$R
RYDER SYSTEM INC

2023 Q3 Form 10-Q Financial Statement

#000008596123000183 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $2.924B $3.035B
YoY Change -3.67% 23.44%
Cost Of Revenue $1.661B $1.725B
YoY Change -3.74% 34.8%
Gross Profit $1.263B $1.310B
YoY Change -3.59% 11.11%
Gross Profit Margin 43.19% 43.16%
Selling, General & Admin $347.0M $349.6M
YoY Change -0.75% 36.79%
% of Gross Profit 27.47% 26.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $417.0M $421.1M
YoY Change -0.97% -5.12%
% of Gross Profit 33.02% 32.14%
Operating Expenses $347.0M $349.6M
YoY Change -0.75% 36.79%
Operating Profit $916.0M $960.4M
YoY Change -4.62% 4.0%
Interest Expense $75.00M $57.80M
YoY Change 29.75% 7.53%
% of Operating Profit 8.19% 6.02%
Other Income/Expense, Net $5.000M $8.494M
YoY Change -41.13% 42.71%
Pretax Income $213.0M $334.2M
YoY Change -36.27% 82.42%
Income Tax $53.00M $87.78M
% Of Pretax Income 24.88% 26.27%
Net Earnings $161.0M $246.0M
YoY Change -34.55% 78.19%
Net Earnings / Revenue 5.51% 8.1%
Basic Earnings Per Share $3.55 $4.91
Diluted Earnings Per Share $3.47 $4.82
COMMON SHARES
Basic Shares Outstanding 45.09M shares 49.81M shares
Diluted Shares Outstanding 46.27M shares 51.07M shares

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.0M $456.3M
YoY Change -65.15% 125.07%
Cash & Equivalents $159.0M $456.3M
Short-Term Investments
Other Short-Term Assets $231.0M $183.0M
YoY Change 26.2% -12.05%
Inventory $75.00M $78.52M
Prepaid Expenses
Receivables $1.647B $1.621B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.112B $2.339B
YoY Change -9.69% 27.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.164B $1.118B
YoY Change 4.15% 18.59%
Goodwill $860.0M $867.8M
YoY Change -0.89% 82.58%
Intangibles $274.0M $298.5M
YoY Change -8.21% 683.66%
Long-Term Investments
YoY Change
Other Assets $1.071B $1.361B
YoY Change -21.32% 16.74%
Total Long-Term Assets $13.22B $12.16B
YoY Change 8.7% 9.98%
TOTAL ASSETS
Total Short-Term Assets $2.112B $2.339B
Total Long-Term Assets $13.22B $12.16B
Total Assets $15.33B $14.50B
YoY Change 5.73% 12.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $911.0M $876.1M
YoY Change 3.99% 19.46%
Accrued Expenses $743.0M $791.7M
YoY Change -6.15% 35.23%
Deferred Revenue $193.0M $179.2M
YoY Change 7.73% -0.27%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.888B $1.049B
YoY Change 79.96% -22.56%
Total Short-Term Liabilities $3.987B $3.202B
YoY Change 24.53% 1.49%
LONG-TERM LIABILITIES
Long-Term Debt $4.733B $5.285B
YoY Change -10.45% 14.09%
Other Long-Term Liabilities $1.813B $1.509B
YoY Change 20.12% 9.4%
Total Long-Term Liabilities $1.813B $1.509B
YoY Change 20.12% 9.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.987B $3.202B
Total Long-Term Liabilities $1.813B $1.509B
Total Liabilities $12.23B $11.49B
YoY Change 6.48% 10.65%
SHAREHOLDERS EQUITY
Retained Earnings $2.505B $2.531B
YoY Change -1.01% 19.58%
Common Stock $1.171B $1.252B
YoY Change -6.48% 4.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.097B $3.011B
YoY Change
Total Liabilities & Shareholders Equity $15.33B $14.50B
YoY Change 5.73% 12.43%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income $161.0M $246.0M
YoY Change -34.55% 78.19%
Depreciation, Depletion And Amortization $417.0M $421.1M
YoY Change -0.97% -5.12%
Cash From Operating Activities $621.0M $683.8M
YoY Change -9.19% 23.53%
INVESTING ACTIVITIES
Capital Expenditures $805.0M -$721.7M
YoY Change -211.54% 37.92%
Acquisitions
YoY Change
Other Investing Activities $198.0M $352.9M
YoY Change -43.89% 80.24%
Cash From Investing Activities -$607.0M -$368.8M
YoY Change 64.58% 12.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -69.00M -270.4M
YoY Change -74.48% -6.48%
NET CHANGE
Cash From Operating Activities 621.0M 683.8M
Cash From Investing Activities -607.0M -368.8M
Cash From Financing Activities -69.00M -270.4M
Net Change In Cash -55.00M 44.65M
YoY Change -223.19% -170.83%
FREE CASH FLOW
Cash From Operating Activities $621.0M $683.8M
Capital Expenditures $805.0M -$721.7M
Free Cash Flow -$184.0M $1.406B
YoY Change -113.09% 30.52%

Facts In Submission

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2023
dei Document Fiscal Period Focus
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dei Amendment Flag
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dei Current Fiscal Year End Date
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--12-31
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dei Entity Address City Or Town
EntityAddressCityOrTown
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dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
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dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
500-3726
dei Security12b Title
Security12bTitle
Ryder System, Inc. Common Stock ($0.50 par value)
dei Trading Symbol
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dei Security Exchange Name
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CONTINGENCIES AND OTHER MATTERS</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are a party to various claims, complaints, and proceedings arising in the ordinary course of our continuing business operations, including those relating to commercial and employment claims, environmental matters, risk management matters (e.g., vehicle liability, workers' compensation, etc.), and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. We believe that the resolution of these claims, complaints, and legal proceedings will not have a material effect on our Condensed Consolidated Financial Statements. </span></div><div style="text-indent:13.5pt"><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our estimated liability based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. </span></div><div style="margin-top:3pt;text-indent:24.75pt"><span><br/></span></div><div style="text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securities Litigation Relating to Residual Value Estimates </span></div><div style="margin-top:3pt;text-indent:13.5pt"><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On May 20, 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between July 23, 2015 and February 13, 2020, inclusive (Class Period), was commenced against Ryder and certain of our current and former officers in the U.S. District Court for the Southern District of Florida (the "Securities Class Action"). The complaint alleges, among other things, that the defendants misrepresented Ryder's depreciation policy and residual value estimates for its vehicles during the Class Period in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and seeks to recover, among other things, unspecified compensatory damages and attorneys' fees and costs. On August 3, 2020, the State of Alaska, Alaska Permanent Fund, the City of Fort Lauderdale General Employees' Retirement System, and the City of Plantation Police Officers Pension Fund were appointed lead plaintiffs. On October 5, 2020, the lead plaintiffs filed an amended complaint. On December 4, 2020, Ryder and the other named defendants in the case filed a Motion to Dismiss the amended complaint. On May 12, 2022, the court denied the defendants' motion to dismiss. The court entered a case management schedule on June 27, 2022, which, among other things, provides that discovery shall be completed by October 2023 and trial shall commence in June 2024. On April 18, 2023, the parties reached an agreement in principle to resolve the Securities Class Action. On May 19, 2023, plaintiffs filed an unopposed Motion for Preliminary Approval of the settlement, with corresponding settlement documentation. On August 11, 2023, the court entered an order directing the plaintiffs to file a renewed Motion for Preliminary Approval of the settlement with specified changes to the settlement documentation, which was filed on August 17, 2023. The renewed Motion for Preliminary Approval of the settlement remains </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">pending court approval. We expect that the settlement amount will be covered by insurance, and accordingly is not material to our financial position or results of operations.</span></div><div style="text-indent:13.5pt"><span><br/></span></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As previously disclosed, between June 2020 and February 2, 2021, five shareholder derivative complaints were filed purportedly on behalf of Ryder against us as nominal defendant and certain of our current and former officers and directors. The derivative complaints are generally based on the allegations set forth in the Securities Class Action and allege breach of fiduciary duties, unjust enrichment, and waste of corporate assets. The derivative plaintiffs, on our behalf, seek an award of monetary damages and restitution to us, improvements in our corporate governance and internal procedures, and legal fees. Three of these derivative complaints were filed in the Circuit Court of the 11th Judicial Circuit in and for Miami-Dade County, Florida, and were then consolidated into a single action (the "State Action"). Two of the derivative complaints were filed in U.S. District Court for the Southern District of Florida (the "Federal Actions", and together with the State Action, the "Derivative Cases"). All of the Derivative Cases were stayed (stopped) pending the resolution of the motion to dismiss the Securities Class Action described in the paragraph above. On July 18, 2022, the Federal Actions were further stayed pending the final resolution of the State Action. On July 26, 2022, the State Action was further stayed until the conclusion of summary judgment proceedings in the Securities Class Action (except that certain discovery would be permitted). In September 2023, the parties reached an agreement in principle to resolve the Derivative Cases in exchange for certain specified corporate reforms, subject to the execution of definitive settlement documentation and court approval. We expect that any settlement amount of plaintiffs' attorneys' fees and expenses in connection with the settlement of the Derivative Cases also will be covered by insurance, and accordingly is not material to our financial position or results of operations.</span></div>
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