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RYDER SYSTEM, INC.

(R)
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Ryder System : Overview(opens in new window)

05/11/2021 | 02:32pm EDT

COMPANY OVERVIEW

May 2021

1

Safe Harbor and Non-GAAP Financial Measures

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 and economic environment; impact of the COVID-19 pandemic on market conditions, e-commerce trends, freight environment, earnings, depreciation, commercial rental demand and utilization, and used vehicle sales volume and pricing, expected benefits from our strategic initiatives and our multi-year maintenance cost-savings initiatives; expected benefits of lease pricing initiatives; implementation of our asset management strategy; performance, including sales and revenue growth, in our product lines and segments; residual values and depreciation expense; used vehicle inventory; rental utilization; free cash flow; operating cash flow; capital expenditures; fleet growth; and profitability of our Ryder Last Mile operations. 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 changes in supply and demand, competitor pricing, regulatory requirements, driver shortages, changes in customer requirements and preferences, as well as 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, the effect of the COVID-19 pandemic; our ability to adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, 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; lower than expected benefits from our sales, marketing and new product initiatives; higher than expected costs related to our ERP implementation; 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 and new entrants; 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, including our depreciation policy; unanticipated 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 ROE (ROE) measure is 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.

© 2021 Ryder System, Inc.

2

All Rights Reserved

Key Themes

3

Key Themes Summary

1

Leader in logistics and transportation outsourcing with significant

growth opportunity from large addressable markets and secular trends

existing secular trends accelerated by COVID effects

2

3

4

Large contractual revenue base supports long-term value creation through operating cash flow and earnings

Industry leader in new product innovation to drive future growth

potential

Focus on greater free cash flow generation over the cycle supports strong balance sheet, strategic optionality, and increasing shareholder returns

Disciplined capital allocation and cyclical upturn in used vehicle sales and rental businesses support achieving 15% adjusted ROE

5 target

6

Progress on actions to improve returns

@ 2021 Ryder System, Inc.

4

All Rights Reserved

1 Leader in Logistics and Transportation Outsourcing Solutions

RYDER 2020 PROFILE

$

8.4 Billion

~800

279,900

63 Million

39,000

Annual Revenue(1)

Maintenance Locations

Vehicles(2)

Sq. Ft. Warehouse Space

Employees

OPERATING REVENUE BY SEGMENT(3)

TOTAL REVENUE BY COUNTRY(4)

13%

62% 25%

U.S.

Fleet Management Solutions (FMS)

Canada

(since 1957)

89%

6%

Supply Chain Solutions (SCS)

U.K.

Dedicated Transportation Solutions (DTS)

3%

(since 1971)

Mexico

2%

(since 1994)

More than 95% of revenue is generated in North America

(1) This amount results from continuing operations, (2) 2020 Average Vehicle Count, (3) as % of 2020 Operating Revenue, (4) as a % of 2020 Total Revenue

Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix - Non GAAP Financial Measures for the reconciliation to the GAAP Financial Measure.

@ 2021 Ryder System, Inc.

5

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 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 18:31:07 UTC.


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Financials (USD)
Sales 2021 9 036 M - -
Net income 2021 330 M - -
Net Debt 2021 6 438 M - -
P/E ratio 2021 12,9x
Yield 2021 2,84%
Capitalization 4 226 M 4 226 M -
EV / Sales 2021 1,18x
EV / Sales 2022 1,17x
Nbr of Employees 39 000
Free-Float 99,3%
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Technical analysis trends RYDER SYSTEM, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 87,00 $
Last Close Price 78,44 $
Spread / Highest target 23,7%
Spread / Average Target 10,9%
Spread / Lowest Target 1,99%
EPS Revisions
Managers and Directors
NameTitle
Robert E. Sanchez Chairman & Chief Executive Officer
John J. Diez Chief Financial Officer & Executive Vice President
Rajeev Ravindran Chief Information Officer & Senior Vice President
Norman Brouillette VP, General Manager-Technology & Healthcare
Kendra Phillips Chief Technology Officer
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