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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 1-4364

r-20220930_g1.jpg
RYDER SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Florida59-0739250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11690 N.W. 105th Street
Miami,Florida33178
(305) 500-3726
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ryder System, Inc. Common Stock ($0.50 par value)RNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes         No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No   
The number of shares of Ryder System, Inc. Common Stock outstanding at September 30, 2022, was 50,251,092.




RYDER SYSTEM, INC.
FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS

i

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
 Three months ended September 30,Nine months ended September 30,
 (In thousands, except per share amounts)2022202120222021
Lease & related maintenance and rental revenue$1,044,547 $1,013,968 $3,119,136 $2,941,084 
Services revenue1,811,134 1,320,761 5,258,258 3,762,389 
Fuel services revenue179,783 124,320 545,594 359,435 
Total revenue3,035,464 2,459,049 8,922,988 7,062,908 
Cost of lease & related maintenance and rental691,030 719,150 2,077,765 2,151,738 
Cost of services1,545,764 1,161,889 4,512,594 3,251,696 
Cost of fuel services179,716 124,347 539,887 356,506 
Selling, general and administrative expenses349,611 287,971 1,052,307 866,362 
Non-operating pension costs, net2,647 (148)8,015 (530)
Used vehicle sales, net(113,485)(69,303)(356,045)(149,788)
Interest expense57,802 53,752 165,490 162,613 
Miscellaneous income, net(8,494)(5,952)(22,696)(55,198)
Restructuring and other items, net(3,331)4,137 21,225 22,463 
2,701,260 2,275,843 7,998,542 6,605,862 
Earnings from continuing operations before income taxes334,204 183,206 924,446 457,046 
Provision for income taxes87,784 44,547 261,862 117,235 
Earnings from continuing operations246,420 138,659 662,584 339,811 
Loss from discontinued operations, net of tax(425)(605)(1,602)(1,827)
Net earnings$245,995 $138,054 $660,982 $337,984 
Earnings (loss) per common share — Basic
Continuing operations$4.92 $2.64 $13.12 $6.46 
Discontinued operations(0.01)(0.01)(0.03)(0.03)
Net earnings$4.91 $2.63 $13.09 $6.43 
Earnings (loss) per common share — Diluted
Continuing operations$4.82 $2.58 $12.86 $6.33 
Discontinued operations(0.01)(0.01)(0.03)(0.03)
Net earnings$4.82 $2.57 $12.82 $6.30 
See accompanying notes to condensed consolidated financial statements.
Note: EPS amounts may not be additive due to rounding.
1

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)

 Three months ended September 30,Nine months ended September 30,
 (In thousands)2022202120222021
Net earnings$245,995 $138,054 $660,982 $337,984 
Other comprehensive (loss) income:
Changes in cumulative translation adjustment and unrealized gains from cash flow hedges(54,307)(24,232)(96,377)(5,741)
Amortization of pension and postretirement items5,141 6,974 15,849 20,941 
Income tax expense related to amortization of pension and postretirement items(1,155)(1,541)(3,556)(4,512)
Amortization of pension and postretirement items, net of taxes3,986 5,433 12,293 16,429 
Change in net actuarial loss and prior service cost  1,805 116 
Income tax expense related to change in net actuarial loss and prior service cost  (473)(80)
Change in net actuarial loss and prior service cost, net of taxes  1,332 36 
Other comprehensive (loss) income, net of taxes(50,321)(18,799)(82,752)10,724 
Comprehensive income$195,674 $119,255 $578,230 $348,708 
See accompanying Notes to Condensed Consolidated Financial Statements.

2

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) 
(In thousands, except share amounts)September 30,
2022
December 31,
2021
Assets:
Current assets:
Cash and cash equivalents$456,291 $233,961 
Receivables, net1,620,837 1,464,737 
Inventories78,515 68,677 
Prepaid expenses and other current assets183,048 693,239 
Total current assets2,338,691 2,460,614 
Revenue earning equipment, net8,273,608 8,323,039 
Operating property and equipment, net of accumulated depreciation of $1,342,564 and $1,273,637
1,117,568 984,978 
Goodwill867,756 570,905 
Intangible assets, net298,495 170,205 
Sales-type leases and other assets1,602,911 1,324,582 
Total assets$14,499,029 $13,834,323 
Liabilities and shareholders’ equity:
Current liabilities:
Short-term debt and current portion of long-term debt$1,049,109 $1,333,363 
Accounts payable876,083 747,898 
Accrued expenses and other current liabilities1,276,495 1,119,602 
Total current liabilities3,201,687 3,200,863 
Long-term debt5,285,033 5,246,306 
Other non-current liabilities1,509,329 1,314,404 
Deferred income taxes1,492,219 1,274,804 
Total liabilities11,488,268 11,036,377 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2022 and December 31, 2021
  
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2022 — 50,251,092 and December 31, 2021 — 53,789,036
25,126 26,896 
Additional paid-in capital1,227,019 1,194,334 
Retained earnings2,530,609 2,265,957 
Accumulated other comprehensive loss(771,993)(689,241)
Total shareholders’ equity3,010,761 2,797,946 
Total liabilities and shareholders’ equity$14,499,029 $13,834,323 
See accompanying Notes to Condensed Consolidated Financial Statements.
3

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine months ended September 30,
(In thousands)20222021
Cash flows from operating activities from continuing operations:
Net earnings$660,982 $337,984 
Less: Loss from discontinued operations, net of tax(1,602)(1,827)
Earnings from continuing operations662,584 339,811 
Depreciation expense1,275,309 1,349,239 
Used vehicle sales, net(356,045)(149,788)
Amortization expense and other non-cash charges, net78,055 12,787 
Non-cash lease expense143,170 70,477 
Non-operating pension costs, net and share-based compensation expense41,985 35,469 
Deferred income tax expense186,295 86,199 
Collections on sales-type leases99,038 99,305 
Changes in operating assets and liabilities:
Receivables(142,082)(160,454)
Inventories(10,148)(5,650)
Prepaid expenses and other assets(34,082)(91,147)
Accounts payable(8,366)119,144 
Accrued expenses and other non-current liabilities(149,299)(20,501)
Net cash provided by operating activities from continuing operations1,786,414 1,684,891 
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment(1,916,704)(1,427,684)
Sales of revenue earning equipment922,489 516,466 
Sales of operating property and equipment53,838 54,606 
Acquisitions, net of cash acquired(448,078) 
Other investing activities37,226 (4,298)
Net cash used in investing activities from continuing operations(1,351,229)(860,910)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other311,040 (97,048)
Debt proceeds1,005,696  
Debt repayments(1,511,375)(543,345)
Dividends on common stock(93,880)(91,296)
Common stock issued(6,029)23,650 
Common stock repurchased(300,280)(56,652)
Other financing activities(5,560)(3,363)
Net cash used in financing activities from continuing operations(600,388)(768,054)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(51,574)(4,590)
(Decrease) increase in cash, cash equivalents and restricted cash from continuing operations(216,777)51,337 
Net cash (used) provided by operating activities from discontinued operations(257)105 
(Decrease) increase in cash, cash equivalents, and restricted cash(217,034)51,442 
Cash, cash equivalents, and restricted cash at beginning of period673,325 151,294 
Cash, cash equivalents, and restricted cash at end of period$456,291 $202,736 
See accompanying Notes to Condensed Consolidated Financial Statements.
4

RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)

Three months ended September 30, 2022
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 (In thousands, except share amounts)AmountSharesParTotal
Balance as of July 1, 2022$ 51,194,660 $25,597 $1,148,835 $2,379,800 $(721,672)$2,832,560 
Comprehensive income    245,995 (50,321)195,674 
Common stock dividends declared —$0.62 per share
    (31,927) (31,927)
Common stock issued under employee stock award and stock purchase plans and other (1) (2)
 32,392 16 2,982   2,998 
Common stock repurchases (975,960)(487)63,746 (63,259)  
Share-based compensation   11,456  — 11,456 
Balance as of September 30, 2022$ 50,251,092 $25,126 $1,227,019 $2,530,609 $(771,993)$3,010,761 

Three months ended September 30, 2021
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 (In thousands, except share amounts)AmountSharesParTotal
Balance as of July 1, 2021$ 53,773,599 $26,886 $1,163,267 $2,015,743 $(787,682)$2,418,214 
Comprehensive income— — — — 138,054 (18,799)119,255 
Common stock dividends declared —$0.58 per share
— — — — (31,947)— (31,947)
Common stock issued under employee stock option and stock purchase plans and other (1) (2)
— 16,957 9 3,089 — — 3,098 
Common stock repurchases— (97,293)(49)(1,994)(5,631)— (7,674)
Share-based compensation— — — 12,705 — — 12,705 
Balance as of September 30, 2021$ 53,693,263 $26,846 $1,177,067 $2,116,219 $(806,481)$2,513,651 
(1)Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options
(2)Represents open-market transactions of common shares by the trustee of our deferred compensation plans

See accompanying Notes to Condensed Consolidated Financial Statements.








5


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited)


Nine months ended September 30, 2022
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 (In thousands, except share amounts)AmountSharesParTotal
Balance as of January 1, 2022$ 53,789,036 $26,896 $1,194,334 $2,265,957 $(689,241)$2,797,946 
Comprehensive income    660,982 (82,752)578,230 
Common stock dividends declared —$1.78 per share
    (93,076) (93,076)
Common stock purchased under employee stock option and stock purchase plans and other (1) (2)
 490,286 245 (6,274)  (6,029)
Common stock repurchases (4,028,230)(2,015)4,989 (303,254) (300,280)
Share-based compensation   33,970   33,970 
Balance as of September 30, 2022$ 50,251,092 $25,126 $1,227,019 $2,530,609 $(771,993)$3,010,761 

Nine months ended September 30, 2021
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
(In thousands, except share amounts)AmountSharesParTotal
Balance as of January 1, 2021$ 53,732,033 $26,866 $1,132,954 $1,912,942 $(817,205)$2,255,557 
Comprehensive income— — — — 337,984 10,724 348,708 
Common stock dividends declared —$1.70 per share
— — — — (93,611)— (93,611)
Common stock issued under employee stock option and stock purchase plans and other (1) (2)
— 696,524 348 23,302 — — 23,650 
Common stock repurchases— (735,294)(368)(15,188)(41,096)— (56,652)
Share-based compensation— — — 35,999 — — 35,999 
Balance as of September 30, 2021$ 53,693,263 $26,846 $1,177,067 $2,116,219 $(806,481)$2,513,651 
(1)Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise of options
(2)Represents open-market transactions of common shares by the trustee of our deferred compensation plans

See accompanying notes to condensed consolidated financial statements.


6

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. GENERAL

Interim Financial Statements

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Ryder System, Inc. (Ryder) and all entities in which Ryder has a controlling voting interest (subsidiaries) and variable interest entities (VIE) required to be consolidated in accordance with generally accepted accounting principles in the United States (GAAP). The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the accounting policies described in our 2021 Annual Report on Form 10-K and should be read in conjunction with the Consolidated Financial Statements and notes thereto. The year-end condensed balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. Certain prior period amounts have been reclassified to conform with the current period presentation. We included "Other operating expenses" together with "Selling, general and administrative expenses" in the unaudited Condensed Consolidated Statement of Earnings. In the three and nine months ended September 30, 2021, we previously reported certain costs in "Cost of lease & related maintenance and rental" and "Cost of services" that should have been included in the "Cost of fuel services" within the unaudited Condensed Consolidated Statement of Earnings. These costs were not material to any financial statement line item and we elected to revise the presentation of these prior period costs to conform to the current year presentation in our financial statements.

We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing and leasing with flexible maintenance options, commercial rental and maintenance services of trucks, tractors and trailers to customers principally in the United States (U.S.) and Canada; (2) Supply Chain Solutions (SCS), which provides integrated logistics solutions, including distribution management, dedicated transportation, transportation management, e-commerce, last mile and professional services in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S. that includes dedicated vehicles, drivers, management, and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service, supply chain solution to SCS customers are primarily reported in the SCS business segment. In February 2022, we announced our intentions to exit the FMS United Kingdom (U.K.) business. We expect to complete the exit of the FMS U.K. business by mid-2023.


2. RECENT ACCOUNTING PRONOUNCEMENTS

Reference Rate Reform

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848). This update provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or other rates discontinued at the end of 2021 because of reference rate reform. The update is effective for all transactions from March 12, 2020 through December 31, 2022. We intend to apply this guidance if relevant contracts that include LIBOR or other discontinued rates are modified through December 31, 2022. We continuously evaluate the potential impact on our consolidated financial position, results of operations, and cash flows.


3. SEGMENT REPORTING

Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net and certain other items as discussed in Note 15, "Other Items Impacting Comparability." Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.

7

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and earnings from continuing operations before income taxes:
Three months ended September 30,Nine months ended September 30,
(In thousands)2022202120222021
Revenue:
Fleet Management Solutions:
ChoiceLease$791,156 $799,557 $2,396,075 $2,399,477 
Commercial rental349,550 300,640 1,003,380 790,618 
SelectCare and other162,520 147,384 492,878 450,272 
Fuel services and ChoiceLease liability insurance (1)
278,644 188,759 839,860 539,699 
Fleet Management Solutions1,581,870 1,436,340 4,732,193 4,180,066 
Supply Chain Solutions1,206,508 802,357 3,469,008 2,284,687 
Dedicated Transportation Solutions454,328 380,357 1,329,504 1,055,575 
Eliminations (2)
(207,242)(160,005)(607,717)(457,420)
Total revenue$3,035,464 $2,459,049 $8,922,988 $7,062,908 
Earnings from continuing operations before income taxes:
Fleet Management Solutions$265,301 $186,391 $798,822 $408,244 
Supply Chain Solutions63,974 22,161 150,833 96,159 
Dedicated Transportation Solutions28,150 11,324 71,517 37,468 
Eliminations(28,007)(21,065)(83,771)(52,525)
329,418 198,811 937,401 489,346 
Unallocated Central Support Services(21,041)(17,027)(60,813)(53,323)
Non-operating pension costs, net (3)
(2,647)148 (8,015)530 
Other items impacting comparability, net (4)
28,474 1,274 55,873 20,493 
Earnings from continuing operations before income taxes$334,204 $183,206 $924,446 $457,046 
————————————
(1)In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers.
(2)Represents the elimination of intercompany revenue in our FMS business segment.
(3)Refer to Note 14, "Employee Benefit Plans," for a discussion on this item.
(4)Refer to Note 15, "Other Items Impacting Comparability," for a discussion of items excluded from our primary measure of segment performance.

The following table sets forth the capital expenditures paid for each of our segments:
Three months ended September 30,Nine months ended September 30,
(In thousands)2022202120222021
Fleet Management Solutions$655,734 $498,099 $1,767,573 $1,369,681 
Supply Chain Solutions58,820 21,224 124,395 44,204 
Dedicated Transportation Solutions251 299 1,705 861 
Central Support Services6,887 3,664 23,031 12,938 
Purchases of property and revenue earning equipment$721,692 $523,286 $1,916,704 $1,427,684 


8

RYDER SYSTEM, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(unaudited)
4. REVENUE
The following tables present our revenue recognized by primary geographical market in our reportable business segments and by industry for SCS. Refer to Note 3, "Segment Reporting," for the disaggregation of our revenue by major products/service lines.

Primary Geographical Markets
Three months ended September 30, 2022
(In thousands)FMSSCSDTSEliminationsTotal
United States$1,478,831 $1,077,669 $454,328 $(196,820)$2,814,008 
Canada80,140 61,338  (9,913)131,565 
Europe (1)
22,899    22,899 
Mexico 67,501  (509)66,992