Company Quick10K Filing
Ryder System
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 53 $2,886
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-30 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-25 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-20 Annual: 2017-12-31
10-Q 2017-10-25 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-04-25 Quarter: 2017-03-31
10-K 2017-02-14 Annual: 2016-12-31
10-Q 2016-10-25 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-26 Quarter: 2016-03-31
10-K 2016-02-12 Annual: 2015-12-31
10-Q 2015-10-22 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-04-22 Quarter: 2015-03-31
10-K 2015-02-13 Annual: 2014-12-31
10-Q 2014-10-22 Quarter: 2014-09-30
10-Q 2014-07-23 Quarter: 2014-06-30
10-Q 2014-04-23 Quarter: 2014-03-31
10-K 2014-02-14 Annual: 2013-12-31
10-Q 2013-10-22 Quarter: 2013-09-30
10-Q 2013-07-23 Quarter: 2013-06-30
10-Q 2013-04-23 Quarter: 2013-03-31
10-K 2013-02-14 Annual: 2012-12-31
10-Q 2012-07-24 Quarter: 2012-06-30
10-Q 2012-04-24 Quarter: 2012-03-31
10-K 2012-02-16 Annual: 2011-12-31
10-Q 2011-10-26 Quarter: 2011-09-30
10-Q 2011-07-27 Quarter: 2011-06-30
10-Q 2011-04-26 Quarter: 2011-03-31
10-K 2011-02-15 Annual: 2010-12-31
10-Q 2010-10-21 Quarter: 2010-09-30
10-Q 2010-07-23 Quarter: 2010-06-30
10-Q 2010-04-21 Quarter: 2010-03-31
10-K 2010-02-12 Annual: 2009-12-31
8-K 2019-10-29 Earnings, Regulation FD, Exhibits
8-K 2019-08-29 Officers, Regulation FD, Exhibits
8-K 2019-07-30 Earnings, Regulation FD, Exhibits
8-K 2019-05-08 Shareholder Vote, Exhibits
8-K 2019-04-30 Earnings, Regulation FD, Exhibits
8-K 2019-03-27 Officers, Regulation FD, Exhibits
8-K 2019-02-14 Earnings, Regulation FD, Exhibits
8-K 2018-10-26 Earnings, Regulation FD, Exhibits
8-K 2018-09-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-25 Officers, Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Regulation FD, Exhibits
8-K 2018-05-09 Shareholder Vote, Exhibits
8-K 2018-04-24 Earnings, Regulation FD, Exhibits
8-K 2018-02-16 Earnings, Regulation FD, Exhibits
8-K 2018-02-09 Officers, Exhibits
8-K 2018-01-29 Earnings
R 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ryderex311-q32019.htm
EX-31.2 ryderex312-q32019.htm
EX-32 ryderex32-q32019.htm

Ryder System Earnings 2019-09-30

R 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
UHAL 7,375 12,475 8,606 3,109 2,948 375 1,193 6,855 95% 5.7 3%
I 2,898 12,242 16,339 2,203 0 -3,651 -3,651 16,708 0% -4.6 -30%
R 2,886 14,522 11,914 8,842 0 318 612 9,413 0% 15.4 2%
ADC 2,873 2,304 837 165 0 66 140 3,590 0% 25.7 3%
CAR 2,643 24,455 9,085 0 286 620 5,593 0% 9.0 1%
HTZ 1,605 26,354 25,287 9,670 0 -61 3 951 0% 317.1 -0%
EHIC 1,594 10,928 6,722 0 0 0 0 5,675 0%
SP 842 1,492 1,110 1,563 209 52 109 1,192 13% 11.0 3%
HYRE 52 6 2 8 7 -8 -8 47 88% -5.8 -137%

Document
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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, 2019
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-20190930_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)

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockRNew 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, 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 filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging 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 ($0.50 par value per share) outstanding at September 30, 2019 was 53,292,045.




RYDER SYSTEM, INC.
FORM 10-Q QUARTERLY REPORT
TABLE OF CONTENTS
 
  Page No.  
 












PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
(unaudited)
 
 Three months ended September 30,Nine months ended September 30,
 2019201820192018
 (In thousands, except per share amounts)
 Lease & related maintenance and rental revenues$959,189  896,788  $2,792,581  2,580,369  
 Services revenue1,120,900  1,106,107  3,412,048  3,106,575  
 Fuel services revenue143,843  156,787  444,623  466,847  
 Total revenues2,223,932  2,159,682  6,649,252  6,153,791  
 Cost of lease & related maintenance and rental877,767  646,674  2,229,596  1,895,058  
 Cost of services948,087  947,925  2,896,182  2,644,775  
 Cost of fuel services140,247  153,420  431,885  455,874  
 Other operating expenses28,924  30,020  92,213  93,682  
 Selling, general and administrative expenses216,037  215,599  673,778  636,039  
 Non-operating pension costs6,885  1,161  20,060  3,241  
 Used vehicle sales, net22,734  3,203  49,091  16,193  
 Interest expense62,475  47,846  178,570  128,757  
 Miscellaneous (income) loss, net676  (4,483) (29,457) (10,633) 
 Restructuring and other items, net11,360  (546) 27,374  17,349  
2,315,192  2,040,819  6,569,292  5,880,335  
 Earnings (loss) from continuing operations before income
taxes
(91,260) 118,863  79,960  273,456  
 Provision for income taxes278  27,261  50,156  98,372  
 Earnings (loss) from continuing operations(91,538) 91,602  29,804  175,084  
 Earnings (loss) from discontinued operations, net of tax83  (760) (728) (2,448) 
 Net earnings (loss)$(91,455) 90,842  $29,076  172,636  
Earnings (loss) per common share — Basic:
Continuing operations$(1.75) 1.74  $0.56  3.33  
Discontinued operations  (0.01) (0.02) (0.05) 
Net earnings (loss)$(1.75) 1.73  $0.55  3.28  
Earnings (loss) per common share — Diluted:
Continuing operations$(1.75) 1.73  $0.56  3.31  
Discontinued operations  (0.01) (0.02) (0.05) 
Net earnings (loss)$(1.75) 1.72  $0.55  3.26  
See accompanying notes to consolidated condensed financial statements.
Note: EPS amounts may not be additive due to rounding.
1


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


 Three months ended September 30,Nine months ended September 30,
 2019201820192018
 (In thousands)
Net earnings (loss)$(91,455) 90,842  $29,076  172,636  
Other comprehensive income (loss):
Changes in currency translation adjustment and other(21,812) 6,367  (13,813) (21,866) 
Amortization of pension and postretirement items
7,735  7,163  22,580  20,793  
Income tax expense related to amortization of pension and
      postretirement items
(1,689) (1,897) (5,084) (4,771) 
 Amortization of pension and postretirement items,
net of tax
6,046  5,266  17,496  16,022  
Change in net actuarial loss and prior service cost
    (9,440) (1,211) 
Income tax benefit related to change in net actuarial loss
      and prior service cost
    2,237  308  
Change in net actuarial loss and prior service cost,
      net of taxes
    (7,203) (903) 
Other comprehensive income (loss), net of taxes(15,766) 11,633  (3,520) (6,747) 
Comprehensive income$(107,221) 102,475  $25,556  165,889  
See accompanying notes to consolidated condensed financial statements.



2


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(unaudited)
 

September 30,
2019
December 31,
2018
 (In thousands, except
share amounts)
Assets:
Current assets:
Cash and cash equivalents$75,867  68,111  
Receivables, net of allowance of $19,843 and $17,182, respectively
1,274,492  1,242,058  
Inventories83,226  79,228  
Prepaid expenses and other current assets138,553  178,313  
Total current assets1,572,138  1,567,710  
Revenue earning equipment, net
10,428,451  9,415,961  
Operating property and equipment, net of accumulated depreciation of $1,236,227 and $1,256,037, respectively
891,689  862,054  
Goodwill474,814  475,206  
Intangible assets, net of accumulated amortization of $71,298 and $65,048, respectively
52,742  59,075  
Sales-type leases and other assets1,063,010  967,802  
Total assets$14,482,844  13,347,808  
Liabilities and shareholders’ equity:
Current liabilities:
Short-term debt and current portion of long-term debt$940,691  937,131  
Accounts payable742,868  731,876  
Accrued expenses and other current liabilities849,293  847,739  
Total current liabilities2,532,852  2,516,746  
Long-term debt6,805,886  5,712,146  
Other non-current liabilities1,451,415  1,402,625  
Deferred income taxes1,215,704  1,179,723  
Total liabilities12,005,857  10,811,240  
Shareholders’ equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding,
   September 30, 2019 and December 31, 2018
    
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding,
 September 30, 2019 — 53,292,045 and December 31, 2018 — 53,116,485
26,665  26,559  
Additional paid-in capital1,103,120  1,084,391  
Retained earnings2,262,356  2,337,252  
Accumulated other comprehensive loss(915,154) (911,634) 
Total shareholders’ equity2,476,987  2,536,568  
Total liabilities and shareholders’ equity$14,482,844  13,347,808  
See accompanying notes to consolidated condensed financial statements.
3


RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)


 Nine months ended September 30,
 20192018
 (In thousands)
Cash flows from operating activities from continuing operations:
Net earnings$29,076  172,636  
Less: Loss from discontinued operations, net of tax(728) (2,448) 
Earnings from continuing operations29,804  175,084  
Depreciation expense1,342,746  1,021,984  
Goodwill impairment charge  15,513  
Used vehicle sales, net49,091  16,193  
Amortization expense and other non-cash charges, net125,289  104,871  
Non-operating pension costs and share-based compensation expense41,737  22,072  
Deferred income tax expense32,157  105,893  
Collections on sales-type leases89,995  63,335  
Changes in operating assets and liabilities:
Receivables(17,784) (126,848) 
Inventories(3,869) (4,389) 
Prepaid expenses and other assets(19,439) (104,473) 
Accounts payable(30,241) 3,754  
Accrued expenses and other non-current liabilities(50,300) (17,429) 
Net cash provided by operating activities from continuing operations1,589,186  1,275,560  
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and revolving credit facilities182,708  (113,666) 
Debt proceeds2,238,622  1,467,528  
Debt repaid(1,334,044) (471,700) 
Dividends on common stock(87,039) (83,506) 
Common stock issued5,554  13,023  
Common stock repurchased(24,426) (27,680) 
Debt issuance costs and other items(4,815) (4,763) 
Net cash provided by financing activities from continuing operations976,560  779,236  
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment(2,957,232) (2,200,006) 
Sales of revenue earning equipment353,743  279,751  
Sales of operating property and equipment49,726  11,869  
Acquisitions, net of cash acquired  (167,372) 
Net cash used in investing activities from continuing operations(2,553,763) (2,075,758) 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(3,254) 1,464  
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations8,729  (19,498) 
Decrease in cash, cash equivalents, and restricted cash from discontinued operations(973) (272) 
Increase (decrease) in cash, cash equivalents, and restricted cash7,756  (19,770) 
Cash, cash equivalents, and restricted cash at January 168,111  83,022  
Cash, cash equivalents, and restricted cash at September 30$75,867  63,252  
See accompanying notes to consolidated condensed financial statements.
4


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


Three months ended September 30, 2019
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 AmountSharesParTotal
 (In thousands, except share amounts)
Balance at July 1, 2019$  53,334,512  $26,667  1,094,807  2,385,620  (899,388) 2,607,706  
Comprehensive income
—  —  —  —  (91,455) (15,766) (107,221) 
Common stock dividends declared and paid—$0.56 per share
—  —  —  —  (29,886) —  (29,886) 
Common stock issued under employee stock option and stock purchase plans (1)
—  20,238  29  2,811  —  —  2,840  
Benefit plan stock sales (purchases), net (2)
—  (10) —  (1) —  —  (1) 
Common stock repurchases—  (62,695) (31) (1,252) (1,923) —  (3,206) 
Share-based compensation—  —  —  6,755  —  —  6,755  
Balance at September 30, 2019$  53,292,045  $26,665  1,103,120  2,262,356  (915,154) 2,476,987  

Three months ended September 30, 2018
 Preferred
Stock
Common StockAdditional
Paid-In Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
 
 AmountSharesParTotal
 (In thousands, except share amounts)
Balance at July 1, 2018$  53,094,736  $26,547  1,062,561  2,201,534  (829,783) 2,460,859  
Comprehensive income
—  —  —  —  90,842  11,633  102,475  
Common stock dividends declared and paid—$0.54 per share
—  —  —  —  (28,663) —  (28,663) 
Common stock issued under employee stock option and stock purchase plans (1)
—  127,911