Ryder Company Conference Call Summary Company Overview - Ryder is a leading provider of outsourced transportation and logistics solutions in North America, with 90% of its business in the U.S. [4] - The company generated nearly $13 billion in revenue last year and operates in three segments: Fleet Management Solutions (FMS), Dedicated, and Supply Chain [4][5]. - Fleet Management Solutions accounts for approximately 40% of Ryder's business, with a fleet of about 240,000 vehicles [5][6]. - The Dedicated segment contributes around 20% of revenue, with 50% of sales coming from lease customers transitioning to dedicated services [7]. - The Supply Chain segment makes up the remaining 40% and includes services like port-to-door logistics and e-commerce [7][8]. Business Transformation and Strategy - Ryder has undergone a transformation over the past six years to reduce dependency on market cycles, shifting from a more asset-intensive model to a more asset-light approach [8][9]. - The leasing business has decreased from 56% of revenue in 2018 to 40% currently, while the supply chain and dedicated segments have grown significantly [9][14]. - The company has implemented a balanced growth strategy focusing on de-risking the business, enhancing returns, and shifting the business mix [10][11][13]. - Ryder has invested over $1 billion in acquisitions to enhance capabilities, particularly in the supply chain and dedicated space [14]. Financial Performance - Ryder's revenue grew from $8.4 billion to $12.7 billion, with comparable EPS doubling during the same period [14][15]. - Return on equity increased from 13% to 17%, reflecting improved financial performance [15]. - The company expects EPS growth of 8%-12% for the upcoming year, driven by strategic initiatives [18]. Market Conditions and Outlook - Ryder anticipates a potential $250 million in earnings upside when the freight market improves, primarily from rental and used vehicle sales [19]. - The company is cautious about the current market conditions, with no significant recovery factored into guidance for 2026 [39][40]. - Supply Chain is expected to grow at 3% in 2026, with targets for low double-digit growth in the future [20]. Capital Deployment and Shareholder Returns - Ryder expects to generate approximately $10.5 billion in cash flow from operations over three years, with $14 billion available for capital deployment [20][21]. - The company plans to allocate $9 billion for fleet replacement and has returned over $2.4 billion to shareholders through buybacks and dividends since 2021 [21][22]. Technology Initiatives - Ryder is investing in technology to enhance customer-facing tools, including RyderShare and RyderGyde, with plans to embed AI for improved freight visibility and fleet management [92][96]. - The company is also exploring automation and robotics through its RyderVentures fund, which invests in innovative companies [98][99]. Industry Dynamics - Fuel price volatility is primarily passed through to customers, with minimal impact on Ryder's operations [31]. - The company is monitoring the impact of regulatory changes and market dynamics on used vehicle prices, which are expected to rise due to increased new vehicle costs [68][70]. - Ryder's dedicated business is positioned to benefit from a tightening driver market, as the company has the capability to retain and train drivers [71]. Conclusion - Ryder is focused on continuing its transformation and growth strategy while navigating current market challenges. The company remains optimistic about future opportunities and is committed to enhancing shareholder value through strategic investments and operational efficiencies.

Financial Data and Key Metrics Changes - In 2025, Ryder achieved comparable earnings per share of $1,292, more than double the $595 reported in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [12][25] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from $1.7 billion in 2018 [12][21] - For the fourth quarter, operating revenue was $2.6 billion, consistent with the prior year, while comparable earnings per share from continuing operations were $3.59, up 4% from the previous year [15][25] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [16][19] - Supply Chain Solutions (SCS) operating revenue increased by 3%, but earnings decreased by 8% due to lost business and production shutdowns in automotive [18][19] - Dedicated Transportation Solutions (DTS) operating revenue decreased by 4%, but EBT was above the prior year due to lower bad debt and acquisition synergies [19][25] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [24][25] - U.S. Class 8 production is forecasted to decline by 4% in 2026, impacting the overall market dynamics [24] Company Strategy and Development Direction - Ryder's balanced growth strategy has been transformative, reducing reliance on used vehicle proceeds and focusing on asset-light supply chain and dedicated businesses [8][10] - The company is investing in customer-centric technology and AI to enhance operational efficiency and customer service [9][10] - Ryder aims to achieve higher returns by focusing on profitable growth opportunities and strategic investments [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver earnings growth and increased returns in 2026, driven by strategic initiatives and a strong contractual portfolio [24][25] - The company anticipates that the earnings power of its contractual businesses will offset near-term headwinds in transactional parts of the business [31][34] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding while increasing the quarterly dividend by 57% [14][23] - The company expects to generate approximately $10.5 billion from operating cash flow and used vehicle sales proceeds over the next three years, creating $3.5 billion of incremental debt capacity [21][22] Q&A Session Summary Question: Variability in Earnings Guidance for 2026 - The largest variability in earnings guidance is tied to the transactional business, particularly maintenance and omnichannel optimization initiatives [38][40] Question: Used Vehicle Sales Expectations - Used vehicle sales are expected to improve gradually throughout the year, with Q1 consistent with Q4 levels [45][46] Question: Impact of Market Conditions on Rental Business - The company has not seen meaningful improvement in rental and used vehicle sales, with guidance not reflecting significant market recovery [64][66] Question: Benefits of Baton Technology - Baton is expected to optimize fleet operations and enhance customer solutions through AI technology [67][68] Question: Flex Operating Structure in Dedicated Business - The flex operating structure is anticipated to optimize back-office resources and improve driver allocation, potentially offsetting margin headwinds [86][87]

Financial Data and Key Metrics Changes - In 2025, Ryder's comparable earnings per share were $1,292, more than double the $595 in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [12][25] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from 2018 [12][21] - Fourth quarter operating revenue was $2.6 billion, in line with the prior year, with comparable earnings per share from continuing operations at $3.59, up 4% from the prior year [15][25] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [16] - Supply Chain operating revenue increased by 3%, but earnings decreased by 8% due to lost business and customer production shutdowns [18] - Dedicated operating revenue decreased by 4%, but EBT was above the prior year due to lower bad debt and acquisition synergies [19] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [24] - U.S. Class 8 production is forecasted to decline by 4% in 2026 [24] - Rental demand was below the prior year, with rental utilization on the power fleet at 72%, down from 73% [16] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence, customer-centric innovation, and profitable growth, with a significant shift towards asset-light supply chain and dedicated businesses [8][10] - The company aims to optimize its omnichannel retail warehouse network and enhance proprietary technologies through AI [9][10] - Ryder's capital allocation priorities include investing in organic growth, strategic investments, and returning capital to shareholders [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver increasing value to customers and shareholders despite current market challenges [24][36] - The outlook for 2026 includes expected operating revenue growth of approximately 3% and a comparable EPS increase of 12% at the high end of the forecast range [24][25] - Management noted that the earnings power of the contractual portfolio is expected to drive higher operating cash flow and incremental debt capacity [21][22] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding [14][22] - The company expects to realize another $70 million in incremental benefits from strategic initiatives in 2026, bringing the total expected annual benefit to $170 million [13][31] Q&A Session Summary Question: Variability in EPS guidance for 2026 - Management indicated that the largest variability lies within the transactional business, particularly related to maintenance and omnichannel optimization [38][40] Question: Used vehicle sales expectations - Management expects Q1 to be consistent with Q4, with gradual improvement anticipated as the year progresses [45][46] Question: Impact of market conditions on rental and used vehicle sales - Management noted that while there are signs of capacity exiting the market, the impact on used vehicle pricing for Ryder is expected to be minimal [52][53] Question: Flex operating structure benefits - Management highlighted that the flex model is expected to optimize back-office resources and reduce driver dwell time, potentially offsetting margin headwinds in the dedicated business [86] Question: Performance of Supply Chain division - Management reported a record sales year in 2025 for the Supply Chain division, with expectations for continued growth driven by new business [54][56]

Financial Data and Key Metrics Changes - In 2025, Ryder achieved comparable earnings per share of $1,292, more than double the $595 reported in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [11][12] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from $1.7 billion in 2018 [11][12] - For the fourth quarter, operating revenue was $2.6 billion, consistent with the prior year, while comparable earnings per share from continuing operations were $3.59, up 4% from the previous year [13] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [14] - Supply Chain Solutions (SCS) operating revenue increased by 3%, but earnings decreased by 8% due to lost business and customer production shutdowns [16] - Dedicated Transportation Solutions (DTS) saw a 4% decrease in operating revenue, but EBT was above the prior year due to lower bad debt and acquisition synergies [17] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [22] - Class 8 production is forecasted to decline by 4% in 2026, impacting overall market dynamics [22] - Rental demand remains weak, with utilization rates dropping to 66% in January from 74% in December [54] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence, customer-centric innovation, and profitable growth, with a significant shift towards asset-light supply chain and dedicated businesses [6][9] - The company is investing in customer-centric technology, including AI enhancements to improve operational efficiencies and customer service [8][9] - Ryder aims to leverage its high-quality contractual portfolio, which generates over 90% of its revenue, to support strategic growth opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver increasing value to customers and shareholders despite current market challenges [22] - The outlook for 2026 includes expected operating revenue growth of approximately 3% and a comparable EPS increase of 12% at the high end of the forecast range [22][23] - Management noted that the earnings power of the contractual portfolio is expected to drive higher operating cash flow and support capital deployment capacity [19] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding while increasing the quarterly dividend by 57% [12] - The company expects to realize another $70 million in incremental benefits from strategic initiatives in 2026, bringing the total expected annual benefit to $170 million [12][29] - Ryder's balance sheet remains strong, with leverage at 250% at year-end, providing ample capacity for capital allocation priorities [21] Q&A Session Summary Question: Variability in EPS guidance for 2026 - Management indicated that the largest variability lies within the transactional business, particularly related to maintenance and omnichannel optimization initiatives [35][36] Question: Used vehicle sales expectations - Management expects a gradual improvement in used vehicle sales throughout the year, with Q1 consistent with Q4 levels [38][39] Question: Impact of market conditions on rental and used vehicle sales - Management noted that while there are signs of capacity exiting the market, they have not yet seen a meaningful improvement in rental and used vehicle sales [41][62] Question: Flex operating structure benefits - The flex operating structure is expected to optimize back-office resources and improve driver allocation, potentially offsetting margin headwinds in the dedicated business [59] Question: Performance of Supply Chain Solutions - Management highlighted a record sales year in 2025 for Supply Chain Solutions, with new business expected to layer in throughout 2026 [44][60]

Fourth Quarter 2025 Earnings Conference Call February 11, 2026 Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast and outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales v ...

Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion in Q3 2025, up 1% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [13] - Comparable earnings per share from continuing operations were $3.57, up 4% from $3.44 in the prior year, reflecting higher contractual earnings and benefits from share repurchases [13] - Return on equity (ROE) was 17%, up from the prior year, driven by higher contractual earnings and share repurchases, partially offset by lower rental demand and used vehicle sales [14] - Year-to-date free cash flow increased to $496 million from $218 million in the prior year due to reduced capital expenditures and lower income tax payments [14] Business Line Data and Key Metrics Changes - Fleet Management Solutions operating revenue was in line with the prior year, with pretax earnings of $146 million, up year-over-year due to higher ChoiceLease performance, offset by lower used vehicle sales and rental results [14][15] - Supply Chain operating revenue increased 4%, driven by new business in omni-channel retail, but earnings decreased 8% due to e-commerce network performance and higher medical costs [19] - Dedicated operating revenue decreased 6% due to lower fleet count, but earnings before tax (EBT) was in line with the prior year, reflecting acquisition synergies [20] Market Data and Key Metrics Changes - The company noted that 93% of its revenue is generated in the U.S., positioning it well to benefit from increased domestic industrial manufacturing [6] - Rental demand was lower than historical seasonal trends, with rental utilization on the power fleet at 70%, down from 71% in the prior year [15] - Used vehicle pricing saw a year-over-year decline of 6% for tractors and 15% for trucks, although sequential pricing for trucks increased by 7% [16] Company Strategy and Development Direction - Ryder is focused on creating value through operational excellence and investment in customer-centric technology, aiming for earnings growth driven by resilient contractual businesses and strategic initiatives [5][6] - The company expects its transformed business model to deliver ROE in the low to mid-20s when market conditions improve, with over 90% of operating revenue generated by multiyear contracts [7] - A new discretionary $2 billion share repurchase program was authorized, reflecting the company's commitment to disciplined capital allocation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform prior cycles, citing a strong foundation from its transformed business model [8] - The outlook for 2025 includes a comparable EPS forecast of $12.85 to $13.05, driven by higher contractual earnings and benefits from strategic initiatives [29] - Management acknowledged ongoing headwinds from the freight market downturn but remains optimistic about robust sales and pipeline activity in SCS [29][30] Other Important Information - The company has returned $457 million to shareholders in 2025 through share repurchases and dividends, with a 57% increase in the quarterly dividend since 2021 [9] - The forecast for free cash flow remains unchanged at $900 million to $1 billion, reflecting lower capital expenditures and an estimated annual benefit of $200 million from tax bonus depreciation [10][30] Q&A Session Summary Question: Impact of CDL regulations on the business model - Management indicated that tighter driver markets could benefit the dedicated business as companies seek assistance in driver recruitment, with minimal impact expected on the lease side [38][40] Question: Drivers of earnings growth for next year - Management expects contractual earnings growth and strong performance in supply chain to drive revenue and earnings growth, despite muted sales in lease and dedicated due to freight market softness [42][45] Question: Used vehicle pricing and tariffs - Management noted that any price increases would likely be passed through to lease rates, and higher new truck pricing could eventually support used truck prices [52][56] Question: Supply Chain Solutions headwinds - Management acknowledged temporary headwinds in e-commerce network performance but remains optimistic about future growth and margin targets [65][66] Question: Bonus depreciation impact - The bonus depreciation is expected to provide a cash tax benefit of approximately $200 million annually, with no significant impact on operating margins [84][86]

Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion in Q3 2025, up 1% from the prior year, primarily due to growth in contractual revenue [11] - Comparable EPS from continuing operations increased to $3.57, up 4% from $3.44 in the prior year, reflecting higher contractual earnings and benefits from share repurchases [11] - Return on equity (ROE) was 17%, up from the prior year, driven by higher contractual earnings and share repurchases, partially offset by lower rental demand and used vehicle sales [11] - Year-to-date free cash flow increased to $496 million from $218 million in the prior year due to reduced capital expenditures and lower income tax payments [11] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue was in line with the prior year, with pre-tax earnings of $146 million, reflecting higher ChoiceLease performance [12] - Supply Chain Solutions (SCS) operating revenue increased 4%, driven by new business in omnichannel retail, but earnings decreased 8% due to e-commerce network performance and higher medical costs [15] - Dedicated Transportation Solutions (DTS) operating revenue decreased 6% due to lower fleet count, but EBT was in line with the prior year, reflecting acquisition synergies [16] Market Data and Key Metrics Changes - 93% of Ryder's revenue is generated in the U.S., positioning the company to benefit from increased domestic industrial manufacturing [5] - The rental demand was lower than historical seasonal trends, with rental utilization on the power fleet at 70%, down from 71% the prior year [12] - Used vehicle pricing declined 6% for tractors and 15% for trucks year-over-year, reflecting ongoing weakness in market conditions [13] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence and investment in customer-centric technology, aiming to improve full-cycle returns and unlock long-term shareholder value [5] - The company expects earnings growth in 2025 driven by resilient contractual businesses and strategic initiatives, with a forecasted ROE of 17% [22] - Ryder has authorized a new discretionary share repurchase program, reflecting a commitment to disciplined capital allocation [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's cycle-tested business model, which has demonstrated resiliency during the freight cycle downturn [6] - The company anticipates continued earnings growth from multi-year strategic initiatives, with expected annual pre-tax earnings benefits of approximately $150 million [24] - Management noted that while there are near-term headwinds in lease and dedicated sales due to market conditions, robust sales activity in SCS is encouraging [22] Other Important Information - Ryder's forecast for free cash flow remains unchanged at $900 million to $1 billion, reflecting lower capital spending and an annual cash flow benefit of approximately $200 million from tax bonus depreciation [8] - The company has repurchased approximately 22% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [7] Q&A Session Summary Question: Impact of CDL regulations on business model - Management indicated that tighter driver markets could benefit the dedicated business as companies seek assistance in driver recruitment [30][32] Question: Drivers of earnings growth for 2026 - Management expects contractual earnings growth and benefits from strategic initiatives to drive earnings growth, with strong performance anticipated in supply chain solutions [34][35] Question: Challenges in used vehicle pricing - Management acknowledged challenges in used vehicle pricing but noted that higher new truck pricing could eventually support used truck values [39][40] Question: Supply chain performance and headwinds - Management highlighted that recent headwinds in supply chain performance were temporary and attributed to specific customer issues, with expectations for recovery [49][50] Question: Bonus depreciation impact on financials - Management clarified that the bonus depreciation will provide a cash tax benefit of approximately $200 million annually, with no significant impact on operating margins [61][62]

Financial Performance Highlights - Operating revenue increased by 1% to $2.6 billion in 3Q25 compared to $2.6 billion in 3Q24 [16] - Comparable EPS increased by 4% to $3.57 in 3Q25 compared to $3.44 in 3Q24 [16] - Adjusted ROE increased to 17% in 3Q25 from 16% in 3Q24 [16] - The company returned $457 million YTD to shareholders through buybacks and dividends [9] - FY25 free cash flow forecast remains unchanged at $900 million - $1 billion [9] Segment Performance - Fleet Management Solutions (FMS) operating revenue remained consistent at $1.3 billion in 3Q25 compared to 3Q24, with EBT increasing by 11% to $146 million [19] - Supply Chain Solutions (SCS) operating revenue increased by 4% to $1.0 billion in 3Q25 compared to $996 million in 3Q24, while EBT decreased by 8% to $86 million [26] - Dedicated Transportation Solutions (DTS) operating revenue decreased by 6% to $458 million in 3Q25 compared to $486 million in 3Q24, with EBT remaining consistent at $36 million [29] Outlook - The company updated its full-year 2025 comparable EPS forecast range to $12.85 - $13.05 [38] - The company forecasts a 2025 ROE of 17% and free cash flow between $900 million and $1 billion [38]

Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion for Q2 2025, an increase of 2% from the prior year, primarily driven by contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [13] - Comparable earnings per share from continuing operations were $3.32, up 11% from $3 in the prior year, reflecting higher contractual earnings and share repurchases [13] - Return on equity (ROE) was 17%, up from the prior year, primarily due to higher contractual earnings [14] - Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures [14] Business Line Data and Key Metrics Changes - **Fleet Management Solutions (FMS)**: Operating revenue increased by 1%, driven by ChoiceLease revenue, which was up 2%. However, pretax earnings decreased to $126 million due to weaker freight market conditions [15] - **Supply Chain Solutions (SCS)**: Operating revenue increased by 3%, with earnings up 16% from the prior year, reflecting new business and improved performance from initiatives to optimize the omnichannel retail network [21] - **Dedicated Transportation Solutions (DTS)**: Operating revenue decreased by 3% due to lower fleet count, but earnings before tax (EBT) increased by 1% year-over-year, reflecting acquisition synergies [22] Market Data and Key Metrics Changes - The U.S. market remains a significant focus, generating 93% of Ryder's revenue, with expectations of benefiting from increased industrial manufacturing [6] - Used vehicle sales results were negatively impacted by increased wholesale volumes, with used tractor and truck pricing declining by 17% year-over-year [18] - Rental utilization on the power fleet was 70%, up from 69% in the prior year, although still below the target range [16] Company Strategy and Development Direction - Ryder's balanced growth strategy aims to derisk the business, increase return profiles, and accelerate growth in asset-light supply chain and dedicated businesses [4] - The company expects to continue leveraging its transformed business model to outperform prior cycles, with a focus on organic growth, strategic acquisitions, and innovative technology [11] - Ryder announced a 12% annualized increase to its quarterly dividend, reflecting higher profitability and improved returns [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the transformed business model, expecting to generate higher earnings and returns even in a freight cycle downturn [7] - The company anticipates a more muted recovery in used vehicle sales and ongoing challenges in the rental market due to economic uncertainty [29] - Management remains optimistic about robust sales and pipeline activity in SCS, despite near-term headwinds in lease and dedicated businesses [29] Other Important Information - Ryder increased its 2025 forecast for free cash flow to a range of $900 million to $1 billion, reflecting lower expected capital spending and the reinstatement of tax bonus depreciation [10] - The company has repurchased approximately 21% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [9] Q&A Session Summary Question: Confidence in deploying dry powder on the balance sheet - Management feels confident about deploying capital for share repurchase programs and acquisitions, with plans to invest organically as the freight market improves [40][41] Question: Used vehicle pricing expectations - Management expects a steady increase in tractor pricing, with retail pricing up 10%, although the overall increase may be more muted than initially expected [43][44] Question: Reasons for losses on sales in Q2 and recovery in Q3 - Losses were driven by increased wholesaling of aged inventory, which is not expected to continue at the same level, allowing for a return to gains in Q3 [47][48] Question: Impact of OEM delays on capital expenditures - Management anticipates that OEM delays will reverse in 2026, leading to increased capital spending as the freight market stabilizes [62][64] Question: Maintenance growth outlook - Management is focusing on mobile maintenance initiatives and retail maintenance offerings, which are expected to grow despite historical stagnation [96][99]

Second Quarter 2025 Earnings Conference Call July 24, 2025 Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our outlook; market conditions, s ...