Ryder 2022 Investor Day
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 forecasts, expectations regarding market trends and
economic environment; impact of supply chain and labor challenges, infrastructure investment, disruptive technologies, and regulations 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; 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. Our forward-looking statements also include our estimates of the impact of our changes to residual value estimates on earnings and depreciation expense, which 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; labor challenges; 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; ongoing conflict in Ukraine and Russia; 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-GAAP Financial 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 after 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.
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS
RYDER 2022 INVESTOR DAY
Ryder
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