$R
RYDER SYSTEM INC

2024 Q3 Form 10-Q Financial Statement

#000008596124000156 Filed on October 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $3.168B $2.924B
YoY Change 8.34% -3.67%
Cost Of Revenue $1.882B $1.661B
YoY Change 13.31% -3.74%
Gross Profit $1.286B $1.263B
YoY Change 1.82% -3.59%
Gross Profit Margin 40.59% 43.19%
Selling, General & Admin $368.0M $347.0M
YoY Change 6.05% -0.75%
% of Gross Profit 28.62% 27.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $423.0M $417.0M
YoY Change 1.44% -0.97%
% of Gross Profit 32.89% 33.02%
Operating Expenses $368.0M $347.0M
YoY Change 6.05% -0.75%
Operating Profit $918.0M $916.0M
YoY Change 0.22% -4.62%
Interest Expense $98.00M $75.00M
YoY Change 30.67% 29.75%
% of Operating Profit 10.68% 8.19%
Other Income/Expense, Net $10.00M $5.000M
YoY Change 100.0% -41.13%
Pretax Income $188.0M $213.0M
YoY Change -11.74% -36.27%
Income Tax $45.00M $53.00M
% Of Pretax Income 23.94% 24.88%
Net Earnings $142.0M $161.0M
YoY Change -11.8% -34.55%
Net Earnings / Revenue 4.48% 5.51%
Basic Earnings Per Share $3.30 $3.55
Diluted Earnings Per Share $3.24 $3.47
COMMON SHARES
Basic Shares Outstanding 42.73M shares 45.09M shares
Diluted Shares Outstanding 43.89M shares 46.27M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.0M $159.0M
YoY Change 1.89% -65.15%
Cash & Equivalents $162.0M $159.0M
Short-Term Investments
Other Short-Term Assets $350.0M $231.0M
YoY Change 51.52% 26.2%
Inventory $75.00M
Prepaid Expenses
Receivables $1.869B $1.647B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.381B $2.112B
YoY Change 12.74% -9.69%
LONG-TERM ASSETS
Property, Plant & Equipment $11.39B $1.164B
YoY Change 878.09% 4.15%
Goodwill $1.126B $860.0M
YoY Change 30.93% -0.89%
Intangibles $480.0M $274.0M
YoY Change 75.18% -8.21%
Long-Term Investments
YoY Change
Other Assets $1.125B $1.071B
YoY Change 5.04% -21.32%
Total Long-Term Assets $14.12B $13.22B
YoY Change 6.79% 8.7%
TOTAL ASSETS
Total Short-Term Assets $2.381B $2.112B
Total Long-Term Assets $14.12B $13.22B
Total Assets $16.50B $15.33B
YoY Change 7.61% 5.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $891.0M $911.0M
YoY Change -2.2% 3.99%
Accrued Expenses $921.0M $743.0M
YoY Change 23.96% -6.15%
Deferred Revenue $163.0M $193.0M
YoY Change -15.54% 7.73%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $975.0M $1.888B
YoY Change -48.36% 79.96%
Total Short-Term Liabilities $3.211B $3.987B
YoY Change -19.46% 24.53%
LONG-TERM LIABILITIES
Long-Term Debt $6.628B $4.733B
YoY Change 40.04% -10.45%
Other Long-Term Liabilities $1.974B $1.813B
YoY Change 8.88% 20.12%
Total Long-Term Liabilities $1.974B $1.813B
YoY Change 8.88% 20.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.211B $3.987B
Total Long-Term Liabilities $1.974B $1.813B
Total Liabilities $13.44B $12.23B
YoY Change 9.87% 6.48%
SHAREHOLDERS EQUITY
Retained Earnings $2.577B $2.505B
YoY Change 2.87% -1.01%
Common Stock $1.157B $1.171B
YoY Change -1.2% -6.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.056B $3.097B
YoY Change
Total Liabilities & Shareholders Equity $16.50B $15.33B
YoY Change 7.61% 5.73%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $142.0M $161.0M
YoY Change -11.8% -34.55%
Depreciation, Depletion And Amortization $423.0M $417.0M
YoY Change 1.44% -0.97%
Cash From Operating Activities $629.0M $621.0M
YoY Change 1.29% -9.19%
INVESTING ACTIVITIES
Capital Expenditures $598.0M $805.0M
YoY Change -25.71% -211.54%
Acquisitions
YoY Change
Other Investing Activities $101.0M $198.0M
YoY Change -48.99% -43.89%
Cash From Investing Activities -$497.0M -$607.0M
YoY Change -18.12% 64.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.0M -69.00M
YoY Change 86.96% -74.48%
NET CHANGE
Cash From Operating Activities 629.0M 621.0M
Cash From Investing Activities -497.0M -607.0M
Cash From Financing Activities -129.0M -69.00M
Net Change In Cash 3.000M -55.00M
YoY Change -105.45% -223.19%
FREE CASH FLOW
Cash From Operating Activities $629.0M $621.0M
Capital Expenditures $598.0M $805.0M
Free Cash Flow $31.00M -$184.0M
YoY Change -116.85% -113.09%

Facts In Submission

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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 September 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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