UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 2, 2012

RYDER SYSTEM, INC.
(Exact name of registrant as specified in its charter)

 
					
Florida	 	1-4364	 	59-0739250	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
		
11690 NW 105 th Street
Miami, Florida	 	33178	
(Address of Principal Executive Offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (305) 500-3726
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition
On February 2, 2012, we issued a press release reporting our financial results for the three and twelve months ended December 31, 2011 (the “Press Release”). We also hosted a conference call and webcast on February 2, 2012 during which we made a presentation on our financial results for the three and twelve months ended December 31, 2011 (the “Presentation”). The Press Release and the Presentation are available on our website at www.ryder.com .
The Press Release and Presentation include information regarding comparable earnings from continuing operations and comparable earnings per share from continuing operations for both fourth quarter and full year 2011 and 2010, which are non-GAAP financial measures as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors, and allow for better year-over-year comparison, as the measures exclude from our GAAP earnings from continuing operations and earnings per share from continuing operations, as applicable, (1) for the fourth quarter of 2011, acquisition-related transaction costs and restructuring charges related to the integration of an acquisition, (2) for full year of 2011, charges related to tax law changes, an income tax benefit from prior year acquisition-related transaction costs, acquisition-related transaction costs and restructuring charges, (3) for the fourth quarter and full year of 2010, a gain on the sale of an international asset, tax benefits related to the settlement of prior tax years and the expiration of a statute of limitations, and acquisition-related transaction costs, all of which are unrelated to our ongoing business operations.
Additional information regarding non-GAAP financial measures can be found in the Press Release, the Presentation and our reports filed with the SEC.
The information in this Report, including Exhibits 99.1 and 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing.
Item 9.01(d) Exhibits
The following exhibits are furnished as part of this Report on Form 8-K:

Exhibit 99.1	  	Press Release, dated February 2, 2012, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2011.	
		
Exhibit 99.2	  	Presentation prepared for a conference call and webcast held on February 2, 2012, relating to Ryder System, Inc.’s financial results for the three and twelve months ended December 31, 2011.	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 2, 2012	 		 	RYDER SYSTEM, INC.
(Registrant)	 		
					
	 		 	By:	 	/s/ Art A. Garcia	 		
	 		 		 	Art A. Garcia, Executive Vice President
and Chief Financial Officer	 		

Exhibit 99.1
News Release

Contacts:	  	Media:	  	Investor Relations:	
	  	David Bruce	  	Bob Brunn	
	  	(305) 500-4999	  	(305) 500-4053	
RYDER REPORTS FOURTH QUARTER AND FULL YEAR 2011 RESULTS AND PROVIDES 2012 FORECAST
 
 	•	 	Q4 EPS from Continuing Operations Increase 15% to $0.92	
 
 	•	 	Q4 Comparable EPS from Continuing Operations Up 49% to $0.97	
 
 	•	 	Q4 Total Revenue Up 17%; Operating Revenue Grows 16%	
 
 	•	 	Full Year EPS from Continuing Operations Up 40% to $3.31	
 
 	•	 	Full Year Comparable EPS from Continuing Operations Up 57% to $3.49	
 
 	•	 	Full Year Total Revenue Grows 18% to $6.1 Billion	
 
 	•	 	2012 Comparable EPS Forecast of $4.00 to $4.10	
 
 	•	 	2012 Forecast Includes $0.18 Increase in Pension Expense	
MIAMI, February 2, 2012 – Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations for the three-month period ended December 31, 2011 were $0.92, compared with $0.80 in the year-earlier period. Earnings from continuing operations for the fourth quarter of 2011 were $47.7 million, compared with $41.5 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations in the fourth quarter of 2011 included a charge of $0.05 and $2.4 million, respectively, for planned restructuring costs related to the integration of an acquisition. Earnings per diluted share and earnings from continuing operations in the year-earlier period included a net benefit of $0.15 and $7.6 million, respectively, related to certain tax benefits, partially offset by restructuring and other items. Excluding these items in both periods, comparable earnings per diluted share from continuing operations for the fourth quarter of 2011 were $0.97, up 49% from $0.65 in the year-earlier period, and comparable earnings from continuing operations of $50.1 million increased 48% from $33.8 million in the year-earlier period. The increase in comparable earnings primarily reflects strong organic growth in commercial rental, the benefit of acquisitions in all business segments, better used vehicle sales results, as well as organic growth in the Supply Chain Solutions (SCS) segment.
Total revenue for the fourth quarter of 2011 was $1.54 billion, up 17% from $1.31 billion in the same period in the prior year, reflecting the benefit of acquisitions, organic growth and
 
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fuel services. Operating revenue (revenue excluding Fleet Management Solutions fuel and all subcontracted transportation) from continuing operations of $1.24 billion, rose 16% from $1.06 billion in the year-earlier period. Fleet Management Solutions (FMS) business segment total revenue improved 13% due to higher operating revenue, and to a lesser extent increased fuel services revenue. FMS operating revenue grew 12% due to acquisitions and higher organic commercial rental revenue. In the Company’s SCS business segment, total and operating revenue increased 26% due to an acquisition and new business. DCC business segment total revenue grew 29% and operating revenue grew 23% reflecting an acquisition, and the pass-through of higher fuel costs.
Net earnings per diluted share, including discontinued operations for the three-month period ended December 31, 2011 were $0.93 versus $0.72 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) for the fourth quarter of 2011 totaled $0.01 compared with a loss of $0.08 in the same period of 2010. Net earnings for the fourth quarter of 2011 were $48.1 million versus $37.1 million in the year-earlier period.
Commenting on the Company’s full-year 2011 performance, Ryder Chairman and CEO Greg Swienton said, “In 2011, we delivered significantly higher, double-digit growth in both revenue and earnings despite volatile economic conditions. Our transactional products, including commercial rental and used vehicle sales, continued to perform exceptionally well, showing improvement not only in volumes, but commanding better pricing as well. In our contractual business, our largest product line, full service lease, began to show organic fleet growth in the latter part of the year, and we also saw significant organic improvement in Supply Chain Solutions. Although Dedicated Contract Carriage earnings showed an increase for the year, segment results were lower than our expectations. We generated very strong performance from the integration of five immediately accretive acquisitions completed since December of 2010. We also achieved a positive spread between our return on capital and cost of capital, and improved our return on equity by 350 basis points to 11.9%. In view of these factors, we have entered 2012 with good momentum, specific initiatives in place to accelerate organic growth, and confidence in our ability to deliver increased revenue and earnings even with only modest economic improvement anticipated in 2012.”
 
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Fourth Quarter Business Segment Operating Results
Fleet Management Solutions
In the FMS business segment, total revenue in the fourth quarter of 2011 was $1.07 billion, up 13%. Fuel services revenue in the fourth quarter of 2011 increased 18%, due to higher fuel prices passed through to customers. Operating revenue (revenue excluding fuel) in the fourth quarter of 2011 was $813.3 million, up 12%. Full service lease revenue increased 5%, driven by acquisitions. Commercial rental revenue grew 38%, reflecting improving global market demand and higher pricing.
The FMS business segment’s earnings before tax (EBT) were $69.9 million in the fourth quarter of 2011, up 41% from $49.5 million in the same period of 2010. Increased earnings reflect significantly better commercial rental performance, the benefit of the four FMS acquisitions closed in 2011 and improved used vehicle sales results. These items were partially offset by higher maintenance costs on an older lease fleet, investments in sales and marketing initiatives and higher compensation-related expenses. Commercial rental performance improved as a result of increased market demand on a 31% larger average fleet (13% excluding acquisitions) and higher pricing. Rental power fleet utilization was 79% for the fourth quarter of 2011, an improvement of 100 basis points from the year-earlier period. Used vehicle sales results were favorably impacted by higher pricing. Business segment earnings before tax as a percentage of operating revenue were 8.6% in the fourth quarter of 2011, up 180 basis points compared with 6.8% in the same quarter a year ago.
Supply Chain Solutions
In the SCS business segment, fourth quarter 2011 total revenue was $408.7 million, up 26%. Fourth quarter 2011 operating revenue (revenue excluding subcontracted transportation) was $324.7 million, an increase of 26%. SCS total revenue and operating revenue comparisons benefited from the acquisition of Total Logistic Control (TLC) in December of 2010. Operating revenue also benefited from new business.
The SCS business segment’s earnings before tax of $17.8 million in the fourth quarter of 2011 rose 44%, from $12.3 million in the same quarter of 2010. The improvement was driven by the TLC acquisition, favorable insurance claims development and new business. Fourth quarter 2011 earnings before tax for the business segment as a percentage of operating revenue were 5.5%, up 70 basis points from 4.8% in the same quarter of 2010.
 
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Dedicated Contract Carriage
In the DCC business segment, fourth quarter 2011 total revenue of $156.6 million improved 29%. Operating revenue (revenue excluding subcontracted transportation) in the fourth quarter of 2011 was $147.1 million, an increase of 23%. Total revenue and operating revenue increased due to the acquisition of The Scully Companies in January 2011 and the pass-through of higher fuel costs.
The DCC business segment’s earnings before tax in the fourth quarter of 2011 were $7.0 million, up 7% compared with $6.5 million in the fourth quarter of 2010. The improvement was driven by favorable insurance claims development, partially offset by lower operating performance. Business segment earnings before tax as a percentage of operating revenue were 4.8% in the fourth quarter of 2011, down 70 basis points from 5.5% in the year-earlier period.
Corporate Financial Information
Central Support Services
Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Most CSS costs are allocated to the business segments. In the fourth quarter of 2011, CSS costs were $52.0 million, compared with $48.0 million in the year-earlier period, primarily driven by higher compensation-related expenses, investments in information technology initiatives, and increased professional fees.
Restructuring and Other Items
Pre-tax restructuring and other items from continuing operations in the fourth quarter of 2011 totaled $3.3 million ($2.4 million after tax), or $0.05 per diluted share. The charge represents restructuring costs associated with the integration of the Hill Hire acquisition. In the first quarter of 2012, Ryder expects restructuring and other items of approximately $1.4 million ($0.9 million after tax), or $0.02 per diluted share, related to the integration of the Hill Hire acquisition. Pre-tax restructuring and other items from continuing operations in the fourth
 
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quarter of 2010 totaled $3.2 million (also $3.2 million after tax), or $0.06 per diluted share. The charge included costs incurred on the acquisition of Total Logistic Control in December 2010, partially offset by a gain on the sale of an international supply chain facility.
Income Taxes
The Company’s effective income tax rate from continuing operations for the fourth quarter of 2011 was 34.8% of pre-tax earnings, compared with 16.4% in the year-earlier period. The year-earlier period income tax rate reflected a benefit of $10.8 million (21.7% of pre-tax earnings), or $0.21 per diluted share, related to the favorable settlement of prior tax years as well as the expiration of a statute of limitations. Excluding the prior year benefit, the effective income tax rate from continuing operations decreased in 2011 primarily due to adjustments related to annual foreign and state tax filings.
Capital Expenditures
As planned, capital expenditures from continuing operations were $1.76 billion for 2011, compared with $1.09 billion in the same period of 2010. Net capital expenditures (including proceeds from the sale of assets) were $1.42 billion for 2011, up from $853.0 million in the same period of 2010. The increase in capital expenditures reflects investments to refresh and grow the lease and commercial rental fleets.
Cash Flow
Operating cash flow from continuing operations in 2011 was $1.04 billion, up 1% from $1.03 billion in the same period of 2010, due primarily to higher cash-based earnings, partially offset by changes in working capital needs. Total cash generated (including proceeds from used vehicle sales) from continuing operations in 2011 was $1.44 billion, up 9% from $1.33 billion in the same period of 2010. Free cash flow from continuing operations in 2011 was negative $256.8 million, down from a positive $257.6 million in the same period of 2010, due primarily to increased vehicle investments.
 
5

Leverage
Balance sheet debt as of December 31, 2011 increased by $635.1 million compared with year-end 2010, due primarily to acquisitions and increased investment in vehicles. The leverage ratio for balance sheet debt as of December 31, 2011 was 257%, compared with 196% at year-end 2010. Total obligations to equity as of December 31, 2011 were 261%, up from 203% at year end 2010. This increase reflects growth in the business and a pension equity charge. Total obligations to equity remain within Ryder’s long-term target range of 250% to 300%.
Full-Year 2011 Operating Results
Total revenue from continuing operations for the full-year 2011 was $6.05 billion, up 18% from $5.14 billion in 2010. Operating revenue from continuing operations for the full-year 2011 was $4.81 billion, up 16% from $4.16 billion in 2010.
Ryder’s 2011 earnings from continuing operations were $171.4 million, compared with $124.6 million in the year-earlier period. Earnings per diluted share from continuing operations were $3.31 for 2011, up 40% versus $2.37 in 2010. Comparable 2011 earnings from continuing operations were $180.6 million, an improvement of 54% from $117.0 million in 2010. Comparable 2011 earnings per diluted share from continuing operations of $3.49 rose 57% from $2.22 in 2010. Comparable earnings and earnings per share from continuing operations excluded restructuring and other items, and certain tax items in both 2011 and 2010.
Ryder’s 2011 net earnings, including discontinued operations, were $169.8 million, up 44% compared with $118.2 million in 2010. Earnings per diluted share were $3.28 for 2011, an improvement of 46% from $2.25 in 2010.
2012 Earnings Forecast
Commenting on the Company’s outlook, Mr. Swienton said, “We expect to build on the significant progress Ryder made in 2011. Even with an economic outlook that calls for only modest growth in 2012, we plan to deliver increased revenue and solid earnings leverage. In Fleet Management Solutions, we are forecasting organic growth in our full service lease fleet, with maintenance costs continuing at somewhat higher levels, resulting from a slightly older fleet. Our commercial rental product should continue to perform very well and we plan to grow
 
6

that portion of our fleet, while also maintaining improved pricing. Our used vehicle sales activity is expected to generate higher volumes with stable pricing. During the first half of the year, Fleet Management Solutions earnings comparisons will also reflect the benefit of the Hill Hire acquisition completed in June of 2011. In our Supply Chain Solutions business segment, which is now integrated to include all dedicated activity, we expect 2012 performance to benefit from new business and higher volumes. We are forecasting pension expense to increase by $0.18, well above our prior assumption. This increase is based on lower actual and projected pension asset returns. The impact of increased pension expense is already included in our forecast. At this early stage of the multi-year vehicle replacement cycle, we plan to invest significant capital to refresh and grow both the lease and commercial rental fleets. These investments will benefit revenue and earnings in 2012 as well as in future years.”
Based on this outlook, Ryder forecasts full-year 2012 comparable earnings to be in the range of $4.00 to $4.10 per diluted share, excluding $0.02 per share of acquisition-related restructuring costs anticipated in the first quarter. This represents a mid-point increase of 16% over Ryder’s comparable full-year 2011 earnings from continuing operations of $3.49 per diluted share. The Company is also establishing a first quarter 2012 comparable earnings forecast of $0.55 to $0.58 per diluted share. Total revenue for the full-year 2012 is forecast to be approximately $6.3 billion, up 4% from $6.05 billion in 2011. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the full-year 2012 is forecast to be approximately $5.1 billion, up 6% from $4.81 billion in 2011.
About Ryder
Ryder System, Inc. is a FORTUNE 500 ® commercial transportation, logistics and supply chain management solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. The Company’s financial performance is reported in the following three, inter-related business segments:
 
 	•	 	Fleet Management Solutions – The FMS business segment combines several capabilities into a comprehensive package that provides one-stop outsourcing of the acquisition, financing, maintenance, management, and disposal of vehicles. Ryder’s commercial rental service offers customers a method to expand their fleets in order to address short-term capacity needs.	
 
 	•	 	Supply Chain Solutions – The SCS business segment offers a broad range of innovative logistics management services that are designed to optimize a customer’s supply chain and address key customer business requirements. These solutions involve strategically designed processes that direct the movement of materials and related information from the acquisition of raw materials to the delivery of finished products to the end user.	
 
 	•	 	Dedicated Contract Carriage – The DCC business segment provides customers with vehicles, drivers, management, and administrative support, with the assets committed to a specific	
 
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 	customer for a contractual term. DCC supports customers with both basic and sophisticated logistics and transportation needs, including routing and scheduling, specialized driver services, and logistics engineering support.	
Earnings Before Tax (EBT): Ryder’s primary measurement of business segment financial performance, earnings before tax (EBT), allocates Central Support Services to each business segment and excludes restructuring and other items.
Capital Expenditures: In Ryder’s business, capital expenditures are generally used to purchase revenue earning equipment (trucks, tractors, and trailers) primarily to support the full service lease product line and secondarily to support the commercial rental product line within Ryder’s FMS business segment. The level of capital required to support the full service lease product line varies directly with customer contract signings for replacement vehicles and growth. These contracts are long-term agreements that result in ongoing revenues and cash flows to Ryder, typically over a three- to ten-year term. The commercial rental product line utilizes capital for the purchase of vehicles to replenish and expand the Company’s fleet available for shorter-term use by contractual or occasional customers.
For more information on Ryder System, Inc., visit www.ryder.com .
###
Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated with consideration given to 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, among others, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting demand for our services, a decline in the market for used vehicles resulting in a decline in residual values of our lease or rental vehicles, competition from other service providers, customer retention levels, unexpected volatility or declines in automotive or high-tech volume, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in financial, tax or regulatory requirements or changes in customers’ business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs resulting from volatile financial markets, inability to achieve planned synergies and customer retention levels or anticipate costs and liabilities from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver and technician shortages and increasing driver costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, a decline in pension plan returns, changes in obligations relating to multi-employer plans, sudden or unusual changes in fuel prices, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in government regulations, new proposed changes in lease accounting rules, the inability to comply with government regulations particularly relating to various state and federal privacy, employment and environmental regulations, new legal proceedings or unanticipated outcomes in existing legal proceedings and the risks described in our filings with the Securities and Exchange Commission. 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 news release includes certain non-GAAP financial measures as defined under SEC rules. Additional information regarding non-GAAP financial measures can be found in our investor presentation for the quarter and in our reports filed with the SEC, which are available in the Investors area of our website at www.ryder.com .
 
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Conference Call and Webcast Information:
Ryder’s earnings conference call and webcast is scheduled for Thursday, February 2, 2012, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and Chief Executive Officer Greg Swienton and Executive Vice President and Chief Financial Officer Art Garcia.
 
•	 	To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 ( outside U.S. dial 1-773-681-5795 ) using the Passcode: Ryder and Conference Leader: Bob Brunn . Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RG1066944 and Passcode: RYDER .	
 
•	 	To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-925-1940 ( outside U.S. dial 1-402-998-1654 ), then view the presentation by visiting the Investors area of Ryder’s website at http://investors.ryder.com . A podcast of the call will also be available online within 24 hours after the end of the call at http://investors.ryder.com .	
 
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RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended December 31, 2011 and 2010
(In millions, except per share amounts)

 	  	Three Months	 	 	Year Ended	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
					
Revenue	  	$	1,541.1	  	 	 	1,313.4	  	 	$	6,050.5	  	 	 	5,136.4	  	

Operating expense (exclusive of items shown separately)	  	 	732.9	  	 	 	628.3	  	 	 	2,924.5	  	 	 	2,441.9	  	
Salaries and employee-related costs	  	 	384.7	  	 	 	326.0	  	 	 	1,504.4	  	 	 	1,255.7	  	
Subcontracted transportation	  	 	93.5	  	 	 	69.4	  	 	 	348.5	  	 	 	261.3	  	
Depreciation expense	  	 	227.0	  	 	 	206.1	  	 	 	872.3	  	 	 	833.8	  	
Gains on vehicle sales, net	  	 	(16.6	) 	 	 	(10.7	) 	 	 	(62.9	) 	 	 	(28.7	) 	
Equipment rental	  	 	13.2	  	 	 	13.7	  	 	 	56.6	  	 	 	63.2	  	
Interest expense	  	 	33.0	  	 	 	33.6	  	 	 	133.2	  	 	 	130.0	  	
Miscellaneous income, net	  	 	(2.6	) 	 	 	(2.6	) 	 	 	(9.1	) 	 	 	(7.1	) 	
Restructuring and other charges, net	  	 	2.9	  	 	 	—  	  	 	 	3.7	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,468.0	  	 	 	1,263.8	  	 	 	5,771.1	  	 	 	4,950.1	  	

Earnings from continuing operations before income taxes	  	 	73.1	  	 	 	49.6	  	 	 	279.4	  	 	 	186.3	  	
Provision for income taxes	  	 	(25.4	) 	 	 	(8.1	) 	 	 	(108.0	) 	 	 	(61.7	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	47.7	  	 	 	41.5	  	 	 	171.4	  	 	 	124.6	  	
Earnings/(loss) from discontinued operations, net of tax	  	 	0.4	  	 	 	(4.3	) 	 	 	(1.6	) 	 	 	(6.4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings	  	$	48.1	  	 	 	37.1	  	 	$	169.8	  	 	 	118.2	  	

Earnings (loss) per common share - Diluted	  				 				 				 				
Continuing operations	  	$	0.92	  	 	 	0.80	  	 	$	3.31	  	 	 	2.37	  	
Discontinued operations	  	 	0.01	  	 	 	(0.08	) 	 	 	(0.03	) 	 	 	(0.12	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings	  	$	0.93	  	 	 	0.72	  	 	$	3.28	  	 	 	2.25	  	

Earnings per share information (Diluted):	  				 				 				 				
Earnings from continuing operations	  	 	47.7	  	 	 	41.5	  	 	 	171.4	  	 	 	124.6	  	
Less: Distributed and undistributed earnings allocated to nonvested stock	  	 	(0.8	) 	 	 	(0.6	) 	 	 	(2.7	) 	 	 	(1.8	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations available to common stockholders	  	 	46.9	  	 	 	40.9	  	 	 	168.7	  	 	 	122.8	  	

Weighted-average shares outstanding - Diluted	  	 	50.7	  	 	 	51.0	  	 	 	50.9	  	 	 	51.9	  	
					
Memo:	  				 				 				 				
Comparable earnings per share from continuing operations:	  				 				 				 				
					
EPS from continuing operations	  	$	0.92	  	 	 	0.80	  	 	$	3.31	  	 	 	2.37	  	
Tax law changes / benefits	  	 	—  	  	 	 	(0.21	) 	 	 	0.09	  	 	 	(0.21	) 	
Acquisition-related transaction costs	  	 	0.01	  	 	 	0.08	  	 	 	0.04	  	 	 	0.08	  	
International asset gain on sale	  	 	—  	  	 	 	(0.02	) 	 	 	—  	  	 	 	(0.02	) 	
Restructuring charges	  	 	0.04	  	 	 	—  	  	 	 	0.05	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Comparable EPS from continuing operations	  	$	0.97	  	 	 	0.65	  	 	$	3.49	  	 	 	2.22	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: Amounts may not be additive due to rounding.
 
Page 1

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED
(Dollars in millions)

 	  	December 31,	 	  	December 31,	 	
 	  	2011	 	  	2010	 	
			
Assets:	  				  				
			
Cash and cash equivalents	  	$	104.6	  	  	 	213.1	  	
Other current assets	  	 	983.6	  	  	 	810.2	  	
Revenue earning equipment, net	  	 	5,049.7	  	  	 	4,201.2	  	
Operating property and equipment, net	  	 	624.2	  	  	 	606.8	  	
Other assets	  	 	855.8	  	  	 	821.0	  	
	  	 	 	 	  	 	 	 	
	  	$	7,617.8	  	  	 	6,652.4	  	

Liabilities and shareholders’ equity:	  				  				
			
Short-term debt and current portion of long-term debt	  	$	274.4	  	  	 	420.1	  	
Other current liabilities	  	 	899.5	  	  	 	711.4	  	
Long-term debt	  	 	3,107.8	  	  	 	2,326.9	  	
Other non-current liabilities (including deferred income taxes)	  	 	2,018.1	  	  	 	1,789.7	  	
Shareholders’ equity	  	 	1,318.2	  	  	 	1,404.3	  	
	  	 	 	 	  	 	 	 	
	  	$	7,617.8	  	  	 	6,652.4	  	
	  	 	 	 	  	 	 	 	
SELECTED KEY RATIOS AND METRICS

 	  	December 31,	 	 	December 31,	 	
 	  	2011	 	 	2010	 	
Debt to equity	  	 	257	% 	 	 	196	% 	
Total obligations to equity *	  	 	261	% 	 	 	203	% 	
Effective interest rate (average cost of debt)	  	 	4.3	% 	 	 	5.2	% 	
		
 	  	Twelve months ended December 31,	 	
 	  	2011	 	 	2010	 	
Cash provided by operating activities from continuing operations	  	$	1,042.0	  	 	 	1,028.0	  	
Free cash flow*	  	 	(256.8	) 	 	 	257.6	  	
Capital expenditures paid	  	 	1,698.6	  	 	 	1,070.1	  	
			
Capital expenditures (accrual basis)	  	$	1,759.9	  	 	 	1,087.7	  	
Less proceeds from sales (primarily revenue earning equipment)	  	 	(300.2	) 	 	 	(234.7	) 	
Less sale and leaseback of revenue earning equipment	  	 	(37.4	) 	 	 	—  	  	
	  	 	 	 	 	 	 	 	
Net capital expenditures	  	$	1,422.2	  	 	 	853.0	  	

 	  	Twelve months ended December 31,	 	
 	  	2011	 	 	2010	 	
Return on average shareholders’ equity	  	 	11.9	% 	 	 	8.4	% 	
Return on average assets	  	 	2.3	% 	 	 	1.9	% 	
Adjusted return on capital *	  	 	5.7	% 	 	 	4.8	% 	
 
*	Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.	
Note: Amounts may not be additive due to rounding.
 
Page 2

RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended December 31, 2011 and 2010
(Dollars in millions)

 	  	Three Months	 	 	Year Ended	 	
 	  	2011	 	 	2010	 	 	B(W)	 	 	2011	 	 	2010	 	 	B(W)	 	
Revenue:	  				 				 				 				 				 				
Fleet Management Solutions:	  				 				 				 				 				 				
Full service lease	  	$	508.4	  	 	 	485.0	  	 	 	5	% 	 	$	1,996.3	  	 	 	1,934.3	  	 	 	3	% 	
Contract maintenance	  	 	38.8	  	 	 	39.0	  	 	 	(1	)% 	 	 	155.2	  	 	 	158.8	  	 	 	(2	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Contractual revenue	  	 	547.2	  	 	 	524.0	  	 	 	4	% 	 	 	2,151.5	  	 	 	2,093.1	  	 	 	3	% 	
Contract-related maintenance	  	 	49.1	  	 	 	39.6	  	 	 	24	% 	 	 	192.7	  	 	 	160.9	  	 	 	20	% 	
Commercial rental	  	 	200.3	  	 	 	145.5	  	 	 	38	% 	 	 	722.6	  	 	 	525.1	  	 	 	38	% 	
Other	  	 	16.7	  	 	 	17.1	  	 	 	(2	)% 	 	 	69.1	  	 	 	67.4	  	 	 	2	% 	
Fuel	  	 	261.3	  	 	 	221.8	  	 	 	18	% 	 	 	1,082.5	  	 	 	865.6	  	 	 	25	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Fleet Management Solutions	  	 	1,074.7	  	 	 	948.1	  	 	 	13	% 	 	 	4,218.3	  	 	 	3,712.2	  	 	 	14	% 	
Supply Chain Solutions	  	 	408.7	  	 	 	325.1	  	 	 	26	% 	 	 	1,605.4	  	 	 	1,252.3	  	 	 	28	% 	
Dedicated Contract Carriage	  	 	156.6	  	 	 	121.8	  	 	 	29	% 	 	 	600.7	  	 	 	482.6	  	 	 	24	% 	
Eliminations	  	 	(98.9	) 	 	 	(81.6	) 	 	 	(21	)% 	 	 	(373.8	) 	 	 	(310.6	) 	 	 	(20	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	$	1,541.1	  	 	 	1,313.4	  	 	 	17	% 	 	$	6,050.5	  	 	 	5,136.4	  	 	 	18	% 	

Operating Revenue: *	  				 				 				 				 				 				
Fleet Management Solutions	  	$	813.3	  	 	 	726.3	  	 	 	12	% 	 	$	3,135.9	  	 	 	2,846.5	  	 	 	10	% 	
Supply Chain Solutions	  	 	324.7	  	 	 	258.3	  	 	 	26	% 	 	 	1,290.9	  	 	 	1,005.0	  	 	 	28	% 	
Dedicated Contract Carriage	  	 	147.1	  	 	 	119.3	  	 	 	23	% 	 	 	566.6	  	 	 	468.5	  	 	 	21	% 	
Eliminations	  	 	(48.1	) 	 	 	(41.9	) 	 	 	(15	)% 	 	 	(178.8	) 	 	 	(161.8	) 	 	 	(11	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating revenue	  	$	1,237.0	  	 	 	1,061.9	  	 	 	16	% 	 	$	4,814.6	  	 	 	4,158.2	  	 	 	16	% 	

Business segment earnings:	  				 				 				 				 				 				
Earnings from continuing operations before income taxes:	  				 				 				 				 				 				
Fleet Management Solutions	  	$	69.9	  	 	 	49.5	  	 	 	41	% 	 	$	250.1	  	 	 	172.2	  	 	 	45	% 	
Supply Chain Solutions	  	 	17.8	  	 	 	12.3	  	 	 	44	% 	 	 	69.5	  	 	 	47.1	  	 	 	47	% 	
Dedicated Contract Carriage	  	 	7.0	  	 	 	6.5	  	 	 	7	% 	 	 	32.5	  	 	 	31.0	  	 	 	5	% 	
Eliminations	  	 	(7.1	) 	 	 	(4.8	) 	 	 	(49	)% 	 	 	(24.2	) 	 	 	(19.3	) 	 	 	(26	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	87.6	  	 	 	63.6	  	 	 	38	% 	 	 	327.9	  	 	 	231.0	  	 	 	42	% 	
Unallocated Central Support Services	  	 	(11.1	) 	 	 	(10.8	) 	 	 	(3	)% 	 	 	(42.7	) 	 	 	(41.5	) 	 	 	(3	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations before restructuring, other items and income taxes	  	 	76.4	  	 	 	52.8	  	 	 	45	% 	 	 	285.2	  	 	 	189.5	  	 	 	51	% 	
Restructuring and other charges, net and other items *	  	 	(3.3	) 	 	 	(3.2	) 	 	 	NM	  	 	 	(5.8	) 	 	 	(3.2	) 	 	 	NM	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations before income taxes	  	 	73.1	  	 	 	49.6	  	 	 	47	% 	 	 	279.4	  	 	 	186.3	  	 	 	50	% 	
Provision for income taxes	  	 	(25.4	) 	 	 	(8.1	) 	 	 	(212	)% 	 	 	(108.0	) 	 	 	(61.7	) 	 	 	(75	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	$	47.7	  	 	 	41.5	  	 	 	15	% 	 	$	171.4	  	 	 	124.6	  	 	 	38	% 	

*	Non-GAAP financial measure.	
Note: Amounts may not be additive due to rounding.
 
Page 3

RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended December 31, 2011 and 2010
(Dollars in millions)

 	  	Three Months	 	 	Year Ended	 	
 	  	2011	 	 	2010	 	 	B(W)	 	 	2011	 	 	2010	 	 	B(W)	 	
							
Fleet Management Solutions	  				 				 				 				 				 				
							
Total revenue	  	$	1,074.7	  	 	 	948.1	  	 	 	13	% 	 	$	4,218.3	  	 	 	3,712.2	  	 	 	14	% 	
Fuel revenue	  	 	(261.3	) 	 	 	(221.8	) 	 	 	18	% 	 	 	(1,082.5	) 	 	 	(865.6	) 	 	 	25	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating revenue *	  	$	813.3	  	 	 	726.3	  	 	 	12	% 	 	$	3,135.9	  	 	 	2,846.5	  	 	 	10	% 	

Segment earnings before income taxes	  	$	69.9	  	 	 	49.5	  	 	 	41	% 	 	$	250.1	  	 	 	172.2	  	 	 	45	% 	

Earnings before income taxes as % of total revenue	  	 	6.5	% 	 	 	5.2	% 	 				 	 	5.9	% 	 	 	4.6	% 	 				

Earnings before income taxes as % of operating revenue *	  	 	8.6	% 	 	 	6.8	% 	 				 	 	8.0	% 	 	 	6.0	% 	 				

Supply Chain Solutions	  				 				 				 				 				 				
							
Total revenue	  	$	408.7	  	 	 	325.1	  	 	 	26	% 	 	$	1,605.4	  	 	 	1,252.3	  	 	 	28	% 	
Subcontracted transportation	  	 	(84.0	) 	 	 	(66.8	) 	 	 	26	% 	 	 	(314.5	) 	 	 	(247.3	) 	 	 	27	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating revenue *	  	$	324.7	  	 	 	258.3	  	 	 	26	% 	 	$	1,290.9	  	 	 	1,005.0	  	 	 	28	% 	

Segment earnings before income taxes	  	$	17.8	  	 	 	12.3	  	 	 	44	% 	 	$	69.5	  	 	 	47.1	  	 	 	47	% 	

Earnings before income taxes as % of total revenue	  	 	4.3	% 	 	 	3.8	% 	 				 	 	4.3	% 	 	 	3.8	% 	 				

Earnings before income taxes as % of operating revenue *	  	 	5.5	% 	 	 	4.8	% 	 				 	 	5.4	% 	 	 	4.7	% 	 				

Memo: Fuel costs	  	$	26.2	  	 	 	21.0	  	 	 	(25	)% 	 	$	96.4	  	 	$	78.8	  	 	 	(22	)% 	

Dedicated Contract Carriage	  				 				 				 				 				 				
							
Total revenue	  	$	156.6	  	 	 	121.8	  	 	 	29	% 	 	$	600.7	  	 	 	482.6	  	 	 	24	% 	
Subcontracted transportation	  	 	(9.5	) 	 	 	(2.6	) 	 	 	269	% 	 	 	(34.0	) 	 	 	(14.0	) 	 	 	142	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating revenue *	  	$	147.1	  	 	 	119.3	  	 	 	23	% 	 	$	566.6	  	 	 	468.5	  	 	 	21	% 	

Segment earnings before income taxes	  	$	7.0	  	 	 	6.5	  	 	 	7	% 	 	$	32.5	  	 	 	31.0	  	 	 	5	% 	

Earnings before income taxes as % of total revenue	  	 	4.5	% 	 	 	5.3	% 	 				 	 	5.4	% 	 	 	6.4	% 	 				

Earnings before income taxes as % of operating revenue *	  	 	4.8	% 	 	 	5.5	% 	 				 	 	5.7	% 	 	 	6.6	% 	 				

Memo: Fuel costs	  	$	33.7	  	 	 	22.3	  	 	 	(51	)% 	 	$	127.3	  	 	 	83.9	  	 	 	(52	)% 	

*	Non-GAAP financial measure.	
Note: Amounts may not be additive due to rounding.
 
Page 4

RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
KEY PERFORMANCE INDICATORS

 	  	 	 	 	 	 	 	 	 	 	 	 	 	Change 2011/2010	 	
 	  	Three months ended December 31,	 	 	Year ended December 31,	 	 	Three
Months	 	 	Twelve
Months	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	 			 			
							
Full service lease	  				 				 				 				 				 				
Average fleet count	  	 	120,400	  	 	 	111,200	  	 	 	116,200	  	 	 	112,500	  	 	 	8	% 	 	 	3	% 	
End of period fleet count (a)	  	 	121,000	  	 	 	111,100	  	 	 	121,000	  	 	 	111,100	  	 	 	9	% 	 	 	9	% 	
Miles/unit per day change - % (b)	  	 	(2.6	)% 	 	 	4.5	% 	 	 	(0.1	)% 	 	 	3.4	% 	 	 	(710	) bps 	 	 	(350	) bps 	
							
Commercial rental	  				 				 				 				 				 				
Average fleet count	  	 	39,800	  	 	 	30,400	  	 	 	36,600	  	 	 	29,800	  	 	 	31	% 	 	 	23	% 	
End of period fleet count (a)	  	 	39,600	  	 	 	29,700	  	 	 	39,600	  	 	 	29,700	  	 	 	33	% 	 	 	33	% 	
Rental utilization - power units	  	 	78.9	% 	 	 	77.9	% 	 	 	77.6	% 	 	 	76.1	% 	 	 	100	 bps 	 	 	150	 bps 	
Rental rate change - % (c)	  	 	8.1	% 	 	 	9.5	% 	 	 	14.3	% 	 	 	6.1	% 	 	 	(140	) bps 	 	 	820	 bps 	
							
Used vehicle sales (UVS)	  				 				 				 				 				 				
Average UVS inventory	  	 	5,700	  	 	 	4,900	  	 	 	5,200	  	 	 	5,800	  	 	 	16	% 	 	 	(10	)% 	
End of period fleet count (a)	  	 	6,300	  	 	 	5,200	  	 	 	6,300	  	 	 	5,200	  	 	 	21	% 	 	 	21	% 	
Used vehicles sold	  	 	4,200	  	 	 	4,000	  	 	 	16,900	  	 	 	17,700	  	 	 	5	% 	 	 	(5	)% 	
UVS pricing change - % (d)	  				 				 				 				 				 				
Tractors	  	 	29	% 	 	 	39	% 	 	 	37	% 	 	 	17	% 	 	 	(1,000	) bps 	 	 	2,000	 bps 	
Trucks	  	 	0	% 	 	 	56	% 	 	 	23	% 	 	 	35	% 	 	 	(5,560	) bps 	 	 	(1,200	) bps 	
							
Customer vehicles under contract maintenance	  				 				 				 				 				 				
Average fleet count	  	 	35,100	  	 	 	33,400	  	 	 	34,100	  	 	 	33,700	  	 	 	5	% 	 	 	1	% 	
End of period fleet count	  	 	35,300	  	 	 	33,400	  	 	 	35,300	  	 	 	33,400	  	 	 	6	% 	 	 	6	% 	
 
(a)	Includes trailers acquired in Hill Hire acquisition (6,100 full-service lease and 3,400 commercial rental).	
(b)	Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units (restated to exclude vehicles not yet earning revenue and vehicles no longer earning revenue)	
(c)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.	
(d)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.	
 
Page 5

RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
(Dollars in millions)
OPERATING REVENUE RECONCILIATION
																	
 	  	Three months ended December 31,	 	 	Year ended December 31,	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
					
Total revenue	  	$	1,541.1	  	 	 	1,313.4	  	 	$	6,050.5	  	 	 	5,136.4	  	
Fuel services and subcontracted transportation revenue	  	 	(354.8	) 	 	 	(291.2	) 	 	 	(1,431.0	) 	 	 	(1,126.9	) 	
Fuel eliminations	  	 	50.8	  	 	 	39.7	  	 	 	195.0	  	 	 	148.8	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating revenue *	  	$	1,237.0	  	 	 	1,061.9	  	 	$	4,814.6	  	 	 	4,158.2	  	

DEBT TO EQUITY RECONCILIATION	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	December 31,
2011	 	 	% to
Equity	 	 	December 31,
2010	 	 	% to
Equity	 	
					
On-balance sheet debt	  	$	3,382.1	  	 	 	257	% 	 	$	2,747.0	  	 	 	196	% 	
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)	  	 	64.0	  	 				 	 	99.8	  	 				

Total obligations *	  	$	3,446.1	  	 	 	261	% 	 	 	2,846.8	  	 	 	203	% 	

CASH FLOW RECONCILIATION	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	Year ended December 31,	 	 	 	 	 	 	 	
 	  	2011	 	 	2010	 	 	 	 	 	 	 	
					
Net cash provided by operating activities from continuing operations	  	$	1,042.0	  	 	 	1,028.0	  	 				 				
Proceeds from sales (primarily revenue earning equipment)	  	 	300.2	  	 	 	234.7	  	 				 				
Collections on direct finance leases	  	 	62.2	  	 	 	61.8	  	 				 				
Sale and leaseback of revenue earning equipment	  	 	37.4	  	 	 	—  	  	 				 				
Other, net	  	 	—  	  	 	 	3.2	  	 				 				
	  	 	 	 	 	 	 	 	 				 				
Total cash generated *	  	 	1,441.8	  	 	 	1,327.7	  	 				 				
Capital expenditures	  	 	(1,698.6	) 	 	 	(1,070.1	) 	 				 				
	  	 	 	 	 	 	 	 	 				 				
Free cash flow *	  	$	(256.8	) 	 	 	257.6	  	 				 				

RETURN ON CAPITAL RECONCILIATION	  	 	 	 	 	 	 	 	 	
 	  	Year ended December 31,	 	 	 	 	 	 	 	
 	  	2011	 	 	2010	 	 	 	 	 	 	 	
					
Net earnings (12-month rolling period)	  	$	169.8	  	 	 	118.2	  	 				 				
+ Restructuring and other items	  	 	5.7	  	 	 	6.2	  	 				 				
+ Income taxes	  	 	108.4	  	 	 	60.6	  	 				 				
	  	 	 	 	 	 	 	 	 				 				
Adjusted earnings before income taxes	  	 	283.9	  	 	 	185.0	  	 				 				
+ Adjusted interest expense (b)	  	 	135.1	  	 	 	132.8	  	 				 				
- Adjusted income taxes	  	 	(156.6	) 	 	 	(123.4	) 	 				 				
	  	 	 	 	 	 	 	 	 				 				
= Adjusted net earnings for ROC (numerator)	  	$	262.5	  	 	 	194.4	  	 				 				

Average total debt	  	$	3,078.5	  	 	 	2,512.0	  	 				 				
Average off-balance sheet debt	  	 	77.6	  	 	 	114.2	  	 				 				
Average shareholders’ equity	  	 	1,428.0	  	 	 	1,401.7	  	 				 				
Adjustment to equity (c)	  	 	4.2	  	 	 	2.1	  	 				 				
	  	 	 	 	 	 	 	 	 				 				
Adjusted average total capital (denominator)	  	$	4,588.3	  	 	 	4,030.0	  	 				 				

Adjusted ROC *	  	 	5.7	% 	 	 	4.8	% 	 				 				

*	Non-GAAP financial measure.	
Notes:
(a)	Discounted at the incremental borrowing rate at lease inception.	
(b)	Interest expense includes implied interest on off-balance sheet vehicle obligations.	
(c)	Represents comparable earnings items for those periods.	
Note: Amounts may not be additive due to rounding.
 
Page 6

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended December 31, 2011 and 2010
(In millions, except per share amounts)

 	  	Three Months	 	 	Year Ended	 	
 	  	2011	 	 	2010	 	 	2011	 	 	2010	 	
					
Lease and rental revenues	  	$	664.5	  	 	 	594.4	  	 	$	2,553.9	  	 	 	2,309.8	  	
Services revenue	  	 	666.0	  	 	 	536.9	  	 	 	2,609.2	  	 	 	2,109.7	  	
Fuel services revenue	  	 	210.6	  	 	 	182.1	  	 	 	887.5	  	 	 	716.9	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	 	1,541.1	  	 	 	1,313.4	  	 	 	6,050.5	  	 	 	5,136.4	  	

Cost of lease and rental	  	 	446.6	  	 	 	405.6	  	 	 	1,746.1	  	 	 	1,604.3	  	
Cost of services	  	 	560.0	  	 	 	451.2	  	 	 	2,186.4	  	 	 	1,763.0	  	
Cost of fuel services	  	 	207.7	  	 	 	178.3	  	 	 	873.5	  	 	 	699.1	  	
Other operating expenses	  	 	34.1	  	 	 	30.8	  	 	 	129.2	  	 	 	134.2	  	
Selling, general and administrative expenses	  	 	202.9	  	 	 	177.6	  	 	 	771.2	  	 	 	655.4	  	
Gains on vehicle sales, net	  	 	(16.6	) 	 	 	(10.7	) 	 	 	(62.9	) 	 	 	(28.7	) 	
Interest expense	  	 	33.0	  	 	 	33.6	  	 	 	133.2	  	 	 	130.0	  	
Miscellaneous income, net	  	 	(2.6	) 	 	 	(2.6	) 	 	 	(9.1	) 	 	 	(7.1	) 	
Restructuring and other charges, net	  	 	2.9	  	 	 	—  	  	 	 	3.7	  	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,468.0	  	 	 	1,263.8	  	 	 	5,771.1	  	 	 	4,950.1	  	

Earnings from continuing operations before income taxes	  	 	73.1	  	 	 	49.6	  	 	 	279.4	  	 	 	186.3	  	
Provision for income taxes	  	 	(25.4	) 	 	 	(8.1	) 	 	 	(108.0	) 	 	 	(61.7	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	47.7	  	 	 	41.5	  	 	 	171.4	  	 	 	124.6	  	
Earnings/(loss) from discontinued operations, net of tax	  	 	0.4	  	 	 	(4.3	) 	 	 	(1.6	) 	 	 	(6.4	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings	  	$	48.1	  	 	 	37.1	  	 	$	169.8	  	 	 	118.2	  	

Earnings (loss) per common share - Diluted	  				 				 				 				
Continuing operations	  	$	0.92	  	 	 	0.80	  	 	$	3.31	  	 	 	2.37	  	
Discontinued operations	  	 	0.01	  	 	 	(0.08	) 	 	 	(0.03	) 	 	 	(0.12	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net earnings	  	$	0.93	  	 	 	0.72	  	 	$	3.28	  	 	 	2.25	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Note: Amounts may not be additive due to rounding.
 
Page 7

RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
(In millions, except per share amounts)

 	  	Three Months	 	 	Year Ended	 	
 	  	2011	 	 	2011	 	
 	  	Reported	 	 	 	 	 	Comparable	 	 	Reported	 	 	 	 	 	Comparable	 	
 	  	Earnings	 	 	Adjustments	 	 	Earnings	 	 	Earnings	 	 	Adjustments	 	 	Earnings	 	
							
Revenue	  	$	1,541.1	  	 	 	—  	  	 	 	1,541.1	  	 	$	6,050.5	  	 	 	—  	  	 	 	6,050.5	  	

Operating expense (a)	  	 	732.9	  	 	 	(0.4	) 	 	 	732.5	  	 	 	2,924.5	  	 	 	(2.1	) 	 	 	2,922.4	  	
Salaries and employee-related costs	  	 	384.7	  	 				 	 	384.7	  	 	 	1,504.4	  	 				 	 	1,504.4	  	
Subcontracted transportation	  	 	93.5	  	 				 	 	93.5	  	 	 	348.5	  	 				 	 	348.5	  	
Depreciation expense	  	 	227.0	  	 				 	 	227.0	  	 	 	872.3	  	 				 	 	872.3	  	
Gains on vehicle sales, net	  	 	(16.6	) 	 				 	 	(16.6	) 	 	 	(62.9	) 	 				 	 	(62.9	) 	
Equipment rental	  	 	13.2	  	 				 	 	13.2	  	 	 	56.6	  	 				 	 	56.6	  	
Interest expense	  	 	33.0	  	 				 	 	33.0	  	 	 	133.2	  	 				 	 	133.2	  	
Miscellaneous income, net	  	 	(2.6	) 	 				 	 	(2.6	) 	 	 	(9.1	) 	 				 	 	(9.1	) 	
Restructuring and other charges, net (b)	  	 	2.9	  	 	 	(2.9	) 	 	 	—  	  	 	 	3.7	  	 	 	(3.7	) 	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,468.0	  	 	 	(3.3	) 	 	 	1,464.7	  	 	 	5,771.1	  	 	 	(5.8	) 	 	 	5,765.3	  	

Earnings from continuing operations before income taxes	  	 	73.1	  	 	 	3.3	  	 	 	76.4	  	 	 	279.4	  	 	 	5.8	  	 	 	285.2	  	
Provision for income taxes (c)	  	 	(25.4	) 	 	 	(0.9	) 	 	 	(26.3	) 	 	 	(108.0	) 	 	 	3.4	  	 	 	(104.6	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	47.7	  	 	 	2.4	  	 	 	50.1	  	 	 	171.4	  	 	 	9.2	  	 	 	180.6	  	

Tax rate on continuing operations	  	 	34.8	% 	 				 	 	34.4	% 	 	 	38.7	% 	 				 	 	36.7	% 	

Earnings per common share - Diluted:	  				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	  	$	0.92	  	 	 	0.05	  	 	$	0.97	  	 	$	3.31	  	 	 	0.18	  	 	$	3.49	  	

 	  	Three Months	 	 	Year Ended	 	
 	  	2010	 	 	2010	 	
 	  	Reported	 	 	 	 	 	Comparable	 	 	Reported	 	 	 	 	 	Comparable	 	
 	  	Earnings	 	 	Adjustments	 	 	Earnings	 	 	Earnings	 	 	Adjustments	 	 	Earnings	 	
							
Revenue	  	$	1,313.4	  	 	 	—  	  	 	 	1,313.4	  	 	$	5,136.4	  	 	 	—  	  	 	 	5,136.4	  	

Operating expense (a)	  	 	628.3	  	 	 	(4.1	) 	 	 	624.2	  	 	 	2,441.9	  	 	 	(4.1	) 	 	 	2,437.8	  	
Salaries and employee-related costs	  	 	326.0	  	 				 	 	326.0	  	 	 	1,255.7	  	 				 	 	1,255.7	  	
Subcontracted transportation	  	 	69.4	  	 				 	 	69.4	  	 	 	261.3	  	 				 	 	261.3	  	
Depreciation expense	  	 	206.1	  	 				 	 	206.1	  	 	 	833.8	  	 				 	 	833.8	  	
Gains on vehicle sales, net	  	 	(10.7	) 	 				 	 	(10.7	) 	 	 	(28.7	) 	 				 	 	(28.7	) 	
Equipment rental	  	 	13.7	  	 				 	 	13.7	  	 	 	63.2	  	 				 	 	63.2	  	
Interest expense	  	 	33.6	  	 				 	 	33.6	  	 	 	130.0	  	 				 	 	130.0	  	
Miscellaneous income, net (d)	  	 	(2.6	) 	 	 	0.9	  	 	 	(1.7	) 	 	 	(7.1	) 	 	 	0.9	  	 	 	(6.2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,263.8	  	 	 	(3.2	) 	 	 	1,260.6	  	 	 	4,950.1	  	 	 	(3.2	) 	 	 	4,946.9	  	

Earnings from continuing operations before income taxes	  	 	49.6	  	 	 	3.2	  	 	 	52.8	  	 	 	186.3	  	 	 	3.2	  	 	 	189.5	  	
Provision for income taxes (e)	  	 	(8.1	) 	 	 	(10.8	) 	 	 	(18.9	) 	 	 	(61.7	) 	 	 	(10.8	) 	 	 	(72.5	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	41.5	  	 	 	(7.6	) 	 	 	33.8	  	 	 	124.6	  	 	 	(7.6	) 	 	 	117.0	  	

Tax rate on continuing operations	  	 	16.4	% 	 				 	 	35.9	% 	 	 	33.1	% 	 				 	 	38.3	% 	

Earnings per common share - Diluted:	  				 				 				 				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	  	$	0.80	  	 	 	(0.15	) 	 	$	0.65	  	 	$	2.37	  	 	 	(0.15	) 	 	$	2.22	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Notes regarding adjustments:
(a)	Transaction costs related to acquisitions	
(b)	Restructuring and other charges for acquisition-related severance and equipment contract termination costs.	
(c)	Tax law changes and tax impact of other items	
(d)	Gain on sale of building	
(e)	Tax benefit related to settlements, reversal of tax reserves, tax law changes and restructuring and other items	
Note: Amounts may not be additive due to rounding.
 
Page 8

	

Fourth Quarter 2011 & 2012 Forecast
Earnings
Conference
Call
February 2, 2012
Exhibit 99.2	

	

02/02/12
Proprietary and Confidential
2
Safe Harbor
Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private
Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated with consideration
given to 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, among others, a
slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our
services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and
market conditions affecting demand for our services, a decline in the market for used vehicles resulting in a decline in residual
values of our lease or rental vehicles, competition from other service providers, customer retention levels, unexpected volatility
or declines in automotive or high-tech volume, loss of key customers in the Supply Chain Solutions (SCS) business segment,
unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers, changes in
financial, tax or regulatory requirements or changes in customers’ business environments that will limit their ability to commit to
long-term vehicle leases, a decrease in credit ratings, increased debt costs resulting from volatile financial markets, inability to
achieve planned synergies and customer retention levels or anticipate costs and liabilities from acquisitions, labor strikes or
work stoppages affecting our or our customers’ business operations, driver and technician shortages and increasing driver cost
adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, a
decline in pension plan returns, changes in obligations relating to multi-employer plans, sudden or unusual changes in fuel
prices, our ability to manage our cost structure, new accounting pronouncements, rules or interpretations, changes in
government regulations, new proposed changes in lease accounting rules, the inability to comply with government regulations
particularly relating to various state and federal privacy, employment and environmental regulations, new legal proceedings or
unanticipated outcomes in existing legal proceedings and the risks described in our filings with the Securities and Exchange
Commission. 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.	

	

Contents
Fourth Quarter 2011 Results Overview
Asset Management Update
2012 Forecast
Q & A
02/02/12
3
Proprietary and Confidential	

	

02/02/12
Proprietary and Confidential
4
4th Quarter Results Overview
Earnings
per
diluted
share
from
continuing
operations
were
$0.92
in
4Q11
vs.
$0.80 in 4Q10
–
4Q11 included a $0.05 charge for acquisition-related restructuring costs
–
4Q10 included a $0.15 net benefit related to income taxes, partially offset by
restructuring and other items
Comparable earnings per share from continuing operations were $0.97 vs.
$0.65 in 4Q10
Total revenue increased 17% (and operating revenue increased 16%) vs. prior
year reflecting the impact of acquisitions and organic revenue growth	

	

Proprietary and Confidential
5
Key Financial Statistics
Fourth Quarter
($ Millions, Except Per Share Amounts)
Note:  Amounts throughout presentation may not be additive due to rounding.
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
-
Non-GAAP
Financial
Measures.
(2)
Includes discontinued operations and restructuring charges and other items. 
02/02/12
2011
2010
% B/(W)
Operating
Revenue
(1)
1,237.0
$     
1,061.9
$     
16%
Fuel Services and Subcontracted Transportation Revenue
304.0
251.5
21%
Total Revenue
1,541.1
$     
1,313.4
$     
17%
Earnings Per Share From Continuing Operations
0.92
$          
0.80
$          
15%
Comparable
Earnings
Per
Share
From
Continuing
Operations
(1)
0.97
$          
0.65
$          
49%
Earnings
Per
Share
(2)
0.93
$          
0.72
$          
29%
Memo:
Average
Shares ( Millions ) -
Diluted
50.7
51.0
Tax
Rate
From
Continuing
Operations
34.8%
16.4%
Comparable
Tax
Rate
From
Continuing
Operations
(1)
34.4%
35.9%	

	

02/02/12
Proprietary and Confidential
6
Key Financial Statistics
Full Year
($ Millions, Except Per Share Amounts)
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
-
Non-GAAP
Financial
Measures.
(2)
Includes discontinued operations and restructuring charges and other items. 
2011
2010
% B/(W)
Operating Revenue
(1)
4,814.6
$     
4,158.2
$     
16%
Fuel Services and Subcontracted Transportation Revenue
1,236.0
978.1
26%
Total Revenue
6,050.5
$     
5,136.4
$     
18%
Earnings Per Share From Continuing Operations
3.31
$          
2.37
$          
40%
3.49
$          
2.22
$          
57%
Earnings Per Share
3.28
$          
2.25
$          
46%
Memo:
50.9
51.9
Tax Rate From Continuing Operations
38.7%
33.1%
36.7%
38.3%
5.7%
4.8%
Comparable
Tax
Rate
From
Continuing
Operations
(1)
Adjusted
Return
on
Capital
( Trailing
12
month )
(1)
Average
Shares
( Millions )
-
Diluted
Comparable
Earnings
Per
Share
From
Continuing
Operations
(1)
(2)	

	

02/02/12
Proprietary and Confidential
7
4th Quarter Results Overview -
FMS
Fleet Management Solutions (FMS) total revenue up 13% (and operating revenue
up 12%) vs. prior year
–
Contractual revenue up 4%
–
Full service lease revenue up 5%
–
Contract maintenance revenue decreased 1%   
–
Commercial rental revenue up 38%
–
Fuel revenue up 18% due primarily to increase in fuel pass-throughs
FMS earnings before tax (EBT) up 41%
–
FMS EBT percent of operating revenue up 180 basis points to 8.6%
FMS earnings positively impacted by better commercial rental performance,
acquisitions and improved used vehicle sales results
–
These
benefits
were
partially
offset
by
higher
maintenance
costs
on
an
older
fleet,
investments in sales and marketing, and higher compensation-related expenses	

	

02/02/12
Proprietary and Confidential
8
4th
Quarter
Results
Overview
–
SCS
/
DCC
Supply
Chain
Solutions
(SCS)
total
revenue
up
26%
(and
operating
revenue
up
26%) vs. prior year due to the TLC acquisition and new business
SCS earnings before tax (EBT) up 44%
–
SCS EBT percent of operating revenue up 70 basis points to 5.5%
SCS earnings increased due to the TLC acquisition, favorable insurance
development and new business
Dedicated Contract Carriage (DCC) total revenue up 29% (and operating revenue
up 23%) due to the Scully acquisition and higher fuel pass-throughs
DCC earnings before tax (EBT) up 7%
–
DCC EBT percent of operating revenue down 70 basis points to 4.8%
DCC earnings increased due to favorable insurance development, partially offset
by lower operating performance	

	

02/02/12
Proprietary and Confidential
9
Business Segments
Fourth Quarter
($ Millions)
(1)
(1)
(2)
2011
2010
% B/(W)
2011
2010
% B/(W)
Operating Revenue:
(1)
Fleet Management Solutions
813.3
$   
726.3
$  
12%
1,074.7
$
948.1
$  
13%
Supply Chain Solutions
324.7
258.3
26%
408.7
325.1
26%
Dedicated Contract Carriage
147.1
119.3
23%
156.6
121.8
29%
Eliminations
(48.1)
(41.9)
(15)%
(98.9)
(81.6)
(21)%
Total
1,237.0
$
1,061.9
$
16%
1,541.1
$
1,313.4
$
17%
Segment Earnings Before Tax:
Fleet Management Solutions
69.9
$     
49.5
$     
41%
Supply Chain Solutions
17.8
12.3
44%
Dedicated Contract Carriage
7.0
6.5
7%
Eliminations
(7.1)
(4.8)
(49)%
87.6
63.6
38%
Central Support Services (Unallocated Share)
(11.1)
(10.8)
(3)%
76.4
52.8
45%
(3.3)
(3.2)
NM
Earnings Before Income Taxes
73.1
49.6
47%
Provision for Income Taxes
(25.4)
(8.1)
(212)%
Earnings from Continuing Operations
47.7
$     
41.5
$     
15%
50.1
$     
33.8
$     
48%
Net Earnings
48.1
$     
37.1
$     
30%
Memo: Total Revenue
Earnings Before Restructuring and Income Taxes
Restructuring and Other Charges, Net and Other Items   
Comparable Earnings from Continuing Operations
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures
(2)
Our primary measure of segment financial performance excludes restructuring and other charges, net and other items.  The applicable portion of the restructuring and
other items that related to each segment was as follows:  FMS – ($3.3) in 2011, and SCS – ($3.2) in 2010.  	

	

02/02/12
Proprietary and Confidential
10
Business Segments
Full Year
($ Millions)
2011
2010
% B/(W)
2011
2010
% B/(W)
Operating Revenue:
(1)
Fleet Management Solutions
3,135.9
$
2,846.5
$
10%
4,218.3
$
3,712.2
$
14%
Supply Chain Solutions
1,290.9
1,005.0
28%
1,605.4
1,252.3
28%
Dedicated Contract Carriage
566.6
468.5
21%
600.7
482.6
24%
Eliminations
(178.8)
(161.8)
(11)%
(373.8)
(310.6)
(20)%
Total
4,814.6
$
4,158.2
$
16%
6,050.5
$
5,136.4
$
18%
Segment Earnings Before Tax :
Fleet Management Solutions
250.1
$   
172.2
$  
45%
Supply Chain Solutions
69.5
47.1
47%
Dedicated Contract Carriage
32.5
31.0
5%
Eliminations
(24.2)
(19.3)
(26)%
327.9
231.0
42%
Central Support Services (Unallocated Share)
(42.7)
(41.5)
(3)%
Earnings
Before
Restructuring
and
Income
Taxes
(1)
285.2
189.5
51%
Restructuring
and
Other
Charges,
Net
and
Other
Items
(2)
(5.8)
(3.2)
NM
Earnings Before Income Taxes
279.4
186.3
50%
Provision for Income Taxes
(108.0)
(61.7)
(75)%
Earnings from Continuing Operations
171.4
$   
124.6
$  
38%
Comparable
Earnings
from
Continuing
Operations
(1)
180.6
$   
117.0
$  
54%
Net Earnings
169.8
$   
118.2
$  
44%
Memo: Total Revenue
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(2)
Our primary measure of segment financial performance excludes restructuring and other charges, net and other items. The applicable portion of the restructuring and
other items that related to each segment was as follows:  FMS – ($5.7) and DCC – ($0.01) in 2011, and SCS – ($3.2) in 2010.	

	

02/02/12
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11
Capital Expenditures
2011 $
2011
2010
O/(U) 2010
Full Service Lease
1,067
$  
647
$     
420
$        
Commercial Rental
622
       
379
       
244
          
Operating Property and Equipment
71
         
62
         
8
               
Gross Capital Expenditures
1,760
    
1,088
    
672
          
Less: Proceeds from Sales (Primarily Revenue Earning Equipment)
300
       
235
       
66
            
Less: Sale and Leaseback of Revenue Earning Equipment
37
         
-
             
37
            
Net Capital Expenditures
1,422
$  
853
$     
569
$        
Memo: Acquisitions
362
$     
212
$     
150
$        
Full Year
($ Millions)	

	

02/02/12
Proprietary and Confidential
12
Cash Flow from Continuing Operations
Full Year
($ Millions)
2011
2010

Earnings from Continuing Operations
171
$             
125
$             
Depreciation
872
                
834
                
Gains on Vehicle Sales, Net
(63)
                 
(29)
                 
Amortization and Other Non-Cash Charges, Net
57
                   
57
                   
Pension Contributions
(65)
                 
(64)
                 
Changes in Working Capital and Deferred Taxes
69
                   
105
                
Cash Provided by Operating Activities
1,042
            
1,028
            
Proceeds from Sales (Primarily Revenue Earning Equipment)
300
                
235
                
Proceeds from Sale and Leaseback of Assets
37
                   
-
Collections of Direct Finance Leases
62
                   
62
                   
Other, Net
-
                      
3
                     
Total Cash Generated
(1)
1,442
            
1,328
            
Capital Expenditures
(2)
(1,699)
           
(1,070)
           
     Free Cash Flow
  (1)(3)
(257)
$            
258
$             
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
–
Non-GAAP
Financial
Measures.
(2)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(3)
Free Cash Flow excludes acquisitions and changes in restricted cash.	

	

02/02/12
Proprietary and Confidential
13
Debt to Equity Ratio
Note:
Includes
impact
of
accumulated
net
pension
related
equity
charge
of
$595
million
as
of
12/31/11
and
$423
million
as
of
12/31/10.
(1)
The
Company
uses
total
obligations
and
total
obligations
to
equity,
non-GAAP
financial
measures;
refer
to
Appendix
–
Non-GAAP Financial Measures.
(2)
Represents
long
term
total
obligations
to
equity
target
of
250
-
300% while maintaining a strong investment grade rating.
($ Millions)
(1)
(2)
12/31/11
12/31/10

Balance Sheet Debt
3,382
$             
2,747
$         
    Percent To Equity
257%
196%
Total Obligations
(1)
3,446
$             
2,847
$         
    Percent To Equity
(1)
261%
203%
Total Equity
1,318
$             
1,404
$         
2010 Equity
1,404
$              
Earnings
170
                     
Net Pension Charge
(173)
                   
Dividends & Other
(83)
                      
2011 Equity
1,318
$              
Change to Total Equity
275%
234%
201%
146%
129%
151%
168%
157%
225%
183%
203%
261%
275%
0%
50%
100%
150%
200%
250%
300%
12/31/00
12/31/01
12/31/02
12/31/03
12/31/04
12/31/05
12/31/06
12/31/07
12/31/08
12/31/09
12/31/10
12/31/11
Long
Term
Target
Midpoint
Total Obligations to
Equity
Balance Sheet Debt
to Equity	

	

Contents
Fourth Quarter 2011 Results Overview
Asset Management Update
2012 Forecast
Q & A
02/02/12
14
Proprietary and Confidential	

	

02/02/12
Proprietary and Confidential
15
Units
held
for
sale
were
6,300
at
quarter
end,
up
21%
from
5,200
units
held
for
sale
in
the
prior year
–
Used vehicle inventory is at the low end of our target range
The number of used vehicles sold in the fourth quarter were 4,200, up 5% from the prior
year
Proceeds per unit were up 29% for tractors and were unchanged for trucks in the fourth
quarter compared with prior year (excluding the impact of exchange rates)
–
Proceeds
per
unit
were
up
5%
for
tractors
and
down
3%
for
trucks
vs.
the
prior
quarter
Vehicles no longer earning revenue were 8,900 at quarter-end, up 1,700 or 24% from the
prior year
Average fourth quarter total commercial rental fleet was up 31% year-over-year (13%
excluding acquisitions)
Global Asset Management Update
(1)
(1)
Units rounded to nearest hundred.	

	

Contents
Fourth Quarter 2011 Results Overview
Asset Management Update
2012 Forecast
Q & A
02/02/12
16
Proprietary and Confidential	

	

02/02/12
Proprietary and Confidential
17
2012 Forecast Assumptions
General 
Moderate economic growth 
Improved new sales in all segments
Higher pension costs
Foreign
exchange
rates
assume
continued
strengthening
of
the
dollar
Higher contractual sales and better renewal rates resulting in continued organic fleet
growth throughout the year 
Increased rental pricing and demand, with a larger fleet
Higher volume of used vehicle sales with stable pricing
Partial carryover benefits from prior year’s acquisition
Depreciation residual benefit due to higher historical vehicle pricing
Margin benefits resulting from organic growth and productivity initiatives will be
partially
offset
by
higher
maintenance
costs
on
a
slightly
older
lease
fleet
Increased investment for fleet replacement, growth and higher new vehicle costs
FMS 	

	

02/02/12
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18
SCS  
Revenue growth due to new business and higher volumes
Margin improvement driven by revenue growth
Operational initiatives in the dedicated service offering contribute to improved margin
2012 Forecast Assumptions	

	

Proprietary and Confidential
19
Key Financial Statistics
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
–
Non-GAAP
Financial
Measures.
($ Millions, Except Per Share Amounts)
Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding.
02/02/12
2011
% B / (W)
Revenue:
Operating
(1)
$
5,100
4,815
$    
6%
Fuel Services and Subcontracted Transportation
1,200
1,236
(3)%
Total Revenue
$
6,300
6,051
$    
4%
Earnings From Continuing Operations:
Earnings Before Income Taxes
$
320 -
328
279
$        
15 -
17%
Earnings
$
205 -
210
171
$        
20 -
23%
Comparable Earnings Before Income Taxes
( 1)
$
322 -
329
285
$        
13 -
15%
Comparable Earnings
(1)
$
206 -
211
181
$        
14 -
17%
Earnings Per Share (EPS) From Continuing Operations:
EPS
$
3.98 -
4.08
3.31
$       
20 -
23%
Comparable EPS
(1)
$
4.00 -
4.10
3.49
$       
15 -
17%
Memo:   Average
Shares
(Millions)
-
Diluted
50.9
50.9
Tax Rate
35.9%
38.7%
Comparable Tax Rate
(1)
35.9%
36.7%
Adjusted Return on Capital (
Trailing 12 Month
)
(1)
5.9%
5.7%
2012
Forecast	

	

02/02/12
Proprietary and Confidential
20
Business Segment Revenue
(1)
Includes fuel revenue.
(2)
Includes full service lease and contract maintenance.
(3)
Represents combined reporting of SCS and DCC activity.
(4)
Includes subcontracted transportation revenue.
2012 Forecast Midpoint Change % vs. 2011
Fleet Management Solutions:
Total
Revenue
(1)
6%
Contractual
Revenue
(2)
5%
Commercial Rental Revenue
17%
Operating Revenue
8%
Supply
Chain
Solutions:
(3)
Total Revenue
(4)
1%
Operating Revenue
2%	

	

$4.00 -
4.10
$3.49
$0.05
$0.09
$0.14
$0.22
$0.13 -
0.17
$0.25 -
0.29
($0.18)
($0.11 -
0.13)
($0.06)
2011 EPS
Pension
Plans
Strategic
Investments &
Other
Foreign
Exchange
Tax
Rate
SCS
Acquisitions
(Completed in
2011)
Depreciation /
Residual Impact
FMS
Contractual
Commercial
Rental
2012 Forecast
EPS
02/02/12
Proprietary and Confidential
21
2012 Causes of EPS Change
($ Earnings Per Share)
(1)
2011 Comparable EPS is a Non-GAAP financial measure; refer to Appendix -
Non-GAAP Financial Measures.
(1)	

	

02/02/12
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22
Capital Expenditures, Cash Flow & Leverage
Full Year
($ Millions)
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
-
Non-GAAP
Financial
Measures.
(2)
Free Cash Flow excludes acquisitions. Acquisitions totaled $ 362 million in 2011.
2012
Forecast
2011
Full Service Lease -
Replacement
$
1,120 -
1,200
Full Service Lease -
Growth
290 -
310
Full Service Lease
1,410 -
1,510
1,067
$      
Commercial Rental -
Replacement
450
Commercial Rental -
Growth
140
Commercial Rental
590
622
Operating Property and Equipment
100
71
Gross Capital Expenditures
2,100 -
2,200
1,760
Less: Proceeds from Sales
390
300
-
37
Net Capital Expenditures
1,710 -
1,810
1,422
Cash Provided by Operating Activities
1,215 -
1,255
1,042
Total Cash Generated
(1)
1,670 -
1,710
1,442
Free Cash Flow
(1) (2)
(400) -
(460)
(257)
$        
Total Obligations to Equity
(1)
261% -
265%
261%
Less: Proceeds from Sale and Leaseback	

	

Adjusted Return on Capital
(1)
History
Proprietary and Confidential
23
Return on Equity
15.3%
14.6%
15.5%     
14.2%
11.2%
4.4%
8.4%
11.9%
15.1%
Adjusted Total 
Capital
(1)
$3,359
$3,846
$4,184
$4,789
$4,841
$4,244
$4,030
$4,588
$5,171
ROC O/(U) COC
0.8%
1.0%
1.2%     
0.8%
0.8%
(2.2)%
(1.3)%
0.2%
0.9%
02/02/12
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
–
Non-GAAP
Financial
Measures.
Adjusted
Total
Capital
represents
Adjusted
Average
Total
Capital
in
millions.
2012
Forecast
Adjusted
Return on
Capital
(ROC)
(1)
Cost of
Capital (COC)	

	

02/02/12
24
EPS Forecast –
Continuing Operations
($ Earnings Per Share)
Proprietary and Confidential
First Quarter
Full Year
2012 Comparable EPS Forecast
(1)
$   0.55 -
0.58
$ 4.00 -
4.10
2011 Comparable EPS
(1)
$0.51
$3.49
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. 2012 Comparable EPS Forecast excludes $0.02 in restructuring charges.	

	

02/02/12
25
Comparable EPS –
Excluding Non-Service Pension Costs
($ Earnings Per Share)
Proprietary and Confidential
Comparable
EPS
(1)
$ 2.09
3.09
3.41
3.94
4.13
4.68
1.70
2.22
3.49
4.05
Non-Service Pension
Costs
(2)
$ 0.44
0.22
0.18
0.22
(0.09)
(0.25)
0.50
0.31
0.22
0.39
Comparable EPS
Excluding Non-Service
Pension Costs
(1) (3)
$ 2.53
3.31
3.59
4.16
4.04
4.43
2.20
2.53
3.71
4.44
Comparable
Earnings Per Share
Excluding Pension
(1) (3)
GAAP EPS
$ 2.09
3.27
3.53
3.99
4.19
4.51
1.62
2.37
3.31
4.03
(1)
Non-GAAP
financial
measure;
refer
to
Appendix
-
Non-GAAP
Financial
Measures.
(2)
Non-service pension costs primarily represents interest cost, expected return on plan assets and recognized net actuarial gains/losses.
(3)
Given
the
potentially
significant
change
in
pension
expense
from
year
to
year
and
the
non-operational
nature
of
pension
expense,
the
company
uses
Comparable
EPS
Excluding Non-
Service Pension Costs, a non-GAAP financial measure, which excludes non-service pension costs and other non-operational items, to better evaluate year
over year operating performance.
$2.53
$3.31
$3.59
$4.16
$4.04
$4.43
$2.20
$2.53
$3.71
$4.44
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Forecast
Midpoint	

	

Q&A
02/02/12
26
Proprietary and Confidential	

	

Appendix
Business Segment Detail
Central Support Services
Balance Sheet
Asset Management
Return on Capital History
Financial Indicators Forecast
Pension Expense
New Income Statement Format
Non-GAAP Financial Measures & Reconciliations
02/02/12
27
Proprietary and Confidential	

	

02/02/12
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28
Fleet Management Solutions (FMS)

2011
2010
% B/(W)

Full Service Lease
508.4
$         
485.0
$         
5%
Contract Maintenance
38.8
              
39.0
              
(1)%
Contractual Revenue
547.2
            
524.0
            
4%
Contract-related Maintenance
49.1
              
39.6
              
24%
Commercial Rental
200.3
            
145.5
            
38%
Other
16.7
              
17.1
              
(2)%
Operating Revenue
813.3
            
726.3
            
12%
Fuel Services Revenue
261.3
            
221.8
            
18%
Total Revenue
1,074.7
$      
948.1
$         
13%
Segment Earnings Before Tax (EBT)
69.9
$            
49.5
$            
41%
Segment EBT as % of Total Revenue
6.5%
5.2%
Segment EBT as % of Operating Revenue
8.6%
6.8%
Fourth Quarter
($ Millions)	

	

02/02/12
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29
Fleet Management Solutions (FMS)
Full Year
($ Millions)
2011
2010
% B/(W)
Full Service Lease
1,996.3
$     
1,934.3
$     
3%
Contract Maintenance
155.2
158.8
(2)%
Contractual Revenue
2,151.5
2,093.1
3%
Contract-related Maintenance
192.7
160.9
20%
Commercial Rental
722.6
525.1
38%
Other
69.1
67.4
2%
Operating Revenue
3,135.9
2,846.5
10%
Fuel Services Revenue
1,082.5
865.6
25%
Total Revenue
4,218.3
$     
3,712.2
$     
14%
Segment Earnings Before Tax (EBT)
250.1
$        
172.2
$        
45%
Segment EBT as % of Total Revenue
5.9%
4.6%
Segment EBT as % of Operating Revenue
8.0%
6.0%
Adjusted Return on Capital
5.8%
5.1%	

	

02/02/12
Proprietary and Confidential
30
Supply Chain Solutions (SCS)
Fourth Quarter
($ Millions)
2011
2010
% B/(W)
Automotive
123.3
$        
114.3
$        
8%
High-Tech
59.4
             
59.3
             
-
Retail & CPG
103.2
           
46.0
             
124%
Industrial & Other
38.8
             
38.7
             
-
Operating Revenue
324.7
           
258.3
           
26%
Subcontracted Transportation
84.0
             
66.8
             
26%
Total Revenue
408.7
$        
325.1
$        
26%
Segment Earnings Before Tax (EBT)
17.8
$           
12.3
$           
44%
Segment EBT as % of Total Revenue
4.3%
3.8%
Segment EBT as % of Operating Revenue
5.5%
4.8%
Memo: Fuel Costs
26.2
$           
21.0
$           
(25)%	

	

02/02/12
31
Supply Chain Solutions (SCS)
Full Year
($ Millions)
2011
2010
% B/(W)
Automotive
469.2
$        
449.2
$        
4%
High-Tech
236.1
           
220.5
           
7%
Retail & CPG
420.5
           
177.8
           
137%
Industrial & Other
165.0
           
157.5
           
5%
Operating Revenue
1,290.9
       
1,005.0
       
28%
Subcontracted Transportation
314.5
           
247.3
           
27%
Total Revenue
1,605.4
$     
1,252.3
$     
28%
Segment Earnings Before Tax (EBT)
69.5
$           
47.1
$           
47%
Segment EBT as % of Total Revenue
4.3%
3.8%
Segment EBT as % of Operating Revenue
5.4%
4.7%
Adjusted Return on Capital
11.2%
16.9%
Memo: Fuel Costs
96.4
$           
78.8
$           
(22)%
31
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02/02/12
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32
Dedicated Contract Carriage (DCC) 
Fourth Quarter
($ Millions)
2011
2010
% B/(W)
Operating Revenue
147.1
$   
119.3
$   
23%
Subcontracted Transportation
9.5
2.6
269%
Total Revenue
156.6
$   
121.8
$   
29%
Segment Earnings Before Tax (EBT)
7.0
$       
6.5
$       
7%
Segment EBT as % of Total Revenue
4.5%
5.3%
Segment EBT as % of Operating Revenue
4.8%
5.5%
Memo: Fuel Costs
33.7
$     
22.3
$     
(51)%	

	

02/02/12
Dedicated Contract Carriage (DCC) 

2011
2010
% B/(W)
Operating Revenue
566.6
$    
468.5
$    
21%
Subcontracted Transportation
34.0
        
14.0
        
142%
Total Revenue
600.7
$    
482.6
$    
24%
Segment Earnings Before Tax Earnings (EBT)
32.5
$      
31.0
$      
5%
Segment EBT as % of Total Revenue
5.4%
6.4%
Segment EBT as % of Operating Revenue
5.7%
6.6%
Adjusted Return on Capital
16.6%
18.2%
Memo: Fuel Costs
127.3
$    
83.9
$      
(52)%
Full Year
($ Millions)
33
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02/02/12
Proprietary and Confidential
34
Central Support Services (CSS)

2011
2010
% B/(W)
Allocated CSS Costs
40.8
$       
37.2
$        
(10)%
Unallocated CSS Costs
11.1
         
10.8
          
(3)%
Total CSS Costs
52.0
$       
48.0
$        
(8)%
Fourth Quarter
($ Millions)	

	

02/02/12
Central Support Services (CSS)

2011
2010
% B/(W)
Allocated CSS Costs
161.1
$     
142.2
$      
(13)%
Unallocated CSS Costs
42.7
         
41.5
          
(3)%
Total CSS Costs
203.8
$     
183.7
$      
(11)%
Full Year
($ Millions)
35
Proprietary and Confidential	

	

02/02/12
Proprietary and Confidential
36
Balance Sheet
December 31,
December 31,
2011
2010
Cash and Cash Equivalents
105
$               
213
$               
Other Current Assets
984
                   
810
                   
Revenue Earning Equipment, Net
5,050
              
4,201
              
Operating Property and Equipment, Net
624
                   
607
                   
Other Assets
856
                   
821
                   
Total Assets
7,618
$            
6,652
$            
Short-Term Debt / Current Portion Long-Term Debt
274
$               
420
$               
Other Current Liabilities
900
                   
711
                   
Long-Term Debt
3,108
              
2,327
              
Other Non-Current Liabilities (including Deferred Income Taxes)
2,018
              
1,790
              
Shareholders' Equity
1,318
              
1,404
              
Total Liabilities and Shareholders' Equity
7,618
$            
6,652
$            
($ Millions)	

	

U.S. Asset Management Update
(a)
(a)
U.S. only
(b)
Excludes early terminations where customer purchases vehicle
(c)
Current year statistics may exclude some units due to a lag in reporting
(b)(c)
Number of
Units
3,469
4,350
3,929
4,103
4,243
4,793
3,824
5,168
4,698
4,363
7,537
6,096
4,698
9,060
3,636
4,190
7,784
3,012
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Redeployments
Extensions
Early Terminations 
FY 06
FY 07
FY 08
FY 09
FY 10
FY 11
02/02/12
37
Proprietary and Confidential
Redeployments
–
vehicles
coming off-lease with useful
life remaining are redeployed
in the Ryder fleet (Commercial
Rental, DCC, SCS, or with
another Lease customer).
–
Ryder
re-prices
lease contract and extends
maturity date.
–
customer elects to terminate
lease prior to maturity.
Depending on the remaining
useful life, the vehicle may be
redeployed in the Ryder fleet
(Commercial Rental, DCC,
SCS, other Lease customer) or
sold by Ryder.
Extensions
Early
terminations	

	

02/02/12
Proprietary and Confidential
38
2000
2001
2002
2003
2004
2005
2006
2007
2008
Financial Indicators Forecast
(1)
Gross Capital Expenditures
(3)
($ Millions)
Total Cash Generated
(2) (3)
Total Obligations to Equity Ratio
(2)
$1,289
$600
$725
$1,165
$657
$1,399
$1,182
2000
2001
2002
2003
2004
2005
Memo: Free Cash Flow
(2) (3)
$1,757
2006
2007
2008
$1,265
2009
2010
2010
2009
$611
131
367
357
289
(208)
(4)
380
(242)
(439)
341
614
$1,088
Total Obligations to Equity
Balance Sheet Debt to Equity
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
275%
146%
129%
234%
151%
157%
168%
225%
183%
203%
201%
Significant and predictable cash generation
Invest in growth (organic, acquisitions)
Over time appropriately move financial
leverage towards long term target of
250-300% Total Obligations to Equity
263%
Long
Term
Target
Midpoint
2011
(430)
2012
Forecast
Midpoint
2011
261%
Forecast
Midpoint
258
$1,760
Full Service Lease
PP&E/Other
Commercial Rental
2012
275%
2012
Forecast
Midpoint
$2,200
2011
(257)
$1,054
$835
$949
$1,091
$1,381
$1,179
$1,252
$1,684
$1,571
$1,266
$1,328
$1,442
$1,690
(1)
Obligations to Equity include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions.
(2)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(3)
2000-2004 not restated for operations discontinued in 2009.
(4)
Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.	

	

02/02/12
Proprietary and Confidential
39
Pension Expense
($ Millions)
2011 Pension Expense
38
          
Lower than Assumed Return on Assets in 2011
11
          
Lower Expected Return Assumption
7
            
Benefit of Pension Contributions
(6)
           
Lower Discount Rate
4
            
2012 Estimated Pension Expense
54
$
$	

	

New
Income
Statement
Format
-
2011
Proprietary and Confidential
40
02/02/12
($ Millions)
1Q 2011
2Q 2011
3Q 2011
4Q 2011
FY 2011
Lease & Rental Revenues
579.4
$   
634.7
$   
675.3
$   
664.5
$   
2,553.9
$  
Services Revenue
632.7
    
640.5
    
669.9
    
666.0
    
2,609.2
    
Fuel Services Revenue
213.2
    
238.1
    
225.5
    
210.6
    
887.5
      
Total Revenues
1,425.4
  
1,513.3
  
1,570.7
  
1,541.1
  
6,050.5
    
Cost of Lease & Rental
408.5
    
429.2
    
461.8
    
446.6
    
1,746.1
    
Cost of Services
537.9
    
533.6
    
554.9
    
560.0
    
2,186.4
    
Cost of Fuel Services
209.0
    
233.5
    
223.3
    
207.7
    
873.5
      
Other Operating Expenses
34.6
      
30.2
      
30.3
      
34.1
      
129.2
      
Selling, General & Administrative Expenses
173.1
    
195.2
    
200.1
    
202.9
    
771.2
      
Gain on Vehicle Sales, net
(12.3)
     
(15.7)
     
(18.3)
     
(16.6)
     
(62.9)
       
Interest Expense
34.4
      
33.0
      
32.7
      
33.0
      
133.2
      
Miscellaneous Income, net
(4.1)
       
(0.6)
       
(1.7)
       
(2.6)
       
(9.1)
         
Restructuring and Other Charges, net
0.8
        
-
        
-
        
2.9
        
3.7
          
1,381.8
  
1,438.3
  
1,483.1
  
1,468.0
  
5,771.2
    
Earnings Before Income Taxes
43.6
      
75.0
      
87.6
      
73.1
      
279.4
      
Provision for Income Taxes
17.8
      
34.1
      
30.7
      
25.4
      
108.0
      
Earnings from Continuing Operations
25.9
$    
40.9
$    
56.9
$    
47.7
$    
171.4
$     	

	

New Income Statement Format -
2010
Proprietary and Confidential
41
02/02/12
($ Millions)
1Q 2010
2Q 2010
3Q 2010
4Q 2010
FY 2010
Lease & Rental Revenues
543.6
$   
574.4
$   
597.5
$   
594.4
$   
2,309.8
$  
Services Revenue
504.3
    
527.3
    
541.2
    
536.9
    
2,109.7
    
Fuel Services Revenue
172.0
    
184.4
    
178.3
    
182.1
    
716.9
      
Total Revenues
1,219.9
  
1,286.1
  
1,316.9
  
1,313.4
  
5,136.4
    
Cost of Lease & Rental
387.6
    
396.4
    
414.7
    
405.6
    
1,604.3
    
Cost of Services
423.0
    
438.5
    
450.4
    
451.2
    
1,763.0
    
Cost of Fuel Services
167.6
    
179.4
    
173.8
    
178.3
    
699.1
      
Other Operating Expenses
39.8
      
32.8
      
30.8
      
30.8
      
134.2
      
Selling, General & Administrative Expenses
152.2
    
162.6
    
163.0
    
177.6
    
655.4
      
Gain on Vehicle Sales, net
(4.5)
       
(6.6)
       
(6.9)
       
(10.7)
     
(28.7)
       
Interest Expense
33.3
      
31.2
      
31.9
      
33.6
      
130.0
      
Miscellaneous Income, net
(1.5)
       
(0.3)
       
(2.7)
       
(2.6)
       
(7.1)
         
Restructuring and Other Charges, net
-
        
(0.0)
       
0.0
        
(0.0)
       
(0.0)
         
1,197.4
  
1,233.9
  
1,254.9
  
1,263.8
  
4,950.1
    
Earnings Before Income Taxes
22.5
      
52.2
      
62.0
      
49.6
      
186.3
      
Provision for Income Taxes
9.6
        
21.6
      
22.3
      
8.1
        
61.7
        
Earnings from Continuing Operations
12.9
$    
30.6
$    
39.7
$    
41.5
$    
124.6
$     	

	

New Income Statement Format -
2009
Proprietary and Confidential
42
02/02/12
($ Millions)
1Q 2009
2Q 2009
3Q 2009
4Q 2009
FY 2009
Lease & Rental Revenues
551.0
$   
574.5
$   
573.7
$   
566.6
$   
2,265.9
$  
Services Revenue
481.0
    
488.1
    
512.8
    
513.6
    
1,995.5
    
Fuel Services Revenue
142.4
    
149.4
    
167.3
    
166.8
    
625.9
      
Total Revenues
1,174.4
  
1,212.0
  
1,253.9
  
1,247.0
  
4,887.3
    
Cost of Lease & Rental
378.5
    
386.6
    
396.6
    
391.2
    
1,553.0
    
Cost of Services
407.5
    
402.8
    
418.3
    
433.7
    
1,662.3
    
Cost of Fuel Services
136.6
    
145.1
    
160.7
    
162.0
    
604.4
      
Other Operating Expenses
44.5
      
42.9
      
38.4
      
37.6
      
163.5
      
Selling, General & Administrative Expenses
146.7
    
156.6
    
161.9
    
160.3
    
625.5
      
Gain on Vehicle Sales, net
(3.4)
       
(2.4)
       
(3.3)
       
(3.2)
       
(12.3)
       
Interest Expense
38.1
      
36.6
      
35.7
      
33.9
      
144.3
      
Miscellaneous Income, net
0.6
        
(1.4)
       
(2.4)
       
(0.5)
       
(3.7)
         
Restructuring and Other Charges, net
2.8
        
(0.2)
       
3.7
        
0.1
        
6.4
          
1,152.0
  
1,166.7
  
1,209.6
  
1,215.2
  
4,743.5
    
Earnings Before Income Taxes
22.4
      
45.3
      
44.2
      
31.8
      
143.8
      
Provision for Income Taxes
11.5
      
18.3
      
15.8
      
8.1
        
53.7
        
Earnings from Continuing Operations
10.9
$    
27.1
$    
28.4
$    
23.7
$    
90.1
$      	

	

02/02/12
Proprietary and Confidential
43
Non-GAAP Financial Measures
This presentation includes “non-GAAP financial measures”
as defined by SEC rules. As required by SEC
rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP
measure.  Non-GAAP financial measures should be considered in addition to, but
not as a substitute for or
superior to, other measures of financial performance prepared in
accordance with GAAP.
Specifically, the following non-GAAP financial measures are included in this presentation:
Non-GAAP Financial Measure
Comparable GAAP Measure
Reconciliation & Additional Information
Presented on Slide Titled
Page
Operating Revenue / Operating Revenue Forecast
Total Revenue / Total Revenue Forecast
Key Financial Statistics
5,6,19
Earnings Before Restructuring and Income Taxes
Earnings before Income Taxes
Business Segments
9-10
Comparable EPS Excluding Pension
EPS
Comparable EPS
–
Excluding Non-Service
Pension Costs
25
Comparable Earnings / Comparable EPS
Earnings / EPS from Continuing Operations
Earnings and EPS from Continuing Operations
Reconciliation
44
Comparable Earnings Before Income Tax /
Comparable Tax Rate
Earnings Before Income Tax / Tax Rate
EBT and Tax Rate from Continuing Operations
Reconciliation
45-46
Comparable EPS Forecast
EPS Forecast
EPS Forecast –
Continuing Operations
24
Adjusted Return on Capital / Adjusted Total Capital
Net Earnings / Total Capital
Adjusted Return on Capital Reconciliation
Segment Adjusted Return on Capital
Reconciliation
47-50
Total Cash Generated / Free Cash Flow
Cash Provided by Operating Activities
Cash Flow Reconciliation
53-54
Total Obligations / Total Obligations to Equity
Balance Sheet Debt / Debt to Equity
Debt to Equity Ratio
Debt to Equity Reconciliation
51-52
FMS / SCS / DCC Operating Revenue and Segment
EBT as % of Operating Revenue
FMS / SCS / DCC Total Revenue and Segment
EBT as % of Total Revenue
Fleet Management Solutions / Supply Chain
Solutions / Dedicated Contract Carriage
28-33	

	

Earnings and EPS from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
4Q11 -
4Q11 -
4Q10 -
4Q10 -
Earnings

EPS
Earnings

EPS
Reported
47.7
$    
0.92
$    
41.4
$    
0.80
$    
Int'l Asset Gain on Sale
-
           
-
        
(0.9)
       
(0.02)
     
Tax Benefits
-
           
-
        
(10.8)
     
(0.21)
     
Acquisition Related Transaction Costs
0.4
         
0.01
      
4.1
         
0.08
      
Restructuring Charges
2.0
         
0.04
      
-
           
-
           
Comparable
50.1
$    
0.97
$    
33.8
$    
0.65
$    
FY11 -
FY11 -
FY10 -
FY10 -
Earnings

EPS
Earnings

EPS
Reported
171.4
$  
3.31
$    
124.6
$  
2.37
$    
Int'l Asset Gain on Sale
-
           
-
           
(0.9)
       
(0.02)
     
Tax Law Changes/Benefits
4.8
         
0.09
      
(10.8)
     
(0.21)
     
Acquisition Related Transaction Costs
1.9
         
0.04
      
4.1
         
0.08
      
Restructuring Charges
2.5
         
0.05
      
-
           
-
        
Comparable 
180.6
$  
3.49
$    
117.0
$  
2.22
$    
Proprietary and Confidential
44
44
Proprietary and Confidential
02/02/12	

	

45
EBT and Tax Rate from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
02/02/12
45
Proprietary and Confidential
4Q11 -
4Q11 -
4Q11 -
EBT
Tax
Tax Rate
Reported
73.1
$    
25.4
$   
34.8%
Acquisition Related Transaction Costs
0.4
-
Restructuring Charges
2.9
0.9
Comparable
76.4
$    
26.3
$   
34.4%
FY11 -
FY11 -
FY11 -
EBT
Tax
Tax Rate
Reported
279.4
$  
108.0
$ 
38.7%
Tax Law Changes / Benefits
-
(4.8)
Acquisition Related Transaction Costs
2.1
0.2
Restructuring Charges
3.7
1.2
Comparable
285.2
$  
104.6
$ 
36.7%	

	

46
EBT and Tax Rate from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
02/02/12
46
Proprietary and Confidential
4Q10 -
4Q10 -
4Q10 -
EBT
Tax
Tax Rate
Reported
49.6
$    
8.1
$     
16.4%
Gain on Sale of Building
(0.9)
-
Tax Benefits
-
10.8
Acquisition Costs
4.1
-
Comparable
52.7
$    
18.9
$   
35.9%
FY10 -
FY10 -
FY10 -
EBT
Tax
Tax Rate
Reported
186.3
$  
61.7
$   
33.1%
Gain on Sale of Building
(0.9)
-
Tax Benefits
-
10.8
Acquisition Costs
4.1
-
Comparable
189.4
$  
72.6
$   
38.3%	

	

02/02/12
Proprietary and Confidential
47
Adjusted Return on Capital Reconciliation
($ Millions)
(1)
Earnings calculated based on a 12-month rolling period.
(2)
Interest expense includes interest on off-balance sheet vehicle obligations.
(3)
Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
(4)
The average is calculated based on the average GAAP balances.
(5)
Represents comparable earnings items for those periods.
(6)
The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (includes off-balance sheet debt) and equity should be
included in evaluated how effectively capital is utilized  across the business.
2004
2005
2006
2007
2008
2009
Net earnings
(1)
216
$      
227
$      
249
$      
254
$      
200
$      
62
$        
Cumulative effect of change in
accounting principle
-
2
-
-
-
-
Restructuring and other charges,
net and other items
(24)
(2)
-
1
70
30
Income taxes
115
129
144
152
150
54
Adjusted earnings before income
taxes
307
357
393
407
420
146
Adjusted interest expense
(2)
106
127
149
169
165
150
Adjusted income taxes
(3)
(156)
(186)
(207)
(220)
(230)
(122)
Adjusted net earnings
257
$      
298
$      
332
$      
356
$      
355
$      
174
$      
Average total debt
(4)
1,811
$   
2,148
$   
2,480
$   
2,848
$   
2,882
$   
2,692
$   
Average off-balance sheet debt
(4)
152
148
99
150
171
142
Average total shareholders'
equity
(4)
1,412
1,555
1,610
1,791
1,778
1,396
Average adjustments to
shareholders' equity
(5)
(16)
(5)
(5)
1
10
16
Adjusted average total capital
3,359
$   
3,846
$   
4,184
$   
4,789
$   
4,841
$   
4,245
$   
Adjusted return on capital
(6)
7.7%
7.8%
7.9%
7.4%
7.3%
4.1%	

	

02/02/12
Proprietary and Confidential
48
Adjusted Return on Capital Reconciliation
2010
2011
Net Earnings
(1)
118
$            
170
$            
Restructuring and Other Charges, Net and Other Items
6
                   
6
                   
Income Taxes
61
                
108
              
Adjusted Earnings Before Income Taxes
185
              
284
              
Adjusted Interest Expense
(2)
133
              
135
              
Adjusted Income Taxes
(3)
(124)
            
(157)
            
Adjusted Net Earnings
194
$            
262
$            
Average Total Debt
(4)
2,512
$         
3,079
$         
Average Off-Balance Sheet Debt
(4)
114
              
78
                
Average Total Shareholders' Equity
(4)
1,402
           
1,428
           
Average Adjustments to Shareholders' Equity
(5)
2
                   
4
                   
Adjusted Average Total Capital
4,030
$         
4,588
$         
Adjusted Return on Capital
(6)
4.8%
5.7%
($ Millions)
(1)
Earnings calculated based on a 12-month rolling period.
(2)
Interest expense includes interest on off-balance sheet vehicle obligations.
(3)
Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
(4)
The average is calculated based on the average GAAP balances.
(5)
Represents comparable earnings items for those periods.
(6)
The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (includes off-balance sheet debt) and equity should be
included in evaluated how effectively capital is utilized  across the business.	

	

02/02/12
Proprietary and Confidential
49
Segment Adjusted Return on Capital Reconciliation
FMS
SCS
DCC
Net Earnings
(1)
152
$            
43
$              
20
$              
Restructuring and Other Charges, Net and Other Items
6
                   
-
                   
-
                   
Income Taxes
92
                
26
                
13
                
Adjusted Earnings Before Income Taxes
250
              
69
                
33
                
Adjusted Interest Expense
(2)
135
              
5
                   
3
                   
Adjusted Income Taxes
(3)
(136)
            
(29)
              
(15)
              
Adjusted Net Earnings
249
$            
46
$              
21
$              
Average Total Debt
(4)
3,085
$         
43
$              
(53)
$            
Average Off-Balance Sheet Debt
(4)
76
                
93
                
127
              
Average Total Shareholders' Equity
(4)
1,144
           
270
              
50
                
Average Adjustments to Shareholders' Equity
(5)
5
                   
-
                   
-
                   
Adjusted Average Total Capital
4,310
$         
406
$            
125
$            
Adjusted Return on Capital
(6)
5.8%
11.2%
16.6%
($ Millions)
2011
(1)
Earnings calculated based on a 12-month rolling period.
(2)
Interest expense includes interest on off-balance sheet vehicle obligations.
(3)
Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
(4)
The average is calculated based on the average GAAP balances.
(5)
Represents comparable earnings items for those periods.
(6)
The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (includes off-balance sheet debt) and equity should be
included in evaluated how effectively capital is utilized  across the business.	

	

02/02/12
Proprietary and Confidential
50
Segment Adjusted Return on Capital Reconciliation
($ Millions)
2010
(1)
Earnings calculated based on a 12-month rolling period.
(2)
Interest expense includes interest on off-balance sheet vehicle obligations.
(3)
Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
(4)
The average is calculated based on the average GAAP balances.
(5)
Represents comparable earnings items for those periods.
(6)
The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (includes off-balance sheet debt) and equity should be
included in evaluated how effectively capital is utilized  across the business.
FMS
SCS
DCC
Net Earnings
(1)
118
$           
26
$             
19
$             
Restructuring and Other Charges, Net and Other Items
-
3
-
Income Taxes
54
18
12
Adjusted Earnings Before Income Taxes
172
47
31
Adjusted Interest Expense
(2)
134
5
2
Adjusted Income Taxes
(3)
(103)
(20)
(14)
Adjusted Net Earnings
203
$           
32
$             
19
$             
Average Total Debt
(4)
2,565
$        
(6)
$             
(41)
$           
Average Off-Balance Sheet Debt
(4)
111
81
116
Average Total Shareholders' Equity
(4)
1,283
115
30
Average Adjustments to Shareholders' Equity
(5)
-
1
-
Adjusted Average Total Capital
3,959
$        
191
$           
75
$             
Adjusted Return on Capital
(6)
5.1%
16.9%
18.2%	

	

02/02/12
Proprietary and Confidential
51
Debt to Equity Reconciliation
% to
% to
% to
% to
% to
% to
% to
% to
12/31/00
Equity

12/31/01
Equity

12/31/02
Equity
12/31/03
Equity

12/31/04
Equity

12/31/05
Equity

12/31/06
Equity

12/31/07
Equity
Balance Sheet Debt
$2,017
161%
$1,709
139%
$1,552
140%
$1,816
135%
$1,783
118%
$2,185
143%
$2,817
164%
$2,776
147%
Receivables Sold
345
110
-
-
      
-
     
-
       
-
       
-
     
PV of minimum
lease payments
and guaranteed
residual values
under operating
leases for
vehicles
879
625
370
153
161
117
78
         
178
    
PV of contingent
rentals under
securitizations
209
441
311
-
      
-
     
-
       
-
       
-
     
Total Obligations
$3,450
275%
$2,885
234%
$2,233
201%
$1,969
146%
$1,944
129%
$2,302
151%
$2,895
168%
$2,954
157%
($ Millions)
Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt.	

	

02/02/12
Proprietary and Confidential
52
Debt to Equity Reconciliation
($ Millions)
Note: Amounts may not recalculate due to rounding.
% to
% to
% to
% to
12/31/08
Equity

12/31/09
Equity
12/31/10
Equity
12/31/11
Equity
Balance Sheet Debt
$2,863
213%
$2,498
175%
$2,747
196%
$3,382
257%
Receivables Sold
-
       
-
       
-
       
-
       
PV of minimum
lease payments and
guaranteed residual
values under
operating leases for
vehicles
163
       
119
      
100
      
64
        
Total Obligations
$3,026
225%
$2,617
183%
$2,847
203%
$3,446
261%	

	

02/02/12
Proprietary and Confidential
53
($ Millions)
Cash Flow Reconciliation 
12/31/00
(4)
12/31/01
(4)
12/31/02
(4)
12/31/03
(4)
12/31/04
(4)
12/31/05
12/31/06
12/31/07
12/31/08
12/31/09
Cash Provided by Operating Activities
1,023
$  
365
$     
617
$     
803
$     
867
$     
776
$     
852
$     
1,097
$  
1,248
$  
985
$     
Less: Changes in Bal. of Trade Rec. Sold
(270)
235
110
-
-
-
-
-
-
-
Collections of Direct Finance Leases
67
66
66
61
64
69
65
62
61
65
Proceeds from Sale (Prim. Rev. Earn. Equip.)
230
173
152
210
331
333
332
373
262
216
Proceeds from Sale & Leaseback of Assets
-
-
-
13
118
-
-
150
-
-
Other Investing, Net
4
(4)
4
4
1
-
2
2
-
-
Total Cash Generated
(1)
1,054
835
949
1,091
1,381
1,179
1,252
1,684
1,571
1,266
Capital Expenditures
(2)
(1,296)
(704)
(582)
(734)
(1,092)
(1,387)
(1,691)
(1,304)
(1,230)
(652)
Free Cash Flow
(3)(5)
(242)
$    
131
$     
367
$     
357
$     
289
$     
(208)
$    
(439)
$    
380
$     
341
$     
614
$     
Memo:
Depreciation Expense
580
$     
545
$     
552
$     
625
$     
706
$     
735
$     
739
$     
811
$     
836
$     
881
$     
Gains on Vehicle Sales, Net
19
$       
12
$       
14
$       
16
$       
35
$       
47
$       
51
$       
44
$       
39
$       
12
$       
(1)
The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. 
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.

(2)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

(3)
The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management
believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support
ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.

(4)
Amounts have not been recasted for discontinued operations.

(5)
Free Cash Flow excludes acquisitions and changes in restricted cash.	

	

02/02/12
Proprietary and Confidential
54
($ Millions)
Cash Flow Reconciliation 
(1)
The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. 
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.

(2)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

(3)
The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management
believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support
ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.

(4)
Free Cash Flow excludes acquisitions and changes in restricted cash.
12/31/10
12/31/11
Cash Provided by Operating Activities from Continuing Operations
1,028
$    
1,042
$    
Proceeds from Sales (Primarily Revenue Earning Equipment)
235
300
Proceeds from Sale and Leaseback of Assets
-
37
Collections of Direct Finance Leases
62
62
Other, Net
3
-
Total Cash Generated
(1)
1,328
1,442
Capital Expenditures
(2)
(1,070)
(1,699)
Free Cash Flow
(3)(4)
258
$      
(257)
$     
Memo:
Depreciation Expense
834
$      
872
$      
Gains on Vehicle Sales, Net
29
$        
63
$