
)
Currency translation adjustment loss
—
—
188
—
Restructuring and other items, net
4
(4
)
(22
)
21
2,711
2,701
8,302
7,999
Earnings from continuing operations before
income taxes
213
334
458
924
Provision for income taxes
53
87
176
261
Earnings from continuing operations
160
247
282
663
Earnings (loss) from discontinued
operations, net of tax
1
(1
)
—
(2
)
Net earnings
$
161
246
$
282
661
Earnings (loss) per common share —
Diluted
Continuing operations
$
3.44
4.82
$
6.01
12.86
Discontinued operations
0.03
(0.01
)
0.01
(0.03
)
Net earnings
$
3.47
4.82
$
6.02
12.82
Weighted average common shares outstanding
— Diluted
46.3
51.1
46.9
51.3
Diluted EPS from continuing operations
$
3.44
4.82
$
6.01
12.86
Non-operating pension costs, net
0.17
0.03
0.51
0.10
FMS U.K. exit
0.09
(0.53
)
(0.68
)
(1.13
)
Currency translation adjustment loss
—
—
3.91
—
Other, net
—
(0.01
)
(0.02
)
0.06
Tax adjustments, net
(0.12
)
0.14
0.27
0.55
Comparable EPS from continuing operations
(1)
$
3.58
4.45
$
10.00
12.44
(1) Non-GAAP financial measure. A
reconciliation of GAAP EPS from continuing operations to comparable
EPS from continuing operations is set forth in this table.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS - UNAUDITED
(In millions)
September 30,
2023
December 31, 2022
Assets:
Cash and cash equivalents
$
159
267
Other current assets
1,953
1,933
Revenue earning equipment, net
8,875
8,190
Operating property and equipment, net
1,164
1,148
Other assets
3,179
2,857
$
15,330
14,395
Liabilities and shareholders' equity:
Current liabilities
$
2,099
1,967
Total debt (including current portion)
6,621
6,352
Other non-current liabilities (including
deferred income taxes)
3,513
3,139
Shareholders' equity
3,097
2,937
$
15,330
14,395
SELECTED KEY RATIOS AND
METRICS
September 30,
2023
December 31, 2022
Debt to equity
214%
216%
Three months ended September
30,
Nine months ended September
30,
(In millions)
2023
2022
2023
2022
Comparable EBITDA (1)
$
680
696
$
1,982
2,031
Effective interest rate
4.6
%
3.6
%
4.4
%
3.4
%
Nine months ended September
30,
(In millions)
2023
2022
Net cash provided by operating activities
from continuing operations
$
1,842
1,786
Free cash flow (1)
32
887
Capital expenditures paid
2,457
1,917
Gross capital expenditures
2,582
2,033
Twelve months ended September
30,
2023
2022
Adjusted ROE (2)
21%
30%
————————————
(1) Non-GAAP financial measure. See
reconciliation of the non-GAAP elements of this calculation
reconciled to the corresponding GAAP measures included in the
Appendix - Non-GAAP Financial Measures section at the end of this
release.
(2) The non-GAAP elements of the
calculation have been reconciled to the corresponding GAAP
measures. A numerical reconciliation of net earnings to adjusted
net earnings and average shareholders' equity to adjusted average
equity is provided in the Appendix - Non-GAAP Financial Measures
section at the end of this release.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND
EARNINGS - UNAUDITED
Three months ended September
30,
Nine months ended September
30,
(In millions)
2023
2022
Change
2023
2022
Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease
$
799
772
3%
$
2,356
2,299
2%
Commercial rental
293
349
(16)%
898
991
(9)%
SelectCare and other
174
159
9%
528
460
15%
FMS Europe
—
23
(100)%
—
142
(100)%
Fuel services revenue
221
279
(21)%
667
840
(21)%
Fleet Management Solutions
1,487
1,582
(6)%
4,449
4,732
(6)%
Supply Chain Solutions
1,194
1,206
(1)%
3,574
3,469
3%
Dedicated Transportation Solutions
448
455
(2)%
1,342
1,330
1%
Eliminations
(205
)
(208
)
1%
(605
)
(608
)
—%
Total revenue
$
2,924
3,035
(4)%
$
8,760
8,923
(2)%
Operating Revenue: (1)
Fleet Management Solutions
$
1,266
1,303
(3)%
$
3,782
3,892
(3)%
Supply Chain Solutions
909
835
9%
2,653
2,371
12%
Dedicated Transportation Solutions
325
317
3%
974
919
6%
Eliminations
(121
)
(108
)
(12)%
(358
)
(312
)
(15)%
Operating revenue
$
2,379
2,347
1%
$
7,051
6,870
3%
Business Segment Earnings:
Earnings from continuing operations before
income taxes:
Fleet Management Solutions
$
169
266
(36)%
$
531
801
(34)%
Supply Chain Solutions
81
71
14%
174
176
(1)%
Dedicated Transportation Solutions
28
28
(2)%
90
72
26%
Eliminations
(23
)
(27
)
17%
(73
)
(84
)
13%
255
338
(25)%
722
965
(25)%
Unallocated Central Support Services
(20
)
(21
)
(5)%
(54
)
(61
)
(11)%
Intangible amortization expense
(8
)
(8
)
(1)%
(25
)
(27
)
(8)%
Non-operating pension costs, net
(10
)
(3
)
NM
(30
)
(8
)
NM
Other items impacting comparability,
net
(4
)
28
NM
(155
)
55
NM
Earnings from continuing operations before
income taxes
213
334
(36)%
458
924
(50)%
Provision for income taxes
53
87
(39)%
176
261
(33)%
Earnings from continuing operations
$
160
247
(35)%
$
282
663
(57)%
————————————
(1) Non-GAAP financial measure. See
reconciliation of GAAP total revenue to operating revenue in the
Appendix - Non-GAAP Financial Measures section at the end of this
release.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND
EARNINGS - UNAUDITED
Three months ended September
30,
Nine months ended September
30,
(In millions)
2023
2022
Change
2023
2022
Change
Fleet Management Solutions
FMS total revenue
$
1,487
1,582
(6)%
$
4,449
4,732
(6)%
Fuel services revenue (1)
(221
)
(279
)
(21)%
(667
)
(840
)
(21)%
FMS operating revenue (2)
$
1,266
1,303
(3)%
$
3,782
3,892
(3)%
Segment earnings before income taxes
$
169
266
(36)%
$
531
801
(34)%
FMS earnings before income taxes as % of
FMS total revenue
11.4%
16.8%
11.9%
16.9%
FMS earnings before income taxes as % of
FMS operating revenue (2)
13.4%
20.4%
14.0%
20.6%
Three months ended September
30,
Nine months ended September
30,
2023
2022
Change
2023
2022
Change
Supply Chain Solutions
SCS total revenue
$
1,194
1,206
(1)%
$
3,574
3,469
3%
Subcontracted transportation and fuel
(285
)
(371
)
(23)%
(921
)
(1,098
)
(16)%
SCS operating revenue (2)
$
909
835
9%
$
2,653
2,371
12%
Segment earnings before income taxes
$
81
71
14%
$
174
176
(1)%
SCS earnings before income taxes as % of
SCS total revenue
6.8%
5.9%
4.9%
5.1%
SCS earnings before income taxes as % of
SCS operating revenue (2)
9.0%
8.6%
6.6%
7.4%
Three months ended September
30,
Nine months ended September
30,
2023
2022
Change
2023
2022
Change
Dedicated Transportation
Solutions
DTS total revenue
$
448
455
(1)%
$
1,342
1,330
1%
Subcontracted transportation and fuel
(123
)
(138
)
(11)%
(368
)
(411
)
(10)%
DTS operating revenue (2)
$
325
317
3%
$
974
919
6%
Segment earnings before income taxes
$
28
28
(2)%
$
90
72
26%
DTS earnings before income taxes as % of
DTS total revenue
6.2%
6.2%
6.7%
5.4%
DTS earnings before income taxes as % of
DTS operating revenue (2)
8.5%
8.9%
9.3%
7.8%
————————————
(1) Includes intercompany fuel sales from
FMS to SCS and DTS.
(2) Non-GAAP financial measure. A
reconciliation of (1) GAAP total revenue to operating revenue for
each business segment (FMS, SCS and DTS) and (2) segment earnings
before taxes (EBT) as % of segment total revenue to segment EBT as
% of segment operating revenue for each business segment is set
forth in this table.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
BUSINESS SEGMENT INFORMATION -
TRAILING TWELVE MONTHS ENDED - UNAUDITED
Twelve months ended September
30,
(In millions)
2023
2022
Fleet Management Solutions
FMS total revenue
$
6,044
6,231
Fuel services revenue (1)
(941
)
(1,039
)
FMS operating revenue (2)
$
5,103
5,192
Segment earnings before income taxes
$
787
1,057
FMS earnings before income taxes as % of
FMS total revenue
13.0%
17.0%
FMS earnings before income taxes as % of
FMS operating revenue (2)
15.4%
20.4%
Twelve months ended September
30,
2023
2022
Supply Chain Solutions
SCS total revenue
$
4,825
4,339
Subcontracted transportation and fuel
(1,289
)
(1,354
)
SCS operating revenue (2)
$
3,536
2,985
Segment earnings before income taxes
$
217
200
SCS earnings before income taxes as % of
SCS total revenue
4.5%
4.6%
SCS earnings before income taxes as % of
SCS operating revenue (2)
6.1%
6.7%
Twelve months ended September
30,
2023
2022
Dedicated Transportation
Solutions
DTS total revenue
$
1,798
1,731
Subcontracted transportation and fuel
(504
)
(521
)
DTS operating revenue (2)
$
1,294
1,210
Segment earnings before income taxes
$
121
84
DTS earnings before income taxes as % of
DTS total revenue
6.7%
4.9%
DTS earnings before income taxes as % of
DTS operating revenue (2)
9.4%
6.9%
————————————
(1) Includes intercompany fuel sales from
FMS to SCS and DTS.
(2) Non-GAAP financial measure. A
reconciliation of (1) GAAP total revenue to operating revenue for
each business segment (FMS, SCS and DTS) and (2) segment earnings
before taxes (EBT) as % of segment total revenue to segment EBT as
% of segment operating revenue for each business segment is set
forth in this table.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
BUSINESS SEGMENT INFORMATION -
UNAUDITED
KEY PERFORMANCE INDICATORS
Our North America fleet of owned and
leased revenue earning equipment and SelectCare vehicles, including
vehicles under on-demand maintenance and used vehicles sold, is
summarized as follows (number of units rounded to the nearest
hundred):
Three months ended September
30,
Nine months ended September
30,
2023/2022
2023
2022
2023
2022
Three Months
Nine Months
ChoiceLease
Average fleet count
139,200
133,900
137,400
133,800
4%
3%
End of period fleet count
139,300
134,100
139,300
134,100
4%
4%
Average active fleet count (1)
130,500
128,800
129,600
128,700
1%
1%
End of period active fleet count (1)
130,500
129,100
130,500
129,100
1%
1%
Commercial rental
Average fleet count
38,700
41,500
40,000
40,400
(7)%
(1)%
End of period fleet count
37,900
41,800
37,900
41,800
(9)%
(9)%
Rental utilization - power units (2)
75
%
83
%
75
%
83
%
(800)bps
(800)bps
Rental rate change - % (3)
1
%
7
%
2
%
7
%
Customer vehicles under SelectCare
contracts
Average fleet count
52,100
55,000
52,900
54,600
(5)%
(3)%
End of period fleet count
52,300
55,100
52,300
55,100
(5)%
(5)%
Customer vehicles under SCS
End of period fleet count (4)
14,100
12,500
14,100
12,500
13%
13%
DTS
End of period fleet count (4)
11,100
11,400
11,100
11,400
(3)%
(3)%
Used vehicle sales (UVS)
End of period fleet count
7,800
3,600
7,800
3,600
117%
117%
Used vehicles sold
6,500
5,000
17,000
12,700
30%
34%
UVS pricing change (5)
Tractors
(31
)%
14
%
(35
)%
72
%
Trucks
(30
)%
26
%
(27
)%
69
%
————————————
(1) Active fleet count is calculated as
those units currently earning revenue and not classified as not yet
earning or no longer earning units.
(2) Rental utilization is calculated using
the number of days units are rented divided by the number of days
units available to rent based on the days in a calendar year
(excluding trailers).
(3) Represents percentage change compared
to prior year period in average rental rate per day on power units
using constant currency.
(4) These vehicle counts are also included
within the fleet counts for ChoiceLease, Commercial rental and
SelectCare.
(5) Represents percentage change compared
to prior year period in average sales proceeds on used vehicle
sales using constant currency.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
This press release and accompanying tables
include “non-GAAP financial measures” as defined by SEC rules. As
required by SEC rules, we provide a reconciliation of each non-GAAP
financial measure to the most comparable GAAP measure. Non-GAAP
financial measures should be considered in addition to, but not as
a substitute for or superior to, other measures of financial
performance prepared in accordance with GAAP.
Specifically, the following non-GAAP
financial measures are included in this press release:
Non-GAAP Financial
Measure
Comparable GAAP
Measure
Reconciliation in Section
Entitled
Operating Revenue Measures:
Operating Revenue
Total Revenue
Appendix - Non-GAAP Financial Measure
Reconciliations
FMS Operating Revenue
FMS Total Revenue
Business Segment Information -
Unaudited
SCS Operating Revenue
SCS Total Revenue
DTS Operating Revenue
DTS Total Revenue
Operating Revenue Growth
Total Revenue Growth
Appendix - Non-GAAP Financial Measure
Reconciliations
FMS EBT as a % of FMS Operating
Revenue
FMS EBT as a % of FMS Total Revenue
Business Segment Information -
Unaudited
SCS EBT as a % of SCS Operating
Revenue
SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating
Revenue
DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings Before Income Tax and
Comparable Tax Rate
Earnings Before Income Tax and Effective
Tax Rate from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable Earnings
Earnings from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable EPS
EPS from Continuing Operations
Condensed Consolidated Statements of
Earnings - Unaudited
Appendix - Non-GAAP Financial Measure
Reconciliations
Adjusted Return on Equity (ROE)
Not Applicable. However, the non-GAAP
elements of the calculation have been reconciled to the
corresponding GAAP measures. A numerical reconciliation of net
earnings to adjusted net earnings and average shareholders' equity
to adjusted average equity is provided in the following
reconciliations.
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable Earnings Before Interest,
Taxes, Depreciation and Amortization
Net Earnings
Appendix - Non-GAAP Financial Measure
Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash
Flow
Cash Provided by Operating Activities from
Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
Set forth in the table below is an
overview of each non-GAAP financial measure and why management
believes that presentation of each non-GAAP financial measure
provides useful information to investors. See reconciliations for
each of these measures following this table.
Operating Revenue Measures:
Operating Revenue
FMS Operating Revenue
SCS Operating Revenue
DTS Operating Revenue
Operating Revenue Growth
FMS EBT as a % of FMS Operating
Revenue
SCS EBT as a % of SCS Operating
Revenue
DTS EBT as a % of DTS Operating
Revenue
Operating
revenue is defined as total revenue for Ryder or each
business segment (FMS, SCS and DTS) excluding any (1) fuel and (2)
subcontracted transportation. We believe operating revenue provides
useful information to investors as we use it to evaluate the
operating performance of our core businesses and as a measure of
sales activity at the consolidated level for Ryder System, Inc., as
well as for each of our business segments. We also use segment EBT
as a percentage of segment operating revenue for each business
segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT,
our primary measures of segment performance, are not non-GAAP
measures.
Fuel: We exclude FMS, SCS and DTS fuel
from the calculation of our operating revenue measures, as fuel is
an ancillary service that we provide our customers. Fuel revenue is
impacted by fluctuations in market fuel prices and the costs are
largely a pass-through to our customers, resulting in minimal
changes in our profitability during periods of steady market fuel
prices. However, profitability may be positively or negatively
impacted by rapid changes in market fuel prices during a short
period of time, as customer pricing for fuel services is
established based on current market fuel costs.
Subcontracted transportation: We exclude
subcontracted transportation from the calculation of our operating
revenue measures, as these services are also typically a
pass-through to our customers and, therefore, fluctuations result
in minimal changes to our profitability. While our SCS and DTS
business segments subcontract certain transportation services to
third party providers, our FMS business segment does not engage in
subcontracted transportation and, therefore, this item is not
applicable to FMS.
Comparable Earnings Measures:
Comparable Earnings before Income Taxes
(EBT)
Comparable Earnings
Comparable Earnings per Diluted Common
Share (EPS)
Comparable Tax Rate
Adjusted Return on Equity (ROE)
Comparable EBT,
Comparable Earnings and Comparable EPS are defined,
respectively, as GAAP EBT, earnings and EPS, all from continuing
operations, excluding (1) non-operating pension costs, net and (2)
other items impacting comparability (as further described below).
We believe these comparable earnings measures provide useful
information to investors and allow for better year-over-year
comparison of operating performance.
Non-operating pension costs, net: Our
comparable earnings measures exclude non-operating pension costs,
net, which include the amortization of net actuarial loss and prior
service cost, interest cost and expected return on plan assets
components of pension and postretirement benefit costs, as well as
any significant charges for settlements or curtailments if
recognized. We exclude non-operating pension costs, net because we
consider these to be impacted by financial market performance and
outside the operational performance of our business.
Other Items Impacting Comparability: Our
comparable and adjusted earnings measures also exclude other
significant items that are not representative of our business
operations as detailed in the reconciliation table below. These
other significant items vary from period to period and, in some
periods, there may be no such significant items.
Comparable Tax
Rate is computed using the same methodology as the GAAP
provision for income taxes. Income tax effects of non-GAAP
adjustments are calculated based on the marginal tax rates to which
the non-GAAP adjustments are related.
Adjusted ROE
is defined as adjusted net earnings divided by adjusted average
shareholders' equity and represents the rate of return on
shareholders' investment. Other items impacting comparability
described above are excluded, as applicable, from the calculation
of adjusted net earnings and adjusted average shareholders' equity.
We use adjusted ROE as an internal measure of how effectively we
use the owned capital invested in our operations.
Comparable Earnings Before Interest,
Taxes, Depreciation and Amortization (EBITDA)
Comparable
EBITDA is defined as net earnings, first adjusted to exclude
discontinued operations and the following items, all from
continuing operations: (1) non-operating pension costs, net and (2)
any other items that are not representative of our business
operations (these items are the same items that are excluded from
comparable earnings measures for the relevant periods as described
immediately above) and then adjusted further for (1) interest
expense, (2) income taxes, (3) depreciation, (4) used vehicle sales
results and (5) amortization.
We believe comparable EBITDA provides
investors with useful information, as it is a standard measure
commonly reported and widely used by analysts, investors and other
interested parties to measure financial performance and our ability
to service debt and meet our payment obligations. In addition, we
believe that the inclusion of comparable EBITDA provides
consistency in financial reporting and enables analysts and
investors to perform meaningful comparisons of past, present and
future operating results. Other companies may calculate comparable
EBITDA differently; therefore, our presentation of comparable
EBITDA may not be comparable to similarly-titled measures used by
other companies.
Comparable EBITDA should not be considered
as an alternative to net earnings, earnings from continuing
operations before income taxes or earnings from continuing
operations determined in accordance with GAAP, as an indicator of
our operating performance, as an alternative to cash flows from
operating activities (determined in accordance with GAAP), as an
indicator of cash flows, or as a measure of liquidity.
Cash Flow Measures:
Total Cash Generated
Free Cash Flow
We consider total cash generated and free
cash flow to be important measures of comparative operating
performance, as our principal sources of operating liquidity are
cash from operations and proceeds from the sale of revenue earning
equipment.
Total Cash
Generated is defined as the sum of (1) net cash provided by
operating activities, (2) net cash provided by the sale of revenue
earning equipment, (3) net cash provided by the sale of operating
property and equipment and (4) other cash inflows from investing
activities. We believe total cash generated is an important measure
of total cash flows generated from our ongoing business
activities.
Free Cash
Flow is defined as the net amount of cash generated from
operating activities and investing activities (excluding
acquisitions) from continuing operations. We calculate free cash
flow as the sum of (1) net cash provided by operating activities,
(2) net cash provided by the sale of revenue earning equipment and
operating property and equipment, and (3) other cash inflows from
investing activities, less (4) purchases of property and revenue
earning equipment. We believe free cash flow provides investors
with an important perspective on the cash available for debt
service and for shareholders, after making capital investments
required to support ongoing business operations. Our calculation of
free cash flow may be different from the calculation used by other
companies and, therefore, comparability may be limited.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE
RECONCILIATION
Three months ended September
30,
Nine months ended September
30,
(In millions)
2023
2022
2023
2022
Total revenue
$
2,924
3,035
$
8,760
8,923
Subcontracted transportation and fuel
(545
)
(688
)
(1,709
)
(2,053
)
Operating revenue (1)
$
2,379
2,347
$
7,051
6,870
TOTAL CASH
GENERATED / FREE CASH FLOW RECONCILIATION
Nine months ended September
30,
(In millions)
2023
2022
Net cash provided by operating activities
from continuing operations
$
1,842
1,786
Proceeds from sales (primarily revenue
earning equipment) (2)
647
976
Other (2)
—
42
Total cash generated (1)
2,489
2,804
Purchases of property and revenue earning
equipment (2)
(2,457
)
(1,917
)
Free cash flow (1)
$
32
887
————————————
(1) Non-GAAP financial measure.
(2) Included in cash flows from investing
activities
Note: Amounts may not be additive due to
rounding.
COMPARABLE
EARNINGS RECONCILIATION
Three months ended September
30,
Nine months ended September
30,
(In millions)
2023
2022
2023
2022
Earnings from continuing operations
$
160
247
$
282
663
Non-operating pension costs, net
8
2
24
5
FMS U.K. exit (1)
4
(27
)
(32
)
(58
)
Currency translation adjustment loss
—
—
183
—
Other, net
—
(3
)
(1
)
2
Tax adjustments, net (2)
(7
)
8
12
29
Comparable earnings from continuing
operations (3), (4)
$
165
227
$
468
641
Tax rate on continuing operations
25.2%
26.3%
38.5%
28.3%
Tax adjustments and income tax effects of
non-GAAP adjustments (3)
1.8%
—%
(11.3)%
(1.4)%
Comparable tax rate on continuing
operations (4)
27.0%
26.3%
27.2%
26.9%
————————————
(1) Primarily includes gains on sales of
properties and net commercial claims proceeds.
(2) Adjustments include the global tax
impacts related to the FMS U.K. exit in 2023 and 2022.
(3) The comparable provision for income
taxes is computed using the same methodology as the GAAP provision
for income taxes. Income tax effects of non-GAAP adjustments are
calculated based on the marginal tax rates to which the non-GAAP
adjustments are related.
(4) Non-GAAP financial measure.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
ADJUSTED RETURN
ON EQUITY RECONCILIATION
Twelve months ended September
30,
(In millions)
2023
2022
Net earnings
$
488
842
Other items impacting comparability
(1)
128
(46
)
Income taxes (2)
268
316
Adjusted earnings before income taxes
884
1,112
Adjusted income taxes (3)
(243
)
(288
)
Adjusted net earnings
$
641
824
Average shareholders' equity
$
3,029
2,761
Average adjustments to shareholders'
equity (4)
(21
)
(9
)
Adjusted average shareholders' equity
$
3,008
2,752
Adjusted return on equity (5)
21%
30%
————————————
(1) Refer to the table below for a
composition of other items impacting comparability, net for the
12-month trailing period.
(2) Includes income taxes on discontinued
operations.
(3) Represents the provision for income
taxes plus income taxes on other items impacting comparability.
(4) Represents the impact of other items
impacting comparability, net of tax, to equity for the respective
periods.
(5) Adjusted return on equity is
calculated by dividing Adjusted net earnings into Adjusted average
shareholders' equity.
Twelve months ended September
30,
(In millions)
2023
2022
FMS U.K. exit
$
(56
)
(58
)
Currency translation adjustment loss
188
—
Other, net
(4
)
12
Other items impacting comparability
$
128
(46
)
————————————
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
COMPARABLE
EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST,
TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION
Three months ended September
30,
Nine months ended September
30,
(In millions)
2023
2022
2023
2022
Net earnings
$
161
246
$
282
661
(Earnings) loss from discontinued
operations, net of tax
(1
)
1
—
2
Provision for income taxes
53
87
176
261
EBT
213
334
458
924
Non-operating pension costs, net
10
3
30
8
FMS U.K. exit (1)
4
(27
)
(32
)
(58
)
Currency translation adjustment loss
(1)
—
—
188
—
Other, net (1)
—
(1
)
(1
)
3
Comparable EBT
227
309
643
877
Interest expense
75
57
212
165
Depreciation
417
421
1,274
1,275
Used vehicle sales, net (2)
(47
)
(99
)
(172
)
(313
)
Amortization
8
8
25
27
Comparable EBITDA
$
680
696
$
1,982
2,031
————————————
(1) Primarily includes gains on sales of
properties and net commercial claims proceeds.
(2) Non-GAAP financial measure. Non-GAAP
elements of the calculation have been reconciled to the
corresponding GAAP measures. A numerical reconciliation of earnings
before income taxes from continuing operations to comparable
earnings before income taxes from continuing operations is set
forth in this table.
Note: Amounts may not be additive due to
rounding.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE
GROWTH FORECAST RECONCILIATION
(In millions)
Twelve months ended December
31,
2023
2022
Change
Total revenue
$
11,800
12,011
(2)%
Subcontracted transportation and fuel
(2,300
)
(2,731
)
(16)%
Operating revenue (1)
$
9,500
9,280
2%
COMPARABLE
EARNINGS PER SHARE FORECAST RECONCILIATION
(In millions, except per share
amounts)
Fourth Quarter 2023
Full Year 2023
EPS from continuing operations
$2.45 - $2.70
$8.44 - $8.69
Non-operating pension costs
0.17
0.67
FMS U.K. exit, net of tax
(0.02)
(0.47)
Currency translation adjustment loss
—
3.96
Comparable EPS from continuing operations
forecast (1)
$2.60 - $2.85
$12.60 - $12.85
TOTAL CASH
GENERATED / FREE CASH FLOW FORECAST RECONCILIATION
(In millions)
2023 Forecast
Net cash provided by operating activities
from continuing operations
$
2,500
Proceeds from sales (primarily revenue
earning equipment) (2)
800
Total cash generated (1)
3,300
Purchases of property and revenue earning
equipment (2)
(3,200
)
Free cash flow (1)
$
100
————————————
(1) Non-GAAP financial measure.
(2) Included in cash flows from investing
activities.
RYDER SYSTEM, INC. AND
SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS - UNAUDITED
ADJUSTED RETURN
ON EQUITY FORECAST RECONCILIATION
(In millions)
2023 Forecast
Net earnings
$
400
Other items impacting comparability
(1)
155
Income taxes (2)
210
Adjusted earnings before income taxes
765
Adjusted income taxes (3)
(205
)
Adjusted net earnings for ROE (numerator)
(4) [A]
$
560
Average shareholders' equity
$
3,050
Adjustment to equity (5)
(20
)
Adjusted average total equity
(denominator) (4) [B]
$
3,030
Adjusted return on equity (4) [A]/[B]
18%
————————————
(1) Forecasted other items impacting
comparability includes FMS U.K. exit of $(33) million and CTA
release from the FMS U.K. exit of $188 million.
(2) Includes income taxes on discontinued
operations.
(3) Represents the tax provision on
adjusted earnings before income taxes.
(4) Non-GAAP financial measure. Non-GAAP
elements of the calculation have been reconciled to the
corresponding GAAP measures. A numerical reconciliation of net
earnings to adjusted net earnings and average shareholders' equity
to adjusted average total equity set forth in this table.
(5) Represents the impact to equity of
items to arrive at adjusted earnings.
Note: Amounts may not be additive due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025422849/en/
Media: Amy Federman afederman@ryder.com
Investor Relations: Calene Candela ccandela@ryder.com
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