Financial Data and Key Metrics Changes - Operating revenue for the first quarter was $2.5 billion, up 6% from the prior year, primarily due to recent acquisitions and contractual growth, partially offset by lower rental revenue [105] - Comparable earnings per share from continuing operations were $2.14, down from $2.81 in the prior year, reflecting weaker market conditions in used vehicle sales and rental [106] - Return on equity was 17%, in line with the high-teens target over the cycle, with a year-over-year decline due to weakening used vehicle sales and rental market conditions [107] - Free cash flow for the first quarter decreased to $13 million from $101 million in 2023, primarily due to lower proceeds from property and used vehicle sales [107] Business Line Data and Key Metrics Changes - Fleet Management Solutions operating revenue decreased by 1% due to lower rental demand, partially offset by higher ChoiceLease revenue, which grew by 9% [108] - Dedicated operating revenue increased by 33%, reflecting the acquisition of Cardinal Logistics, although EBT declined due to acquisition integration and related costs [114] - Supply Chain operating revenue increased by 11%, driven by the IFS and Cardinal acquisitions, with earnings benefiting from stronger automotive performance [121] Market Data and Key Metrics Changes - Used vehicle sales results showed a decline, with used tractor proceeds down 34% and used truck proceeds down 30% compared to the prior year [112] - Rental utilization on the power fleet was 66%, down from 75% in the prior year, reflecting weak market conditions [110] - The average rental fleet is expected to be down 8% in 2024, with rental capital expenditures reduced by approximately $100 million [115] Company Strategy and Development Direction - The company continues to execute a balanced growth strategy, which has driven outperformance relative to prior cycles, with a focus on enhancing returns and integrating recent acquisitions [84][85] - The integration of Cardinal Logistics is on track, expected to generate significant cost savings and efficiencies, with net synergies projected between $40 million and $60 million [100][101] - The company remains committed to investing in organic growth and strategic acquisitions to drive long-term profitable growth [119] Management's Comments on Operating Environment and Future Outlook - Management expects 2024 to reflect trough market conditions in used vehicle sales and rental, with a gradual pickup anticipated in the second half of the year [130] - The company is confident in the long-term secular growth trends in its segments, despite current economic uncertainties causing some customers to delay decisions [130] - Management highlighted the importance of maintaining pricing discipline in the leasing market, despite some softness in demand [31] Other Important Information - The company plans to hold an Investor Day on June 13 in New York City, featuring presentations from business leaders and showcasing expanded supply chain capabilities [6] - The full year 2024 forecast for free cash flow is negative $175 million to $275 million, an improvement from prior forecasts due to lower rental capital expenditures [89] Q&A Session All Questions and Answers Question: Update on used truck rental market recovery - Management noted that the current downturn in rental and used trucks is the longest in a long time, with expectations of nearing the end of this cycle, and some stabilization in used truck pricing is beginning to show [11][12][14] Question: Recovery in used vehicle pricing - Management indicated that they are not assuming a recovery in used vehicle pricing for the balance of the year, expecting to hit the bottom in the second and third quarters, with a potential uptick in the fourth quarter [18][19] Question: Trends in Dedicated and Supply Chain backlogs - Management reported that the Dedicated pipeline has seen a pop year-over-year, but there are delays in decision-making in the Supply Chain segment due to economic uncertainty [46][47] Question: Benefits from anticipated pre-buy activity - Management expects benefits across leasing fleet growth, rental, and used pricing gains from the anticipated pre-buy activity ahead of the 2027 EPA engine technology changes [51][52] Question: Comments on end markets and trends in SCS - Management highlighted continued volume in the automotive sector and industrial, with expectations for improvement in e-commerce omnichannel demand in the second half of the year [60][62]

April 23, 2024 Safe Harbor and Non-GAAP Financial Measures 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 outlook; our expectations regarding market trends and economic environment, such as rental demand, economic growth, challenging freight environment, weakening used vehicle sales and rental, and declining volumes in our omnichannel retail vertical; our expect ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-4364 RYDER SYSTEM, INC. (Exact name of registrant as specified in its charter) Florida 59-0739250 (State or other jurisdiction of incorporation or organization ...

Ryder System, Inc. (NYSE:R) Q4 2023 Earnings Call Transcript February 14, 2024 11:00 AM ET Company Participants Calene Candela - VP, IR Robert Sanchez - Chairman and CEO John Diez - EVP and CFO Steve Sensing - President, Supply Chain Solutions and Dedicated Transportation Solutions Tom Haven - President, Fleet Management Solutions Conference Call Participants Jordan Alliger - Goldman Sachs Scott Group - Wolfe Research Jeff Kauffman - Vertical Research Partners Brian Ossenbeck - JPMorgan Allison Poliniak - W ...

43 Note: Amounts may not be additive due to rounding. SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2024 Ryder System, Inc. All Rights Reserved Adjusted Return on Equity Reconciliation(1) Adjusted return on equity (1) [A]/[B] 13 % 29 % 19 % 16 % Note: Amounts may not be additive due to rounding. ($ Millions) SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 45 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-- ...

Ryder System, Inc. (NYSE:R) Q3 2023 Earnings Conference Call October 25, 2023 11:00 AM ET Company Participants Calene Candela - Vice President, Investor Relations Robert Sanchez - Chairman and Chief Executive Officer John Diez - Executive Vice President and Chief Financial Officer Tom Havens - President of Fleet Management Solutions Steve Sensing - President of Supply Chain Solutions and Dedicated Transportation Solutions Conference Call Participants Jordan Alliger - Goldman Sachs Jeffrey Kauffman - Vertica ...

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2023 Ryder System, Inc. All Rights Reserved | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|-------|-------|-------|-------|-------|-------|----------------|-------|-------|-------| | Total Revenue: \nFleet Management Solutions \nSupply Chain Solutions | | 2023 \n$ 1,487 \n 1,194 | Third Quarter \n2022 \n$ 1,582 \n 1,206 | \n% B/(W) \n (6)% \n (1)% | | 2023 \n$ 1,266 \n 909 | \n | Memo: Operating Reven ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 1-4364 RYDER SYSTEM, INC. (Exact name of registrant as specified in its charter) Florida 59-0739250 (State or other jurisdiction of incorp ...

Financial Data and Key Metrics Changes - Operating revenue for the second quarter was $2.3 billion, up 1% from the prior year, primarily due to growth in supply chain and dedicated segments, partially offset by the exit from the U.K. business [26][55] - Comparable earnings per share from continuing operations were $3.61, down from $4.43 in the prior year, reflecting weaker market conditions in used vehicle sales and rental [26][13] - Return on equity for the trailing 12-month period was 24%, above the high teens target, driven by elevated used vehicle sales and rental market conditions [20][13] Business Segment Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased 4% due to the exit from the U.K., while North America revenue remained unchanged [55] - Supply chain EBT increased 23%, reflecting revenue growth and lower incentive-based compensation costs, despite lower volumes in the omni-channel retail vertical [29] - Dedicated operating revenue increased 7%, with EBT rising 43% due to revenue growth and improved labor productivity [30] Market Data and Key Metrics Changes - The revenue mix has shifted towards supply chain and dedicated businesses, with 55% of 2023 revenue expected from these asset-light sectors compared to 44% in 2018 [9][53] - Used vehicle proceeds declined significantly, with used tractor proceeds down 41% and used truck proceeds down 34% compared to the prior year [56] - Rental utilization for the power fleet was 75%, down from record levels of 85% in the prior year, but partially offset by a 2% increase in power fleet pricing [27] Company Strategy and Development Direction - The company has adopted a balanced growth strategy focused on enhancing returns and reducing reliance on used vehicle proceeds [23][5] - The updated business model is expected to generate higher earnings and returns compared to previous cycles, with a forecasted comparable EPS of $12.20 to $12.70 for 2023 [22][39] - The company continues to pursue targeted acquisitions and investments to support long-term profitable growth [21][64] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term earnings generation of the model, as evidenced by a 15% increase in quarterly dividends [7][5] - The outlook for return on equity remains strong, with expectations to end 2023 in the high teens target range despite weak freight conditions [20][40] - Management noted that the company is well-positioned to increase shareholder value, supported by secular trends and operational expertise [69][70] Other Important Information - The company expects to generate approximately $100 million of free cash flow in 2023, with net capital expenditures projected at $2.4 billion [35][33] - The balance sheet leverage was reported at 211%, below the target range, providing capacity for organic growth and shareholder returns [36] Q&A Session All Questions and Answers Question: Can you delve into the keys to success in the supply chain margin ramp? - Management highlighted that the target for profitability on Supply Chain is high single digits, and the success is attributed to pricing new business and passing through necessary cost increases, especially in the automotive sector [72][73] Question: What are the expectations for used vehicle pricing and the impact of OEM deliveries? - Management expects gains next year based on residual values, with the anticipation that the used truck market will continue to decline throughout the year, potentially bottoming out in the first quarter of next year [106][120] Question: How is the pipeline trending for Dedicated and Supply Chain Solutions? - Management reported that the pipeline remains healthy, with strong demand across various verticals, including e-commerce and CPG, despite some softness in the freight market [104][109]

Earnings and EPS from Continuing Operations ($ Millions, Except Per Share Amounts) Note: Amounts may not be additive due to rounding. (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. 34 Note: Amounts may not be additive due to rounding. Third Quarter 2022 Full Year 2022 EPS from continuing operations (GAAP) Non-operating pension costs, net FMS U.K. exit Other, net Tax adjustme ...