Core Viewpoint - HG Vora Capital Management has completely exited its position in Ryder System, selling 335,000 shares valued at $63.19 million, indicating a strategic decision to realize gains amid strong stock performance [1][2][9]. Company Overview - Ryder System, Inc. is a prominent provider of transportation and logistics services, focusing on fleet management, supply chain optimization, and dedicated contract carriage [5]. - The company operates with a market capitalization of $8.5 billion and reported revenue of $12.67 billion and net income of $500 million for the trailing twelve months [4]. Financial Performance - Ryder's fourth-quarter revenue was $3.2 billion, consistent with the previous year, while comparable earnings per share (EPS) increased by 4% to $3.59 [10]. - For the full year, comparable EPS reached $12.92, and free cash flow amounted to $946 million, with management guiding for 2026 comparable EPS between $13.45 and $14.45 [10]. Market Position and Strategy - Ryder's integrated business model leverages a broad service portfolio to meet complex logistics needs for enterprise customers, supported by an extensive asset base and technology-driven solutions [5][8]. - The company serves a diverse customer base, including manufacturers, retailers, and distributors, focusing on scalable transportation and logistics solutions [8]. Investment Implications - The exit from Ryder System by HG Vora reduces its position from 8.6% of assets under management (AUM) to zero, with the fund now focusing on higher conviction names like PENN and DRVN, which together account for over 60% of its assets [7][11]. - Ryder's stock has appreciated by 35% over the past year, significantly outperforming the S&P 500, which increased by about 16% during the same period [7].