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Investor Supplement(opens in new window)

11/03/2021 | 11:35am EST

Investor Supplement

Segment Overview, Innovation, Financials and ESG


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, including ongoing supply chain and labor challenges, on market conditions, e-commerce trends, freight environment, expected sales and earnings, commercial rental demand and utilization, and used vehicle sales volume and pricing, among other factors; expected benefits from and timing of our strategic investments and initiatives, including our multi-year maintenance cost-savings initiatives and acquisition of Midwest Warehouse & Distribution System; 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 and long-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; the effect of disruptive technologies; 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; 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; 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 presentation 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; and comparable earnings before interest, income tax, depreciation and amortization for Ryder and its business segments. 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.


Segment Overview


Proprietary and Confidential

$1.5 Trillion Addressable Market Provides Significant Growth Opportunities

Supply Chain

Solutions - SCS


Warehouse & Truck- based Transportation Management Market





Dedicated Transportation Solutions - DTS



Transportation Market



5% outsourced

Fleet Management Solutions - FMS



Vehicle Market





Total Market Size

Addressable Non-Outsourced

Currently Outsourced

Market (Market Opportunity)

Growth opportunity to penetrate large, non-outsourced market


Proprietary and Confidential

Sources: Polk/HIS, Armstrong & Associates, Ryder estimates.

SCS - Design and Execute Optimized Logistics Solutions




(25% of 2020

RSI Operating Revenue)

Distribution Management

(39% SCS revenue)

  • Warehouse/distribution center operations (63M sq. ft.)
  • Inbound materials management
  • Outbound product support
  • Kitting, packaging & refurbishment
  • Just-in-timereplenishment
  • Reverse logistics
  • E-commercenetwork support


(33% SCS revenue)

  • Transportation component of integrated logistics solution
  • Includes drivers, vehicles, routing & scheduling and management & administrative support



(14% SCS revenue)

  • Procure and execute over $6.1B in freight moves as customer's agent
  • Shipment planning and execution
  • Freight brokerage
  • Freight bill audit and payment
  • Origin/destination services

Ryder Last Mile

Professional Services

(10% SCS revenue)

(4% SCS revenue)

E-commerce fulfillment

Strategic consulting &


decision support

Last mile delivery

Solutions engineering

provider of big & bulky

Network modeling &



National network able to

Total landed cost

reach ~95% of US

Lean Six Sigma

consumers within 2-days

Supported by: IT Solutions

Transportation & warehouse management systems - Network optimization tools - Inventory & shipment visibility tools

Sample Clients:

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


Proprietary and Confidential

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


Ryder System Inc. published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 16:34:04 UTC.

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Financials (USD)
Sales 2021 9 544 M - -
Net income 2021 468 M - -
Net Debt 2021 5 387 M - -
P/E ratio 2021 8,40x
Yield 2021 3,11%
Capitalization 3 950 M 3 950 M -
EV / Sales 2021 0,98x
EV / Sales 2022 0,94x
Nbr of Employees 39 000
Free-Float -
Duration : Period :
Ryder System, Inc. Technical Analysis Chart | R | US7835491082 | MarketScreener
Technical analysis trends RYDER SYSTEM, INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 9
Last Close Price 73,56 $
Average target price 93,43 $
Spread / Average Target 27,0%
EPS Revisions
Managers and Directors
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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