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MarketScreener Homepage  >  Equities  >  Nyse  >  Ryder System, Inc.    R

RYDER SYSTEM, INC.

(R)
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Ryder System : 3Q 2020 Ryder System Inc. Earnings Presentation(opens in new window)

10/28/2020 | 07:55am EST

Third Quarter 2020 Earnings Conference Call

October 28, 2020

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 forecast, outlook, expectations regarding market trends and economic environment; impact of the COVID-19 pandemic on earnings, depreciation, commercial rental demand, and automotive production; residual values and depreciation expense; fleet growth; used vehicle inventory; rental demand and utilization; adjusted return on equity, operating revenue growth, free cash flow, capital expenditures; leverage; the impact and adequacy of steps we have taken to address our cost structure and improve returns; our ability to achieve our long-term return on equity target; and our ability to successfully implement our maintenance cost-savings initiatives, capital allocation strategy, and asset management strategy to right size our fleet; and timing for resumption of the anti-dilutive share repurchase program. 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-term used vehicle market. Our assessment is subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results related to vehicle residual values to materially differ from estimates include, but are not limited to, changes in supply and demand, competitor pricing, regulatory requirements, driver shortages, requirements and preferences, as well as changes in underlying assumption factors.

All of our forward-looking statements should be evaluated with consideration given to 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, among others, the duration and severity of the COVID-19 pandemic and governmental responses thereto, our ability to adapt to changing market conditions and secular growth trends, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services, higher than expected maintenance costs, lower than expected benefits from our cost savings initiatives, lower than expected benefits from our sales, marketing and new product initiatives, higher than expected costs related to our ERP implementation, setbacks or uncertainty in the economic market or in our ability to grow and retain profitable customer accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, used vehicle inventory levels, poor operational execution including with respect to new accounts and product launches, our difficulty in obtaining adequate profit margins for our services, our 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 and new entrants, lower than anticipated customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, higher than expected bad debt reserves or write-offs, changes in customers' business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting estimates, higher than expected reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, impact of changes in our residual value estimates and accounting policies (including our depreciation policy), the sudden or unusual changes in fuel prices, unanticipated currency exchange rate fluctuations, 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-GAAPFinancial Measures: This news release includes certain non-GAAP financial measures as defined under SEC rules, including:

Comparable Earnings Measures, including comparable earnings from continuing operations; comparable earnings per share from continuing operations; comparable earnings before income tax; comparable earnings before interest, income tax, depreciation and amortization for Ryder and its business segments; and comparable tax rate. Additionally, our adjusted return on equity (ROE), adjusted return on capital (ROC) and adjusted return on capital spread (ROC spread) measures are calculated based on adjusted earnings items.

Operating Revenue Measures, including operating revenue for Ryder and its business segments, and segment EBT as a percentage of operating revenue.

Cash Flow Measures, including total cash generated and free cash flow.

Refer to Appendix - Non-GAAP Financial Measures for reconciliations of the non-GAAP financial measures contained in this presentation to the nearest GAAP measure. 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 with the SEC as of the date of this presentation, which are available at http://investors.ryder.com.

All amounts subsequent to January 1, 2017 have been recast to reflect the impact of the lease accounting standard, ASU 2016-02,Leases. Amounts throughout the presentation may not be additive due to rounding.

© 2020 Ryder System, Inc.

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All Rights Reserved

Contents

  • Third Quarter 2020 Results Overview
  • Outlook
  • Actions to Achieve ROE Target
  • Q & A

© 2020 Ryder System, Inc.

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All Rights Reserved

3rd Quarter Results Overview

  • Total revenue decreased 3% and operating revenue was unchanged vs. prior year
  • Earnings per diluted share from continuing operations was $0.85 vs. a loss of $(1.75) in 3Q19
  • Comparable earnings per share from continuing operations was $1.21 vs. a loss of $(1.49) in 3Q19
    • Results reflect year-over-year earnings benefit of $108M resulting from a declining depreciation expense impact related to vehicle residual value estimate changes in 2019 and 2020 and higher gains on the sale of used vehicles, net
    • Higher Supply Chain Solutions (SCS) earnings and improved ChoiceLeaseTM (lease) performance also contributed to increased results

© 2020 Ryder System, Inc.

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All Rights Reserved

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ryder System Inc. published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 12:54:06 UTC


© Publicnow 2020
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Financials (USD)
Sales 2020 8 428 M - -
Net income 2020 -99,0 M - -
Net Debt 2020 6 310 M - -
P/E ratio 2020 -36,4x
Yield 2020 3,68%
Capitalization 3 280 M 3 280 M -
EV / Sales 2020 1,14x
EV / Sales 2021 1,10x
Nbr of Employees 39 900
Free-Float 99,3%
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 56,86 $
Last Close Price 60,86 $
Spread / Highest target 11,7%
Spread / Average Target -6,58%
Spread / Lowest Target -27,7%
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Managers
NameTitle
Robert E. Sanchez Chairman & Chief Executive Officer
Scott T. Parker Chief Financial Officer & Executive Vice President
Rajeev Ravindran Chief Information Officer & Senior Vice President
Norman Brouillette VP, General Manager-Technology & Healthcare
Hansel Emory Tookes Lead Independent Director
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