$R
Ryder System Inc

2024 Q2 Form 10-Q Financial Statement

#000008596124000138 Filed on July 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q2
Revenue $3.182B $2.884B
YoY Change 10.33% -4.93%
Cost Of Revenue $1.909B $1.633B
YoY Change 16.9% -5.2%
Gross Profit $1.273B $1.251B
YoY Change 1.76% -4.58%
Gross Profit Margin 40.01% 43.38%
Selling, General & Admin $368.0M $1.004B
YoY Change -63.35% 178.36%
% of Gross Profit 28.91% 80.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $428.0M $412.0M
YoY Change 3.88% -2.94%
% of Gross Profit 33.62% 32.93%
Operating Expenses $368.0M $1.007B
YoY Change -63.46% 179.19%
Operating Profit $905.0M $244.0M
YoY Change 270.9% -74.32%
Interest Expense $96.00M -$260.0M
YoY Change -136.92% -569.96%
% of Operating Profit 10.61% -106.56%
Other Income/Expense, Net $4.000M $11.00M
YoY Change -63.64% -24.53%
Pretax Income $178.0M $44.00M
YoY Change 304.55% -87.0%
Income Tax $52.00M $62.00M
% Of Pretax Income 29.21% 140.91%
Net Earnings $127.0M -$18.00M
YoY Change -805.56% -107.52%
Net Earnings / Revenue 3.99% -0.62%
Basic Earnings Per Share $2.89 -$0.40
Diluted Earnings Per Share $2.84 -$0.39
COMMON SHARES
Basic Shares Outstanding 43.61M shares 45.98M shares
Diluted Shares Outstanding 44.63M shares 45.98M shares

Balance Sheet

Concept 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $164.0M $218.0M
YoY Change -24.77% -51.31%
Cash & Equivalents $164.0M $218.0M
Short-Term Investments
Other Short-Term Assets $346.0M $253.0M
YoY Change 36.76% 30.03%
Inventory $74.00M
Prepaid Expenses
Receivables $1.861B $1.572B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.371B $2.117B
YoY Change 12.0% -12.42%
LONG-TERM ASSETS
Property, Plant & Equipment $11.32B $10.69B
YoY Change 5.86% 899.32%
Goodwill $1.115B $861.0M
YoY Change 29.5% 0.8%
Intangibles $490.0M $281.0M
YoY Change 74.38% -9.57%
Long-Term Investments
YoY Change
Other Assets $1.112B $1.019B
YoY Change 9.13% -19.31%
Total Long-Term Assets $14.04B $12.85B
YoY Change 9.2% 6.6%
TOTAL ASSETS
Total Short-Term Assets $2.371B $2.117B
Total Long-Term Assets $14.04B $12.85B
Total Assets $16.41B $14.97B
YoY Change 9.6% 3.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $797.0M $934.0M
YoY Change -14.67% -3.37%
Accrued Expenses $867.0M $698.0M
YoY Change 24.21% -5.83%
Deferred Revenue $168.0M $198.0M
YoY Change -15.15% 8.45%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.086B $1.330B
YoY Change -18.35% -5.99%
Total Short-Term Liabilities $3.184B $3.411B
YoY Change -6.65% -4.93%
LONG-TERM LIABILITIES
Long-Term Debt $6.450B $5.195B
YoY Change 24.16% 0.32%
Other Long-Term Liabilities $2.053B $1.604B
YoY Change 27.99% 11.59%
Total Long-Term Liabilities $2.053B $6.799B
YoY Change -69.8% 372.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.184B $3.411B
Total Long-Term Liabilities $2.053B $6.799B
Total Liabilities $13.33B $11.88B
YoY Change 12.23% 1.99%
SHAREHOLDERS EQUITY
Retained Earnings $2.589B $2.489B
YoY Change 4.02% 4.59%
Common Stock $1.163B $1.177B
YoY Change -1.19% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.081B $3.096B
YoY Change
Total Liabilities & Shareholders Equity $16.41B $14.97B
YoY Change 9.6% 3.42%

Cashflow Statement

Concept 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $127.0M -$18.00M
YoY Change -805.56% -107.52%
Depreciation, Depletion And Amortization $428.0M $412.0M
YoY Change 3.88% -2.94%
Cash From Operating Activities $552.0M $743.0M
YoY Change -25.71% 16.71%
INVESTING ACTIVITIES
Capital Expenditures $638.0M $1.011B
YoY Change -36.89% -265.54%
Acquisitions
YoY Change
Other Investing Activities $143.0M $181.0M
YoY Change -20.99% -56.06%
Cash From Investing Activities -$495.0M -$830.0M
YoY Change -40.36% 317.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$83.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -122.0M 69.00M
YoY Change -276.81% -134.44%
NET CHANGE
Cash From Operating Activities 552.0M 743.0M
Cash From Investing Activities -495.0M -830.0M
Cash From Financing Activities -122.0M 69.00M
Net Change In Cash -65.00M -18.00M
YoY Change 261.11% -107.58%
FREE CASH FLOW
Cash From Operating Activities $552.0M $743.0M
Capital Expenditures $638.0M $1.011B
Free Cash Flow -$86.00M -$268.0M
YoY Change -67.91% -121.49%

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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 </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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%">As previously disclosed, in May 2020, a putative class action on behalf of purchasers of our securities who purchased or otherwise acquired their securities between 2015 and 2020, was commenced against Ryder and certain of our current and former officers (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. In April 2023, the parties reached an agreement in principle to resolve the Securities Class Action. In February 2024, the court entered an order preliminarily approving a settlement and authorizing dissemination of the notice of settlement. 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%">Between June 2020 and February 2021, five shareholder derivative complaints were filed against certain of our current and former officers and directors (the "Derivative Cases"). The Derivative Cases 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. 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><div style="text-indent:13.5pt"><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:112%">Income Taxes </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%">The Organisation for Economic Co-operation and Development (OECD) set forth a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two), with certain aspects of Pillar Two effective January 1, 2024, and other aspects effective January 1, 2025. While the U.S. has not enacted legislation to adopt Pillar Two as of June 30, 2024, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar Two. We do not expect Pillar Two to have a material impact on our effective tax rate or our consolidated results of operation, financial position, and cash flows.</span></div>
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