Delivers Strong Results in Weak Freight
Environment, Raises Full-Year Guidance
Second-Quarter 2023 Highlights
- GAAP EPS from continuing operations of $(0.39) due to a
non-cash UK exit charge, compared to $4.72 in prior year
- Comparable EPS (non-GAAP) from continuing operations of $3.61,
as compared to a record $4.43 in prior year, largely reflecting
weaker market conditions in used vehicle sales and rental
- Strong performance in all segments benefited EBT
- Total revenue of $2.9 billion compared to $3.0 billion in prior
year
- Operating revenue (non-GAAP) of $2.3 billion, up 1%, reflecting
Supply Chain Solutions (SCS) and Dedicated Transportation Solutions
(DTS) revenue growth partially offset by impact from UK exit
Full-Year 2023 Forecast
- Increased comparable EPS (non-GAAP) forecast to $12.20 - $12.70
from prior forecast of $11.30 - $12.05
- Adjusted ROE (ROE) forecast increased to 17% - 19% from 16% -
18%
- Operating revenue (non-GAAP) growth forecast of 2%, down from
prior forecast of 4%, reflecting lower rental demand and volumes in
the omnichannel retail vertical
- Net cash provided by operating activities from continuing
operations forecast of $2.5 billion, up from $2.4 billion; free
cash flow (non-GAAP) forecast of ~$100 million, down from ~$200
million, reflecting accelerated timing of OEM deliveries
Ryder System, Inc. (NYSE: R), a leader in supply chain,
dedicated transportation, and fleet management solutions, reported
results for the three months ended June 30 as follows:
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Ryder is a leader in supply chain,
dedicated transportation, and fleet management solutions.
(In millions, except EPS)
Earnings
Before Taxes
Earnings (Loss)
Diluted
Earnings (Loss)
Per Share
2023
2022
2023
2022
2023
2022
Continuing operations (GAAP) (1)
$
44
338
$
(18
)
240
$
(0.39
)
4.72
Comparable (non-GAAP)
$
237
308
$
170
226
$
3.61
4.43
(1) Includes $(3.90) impact from one-time,
non-cash cumulative currency translation adjustment charge from the
UK exit.
Total and operating revenue for the three months ended June 30
were as follows:
(In millions)
Total Revenue
Operating Revenue
(non-GAAP)
2023
2022
Change
2023
2022
Change
Total
$
2,884
3,034
(5)%
$
2,326
2,307
1%
Fleet Management Solutions (FMS)
$
1,459
1,621
(10)%
$
1,254
1,307
(4)%
Supply Chain Solutions (SCS)
$
1,179
1,174
—%
$
865
798
8%
Dedicated Transportation Solutions
(DTS)
$
440
450
(2)%
$
327
306
7%
CEO Comment
"Our strong second-quarter results and
increased full-year earnings guidance demonstrate the progress made
on our balanced growth strategy to de-risk the business model,
enhance returns and drive profitable growth," says Ryder Chairman
and CEO Robert Sanchez. "All three business units met or exceeded
their pre-tax earnings targets, and ROE of 24% remained above our
high-teens target.
"Achieving these results against a backdrop of
weakening freight conditions and declining used vehicle prices
highlights the effectiveness of our transformative changes. Ryder’s
operations are more diversified with expanded capabilities across
three scaled businesses, which has enabled us to deliver
outstanding service to our customers, outperform prior cycles, and
create long-term value for our shareholders.
"Our strong balance sheet continues to provide
us with ample capacity to support organic growth, pursue strategic
acquisitions, and return capital to shareholders through share
repurchase programs and dividends. The recently announced 15%
increase to our quarterly dividend is also supported by our
confidence in the long-term earnings generation of our model."
Second Quarter 2023 Segment Review
Fleet Management Solutions: Strong Earnings Despite Weaker
Used Vehicle Sales and Rental Market Conditions
(In millions)
2Q23
2Q22
Change
Total Revenue
$
1,459
1,621
(10)%
Operating Revenue (1)
$
1,254
1,307
(4)%
Earnings Before Tax (EBT)
$
180
286
(37)%
EBT as a % of total revenue
12.3%
17.6%
(530) bps
EBT as a % of operating revenue (1)
14.4%
21.9%
(750) bps
Trailing 12-months EBT as % of total and
operating revenue
2Q23
2Q22
Change
EBT as a % of total revenue
14.4%
16.1%
(170) bps
EBT as a % of operating revenue (1)
17.2%
19.0%
(180) bps
(1) Non-GAAP financial measure excluding
fuel service revenue.
- FMS total revenue and operating revenue decreased 10%
and 4%, respectively
- Total revenue reflects lower fuel revenue passed through to
customers and lower operating revenue
- Operating revenue reflects a 4% negative impact from UK exit;
North America remained unchanged as higher ChoiceLease and
SelectCare revenue was offset by lower rental demand
- FMS EBT decreased to $180 million
- Reflects lower used vehicle sales and rental results
- Lower used vehicle gains due to a 34% and 41% decrease in used
truck and tractor pricing, respectively, partially offset by higher
volumes; sequentially from first quarter of 2023, used truck and
tractor pricing decreased 14% and 15%, respectively
- Rental power-fleet utilization was 75%, down from record level
of 85% in prior year, on a 1% smaller average power fleet
- Rental results benefited from a 2% increase in power-fleet
pricing
- FMS EBT as a percentage of FMS operating revenue is
above company's long-term target of low double digits for the
second quarter and trailing 12-month period
Supply Chain Solutions: Strong Earnings Reflect Operating
Revenue Growth
(In millions)
2Q23
2Q22
Change
Total Revenue
$
1,179
1,174
—%
Operating Revenue (1)
$
865
798
8%
Earnings Before Tax (EBT)
$
76
62
23%
EBT as a % of total revenue
6.4%
5.3%
110 bps
EBT as a % of operating revenue (1)
8.7%
7.8%
90 bps
Trailing 12-month EBT as % of total and
operating revenue
2Q23
2Q22
Change
EBT as a % of total revenue
4.3%
3.9%
40 bps
EBT as a % of operating revenue (1)
6.0%
5.6%
40 bps
(1) Non-GAAP financial measure excluding
fuel and subcontracted transportation.
- SCS total revenue was unchanged and operating
revenue grew 8%
- Increase in operating revenue primarily driven by new business,
higher volumes, and increased pricing
- SCS EBT grew 23%
- Increase primarily due to higher operating revenue and lower
incentive-based compensation costs, as well as higher prior-year
customer accommodation charges
- Partially offset by lower volumes in the omnichannel retail
vertical
- SCS EBT as a percentage of SCS operating revenue is in
line with company's long-term target of high single digits for the
second quarter but below target for the trailing 12-month
period
Dedicated Transportation Solutions: Strong Earnings Driven by
Growth and Improved Labor Productivity
(In millions)
2Q23
2Q22
Change
Total Revenue
$
440
450
(2)%
Operating Revenue (1)
$
327
306
7%
Earnings Before Tax (EBT)
$
33
23
43%
EBT as a % of total revenue
7.6%
5.1%
250 bps
EBT as a % of operating revenue (1)
10.3%
7.5%
280 bps
Trailing 12-months EBT as % of total and
operating revenue
2Q23
2Q22
Change
EBT as a % of total revenue
6.8%
4.0%
280 bps
EBT as a % of operating revenue (1)
9.5%
5.7%
380 bps
(1) Non-GAAP financial measure excluding
fuel and subcontracted transportation.
- DTS total revenue decreased 2% and operating
revenue grew 7%
- Total revenue reflects lower fuel revenue passed through to
customers
- Operating revenue increased due to inflationary cost recovery
and higher volumes
- DTS EBT grew 43%
- Increase primarily due to operating revenue growth and improved
labor productivity
- DTS EBT as a percentage of DTS operating revenue is
above the company's long-term target of high single digits for the
second 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 $24 million
in the prior year, primarily due to lower professional fees and
incentive-based compensation costs.
Tax Rate
Our effective income tax rate from continuing operations was
140.8%, as compared to 29.0% in the prior year, due to a one-time,
nondeductible cumulative currency translation adjustment loss from
the exit of the UK in the second quarter of 2023. Our comparable
effective income tax rate (a non-GAAP measure) from continuing
operations was 28.6% as compared to 26.8% in the prior year.
Capital Expenditures, Cash Flow, and Leverage
Year-to-date capital expenditures increased to $1.8 billion in
2023, compared to $1.3 billion in 2022, reflecting higher
investments in the lease fleet partially offset by lower
investments in commercial rental.
Year-to-date net cash provided by operating activities from
continuing operations increased to $1.2 billion, as compared to
$1.1 billion in the prior year, driven by higher cash earnings and
lower working capital needs. Free cash flow (non-GAAP) of $16
million, compared to $551 million in 2022, primarily reflecting an
increase in capital expenditures and lower proceeds from used
vehicle sales.
Debt-to-equity as of June 30, 2023 was 211%, compared to 216% at
year-end 2022, and remains below the company's long-term target of
250% to 300%.
UK and Currency Translation Adjustment Charge
We completed the exit from the UK business as of June 30, 2023.
As a result, we recorded a $183 million cumulative currency
translation adjustment in our net earnings as a one-time, non-cash
charge during the second quarter of 2023. The cumulative currency
translation adjustment charge had no impact on our consolidated
financial position or cash flows.
Outlook
"We continue to execute in a challenging market as reflected in
our increased earnings and ROE guidance," says Ryder Chief
Financial Officer John Diez. "Accelerated timing of OEM deliveries
is expected to increase our ChoiceLease fleet growth and related
capital expenditures, which should reduce free cash flow in 2023.
Our ability to perform in various market conditions reflects the
fundamental changes we've made to enhance returns and drive
profitable growth."
Full
Year 2023
Total Revenue Growth
~(2%)
Operating Revenue Growth (non-GAAP)
~2%
FY23 GAAP EPS (includes ~$3.96 cumulative
currency translation charge for UK exit)
$7.95 - $8.45
FY23 Comparable EPS (non-GAAP)
$12.20 - $12.70
ROE (1)
17% - 19%
Net Cash from Operating Activities from
Continuing Operations
~$2.5B
Free Cash Flow (non-GAAP)
~100M
Capital Expenditures
~$3.2B
Debt-to-Equity
~200%
Third
Quarter 2023
3Q23 GAAP EPS
$2.82 - $3.07
3Q23 Comparable EPS (non-GAAP)
$3.00 - $3.25
————————————
(1) 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 at
the end of this release.
Supplemental Company Information
Second Quarter Net Earnings
(In millions, except EPS)
Earnings
Diluted EPS
2023
2022
2023
2022
Earnings (loss) from continuing
operations
$
(18
)
240
$
(0.39
)
4.72
Discontinued operations
—
(1
)
(0.01
)
(0.02
)
Net earnings (loss)
$
(18
)
239
$
(0.40
)
4.70
Year-to-Date Operating
Results
Six months ended June
30,
(In millions, except EPS)
2023
2022
Change
Total revenue
$
5,836
5,888
(1)%
Operating revenue (non-GAAP)
$
4,672
4,523
3%
Earnings from continuing operations
$
122
416
(71)%
Comparable earnings from continuing
operations (non-GAAP)
$
303
414
(27)%
Net earnings
$
121
415
(71)%
Earnings per common share (EPS) -
Diluted
Continuing operations
$
2.60
8.05
(68)%
Comparable (non-GAAP)
$
6.42
8.00
(20)%
Net earnings
$
2.57
8.03
(68)%
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 capability 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;
expectations regarding market trends such as decreasing rental
demand, weakening freight conditions, declining used vehicle sales
and declining volumes in our omnichannel retail vertical;
expectations regarding total and operating revenue, earnings per
share, comparable earnings per share, adjusted ROE, net cash
provided by operating activities from continuing operations,
debt-to-equity, capital expenditures and free cash flow; our
ability to execute our balanced growth strategy; our expectations
with respect to ChoiceLease growth, including our expectations with
respect to the timing of OEM deliveries; our expectations with
respect to the effect of our actions to increase returns and
long-term earnings generation; our ability to outperform prior
cycles; and our ability to support organic growth, make strategic
investments and acquisitions, and return capital to shareholders.
Our forward-looking statements also include our estimates of the
impact of our changes to residual value estimates on earnings and
depreciation expense. The expected impact of the change in 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, and
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 soft economic conditions, business
interruptions or expenditures due to labor disputes, severe weather
or 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 worldwide semiconductor shortage; higher
than expected bad debt reserves or write-offs; decrease in credit
ratings; increased debt costs; adequacy of accounting estimates;
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 non-GAAP financial
measures contained in this release to the nearest GAAP measure and
why management believes that presentation of each measure provides
useful information 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
July 26, 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 June 30,
Six months ended June 30,
2023
2022
2023
2022
Lease & related maintenance and rental
revenues
$
976
1,050
$
1,955
2,075
Services revenue
1,778
1,777
3,599
3,447
Fuel services revenue
130
207
282
366
Total revenues
2,884
3,034
5,836
5,888
Cost of lease & related maintenance
and rental
661
688
1,335
1,387
Cost of services
1,507
1,523
3,114
2,973
Cost of fuel services
126
199
275
354
Selling, general and administrative
expenses
343
361
706
703
Non-operating pension costs, net
10
2
20
5
Used vehicle sales, net
(55
)
(130
)
(127
)
(243
)
Interest expense
72
56
137
108
Miscellaneous income, net
(11
)
(14
)
(31
)
(14
)
Currency translation adjustment loss
188
—
188
—
Restructuring and other items, net
(1
)
11
(26
)
25
2,840
2,696
5,591
5,298
Earnings from continuing operations before
income taxes
44
338
245
590
Provision for income taxes
62
98
123
174
Earnings (loss) from continuing
operations
(18
)
240
122
416
Loss from discontinued operations, net of
tax
—
(1
)
(1
)
(1
)
Net earnings (loss)
$
(18
)
239
$
121
415
Earnings (loss) per common share —
Diluted
Continuing operations
$
(0.39
)
4.72
$
2.60
8.05
Discontinued operations
(0.01
)
(0.02
)
(0.02
)
(0.02
)
Net earnings (loss)
$
(0.40
)
4.70
$
2.57
8.03
Weighted average common shares outstanding
— Diluted
46.0
50.9
47.2
51.7
Diluted EPS from continuing operations
$
(0.39
)
4.72
$
2.60
8.05
Non-operating pension costs, net
0.17
0.03
0.34
0.07
FMS U.K. exit
(0.11
)
(0.62
)
(0.77
)
(0.60
)
Currency translation adjustment loss
3.90
—
3.87
—
Other, net
0.02
(0.01
)
—
0.07
Tax adjustments, net
0.02
0.31
0.38
0.41
Comparable EPS from continuing operations
(1)
$
3.61
4.43
$
6.42
8.00
____________________
(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)
June 30, 2023
December 31, 2022
Assets:
Cash and cash equivalents
$
218
267
Other current assets
1,899
1,933
Revenue earning equipment, net
8,795
8,190
Operating property and equipment, net
1,132
1,148
Other assets
2,927
2,857
$
14,971
14,395
Liabilities and shareholders' equity:
Current liabilities
$
2,081
1,967
Total debt (including current portion)
6,525
6,352
Other non-current liabilities (including
deferred income taxes)
3,269
3,139
Shareholders' equity
3,096
2,937
$
14,971
14,395
SELECTED KEY RATIOS AND
METRICS
June 30, 2023
December 31, 2022
Debt to equity
211%
216%
Three months ended June 30,
Six months ended June 30,
(In millions)
2023
2022
2023
2022
Comparable EBITDA (1)
$
674
688
$
1,302
1,335
Effective interest rate (average cost of
debt)
4.5
%
3.4
%
4.3
%
3.3
%
Six months ended June 30,
(In millions)
2023
2022
Net cash provided by operating activities
from continuing operations
$
1,221
1,103
Free cash flow (1)
16
551
Capital expenditures paid
1,652
1,195
Gross capital expenditures
1,813
1,307
Twelve months ended June 30,
2023
2022
Adjusted ROE (2)
24%
28%
___________________
(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 June 30,
Six months ended June 30,
(In millions)
2023
2022
Change
2023
2022
Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease
$
781
763
2%
$
1,557
1,527
2%
Commercial rental
301
336
(10)%
605
642
(6)%
SelectCare and other
172
153
12%
354
301
18%
FMS Europe
—
55
NM
—
119
NM
Fuel services revenue
205
314
(35)%
446
561
(20)%
Fleet Management Solutions
1,459
1,621
(10)%
2,962
3,150
(6)%
Supply Chain Solutions
1,179
1,174
—%
2,380
2,263
5%
Dedicated Transportation Solutions
440
450
(2)%
894
875
2%
Eliminations
(194
)
(211
)
8%
(400
)
(400
)
—%
Total revenue
$
2,884
3,034
(5)%
$
5,836
5,888
(1)%
Operating Revenue: (1)
Fleet Management Solutions
$
1,254
1,307
(4)%
$
2,516
2,589
(3)%
Supply Chain Solutions
865
798
8%
1,744
1,536
14%
Dedicated Transportation Solutions
327
306
7%
649
602
8%
Eliminations
(120
)
(104
)
(15)%
(237
)
(204
)
(16)%
Operating revenue
$
2,326
2,307
1%
$
4,672
4,523
3%
Business Segment Earnings:
Earnings from continuing operations before
income taxes:
Fleet Management Solutions
$
180
286
(37)%
$
362
535
(32)%
Supply Chain Solutions
76
62
23%
93
105
(11)%
Dedicated Transportation Solutions
33
23
43%
62
43
44%
Eliminations
(24
)
(30
)
20%
(49
)
(56
)
13%
265
341
(22)%
468
627
(25)%
Unallocated Central Support Services
(20
)
(24
)
(17)%
(35
)
(40
)
(13)%
Intangible amortization expense
(8
)
(9
)
(11)%
(17
)
(19
)
(11)%
Non-operating pension costs, net
(10
)
(2
)
NM
(20
)
(5
)
NM
Other items impacting comparability,
net
(183
)
32
NM
(151
)
27
NM
Earnings from continuing operations before
income taxes
44
338
(87)%
245
590
(58)%
Provision for income taxes
62
98
(37)%
123
174
(29)%
Earnings (loss) from continuing
operations
$
(18
)
240
(108)%
$
122
416
(71)%
____________________
(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 June 30,
Six months ended June 30,
(In millions)
2023
2022
Change
2023
2022
Change
Fleet Management Solutions
FMS total revenue
$
1,459
1,621
(10)%
$
2,962
3,150
(6)%
Fuel services revenue (1)
(205
)
(314
)
(35)%
(446
)
(561
)
(20)%
FMS operating revenue (2)
$
1,254
1,307
(4)%
$
2,516
2,589
(3)%
Segment earnings before income taxes
$
180
286
(37)%
$
362
535
(32)%
FMS earnings before income taxes as % of
FMS total revenue
12.3%
17.6%
12.2%
17.0%
FMS earnings before income taxes as % of
FMS operating revenue (2)
14.4%
21.9%
14.4%
20.7%
Three months ended June 30,
Six months ended June 30,
2023
2022
Change
2023
2022
Change
Supply Chain Solutions
SCS total revenue
$
1,179
1,174
—%
$
2,380
2,263
5%
Subcontracted transportation and fuel
(314
)
(376
)
(16)%
(636
)
(727
)
(13)%
SCS operating revenue (2)
$
865
798
8%
$
1,744
1,536
14%
Segment earnings before income taxes
$
76
62
23%
$
93
105
(11)%
SCS earnings before income taxes as % of
SCS total revenue
6.4%
5.3%
3.9%
4.6%
SCS earnings before income taxes as % of
SCS operating revenue (2)
8.7%
7.8%
5.3%
6.8%
Three months ended June 30,
Six months ended June 30,
2023
2022
Change
2023
2022
Change
Dedicated Transportation
Solutions
DTS total revenue
$
440
450
(2)%
$
894
875
2%
Subcontracted transportation and fuel
(113
)
(144
)
(22)%
(245
)
(273
)
(10)%
DTS operating revenue (2)
$
327
306
7%
$
649
602
8%
Segment earnings before income taxes
$
33
23
43%
$
62
43
44%
DTS earnings before income taxes as % of
DTS total revenue
7.6%
5.1%
7.0%
4.9%
DTS earnings before income taxes as % of
DTS operating revenue (2)
10.3%
7.5%
9.6%
7.1%
____________________
(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 June 30,
(In millions)
2023
2022
Fleet Management Solutions
FMS total revenue
$
6,139
6,086
Fuel services revenue (1)
(999
)
(949
)
FMS operating revenue (2)
$
5,140
5,137
Segment earnings before income taxes
$
884
977
FMS earnings before income taxes as % of
FMS total revenue
14.4%
16.1%
FMS earnings before income taxes as % of
FMS operating revenue (2)
17.2%
19.0%
Twelve months ended June 30,
2023
2022
Supply Chain Solutions
SCS total revenue
$
4,837
3,935
Subcontracted transportation and fuel
(1,375
)
(1,225
)
SCS operating revenue (2)
$
3,462
2,710
Segment earnings before income taxes
$
207
152
SCS earnings before income taxes as % of
SCS total revenue
4.3%
3.9%
SCS earnings before income taxes as % of
SCS operating revenue (2)
6.0%
5.6%
Twelve months ended June 30,
2023
2022
Dedicated Transportation
Solutions
DTS total revenue
$
1,805
1,657
Subcontracted transportation and fuel
(519
)
(493
)
DTS operating revenue (2)
$
1,286
1,164
Segment earnings before income taxes
$
122
66
DTS earnings before income taxes as % of
DTS total revenue
6.8%
4.0%
DTS earnings before income taxes as % of
DTS operating revenue (2)
9.5%
5.7%
____________________
(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 June 30,
Six months ended June 30,
2023/2022
2023
2022
2023
2022
Three Months
Six Months
ChoiceLease
Average fleet count
137,800
133,600
136,600
133,700
3%
2%
End of period fleet count
139,000
133,400
139,000
133,400
4%
4%
Average active fleet count (1)
129,700
128,500
129,200
128,700
1%
—%
End of period active fleet count (1)
130,500
128,900
130,500
128,900
1%
1%
Commercial rental
Average fleet count
40,200
40,500
40,700
39,900
(1)%
2%
End of period fleet count
39,200
41,100
39,200
41,100
(5)%
(5)%
Rental utilization - power units (2)
75%
85%
75%
83%
(1,000)bps
(800)bps
Rental rate change - % (3)
2%
6%
3%
7%
Customer vehicles under
SelectCare contracts
Average fleet count
52,600
55,000
53,300
54,400
(4)%
(2)%
End of period fleet count
51,700
55,200
51,700
55,200
(6)%
(6)%
Customer vehicles under
SCS
End of period fleet count (4)
13,600
11,700
13,600
11,700
16%
16%
DTS
End of period fleet count (4)
11,300
11,600
11,300
11,600
(3)%
(3)%
Used vehicle sales (UVS)
End of period fleet count
7,000
3,900
7,000
3,900
79%
79%
Used vehicles sold
5,500
4,000
10,600
7,600
38%
39%
UVS pricing change (5)
Tractors
(41)%
91%
(38)%
117%
Trucks
(34)%
81%
(26)%
94%
____________________
(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 June 30,
Six months ended June 30,
(In millions)
2023
2022
2023
2022
Total revenue
$
2,884
3,034
$
5,836
5,888
Subcontracted transportation and fuel
(558
)
(727
)
(1,164
)
(1,365
)
Operating revenue (1)
$
2,326
2,307
$
4,672
4,523
TOTAL CASH
GENERATED / FREE CASH FLOW RECONCILIATION
Six months ended June 30,
(In millions)
2023
2022
Net cash provided by operating activities
from continuing operations
$
1,221
1,103
Proceeds from sales (primarily revenue
earning equipment) (2)
447
636
Other (2)
—
7
Total cash generated (1)
1,668
1,746
Purchases of property and revenue earning
equipment (2)
(1,652
)
(1,195
)
Free cash flow (1)
$
16
551
____________________
(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 June 30,
Six months ended June 30,
(In millions)
2023
2022
2023
2022
Earnings (loss) from continuing
operations
$
(18
)
240
$
122
416
Non-operating pension costs, net
8
1
16
3
FMS U.K. exit (1)
(5
)
(32
)
(36
)
(31
)
Currency translation adjustment loss
183
—
183
—
Other, net
1
1
—
5
Tax adjustments, net (2)
1
16
18
21
Comparable earnings from continuing
operations (3), (4)
$
170
226
$
303
414
Tax rate on continuing operations
140.8%
29.0%
50.0%
29.5%
Tax adjustments and income tax effects of
non-GAAP adjustments (3)
(112.2)%
(2.2)%
(22.7)%
(2.3)%
Comparable tax rate on continuing
operations (4)
28.6%
26.8%
27.3%
27.2%
____________________
(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 June 30,
(In millions)
2023
2022
Net earnings
$
574
734
Other items impacting comparability
(1)
96
(18
)
Income taxes (2)
302
272
Adjusted earnings before income taxes
972
988
Adjusted income taxes (3)
(264
)
(251
)
Adjusted net earnings
$
708
737
Average shareholders' equity
$
2,976
2,642
Average adjustments to shareholders'
equity (4)
(19
)
(7
)
Adjusted average shareholders' equity
$
2,957
2,635
Adjusted return on equity (5)
24%
28%
____________________
(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 June 30,
(In millions)
2023
2022
FMS U.K. exit
$
(87
)
(31
)
Currency translation adjustment loss
188
—
Other, net
(5
)
13
Other items impacting comparability
$
96
(18
)
____________________
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 June 30,
Six months ended June 30,
(In millions)
2023
2022
2023
2022
Net earnings (loss)
$
(18
)
239
$
121
415
Loss from discontinued operations, net of
tax
—
1
1
1
Provision for income taxes
62
98
123
174
Earnings before income taxes from
continuing operations
44
338
245
590
Non-operating pension costs, net
10
2
20
5
FMS UK exit (1)
(5
)
(32
)
(36
)
(31
)
Currency translation adjustment loss
188
—
188
—
Other, net
—
—
(1
)
4
Comparable earnings before income taxes
(2)
237
308
416
568
Interest expense
72
56
137
108
Depreciation
412
424
857
854
Used vehicle sales, net
(55
)
(109
)
(125
)
(214
)
Amortization
8
9
17
19
Comparable EBITDA (2)
$
674
688
$
1,302
1,335
____________________
(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)
Third Quarter 2023
Full Year 2023
EPS from continuing operations
$2.82 - $3.07
$7.95 - $8.45
Non-operating pension costs
0.17
0.67
FMS U.K. exit, net of tax
0.01
(0.38)
Currency translation adjustment loss
—
3.96
Comparable EPS from continuing operations
forecast (1)
$3.00 - $3.25
$12.20 - $12.70
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
$
380
Other items impacting comparability
(1)
155
Income taxes (2)
225
Adjusted earnings before income taxes
760
Adjusted income taxes (3)
(210)
Adjusted net earnings for ROE (numerator)
(4) [A]
$
550
Average shareholders' equity
$
3,065
Adjustment to equity (5)
(20)
Adjusted average total equity
(denominator) (4) [B]
$
3,045
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.
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