Ryder 2022 Investor Day
Adjusted Return on Equity Reconciliation ¹ ($M)
2013
2014
2015
2016
2017
Net earnings
Other items impacting comparability, net
Income taxes²
238
218
305
263
720
115
18
13
24
126
118
164
142
(423)
Adjusted earnings before income taxes
363
451
486
418
321
Adjusted income taxes³
(127)
(162)
(171)
(147)
(112)
Adjusted net earnings [A]
236
289
S
315
$
271
S
209
Average shareholders' equity
$
1,594
$
1,926
$
1,895
$
2,053
$
1,984
Average adjustments to shareholders' equity4
(2)
8
11
2
(99)
Adjusted average shareholders' equity [B]
$
1,592
S
1,934
$
1,906
$
2,055
$
1,885
Adjusted return on equity¹ [A]/[B]
14.8%
14.9%
16.5 %
13.2 %
11.1 %
1 Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average
total equity is provided on this slide. 2 Includes income taxes on discontinued operations. 3 Represents provision for income taxes plus income taxes on other items impacting comparability. 4 Represents the impact of other
items impacting comparability, net of tax, to equity for the respective period. 5 Other items impacting comparability are comprised of the following:
Restructuring and other, net
Gain on sale of property
Pension-related adjustments
Operating tax adjustment
Tax reform-related and other tax adjustments, net
2013
2014
2015
2016
2017
$
(0.5)
$
3.4
$
18.1
$
5.1
$
17.3
(24.1)
2.8
12.6
(0.5)
7.7
5.5
2.2
23.3
Pension lump sum settlement expense
Acquisition-related tax adjustment
97.2
1.8
Superstorm Sandy vehicle-related (recoveries) losses
(0.6)
Foreign currency translation benefit
(1.9)
Other items impacting comparability
$
(0.2)
$
115.0
$
17.6
$
12.8
$
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS
RYDER 2022 INVESTOR DAY
Note: Amounts may not be additive due to rounding.
24.2
Ryder
Ever better.™
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