M&A Strategy and Financial Overview
Returns: Higher profitability and focus
on capital efficiency supports ROIC
16%
14%
12%
T
10%
T
7.6%
8%
6%
4%
610 bps
improvement
13.7%
Key Return Drivers
Increased Profitability
Positive Fleet Productivity
Aggressive Fleet Management
Smart Capital Allocation
0%
T
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Q3 2023
2%
Record Return on Invested Capital in 2023
Sources: Company data. ROIC metric uses after-tax operating income for the trailing 12 months divided by average stockholders' equity, debt, and deferred taxes, net of average cash.
To mitigate the volatility related to fluctuations in the company's tax rate from period to period, the U.S. federal corporate statutory tax rates of 21% and 35% were used to calculate after-
tax operating income for 2018-2023 and 2013-2017, respectively.
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