Ryder 2022 Investor Day
Adjusted Return on Equity Reconciliation ¹ ($M)
2014-2018 Avg.
2018
2019
2020
2021
Net earnings
$
358
285
(24)
(122)
519
Other items impacting comparability, net5
Income taxes²
38
22
38
90
(10)
21
103
(19)
(18)
171
Adjusted earnings before income taxes
417
409
(5)
(50)
680
Adjusted income taxes³
(139)
(101)
13
21
(164)
Adjusted net earnings [A]
$
278
308
8
(29)
515
0
Average shareholders' equity
$
2,070
$
2,493
$
2,533
$
2,257
$
2,453
Average adjustments to shareholders' equity4
(31)
(78)
15
60
14
Adjusted average shareholders' equity [B]
$
2,039
$
2,415
$
2,548
$
2,317
$
2,467
Adjusted return on equity¹ [A]/[B]
13.7 %
12.7 %
0.3 %
(1.3)%
20.9%
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
ERP implementation costs
Early redemption of medium-term notes.
Pension-related adjustments
Goodwill Impairment
Operating tax adjustments
Tax reform-related and other tax adjustments, net
Pension lump sum settlement expense
Acquisition-related tax adjustment
Other items impacting comparability
2014-2018 Avg.
2018
2019
2020
2021
$
9.9
$
5.6
$
(4.8)
0.1
0.7
35.3 $
(18.6)
21.3
52.5 $
(5.4)
18.9
(42.0)
34.3
12.7
9.0
3.1
15.5
5.0
0.4
4.7
19.4
0.4
$
38.3
$
21.8
$
38.0
$
90.4
$
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS
RYDER 2022 INVESTOR DAY
Note: Amounts may not be additive due to rounding.
(10.4)
Ryder
Ever better.™
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