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): April 24, 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 April 24, 2012, we issued a press release reporting our financial results for the three months ended March 31, 2012 (the “Press Release”). We also hosted a conference call and webcast on April 24, 2012 during which we made a presentation on our financial results for the three months ended March 31, 2012 (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, comparable earnings per share from continuing operations, comparable earnings before income tax and comparable tax rate for the first quarter of 2012, 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, earnings per share from continuing operations, earnings before income tax and tax rate, as applicable (1) a first quarter 2012 tax benefit, (2) first quarter 2012 acquisition-related restructuring charges and (3) first quarter 2011 restructuring charges, which are not representative of our ongoing business operations. The Presentation also includes information regarding comparable earnings per share excluding non-service pension costs, which is also a non-GAAP financial measure. We believe that this non-GAAP financial measure provides investors useful information to evaluate year over year operating performance as it also excludes from earnings per share from continuing operations, pension expense, which is a non-operational expense that can significantly change from year to year. 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 April 24, 2012, relating to Ryder System, Inc.’s financial results for the three months ended March 31, 2012.	
			
	 	Exhibit 99.2	  	Presentation prepared for a conference call and webcast held on April 24, 2012, relating to Ryder System, Inc.’s financial results for the three months ended March 31, 2012.	

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: April 24, 2012	 		 	RYDER SYSTEM, INC.
(Registrant)	
				
	 		 	By:	 	/s/    A RT A. G ARCIA        	
	 		 		 	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 FIRST QUARTER 2012 RESULTS
 
 	•	 	Q1 EPS from Continuing Operations Up 36% to $0.68	
 
 	•	 	Q1 Comparable EPS from Continuing Operations Up 16% to $0.59	
 
 	•	 	Q1 Total Revenue Up 8%; Operating Revenue Grows 9%	
 
 	•	 	Full-Year 2012 Comparable EPS Forecast Raised to $4.02 to $4.12	
MIAMI, April 24, 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 March 31, 2012 were $0.68, compared with $0.50 in the year-earlier period. Earnings from continuing operations were $34.9 million, compared with $25.9 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations in the first quarter of 2012 included a net benefit of $0.09 and $4.3 million, respectively, related to a tax item, partially offset by acquisition-related restructuring costs. Earnings per diluted share and net earnings for the year-earlier period included a restructuring charge of $0.01 and $0.5 million, respectively. Excluding these items, comparable earnings per diluted share from continuing operations for the first quarter of 2012 were $0.59, up 16% from $0.51 in the same period of 2011. Comparable earnings from continuing operations of $30.6 million for the first quarter of 2012 were up 16% from $26.3 million in the year-earlier period. The increase in comparable earnings primarily reflects the benefit of a Fleet Management Solutions (FMS) acquisition, stronger used vehicle sales results and organic growth in commercial rental and in the Supply Chain Solutions (SCS) segment.
Total revenue for the first quarter of 2012 was $1.54 billion, up 8% from $1.43 billion in the same period last year, reflecting organic growth, the benefit of acquisitions, and fuel services. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation), was $1.23 billion, up 9% compared with $1.13 billion in the year-earlier period. FMS business segment total revenue increased 9% due primarily to higher operating revenue, and to a lesser extent

higher fuel services revenue. FMS operating revenue increased 10% due primarily to the Hill Hire acquisition, and stronger organic commercial rental and full service lease revenue. SCS business segment total and operating revenue both increased 7% due to improved freight volumes and new business.
Net earnings per diluted share (including discontinued operations) for the three-month period ended March 31, 2012 were $0.67 versus $0.48 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) totaled a loss of $0.01 in the first quarter of 2012, compared with a loss of $0.02 in the same period of the prior year. Net earnings for the first quarter of 2012 were $34.3 million versus $25.1 million in the year-earlier period.
Commenting on the Company’s first quarter 2012 performance, Ryder Chairman and CEO Greg Swienton said, “We delivered a solid quarter that was somewhat better than expected in an economy that is recovering only modestly. We are pleased that our largest product line, full service lease, showed organic fleet growth for the second consecutive quarter. Last year’s acquisition of Hill Hire in the United Kingdom also contributed significantly to our results for the quarter. Used vehicle sales performance improved due to stronger pricing. Supply Chain Solutions earnings showed better than expected performance due to higher volumes and new business, including especially strong performance from our dedicated contract carriage services. Commercial rental performance included a double-digit revenue increase driven by greater demand and better pricing, although utilization was lower than anticipated on a larger commercial rental fleet. Overall, our solid performance reflected effective execution by our team across the key areas of our business.”
First Quarter Business Segment Operating Results
Fleet Management Solutions (FMS)
In the FMS business segment, total revenue in the first quarter of 2012 was $1.07 billion, up 9% compared with the year-earlier period. Fuel services revenue in the first quarter of 2012 increased 7% compared with the same period in 2011 due to higher fuel prices. Operating revenue (revenue excluding fuel) in the first quarter of 2012 was $792.7 million, up 10% compared with the year-earlier period. Full service lease revenue increased 6% in the first quarter of 2012 due to acquisitions, higher prices on replacement vehicles, and organic fleet growth. Commercial rental revenue increased 26% reflecting higher pricing and improved global market demand, as well as acquisitions.
 
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The FMS business segment’s earnings before tax (EBT) were $50.7 million in the first quarter of 2012, up 20% compared with $42.4 million in the same period of 2011. Increased earnings reflect the benefit of the Hill Hire acquisition closed in June of 2011, organic growth of the contractual lease and maintenance fleets, improved used vehicle sales results, and better commercial rental performance. These items were partially offset by higher maintenance costs to service a slightly older lease fleet, including increased vehicle outservicing activity, and commission expense related to new sales. Used vehicle sales results benefited from higher pricing and volume, partially offset by higher carrying costs on a larger inventory. Commercial rental performance improved as a result of higher pricing and increased market demand on a 31% larger average fleet (13% excluding acquisitions). While total demand grew strongly, the increase was somewhat less than anticipated. This resulted in power fleet utilization that was 68.9% for the first quarter of 2012, down from 72.5% in the year-earlier period, on a larger fleet. Business segment earnings before tax as a percentage of operating revenue were 6.4% in the first quarter of 2012, up 50 basis points from 5.9% in the same quarter a year ago.
Supply Chain Solutions (SCS)
In the SCS business segment, which includes all activity related to the Company’s dedicated contract carriage services, first quarter 2012 total revenue was $571.9 million, up 7% from the comparable period in 2011. First quarter 2012 operating revenue (revenue excluding subcontracted transportation) was $484.6 million, up 7% compared with the comparable period a year ago. SCS total revenue and operating revenue comparisons benefited from higher fuel cost pass-throughs, increased volumes, and new business. Total and operating revenue also benefited from the Scully Companies acquisition, closed in January of 2011. Revenue growth was largely driven by higher volumes in the automotive, retail and consumer packaged goods industry sectors, including increased services related to dedicated contract carriage.
The SCS business segment’s earnings before tax of $21.9 million, rose 8% compared with $20.2 million in the same quarter of 2011, driven by higher volumes and new business. First quarter 2012 earnings before tax for the business segment as a percentage of operating revenue remained unchanged from the year-earlier period at 4.5%.
 
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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 various business segments. In the first quarter of 2012, the unallocated portion of CSS costs was $9.5 million, up from $8.7 million in the year-earlier period, primarily driven by planned higher headcount.
Non-Service Pension Costs
Beginning in 2012, the non-service components of pension costs have been excluded from segment earnings before tax in order to more accurately reflect the operating performance of the business segments. Prior year segment earnings before tax have been recast to conform to the current year presentation. Non-service pension costs totaled $8.0 million in the first quarter of 2012, up from $4.5 million in the year-earlier period. This reflected primarily lower than expected pension asset returns in 2011, and lower assumed returns for 2012.
Restructuring and Other Items
Pre-tax restructuring charges totaled $0.9 million ($0.6 million after tax) or $0.01 per diluted share in the first quarter of 2012, and $0.8 million ($0.5 million after tax) or $0.01 per diluted share in the first quarter of 2011. The 2012 charges reflect restructuring costs associated with the Hill Hire integration, which is expected to be completed in the second quarter of 2012. The 2011 charges reflect restructuring charges associated with the Scully Companies acquisition.
Income Taxes
The Company’s effective income tax rate from continuing operations for the first quarter of 2012 was 26.9% of earnings before tax compared with 40.7% in the year-earlier period. The current period income tax rate was positively impacted by $5.0 million (10.4% of earnings before tax) from the favorable resolution of a tax item related to prior years, and a higher proportionate amount of earnings in lower rate jurisdictions. The year-earlier period income tax rate was adversely impacted by a tax law change in Illinois of $1.2 million (2.8% of earnings before tax).
 
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Capital Expenditures
Capital expenditures from continuing operations were $787 million for the first quarter of 2012, compared with $448 million in the same period of 2011. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $693 million, compared with $377 million in the same period of 2011. The increase in capital expenditures reflects planned investments primarily to refresh and grow the full service lease fleet.
Cash Flow
Operating cash flow from continuing operations through March 31, 2012 was $186 million, down from $218 million in the same period of 2011, due to increased working capital needs. Total cash generated (including proceeds from used vehicle sales) from continuing operations through March 31, 2012, was $296 million, compared with $304 million in the same period of 2011. As expected, free cash flow from continuing operations through March 31, 2012 was negative $175 million, compared with negative $10 million for the same period of 2011, due primarily to refreshment and growth of the full service lease fleet.
Leverage
Balance sheet debt as of March 31, 2012 increased by $211 million compared with year-end 2011, due primarily to increased investments in vehicles. The leverage ratio for balance sheet debt as of March 31, 2012 was 262%, compared with 257% at year-end 2011. Total obligations to equity as of March 31, 2012 were 267%, compared with 261% at year-end 2011. Total obligations to equity remain within Ryder’s long-term target range of 250% to 300%.
2012 Outlook
Commenting on the Company’s outlook, Mr. Swienton said, “We are on track to reach our overall plans for the year, and we remain focused on leveraging secular trends that create long-term growth opportunities for the business. Looking ahead, we expect our full service lease
 
5

fleet to continue growing, reflecting increased new and renewal sales activity. Commercial rental should also continue to demonstrate solid growth, although somewhat less robust than previously anticipated. We expect used vehicle sales results to be better than our original forecast, due to higher sales activity. In Supply Chain Solutions, increased new business and volume levels should contribute to higher than previously expected earnings. Based on our first quarter performance and current market factors, we are raising our full-year 2012 earnings forecast to a new range of $4.02 to $4.12 per share. We have also established a second quarter earnings forecast of $1.07 to $1.12 per share.”
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 two, 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. The segment now includes all activity related to the Company’s dedicated solution (dedicated contract carriage). 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.	
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, as well as non-service pension costs.
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 .
###
 
6

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 contractual lease demand, decreases in market demand in the commercial rental market and the sale of used vehicles, competition from other service providers, customer retention levels, unexpected volume declines, 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 from acquisitions, labor strikes or work stoppages affecting our or our customers’ business operations, driver 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, adverse impacts of recently enacted regulations regarding vehicle emissions, any unanticipated or unrealized effects of the recent Japan earthquake and tsunami on our operations, customers, and vehicle suppliers, 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, including comparable earnings from continuing operations, 2012 comparable EPS forecasts, operating revenue, total cash generated, free cash flow, total obligations, and the ratios based on these financial measures, as well as the other financial measures identified in the tables following this release. 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 .
Conference Call and Webcast Information:
Ryder’s earnings conference call and webcast is scheduled for Tuesday, April 24, 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: and Conference Leader: Bob Brunn . Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RH7706506 and Passcode: RYDER .	
 
 	•	 	To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-253-1051 ( outside U.S. dial 1-402-220-9703 ), 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 .	
 
7

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended March 31, 2012 and 2011
(In millions, except per share amounts)

 	  	Three Months	 	
 	  	2012	 	 	2011	 	
Lease and rental revenues	  	$	637.9	  	 	 	579.4	  	
Services revenue	  	 	678.4	  	 	 	632.7	  	
Fuel services revenue	  	 	220.1	  	 	 	213.2	  	
	  	 	 	 	 	 	 	 	
Total revenues	  	 	1,536.3	  	 	 	1,425.4	  	

Cost of lease and rental	  	 	455.6	  	 	 	408.5	  	
Cost of services	  	 	577.9	  	 	 	537.9	  	
Cost of fuel services	  	 	215.6	  	 	 	209.0	  	
Other operating expenses	  	 	34.2	  	 	 	34.6	  	
Selling, general and administrative expenses	  	 	196.0	  	 	 	173.1	  	
Gains on vehicle sales, net	  	 	(22.0	) 	 	 	(12.3	) 	
Interest expense	  	 	34.8	  	 	 	34.4	  	
Miscellaneous income, net	  	 	(4.5	) 	 	 	(4.1	) 	
Restructuring and other charges, net	  	 	0.9	  	 	 	0.8	  	
	  	 	 	 	 	 	 	 	
	  	 	1,488.6	  	 	 	1,381.8	  	

Earnings from continuing operations before income taxes	  	 	47.7	  	 	 	43.6	  	
Provision for income taxes	  	 	(12.8	) 	 	 	(17.8	) 	
	  	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	34.9	  	 	 	25.9	  	
Loss from discontinued operations, net of tax	  	 	(0.6	) 	 	 	(0.7	) 	
	  	 	 	 	 	 	 	 	
Net earnings	  	$	34.3	  	 	 	25.1	  	

Earnings (loss) per common share - Diluted	  				 				
Continuing operations	  	$	0.68	  	 	 	0.50	  	
Discontinued operations	  	 	(0.01	) 	 	 	(0.02	) 	
	  	 	 	 	 	 	 	 	
Net earnings	  	$	0.67	  	 	 	0.48	  	

Earnings per share information - Diluted	  				 				
Earnings from continuing operations	  	$	34.9	  	 	 	25.9	  	
Less: Distributed and undistributed earnings allocated to nonvested stock	  	 	(0.5	) 	 	 	(0.4	) 	
	  	 	 	 	 	 	 	 	
Earnings from continuing operations available to common stockholders	  	$	34.4	  	 	 	25.5	  	

Weighted-average shares outstanding - Diluted	  	 	50.9	  	 	 	51.0	  	
	  				 				
Memo:	  				 				
Depreciation expense	  	$	226.6	  	 	 	205.9	  	
	  	 	 	 	 	 	 	 	
Subcontracted transportation	  	$	87.3	  	 	 	83.1	  	

Comparable earnings per share from continuing operations:	  				 				
EPS from continuing operations	  	$	0.68	  	 	 	0.50	  	
Tax benefit	  	 	(0.10	) 	 	 	—  	  	
Restructuring and other charges	  	 	0.01	  	 	 	0.01	  	
	  	 	 	 	 	 	 	 	
Comparable EPS from continuing operations	  	$	0.59	  	 	 	0.51	  	
	  	 	 	 	 	 	 	 	
Note: Amounts may not be additive due to rounding.
 
8

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

 	  	March 31,
2012	 	  	December 31,
2011	 	
Assets:	  				  				
Cash and cash equivalents	  	$	113.6	  	  	 	104.6	  	
Other current assets	  	 	1,001.6	  	  	 	983.6	  	
Revenue earning equipment, net	  	 	5,529.8	  	  	 	5,049.7	  	
Operating property and equipment, net	  	 	625.5	  	  	 	624.2	  	
Other assets	  	 	878.1	  	  	 	855.8	  	
	  	 	 	 	  	 	 	 	
	  	$	8,148.6	  	  	 	7,617.8	  	
	  	 	 	 	  	 	 	 	
Liabilities and shareholders’ equity:	  				  				
Short-term debt and current portion of long-term debt	  	$	586.9	  	  	 	274.4	  	
Other current liabilities	  	 	1,174.9	  	  	 	899.5	  	
Long-term debt	  	 	3,006.3	  	  	 	3,107.8	  	
Other non-current liabilities (including deferred income taxes)	  	 	2,009.2	  	  	 	2,018.1	  	
Shareholders’ equity	  	 	1,371.4	  	  	 	1,318.2	  	
	  	 	 	 	  	 	 	 	
	  	$	8,148.6	  	  	 	7,617.8	  	
	  	 	 	 	  	 	 	 	
SELECTED KEY RATIOS AND METRICS

 	  	March 31,
2012	 	 	December 31,
2011	 	
Debt to equity	  	 	262	% 	 	 	257	% 	
Total obligations to equity *	  	 	267	% 	 	 	261	% 	
Effective interest rate (average cost of debt)	  	 	4.0	% 	 	 	4.3	% 	
		
 	  	Three months	 	
 	  	2012	 	 	2011	 	
Cash provided by operating activities from continuing operations	  	$	186.3	  	 	 	217.6	  	
Free cash flow*	  	 	(175.0	) 	 	 	(9.6	) 	
Capital expenditures paid	  	 	471.0	  	 	 	313.2	  	
	  				 				
Capital expenditures (accrual basis)	  	$	787.4	  	 	 	448.0	  	
Less proceeds from sales (primarily revenue earning equipment)	  	 	(94.2	) 	 	 	(71.2	) 	
	  	 	 	 	 	 	 	 	
Net capital expenditures	  	$	693.2	  	 	 	376.8	  	

									
 	  	Twelve months ended
March 31,	 	
 	  	2012	 	 	2011	 	
Return on average shareholders’ equity	  	 	12.7	% 	 	 	9.3	% 	
Return on average assets	  	 	2.4	% 	 	 	2.0	% 	
Adjusted return on capital *	  	 	5.6	% 	 	 	5.1	% 	
 
*	Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.	
Note: Amounts may not be additive due to rounding.
 
9

RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended March 31, 2012 and 2011
(Dollars in millions)

 	  	Three Months	 	
 	  	2012	 	 	2011	 	 	B(W)	 	
Revenue:	  				 				 				
Fleet Management Solutions:	  				 				 				
Full service lease	  	$	510.6	  	 	 	483.3	  	 	 	6	% 	
Contract maintenance	  	 	39.9	  	 	 	38.1	  	 	 	        5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Contractual revenue	  	 	550.5	  	 	 	521.4	  	 	 	6	% 	
Contract-related maintenance	  	 	53.6	  	 	 	44.7	  	 	 	20	% 	
Commercial rental	  	 	171.2	  	 	 	135.7	  	 	 	26	% 	
Other	  	 	17.4	  	 	 	17.3	  	 	 	1	% 	
Fuel	  	 	278.6	  	 	 	261.1	  	 	 	7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total Fleet Management Solutions	  	 	1,071.4	  	 	 	980.1	  	 	 	9	% 	
Supply Chain Solutions	  	 	571.9	  	 	 	535.8	  	 	 	7	% 	
Eliminations	  	 	(107.0	) 	 	 	(90.5	) 	 	 	(18	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total revenue	  	$	1,536.3	  	 	 	1,425.4	  	 	 	8	% 	

Operating Revenue: *	  				 				 				
Fleet Management Solutions	  	$	792.7	  	 	 	719.0	  	 	 	10	% 	
Supply Chain Solutions	  	 	484.6	  	 	 	452.7	  	 	 	7	% 	
Eliminations	  	 	(48.4	) 	 	 	(42.6	) 	 	 	(14	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Total operating revenue	  	$	1,228.9	  	 	 	1,129.1	  	 	 	9	% 	

Business segment earnings:	  				 				 				
Earnings from continuing operations before income taxes:	  				 				 				
Fleet Management Solutions	  	$	50.7	  	 	 	42.4	  	 	 	20	% 	
Supply Chain Solutions	  	 	21.9	  	 	 	20.2	  	 	 	8	% 	
Eliminations	  	 	(6.5	) 	 	 	(4.9	) 	 	 	(32	)% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	66.1	  	 	 	57.6	  	 	 	15	% 	
Unallocated Central Support Services	  	 	(9.5	) 	 	 	(8.7	) 	 	 	(9	)% 	
Non-service pension costs	  	 	(8.0	) 	 	 	(4.5	) 	 	 	(77	)% 	
Restructuring and other charges, net	  	 	(0.9	) 	 	 	(0.8	) 	 	 	13	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations before income taxes	  	 	47.7	  	 	 	43.6	  	 	 	9	% 	
Provision for income taxes	  	 	(12.8	) 	 	 	(17.8	) 	 	 	28	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	$	34.9	  	 	 	25.9	  	 	 	35	% 	

*	Non-GAAP financial measure.	
Note: Amounts may not be additive due to rounding.
 
10

RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended March 31, 2012 and 2011
(Dollars in millions)

 	  	Three Months	 	
 	  	2012	 	 	2011	 	 	B(W)	 	
Fleet Management Solutions	  				 				 				
Total revenue	  	$	1,071.4	  	 	 	980.1	  	 	 	9	% 	
Fuel revenue	  	 	(278.6	) 	 	 	(261.1	) 	 	 	        7	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Operating revenue *	  	$	792.7	  	 	 	719.0	  	 	 	10	% 	

Segment earnings before income taxes	  	$	50.7	  	 	 	42.4	  	 	 	20	% 	

Earnings before income taxes as % of total revenue	  	 	4.7	% 	 	 	4.3	% 	 				

Earnings before income taxes as % of operating revenue *	  	 	6.4	% 	 	 	5.9	% 	 				
	  	 	 	 	 	 	 	 	 				
Supply Chain Solutions	  				 				 				
Total revenue	  	$	571.9	  	 	 	535.8	  	 	 	7	% 	
Subcontracted transportation	  	 	(87.3	) 	 	 	(83.1	) 	 	 	5	% 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Operating revenue *	  	$	484.6	  	 	 	452.7	  	 	 	7	% 	

Segment earnings before income taxes	  	$	21.9	  	 	 	20.2	  	 	 	8	% 	

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

Earnings before income taxes as % of operating revenue *	  	 	4.5	% 	 	 	4.5	% 	 				

Memo:	  				 				 				
Dedicated services operating revenue	  	$	282.1	  	 	 	249.6	  	 	 	13	% 	
Dedicated services subcontracted transportation	  	 	46.2	  	 	 	38.3	  	 	 	21	% 	
	  	 	 	 	 	 	 	 	 				
Dedicated services total revenue	  	 	328.3	  	 	 	287.9	  	 	 	14	% 	

Fuel costs	  	$	66.8	  	 	 	53.8	  	 	 	(24	)% 	
 
*	Non-GAAP financial measure.	
Note: Amounts may not be additive due to rounding.
 
11

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

 	  	Three months ended
March 31,	 	 	Change
2012/2011	 	
 	  	2012	 	 	2011	 	 	Three Months	 	
Full service lease	  				 				 				
Average fleet count	  	 	121,500	  	 	 	111,600	  	 	 	9	% 	
End of period fleet count (a)	  	 	121,700	  	 	 	111,800	  	 	 	9	% 	
Miles/unit per day change - % (b)	  	 	(0.4	)% 	 	 	3.3	% 	 	 	(370	)bps 	
	  				 				 				
Commercial rental	  				 				 				
Average fleet count	  	 	40,500	  	 	 	30,900	  	 	 	31	% 	
End of period fleet count (a)	  	 	41,300	  	 	 	33,200	  	 	 	24	% 	
Rental utilization - power units	  	 	68.9	% 	 	 	72.5	% 	 	 	(360	)bps 	
Rental rate change - % (c)	  	 	5.3	% 	 	 	12.1	% 	 	 	(680	)bps 	
	  				 				 				
Customer vehicles under contract maintenance	  				 				 				
Average fleet count	  	 	35,400	  	 	 	33,300	  	 	 	6	% 	
End of period fleet count	  	 	35,600	  	 	 	33,200	  	 	 	7	% 	
	  				 				 				
SCS	  				 				 				
Average fleet count (d)	  	 	11,500	  	 	 	10,900	  	 	 	6	% 	
	  				 				 				
Used vehicle sales (UVS)	  				 				 				
Average UVS inventory	  	 	7,400	  	 	 	5,200	  	 	 	42	% 	
End of period fleet count (a)	  	 	8,700	  	 	 	5,000	  	 	 	74	% 	
Used vehicles sold	  	 	5,000	  	 	 	4,100	  	 	 	22	% 	
UVS pricing change - % (e)	  				 				 				
Tractors	  	 	20	% 	 	 	42	% 	 	 	(2,200	)bps 	
Trucks	  	 	3	% 	 	 	44	% 	 	 	(4,100	)bps 	
 
(a)	Includes trailers acquired in Hill Hire acquisition (6,100 full-service lease and 3,300 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)	These vehicle counts are also included within the average fleet counts for full service lease and commercial rental.	
(e)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.	
 
12

RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
(Dollars in millions)
OPERATING REVENUE RECONCILIATION

   	  	Three months ended
March 31,	 	
 	  	2012	 	 	2011	 	
Total revenue	  	$	1,536.3	  	 	 	1,425.4	  	
Fuel services and subcontracted transportation revenue	  	 	(365.9	) 	 	 	(344.1	) 	
Fuel eliminations	  	 	58.6	  	 	 	47.9	  	
	  	 	 	 	 	 	 	 	
Operating revenue *	  	$	1,228.9	  	 	 	1,129.1	  	
	  	 	 	 	 	 	 	 	
DEBT TO EQUITY RECONCILIATION

 	  	March 31,
2012	 	  	% to Equity	 	 	December 31,
2011	 	  	% to Equity	 	
On-balance sheet debt	  	$	3,593.2	  	  	 	262	% 	 	$	3,382.1	  	  	 	257	% 	
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles  (a)	  	 	63.2	  	  				 	 	64.0	  	  				
	  	 	 	 	  				 	 	 	 	  				
Total obligations *	  	$	3,656.4	  	  	 	267	% 	 	 	3,446.1	  	  	 	261	% 	
	  	 	 	 	  				 	 	 	 	  				
CASH FLOW RECONCILIATION

 	  	Three months	 	
 	  	2012	 	 	2011	 	
Net cash provided by operating activities from continuing operations	  	$	186.3	  	 	 	217.6	  	
Proceeds from sales (primarily revenue earning equipment)	  	 	94.2	  	 	 	71.2	  	
Collections on direct finance leases	  	 	15.5	  	 	 	14.8	  	
	  	 	 	 	 	 	 	 	
Total cash generated *	  	 	296.0	  	 	 	303.6	  	
Capital expenditures	  	 	(471.0	) 	 	 	(313.2	) 	
	  	 	 	 	 	 	 	 	
Free cash flow *	  	$	(175.0	) 	 	 	(9.6	) 	
	  	 	 	 	 	 	 	 	
RETURN ON CAPITAL RECONCILIATION

   	  	Twelve months ended
March 31,	 	
 	  	2012	 	 	2011	 	
Net earnings (12-month rolling period)	  	 	179.0	  	 	 	130.9	  	
+ Restructuring and other items	  	 	5.8	  	 	 	6.8	  	
+ Income taxes	  	 	103.5	  	 	 	68.7	  	
	  	 	 	 	 	 	 	 	
Adjusted earnings before income taxes	  	 	288.3	  	 	 	206.5	  	
+ Adjusted interest expense (b)	  	 	135.4	  	 	 	134.0	  	
- Adjusted income taxes	  	 	(156.1	) 	 	 	(131.9	) 	
	  	 	 	 	 	 	 	 	
= Adjusted net earnings for ROC (numerator)	  	 	267.6	  	 	 	208.7	  	

Average total debt	  	 	3,255.9	  	 	 	2,591.4	  	
Average off-balance sheet debt	  	 	72.2	  	 	 	109.1	  	
Average shareholders’ equity	  	 	1,408.7	  	 	 	1,402.9	  	
Adjustment to equity (c)	  	 	5.4	  	 	 	(1.3	) 	
	  	 	 	 	 	 	 	 	
Adjusted average total capital (denominator)	  	 	4,742.1	  	 	 	4,102.1	  	

Adjusted ROC *	  	 	5.6	% 	 	 	5.1	% 	
	  	 	 	 	 	 	 	 	
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.	
 
*	Non-GAAP financial measure.	
Note: Amounts may not be additive due to rounding.
 
13

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

 	  	Three Months	 	
 	  	2012	 	
 	  	Reported
Earnings	 	 	Adjustments	 	 	Comparable
Earnings	 	
Revenue	  	$	1,536.3	  	 	 	—  	  	 	 	1,536.3	  	

Cost of lease and rental	  	 	455.6	  	 				 	 	455.6	  	
Cost of services	  	 	577.9	  	 				 	 	577.9	  	
Cost of fuel services	  	 	215.6	  	 				 	 	215.6	  	
Other operating expenses	  	 	34.2	  	 				 	 	34.2	  	
Selling, general and administrative expenses	  	 	196.0	  	 				 	 	196.0	  	
Gains on vehicle sales, net	  	 	(22.0	) 	 				 	 	(22.0	) 	
Interest expense	  	 	34.8	  	 				 	 	34.8	  	
Miscellaneous income, net	  	 	(4.5	) 	 				 	 	(4.5	) 	
Restructuring and other charges, net (a)	  	 	0.9	  	 	 	(0.9	) 	 	 	(0.0	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,488.6	  	 	 	(0.9	) 	 	 	1,487.7	  	

Earnings from continuing operations before income taxes	  	 	47.7	  	 	 	0.9	  	 	 	48.6	  	
Provision for income taxes (b)	  	 	(12.8	) 	 	 	(5.2	) 	 	 	(18.0	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	34.9	  	 	 	(4.3	) 	 	 	30.6	  	

Tax rate on continuing operations	  	 	26.9	% 	 				 	 	37.1	% 	

Earnings per common share - Diluted:	  				 				 				

Continuing operations	  	$	0.68	  	 	 	(0.09	) 	 	$	0.59	  	

													
 	  	Three Months	 	
 	  	2011	 	
 	  	Reported
Earnings	 	 	Adjustments	 	 	Comparable
Earnings	 	
Revenue	  	$	1,425.4	  	 	 	—  	  	 	 	1,425.4	  	

Cost of lease and rental	  	 	408.5	  	 				 	 	408.5	  	
Cost of services	  	 	537.9	  	 				 	 	537.9	  	
Cost of fuel services	  	 	209.0	  	 				 	 	209.0	  	
Other operating expenses	  	 	34.6	  	 				 	 	34.6	  	
Selling, general and administrative expenses	  	 	173.1	  	 				 	 	173.1	  	
Gains on vehicle sales, net	  	 	(12.3	) 	 				 	 	(12.3	) 	
Interest expense	  	 	34.4	  	 				 	 	34.4	  	
Miscellaneous income, net	  	 	(4.1	) 	 				 	 	(4.1	) 	
Restructuring and other charges, net (c)	  	 	0.8	  	 	 	(0.8	) 	 	 	—  	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,381.8	  	 	 	(0.8	) 	 	 	1,381.0	  	

Earnings from continuing operations before income taxes	  	 	43.6	  	 	 	0.8	  	 	 	44.4	  	
Provision for income taxes	  	 	(17.8	) 	 	 	(0.3	) 	 	 	(18.1	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	  	 	25.9	  	 	 	0.5	  	 	 	26.3	  	

Tax rate on continuing operations	  	 	40.7	% 	 				 	 	40.7	% 	

Earnings per common share - Diluted:	  				 				 				
	  	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	  	$	0.50	  	 	 	0.01	  	 	$	0.51	  	
	  	 	 	 	 	 	 	 	 	 	 	 	
Notes regarding adjustments:
 	(a)	Restructuring charges for acquisition-related lease termination costs.	
 	(b)	Tax benefit related to favorable resolution of tax items from prior periods and tax impact of restructuring charges.	
 	(c)	Restructuring charges for acquisition-related severance and contract termination costs.	
Note: Amounts may not be additive due to rounding.
 
14

	

First Quarter 2012
Earnings Conference Call
April 24, 2012
Exhibit 99.2	

	

04/24/2012
Safe Harbor and Non-GAAP Financial Measures
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.
This
presentation
includes
certain
non-GAAP
financial
measures
as
defined
under
SEC
rules,
including
operating
revenue,
comparable
earnings,
comparable
EPS
excluding
non-service
pension
costs,
2012
comparable
EPS
forecasts,
comparable
earnings
before
income
tax,
comparable
tax
rate,
adjusted
return
on
capital,
adjusted
total
capital,
total
cash
generated,
free
cash
flow,
total
obligations
and
the
ratios
based
on
these
financial
measures.
Refer
to
Appendix
–
Non-GAAP
Financial
Measures
for
more
information
about
the
non-GAAP
financial
measures
contained
in
this
presentation.
Additional
information
regarding
non-
GAAP
financial
measures
can
also
be
found
in
our
reports
filed
with
the
SEC,
which
are
available
in
the
Investors
area
of
our
website
at
investors.ryder.com.
2
Proprietary and Confidential	

	

Contents
First
Quarter
2012
Results
Overview
Asset Management Update
Earnings Outlook
Q & A
04/24/2012
3
Proprietary and Confidential	

	

04/24/2012
1st Quarter Results Overview
Earnings
per
diluted
share
from
continuing
operations
were
$0.68
in
1Q12
vs.
$0.50
in
1Q11
–
1Q12
included
a
$0.09
net
benefit
related
to
the
resolution
of
a
tax
matter,
partially
offset
by
acquisition-related
restructuring
costs
–
1Q11 included a $0.01 charge for acquisition-related restructuring costs
Comparable earnings per share from continuing operations were $0.59 vs.
$0.51 in 1Q11
Total revenue increased 8% (and operating revenue increased 9%) vs. prior
year reflecting the impact of organic revenue growth and acquisitions
4
Proprietary and Confidential	

	

Key Financial Statistics
First Quarter
($ Millions, Except Per Share Amounts)
Note:  Amounts throughout presentation may not be additive due to rounding.
2012
2011
% B/(W)
Operating Revenue
1,228.9
$      
1,129.1
$      
9%
Fuel Services and Subcontracted Transportation Revenue
307.4
           
296.3
           
4%
Total Revenue
1,536.3
$      
1,425.4
$      
8%
Earnings Per Share From Continuing Operations
0.68
$           
0.50
$           
36%
Comparable Earnings Per Share From Continuing Operations
0.59
$           
0.51
$           
16%
Net Earnings Per Share
0.67
$           
0.48
$           
40%
Memo:
50.9
             
51.0
Tax Rate From Continuing Operations
26.9%
40.7%
Comparable Tax Rate From Continuing Operations
37.1%
40.7%
5.6%
5.1%
Comparable EPS from Continuing Operations excluding  
    Non-Service Pension Costs
0.69
$           
0.56
$           
23%
04/24/2012
5
Proprietary and Confidential
Average Shares ( Millions ) -
Diluted
Adjusted Return on Capital ( Trailing 12 month )	

	

04/24/2012
1st Quarter Results Overview -
FMS
Fleet Management Solutions (FMS) total revenue up 9% (and operating revenue
up 10%) vs. prior year
–
Contractual revenue up 6%
–
Full service lease revenue up 6%
–
Contract maintenance revenue increased 5%   
–
Commercial rental revenue up 26%
–
Fuel revenue up 7% due primarily to increase in fuel pass-throughs
FMS earnings before tax (EBT) up 20%
–
FMS EBT percent of operating revenue up 50 basis points to 6.4%
FMS earnings positively impacted by the Hill Hire acquisition, organic lease
growth, improved used vehicle sales results and commercial rental performance
–
These
benefits
were
partially
offset
by
higher
maintenance
costs
to
service
a
slightly
older
lease
fleet,
including
higher
outservicing
costs,
and
new
sales
commissions
6
Proprietary and Confidential	

	

04/24/2012
1st Quarter Results Overview –
SCS (including DCC)
Supply
Chain
Solutions
(SCS)
total
revenue
up
7%
(and
operating
revenue
up
7%)
vs.
prior
year
due
to
higher
overall
freight
volumes
and
new
business,
as
well
as
a
prior
year
acquisition
SCS earnings before tax (EBT) up 8%
–
SCS
EBT
percent
of
operating
revenue
remained
unchanged
at
4.5%
SCS
earnings
increased
due
to
higher
freight
volumes
and
new
business
7
Proprietary and Confidential	

	

04/24/2012
Business Segments
2012
2011
% B/(W)
2012
2011
% B/(W)
Operating Revenue:
Fleet Management Solutions
792.7
$    
719.0
$   
10%
1,071.4
$
980.1
$   
9%
Supply Chain Solutions   
(1)
484.6
      
452.7
      
7%
571.9
      
535.8
      
7%
Eliminations
(48.4)
       
(42.6)
       
(14)%
(107.0)
     
(90.5)
       
(18)%
   Total
1,228.9
$
1,129.1
$
9%
1,536.3
$
1,425.4
$
8%
Segment Earnings Before Tax:
(2)
Fleet Management Solutions
50.7
$      
42.4
$      
20%
Supply Chain Solutions   
(1)
21.9
        
20.2
        
8%
Eliminations
(6.5)
         
(4.9)
         
32%
66.1
        
57.6
        
15%
Central Support Services (Unallocated Share)
(9.5)
         
(8.7)
         
(9)%
Non-Service Pension Costs
(8.0)
         
(4.5)
         
(77)%
Restructuring and Other Charges, Net and Other Items
(0.9)
         
(0.8)
         
(13)%
Earnings Before Income Taxes
47.7
        
43.6
        
9%
Provision for Income Taxes
(12.8)
       
(17.8)
       
28%
Earnings from Continuing Operations
34.9
$      
25.9
$      
35%
Comparable Earnings from Continuing Operations
30.6
$      
26.3
$      
16%
Net Earnings
34.3
$      
25.1
$      
37%
Memo: Total Revenue
First Quarter
(1)
Combined Supply Chain Solutions and Dedicated Contract Carriage.
(2)
Our primary measure of segment financial performance excludes unallocated CSS, non-service pension costs, restructuring and other charges, net and other items.
($ Millions)
8
Proprietary and Confidential	

	

04/24/2012
Capital Expenditures
2012 $
2012
2011
O/(U) 2011
Full Service Lease
436
$     
112
$     
324
$        
Commercial Rental
335
       
317
       
18
            
Operating Property and Equipment
16
         
18
         
(2)
             
Gross Capital Expenditures
787
       
448
       
339
          
Less: Proceeds from Sales (Primarily Revenue Earning Equipment)
94
         
71
         
23
            
Net Capital Expenditures
693
$     
377
$     
316
$        
Memo: Acquisitions
2
$         
84
$       
(82)
$         
First Quarter
($ Millions)
9
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04/24/2012
Cash Flow from Continuing Operations
First Quarter
($ Millions)
2012
2011

Earnings from Continuing Operations
35
$                
26
$                
Depreciation
227
                
206
                
Gains on Vehicle Sales, Net
(22)
                 
(12)
                 
Amortization and Other Non-Cash Charges, Net
14
                   
12
                   
Pension Contributions
(4)
                    
(4)
                    
Changes in Working Capital and Deferred Taxes
(63)
                 
(10)
                 
Cash Provided by Operating Activities
186
                
218
                
Proceeds from Sales (Primarily Revenue Earning Equipment)
94
                   
71
                   
Collections of Direct Finance Leases
15
                   
15
                   
Total Cash Generated
296
                
304
                
Capital Expenditures
 
(1)
(471)
              
(313)
              
     Free Cash Flow
(2)
(175)
$            
(10)
$              
(1)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
Free Cash Flow excludes acquisitions and changes in restricted cash.
10
Proprietary and Confidential	

	

275%
234%
201%
146%
129%
151%
168%
157%
225%
183%
203%
261%
267%
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
3/31/12
Long Term
Target
Midpoint
Total Obligations to Equity
Balance Sheet Debt to Equity
04/24/2012
Debt to Equity Ratio
(1)
Represents
long
term
total
obligations
to
equity
target
of
250
-
300%
while
maintaining
a
strong
investment
grade
rating.
(2)
Total Equity includes impact of accumulated net pension related equity charge of $591 million as of 3/31/12, $595 million as of 12/31/11 and $420 million as of 3/31/11.
($ Millions)
(1)
11
Proprietary and Confidential	

	

Contents
First Quarter 2012 Results Overview
Asset Management Update
Earnings Outlook
Q & A
04/24/2012
12
Proprietary and Confidential	

	

04/24/2012
Units held for sale were 8,700 at quarter end, up from 5,000 units held for sale in the prior
year
–
Average units held for sale were 7,400 during the quarter, up from 5,200 in the prior year
The number of used vehicles sold in the first quarter were 5,000, up 22% from the prior
year
Proceeds per unit were up 20% for tractors and were up 3% for trucks in the first quarter
compared with prior year (excluding the impact of exchange rates)
–
Proceeds per unit were up 1% for tractors and up 1% for trucks vs. the prior quarter
Vehicles no longer earning revenue (including units held for sale) were 12,200 at quarter-
end, up 4,800 from the prior year
Average first 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.
13
Proprietary and Confidential	

	

Contents
First Quarter 2012 Results Overview
Asset Management Update
Earnings Forecast
Q & A
04/24/2012
14
Proprietary and Confidential	

	

04/24/2012
EPS Forecast –
Continuing Operations
($ Earnings Per Share)
(1)
Full Year 2012 Comparable EPS Forecast excludes a $0.10 tax benefit and a $0.02 restructuring charge.  Second Quarter 2012 Comparable EPS Forecast excludes $0.01
in restructuring charges. Full year 2011 excludes $0.09 in net tax charges, $0.05 in restructuring charges and $0.04 in acquisition transaction costs.
Raising full year EPS forecast from $4.00 -
$4.10 to $4.02 -
$4.12
Current forecast is as follows:
15
Proprietary and Confidential	

	

Q&A
04/24/2012
16
Proprietary and Confidential	

	

Appendix
Business Segment Detail
Central Support Services
Balance Sheet
Asset Management
Financial Indicators Forecast
New
Business
Segment
Presentation
(2009
–
2011)
New
SCS
Segment
Presentation
(2009
–
2011)
Revenue and EBT (10 year history)
Non-GAAP Financial Measures & Reconciliations
04/24/2012
17
Proprietary and Confidential	

	

04/24/2012
Fleet Management Solutions (FMS)

2012
2011
% B/(W)

Full Service Lease
510.6
$         
483.3
$         
6%
Contract Maintenance
39.9
              
38.1
              
5%
Contractual Revenue
550.5
            
521.4
            
6%
Contract-related Maintenance
53.6
              
44.7
              
20%
Commercial Rental
171.2
            
135.7
            
26%
Other
17.4
              
17.3
              
1%
Operating Revenue
792.7
            
719.0
            
10%
Fuel Services Revenue
278.6
            
261.1
            
7%
Total Revenue
1,071.4
$      
980.1
$         
9%
Segment Earnings Before Tax (EBT)
50.7
$            
42.4
$            
20%
Segment EBT as % of Total Revenue
4.7%
4.3%
Segment EBT as % of Operating Revenue
6.4%
5.9%
First Quarter
($ Millions)
18
Proprietary and Confidential	

	

04/24/2012
Supply Chain Solutions (SCS)
(1)
First Quarter
($ Millions)
2012
2011
% B/(W)
Automotive
139.7
$        
122.7
$        
14%
High-Tech
80.3
             
80.4
             
-
Retail & CPG
178.8
           
167.1
           
7%
Industrial & Other
85.8
             
82.5
             
4%
Operating Revenue
484.6
           
452.7
           
7%
Subcontracted Transportation
87.3
             
83.1
             
5%
Total Revenue
571.9
$        
535.8
$        
7%
Segment Earnings Before Tax (EBT)
21.9
$           
20.2
$           
8%
Segment EBT as % of Total Revenue
3.8%
3.8%
Segment EBT as % of Operating Revenue
4.5%
4.5%
Memo:
      Dedicated Services - Operating Revenue
282.1
$        
249.6
$        
13%
      Dedicated Services - Total Revenue
328.3
$        
287.9
$        
14%
      Fuel Costs
66.8
$           
53.8
$           
24%
(1)
Combined Supply Chain Solutions and Dedicated Contract Carriage.
(2)
Excludes Dedicated Services Subcontracted Transportation.
19
Proprietary and Confidential
(2)	

	

04/24/2012
Central Support Services (CSS)

2012
2011
% B/(W)
Allocated CSS Costs
38.7
$       
36.6
$        
(6)%
Unallocated CSS Costs
9.5
           
8.7
            
(9)%
Total CSS Costs
48.2
$       
45.3
$        
(6)%
First Quarter
($ Millions)
20
Proprietary and Confidential	

	

04/24/2012
Balance Sheet
March 31,
December 31,
2012
2011
Cash and Cash Equivalents
114
$               
105
$               
Other Current Assets
1,002
              
984
                   
Revenue Earning Equipment, Net
5,530
              
5,050
              
Operating Property and Equipment, Net
626
                   
624
                   
Other Assets
878
                   
856
                   
Total Assets
8,149
$            
7,618
$            
Short-Term Debt / Current Portion Long-Term Debt
587
$               
274
$               
Other Current Liabilities
1,175
              
900
                   
Long-Term Debt
3,006
              
3,108
              
Other Non-Current Liabilities (including Deferred Income Taxes)
2,009
              
2,018
              
Shareholders' Equity
1,371
              
1,318
              
Total Liabilities and Shareholders' Equity
8,149
$            
7,618
$            
($ Millions)
21
Proprietary and Confidential	

	

04/24/2012
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)
Number of
Units
765
569
905
1,061
1,210
1,269
896
1,521
1,684
1,485
2,088
1,334
1,147
1,701
889
742
1,855
572
0
500
1,000
1,500
2,000
2,500
Redeployments
Extensions
Early Terminations 
1Q 07
1Q 08
1Q 09
1Q 10
1Q 11
1Q 12
(c)
Redeployments
–
vehicles
coming off-lease with useful
life remaining are redeployed
in the Ryder fleet (Commercial
Rental, SCS, or with another
Lease customer).
Extensions –
Ryder re-prices
lease contract and extends
maturity date.
Early terminations –
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, SCS,
other Lease customer) or sold
by Ryder.
22
Proprietary and Confidential	

	

04/24/2012
Financial Indicators Forecast
(1)
(1)
Total
Obligations
to
Equity
includes
acquisitions.
Free
Cash
Flow
and
Gross
Capital
Expenditures
exclude
acquisitions.
(2)
2000-2004
not
restated
for
operations
discontinued
in
2009.
(3)
Includes
$176
million
payment
to
the
IRS
related
to
full
resolution
of
1998
-
2000
tax
period
matters.
23
Proprietary and Confidential	

	

New Business Segment Presentation
(1)
($ Millions)
04/24/2012
1Q 2011
2Q 2011
3Q 2011
4Q 2011
FY 2011
Operating Revenue:
Fleet Management Solutions
719.0
$    
778.9
$    
824.7
$    
813.3
$    
3,135.9
$
Supply Chain Solutions
452.7
      
456.8
      
476.3
      
471.8
      
1,857.5
   
Eliminations
(42.6)
       
(43.7)
       
(44.4)
       
(48.1)
       
(178.8)
     
   Total
1,129.1
$
1,192.0
$
1,256.5
$
1,237.0
$
4,814.6
$
Segment Earnings Before Tax:
Fleet Management Solutions
42.4
$      
71.5
$      
78.0
$      
73.8
$      
265.7
$    
Supply Chain Solutions
20.2
        
27.8
        
31.4
        
25.5
        
104.9
      
Eliminations
(4.9)
         
(6.5)
         
(5.7)
         
(7.1)
         
(24.2)
       
57.6
        
92.7
        
103.8
      
92.2
        
346.4
      
Central Support Services (Unallocated Share)
(8.7)
         
(11.2)
       
(11.5)
       
(11.1)
       
(42.5)
       
Non-service Pension Costs
(4.5)
         
(4.8)
         
(4.6)
         
(4.7)
         
(18.7)
       
Restructuring and Other Charges, Net and Other Items    
(0.8)
         
(1.7)
         
-
          
(3.3)
         
(5.8)
         
Earnings Before Income Taxes
43.6
        
75.0
        
87.7
        
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
$    
Comparable Earnings from Continuing Operations
26.3
$      
47.8
$      
56.4
$      
50.1
$      
180.6
$    
Net Earnings
25.1
$      
40.0
$      
56.5
$      
48.1
$      
169.8
$    
(1) Supply Chain Solutions and Dedicated Contract Carriage have been combined. Non-service pension costs have been excluded from segment earnings.
Note: Amounts may not recalculate due to rounding.
24
Proprietary and Confidential	

	

New Business Segment Presentation
(1)
($ Millions)
Proprietary and Confidential
1Q 2010
2Q 2010
3Q 2010
4Q 2010
FY 2010
Operating Revenue:
Fleet Management Solutions
677.4
$    
709.0
$    
733.9
$    
726.3
$    
2,846.5
$
Supply Chain Solutions
350.2
      
368.5
      
377.2
      
377.6
      
1,473.5
   
Eliminations
(40.0)
       
(40.4)
       
(39.5)
       
(41.9)
       
(161.8)
     
   Total
987.6
$    
1,037.1
$
1,071.6
$
1,061.9
$
4,158.2
$
Segment Earnings Before Tax:
Fleet Management Solutions
27.3
$      
51.6
$      
60.3
$      
55.7
$      
194.9
$    
Supply Chain Solutions
15.2
        
21.6
        
24.5
        
20.4
        
81.7
        
Eliminations
(4.7)
         
(5.1)
         
(4.6)
         
(4.8)
         
(19.3)
       
37.8
        
68.1
        
80.2
        
71.3
        
257.3
      
Central Support Services (Unallocated Share)
(8.8)
         
(9.8)
         
(11.9)
       
(10.7)
       
(41.2)
       
Non-service Pension Costs
(6.5)
         
(6.1)
         
(6.3)
         
(7.8)
         
(26.6)
       
Restructuring and Other Charges, Net and Other Items    
-
          
-
          
-
          
(3.2)
         
(3.2)
         
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
$    
Comparable Earnings from Continuing Operations
12.9
$      
30.6
$      
39.7
$      
33.8
$      
117.0
$    
Net Earnings
12.4
$      
29.8
$      
38.8
$      
37.1
$      
118.2
$    
04/24/2012
25
(1) Supply Chain Solutions and Dedicated Contract Carriage have been combined. Non-service pension costs have been excluded from segment earnings.
Note: Amounts may not recalculate due to rounding.	

	

New Business Segment Presentation
(1)
($ Millions)
1Q 2009
2Q 2009
3Q 2009
4Q 2009
FY 2009
Operating Revenue:
Fleet Management Solutions
693.2
$    
712.6
$    
712.5
$    
699.5
$    
2,817.7
$
Supply Chain Solutions
341.1
      
347.0
      
362.8
      
361.0
      
1,412.0
   
Eliminations
(43.5)
       
(41.8)
       
(41.2)
       
(40.7)
       
(167.2)
     
   Total
990.8
$    
1,017.8
$
1,034.0
$
1,019.8
$
4,062.5
$
Segment Earnings Before Tax:
Fleet Management Solutions
40.7
$      
51.5
$      
47.6
$      
42.4
$      
182.2
$    
Supply Chain Solutions
12.7
        
17.7
        
26.8
        
19.5
        
76.6
        
Eliminations
(5.6)
         
(4.8)
         
(5.7)
         
(4.9)
         
(21.1)
       
47.8
        
64.4
        
68.7
        
57.0
        
237.8
      
Central Support Services (Unallocated Share)
(6.9)
         
(8.2)
         
(9.1)
         
(11.1)
       
(35.3)
       
Non-service Pension Costs
(11.8)
       
(11.0)
       
(11.5)
       
(11.4)
       
(45.6)
       
Restructuring and Other Charges, Net and Other Items    
(6.7)
         
0.2
           
(3.9)
         
(2.7)
         
(13.1)
       
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
$      
Comparable Earnings from Continuing Operations
16.7
$      
27.0
$      
28.7
$      
22.2
$      
94.6
$      
Net Earnings
6.8
$        
22.9
$      
24.0
$      
8.2
$        
61.9
$      
04/24/2012
26
Proprietary and Confidential
(1) Supply Chain Solutions and Dedicated Contract Carriage have been combined. Non-service pension costs have been excluded from segment earnings.
Note: Amounts may not recalculate due to rounding.	

	

04/24/2012
27
Proprietary and Confidential
New SCS Segment Presentation
(1)
1Q 2011
2Q 2011
3Q 2011
4Q 2011
FY 2011
Automotive
122.7
$    
107.8
$    
115.3
$    
123.3
$    
469.2
$    
High-Tech
80.4
        
85.4
        
84.0
        
83.8
        
333.6
      
Retail & CPG
167.1
      
176.1
      
187.6
      
180.3
      
711.0
      
Industrial & Other
82.5
        
87.6
        
89.3
        
84.3
        
343.7
      
Operating Revenue
452.7
      
456.8
      
476.3
      
471.7
      
1,857.5
   
Subcontracted Transportation
83.1
        
83.2
        
88.7
        
93.5
        
348.5
      
Total Revenue
535.8
$    
540.0
$    
565.0
$    
565.3
$    
2,206.0
$
Segment Earnings Before Tax (EBT)
20.2
$      
27.8
        
31.4
        
25.5
        
104.9
      
Segment EBT as % of Total Revenue
3.8%
5.1%
5.6%
4.5%
4.8%
Segment EBT as % of Operating Revenue
4.5%
6.1%
6.6%
5.4%
5.6%
Memo:
Dedicated Services - Operating Revenue        
(2)
249.6
$    
249.4
$    
261.2
$    
267.0
$    
1,027.2
$
Dedicated Services - Total Revenue
287.9
$    
286.0
$    
303.9
$    
315.2
$    
1,193.0
$
Fuel Costs
53.8
$      
55.1
$      
54.9
$      
59.9
$      
223.7
$    
(1)
Combined Supply Chain Solutions and Dedicated Contract Carriage.
(2)
Excludes Dedicated Services Subcontracted Transportation.
Note: Amounts may not recalculate due to rounding.	

	

04/24/2012
28
Proprietary and Confidential
New SCS Segment Presentation
(1)
1Q 2010
2Q 2010
3Q 2010
4Q 2010
FY 2010
Automotive
106.6
$    
113.1
$    
114.7
$    
114.2
$    
448.7
$    
High-Tech
72.3
        
74.7
        
79.3
        
82.5
        
308.8
      
Retail & CPG
95.6
        
98.6
        
100.2
      
100.3
      
394.7
      
Industrial & Other
75.8
        
82.1
        
83.0
        
80.5
        
321.3
      
Operating Revenue
350.2
      
368.5
      
377.2
      
377.6
      
1,473.5
   
Subcontracted Transportation
60.3
        
64.6
        
67.0
        
69.4
        
261.3
      
Total Revenue
410.5
$    
433.1
$    
444.3
$    
446.9
$    
1,734.8
$
Segment Earnings Before Tax (EBT)
15.2
$      
21.6
        
24.5
        
20.4
        
81.7
        
Segment EBT as % of Total Revenue
3.7%
5.0%
5.5%
4.6%
4.7%
Segment EBT as % of Operating Revenue
4.3%
5.9%
6.5%
5.4%
5.5%
Memo:
Dedicated Services - Operating Revenue        
(2)
218.9
$    
231.6
$    
231.4
$    
230.8
$    
912.7
$    
Dedicated Services - Total Revenue
247.7
$    
260.8
$    
260.7
$    
261.7
$    
1,030.9
$
Fuel Costs
37.9
$      
41.1
$      
40.4
$      
43.3
$      
162.7
$    
(1)
Combined Supply Chain Solutions and Dedicated Contract Carriage.
(2)
Excludes Dedicated Services Subcontracted Transportation.
Note: Amounts may not recalculate due to rounding.	

	

04/24/2012
29
Proprietary and Confidential
New SCS Segment Presentation
(1)
1Q 2009
2Q 2009
3Q 2009
4Q 2009
FY 2009
Automotive
94.9
$      
98.0
$      
107.3
$    
109.2
$    
409.3
$    
High-Tech
75.0
        
75.8
        
75.6
        
74.0
        
300.4
      
Retail & CPG
91.7
        
91.6
        
96.8
        
99.3
        
379.4
      
Industrial & Other
79.5
        
81.7
        
83.0
        
78.6
        
322.8
      
Operating Revenue
341.1
      
347.1
      
362.8
      
361.0
      
1,412.0
   
Subcontracted Transportation
41.2
        
44.8
        
52.5
        
60.3
        
198.9
      
Total Revenue
382.3
$    
391.9
$    
415.3
$    
421.4
$    
1,610.9
$
Segment Earnings Before Tax (EBT)
12.7
$      
17.7
        
26.8
        
19.5
        
76.6
        
Segment EBT as % of Total Revenue
3.3%
4.5%
6.5%
4.6%
4.8%
Segment EBT as % of Operating Revenue
3.7%
5.1%
7.4%
5.4%
5.4%
Memo:
Dedicated Services - Operating Revenue        
(2)
213.5
$    
219.8
$    
229.3
$    
225.8
$    
888.4
$    
Dedicated Services - Total Revenue
227.1
$    
239.7
$    
253.8
$    
253.9
$    
974.5
$    
Fuel Costs
30.3
$      
31.7
$      
35.7
$      
37.0
$      
134.7
$    
(1)
Combined Supply Chain Solutions and Dedicated Contract Carriage.
(2)
Excludes Dedicated Services Subcontracted Transportation.
Note: Amounts may not recalculate due to rounding.	

	

Segment –
Revenue
(1)
Total Revenue
Operating Revenue
(1)
2001-2003 not restated for discontinued operations.
(2)
FMS Operating Revenue excludes fuel services revenue.
(3)
SCS Operating Revenue excludes subcontracted transportation.
04/24/2012
($ Billions)
30
Proprietary and Confidential	

	

Segment –
Earnings Before Tax (EBT)
(1)
EBT as % of Total Revenue
EBT as % of Operating Revenue
(1)
2001-2003 not restated for discontinued operations.
(2)
Excludes non-service pension costs.
04/24/2012
31
Proprietary and Confidential	

	

04/24/2012
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
Total Revenue / Total Revenue Forecast
Key Financial Statistics
5
Comparable Earnings / Comparable EPS
Earnings / EPS from Continuing Operations
Earnings and EPS from Continuing Operations
Reconciliation / Earnings from Continuing
Operations Reconciliation 2009 / Earnings from
Continuing Operations Reconciliation 2010 /
Earnings from Continuing Operations
Reconciliation 2011
33, 42-
44
Comparable EPS Excluding Non-Service Pension
Costs
EPS from Continuing Operations
Earnings and EPS from Continuing Operations
Reconciliation
33
Comparable Earnings Before Income Tax /
Comparable Tax Rate
Earnings Before Income Tax / Tax Rate
EBT and Tax Rate from Continuing Operations
Reconciliation
34
Comparable EPS Forecast
EPS Forecast
EPS Forecast –
Continuing Operations
15
Adjusted Return on Capital / Adjusted Total Capital
Net Earnings / Total Capital
Adjusted Return on Capital Reconciliation  /
Segment Adjusted Return on Capital
Reconciliation
36-37
Total Cash Generated / Free Cash Flow
Cash Provided by Operating Activities
Cash Flow Reconciliation
39-40
Total Obligations / Total Obligations to Equity
Balance Sheet Debt / Debt to Equity
Debt to Equity Reconciliation
37-38
FMS and SCS  Operating Revenue
FMS and SCS  Total Revenue
Fleet Management Solutions / Supply Chain
Solutions / New SCS Segment Presentation ,
FMS Operating Results 2009-2011
18,19,
27-29,
41
32
Proprietary and Confidential	

	

Earnings and EPS from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
1Q12 -
1Q12 -
1Q11 -
1Q11 -
Earnings

EPS
Earnings

EPS
Reported
34.9
$    
0.68
$    
25.9
$    
0.50
$    
Tax Benefits
(5.0)
       
(0.10)
     
-
-
Restructuring Charges
0.6
         
0.01
      
0.5
         
0.01
      
Comparable
30.6
      
0.59
      
26.3
      
0.51
      
Non-Service Pension Costs
4.9
         
0.10
      
2.7
         
0.05
      
Comparable EPS excluding Non-Service Pension Costs
35.5
$    
0.69
$    
30.8
$    
0.56
$    
Proprietary and Confidential
33
04/24/2012	

	

EBT and Tax Rate from Continuing Operations Reconciliation
($ Millions or $ Earnings Per Share)
1Q12 -
1Q12 -
1Q12 -
EBT

Tax
Tax Rate
Reported
47.7
$     
12.8
$    
26.9%
Tax Benefits
-
            
5.0
         
Restructuring Charges
0.9
          
0.2
         
Comparable
48.6
$     
18.0
$    
37.1%
04/24/2012
34
Proprietary and Confidential	

	

04/24/2012
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.
3/31/12
3/31/11
Net Earnings
(1)
179
$     
131
$     
Restructuring and Other Charges, Net and Other Items
6
           
7
           
Income Taxes
103
       
69
         
Adjusted Earnings Before Income Taxes
288
       
207
       
Adjusted Interest Expense
(2)
135
       
134
       
Adjusted Income Taxes
(3)
(156)
      
(132)
      
Adjusted Net Earnings
268
$     
209
$     
Average Total Debt
(4)
3,256
$  
2,591
$  
Average Off-Balance Sheet Debt
 
(4)
72
         
109
       
Average Total Shareholders' Equity
 
(4)
1,409
    
1,403
    
Average Adjustments to Shareholders' Equity
(5)
5
           
(1)
          
Adjusted Average Total Capital
4,742
$  
4,102
$  
Adjusted Return on Capital
5.6%
5.1%
35
Proprietary and Confidential	

	

04/24/2012
Segment Adjusted Return on Capital Reconciliation
($ Millions)
36
Proprietary and Confidential	

	

04/24/2012
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%
$2,954
157%
Note:
In
connection
with
adopting
FIN
46
effective
July
1,
2003,
the
Company
consolidated
the
vehicle
securitization
trusts
previously
disclosed
as
off-balance
sheet
debt.
($ Millions)
37
Proprietary and Confidential	

	

04/24/2012
Debt to Equity Reconciliation
($ Millions)
Note: Amounts may not recalculate due to rounding.
% to
% to
% to
% to
% to
12/31/08
Equity

12/31/09
Equity
12/31/10
Equity
12/31/11
Equity
3/31/12
Equity
3/31/11
Balance Sheet Debt
$2,863
213%
$2,498
175%
$2,747
196%
$3,382
257%
$3,593
262%
$2,809
Receivables Sold
-
       
-
       
-
       
-
       
-
       
-
       
PV of minimum
lease payments and
guaranteed residual
values under
operating leases for
vehicles
163
       
119
      
100
      
64
        
63
        
99
        
Total Obligations
$3,026
225%
$2,617
183%
$2,847
203%
$3,446
261%
$3,656
267%
$2,908
38
Proprietary and Confidential	

	

04/24/2012
($ Millions)
Cash Flow Reconciliation 
39
Proprietary and Confidential
(1)
Amounts have not been recasted for discontinued operations
(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.	

	

04/24/2012
($ Millions)
(1)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
Free Cash Flow excludes acquisitions and changes in restricted cash.
Cash Flow Reconciliation 
40
Proprietary and Confidential	

	

FMS Operating Results 2009 -
2011
($ Millions)
1Q 2009
2Q 2009
3Q 2009
4Q 2009
FY 2009
Fleet Management Solutions
Operating Revenue
693.2
$    
712.6
$    
712.5
$    
699.5
$    
2,817.7
$
Fuel Services Revenue
170.3
      
178.7
      
200.3
      
200.8
      
750.1
      
   Total
863.5
      
891.3
      
912.8
      
900.2
      
3,567.8
   
1Q 2010
2Q 2010
3Q 2010
4Q 2010
FY 2010
Fleet Management Solutions
Operating Revenue
677.4
$    
709.0
$    
733.9
$    
726.3
$    
2,846.5
$
Fuel Services Revenue
206.6
      
222.2
      
215.1
      
221.8
      
865.6
      
   Total
884.0
      
931.2
      
948.9
      
948.1
      
3,712.2
   
1Q 2011
2Q 2011
3Q 2011
4Q 2011
FY 2011
Fleet Management Solutions
Operating Revenue
719.0
$    
778.9
$    
824.7
$    
813.3
$    
3,135.9
$
Fuel Services Revenue
261.1
      
285.6
      
274.4
      
261.3
      
1,082.5
   
   Total
980.1
      
1,064.5
   
1,099.0
   
1,074.7
   
4,218.3
   
04/24/2012
41
Proprietary and Confidential	

	

Earnings from Continuing Operations Reconciliation 2009
($ Millions or $ Earnings Per Share)
1Q09 -
2Q09 -
3Q09 -
4Q09 -
FY09 -
Earnings

Earnings
Earnings

Earnings
Earnings
Reported
10.9
$    
27.1
$    
28.4
$    
23.7
$    
90.1
$  
International Asset Impairment
3.9
         
-
0.2
         
2.4
         
6.7
       
Reversal of Tax Reserves
-
-
(2.2)
       
-
(2.2)
     
Tax law changes
-
-
-
(4.1)
       
(4.1)
     
Restructuring Charges (Recovery)
1.9
         
(0.1)
       
2.3
         
0.2
         
4.2
       
Comparable
16.7
$    
27.0
$    
28.7
$    
22.2
$    
94.6
$  
Proprietary and Confidential
42
04/24/2012	

	

Earnings from Continuing Operations Reconciliation 2010
($ Millions or $ Earnings Per Share)
1Q10 -
2Q10 -
3Q10 -
4Q10 -
FY10 -
Earnings

Earnings
Earnings

Earnings
Earnings
Reported
22.5
$    
52.2
$    
62.0
$    
41.4
$    
124.6
$   
Int'l Asset Gain on Sale
-
           
-
           
-
           
(0.9)
       
(0.9)
         
Tax Benefits
-
           
-
           
-
           
(10.8)
     
(10.8)
      
Acquisition Related Transaction Costs
-
           
-
           
-
           
4.1
         
4.1
          
Comparable
22.5
$    
52.2
$    
62.0
$    
33.8
$    
117.0
$   
Proprietary and Confidential
43
04/24/2012	

	

Earnings from Continuing Operations Reconciliation 2011
($ Millions or $ Earnings Per Share)
1Q11 -
2Q11 -
3Q11 -
4Q11 -
FY11 -
Earnings

Earnings
Earnings

Earnings
Earnings
Reported
25.9
$    
40.9
$    
56.9
$    
47.7
$    
171.4
$      
Tax Law Changes/Benefits
-
5.4
         
(0.6)
       
-
4.8
             
Acquisition Transaction Costs
-
1.5
         
-
0.4
         
1.9
             
Restructuring Charges
0.5
         
-
           
-
2.0
         
2.5
             
Comparable
26.3
$    
47.8
$    
56.4
$    
50.1
$    
180.6
$      
Proprietary and Confidential
44
04/24/2012	

	

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