Slide 1: Second Quarter 2012 Earnings Conference Call
Exhibit 99.2 Second Quarter 2012 Earnings Conference Call July 24, 2012
Slide 2: Forward-looking statements and non-GAAP measures
7/24/2012 Act uncertainties others, wholesale initiatives, conditions, key environments and Securities such presentation EPS financial Regulation of our of customers accruals forecasts, risks website 1995, increases measures. and on sales, Safe aG uncertainty includes slowdown particularly including
Slide 3: Contents
Contents ?Second Quarter 2012 Results Overview ?Asset Management Update ?Earnings Outlook ?Q & A 7/24/2012 3 Proprietary and Confidential
Slide 4: 2nd Quarter Results Overview – 2Q12 Earnings
2nd 7/24/2012 Earnings –2Q12 –2Q11 Comparable Total spending 4P roprietary Quarter revenue included perand Results earnings diluted increased Confidential a $0.10 $0.09 Overview share per3% charge share from (andfrom related continuing operating continuing a tax to restructuring law revenue operatio
Slide 5: Key Financial Statistics – Second Quarter
Key Financial (7)%Total 0.77$ Continuing 18%Memo:Average Revenue1,563.9$ Operations Statisticsexcluding Second Shares 1,513.3$ Quarter Non-Service (Millions)—Diluted50.7 3%Earnings ($ Millions, Pension PerExcept Share Costs1.09$ 51.0Tax Per From Share Continuing 0.98$ Rate Amounts) From 11%7/24/2012
Slide 6: Key Financial Statistics – Year-to-Date
Key 8%Fuel 6From Proprietary Financial Continuing Services and Statistics and Operations1.59$ Operations36.8%38.8% Confidential Subcontracted Year-to-Date 1.43$ Transportation ($ Millions, 11%Net AdjustedEarnings Except Revenue ReturnPer on Per604.6 Share Capital Share1.58$ 617.6 Amounts) (Trailing
Slide 7: 2nd Quarter Results Overview – Fleet Management Solutions
7/24/2012 5% EBT by lower –Contract percent commercial 2ndofmaintenance Quarter operating rental Results revenue revenue results Overview—FMS was 7up Proprietary flat 2% vs. –Commercial prior and ?Fleet year Confidential Management ?FMS rental earnings revenue Solutions up positively 10%(FMS) –Fuel
Slide 8: 2nd Quarter Results Overview – Supply Chain Solutions
7/24/2012 (including higher revenue, 2nd impact Quarter partially from Results the offset priorOverview byyear higher natural medical – SCS disasters (including benefit in Japan) costs DCC)8and Proprietary ?Supply new business Chain and Confidential Solutions ?SCS earnings (SCS)before total revenue
Slide 9: Second Quarter segment financial performance
7/24/2012 6%Eliminations(50.0) Solutions(1)30.4 and Continuing segment Otherfinancial Items(7.1) Business Operations51.3$ 27.8 performance Segments (1.7) 9%Eliminations(7.2) (43.7) NMEarnings 47.8$ (14)%(107.3) 20122011% excludes 7%NetBefore unallocated Earnings46.7$ B/(W)20122011% (91.1) (6.5)Incom
Slide 10: Year-to-Date segment financial performance
7/24/2012 1,075.7 Solutions(1)52.3 Charges, from segment Continuing 6%Eliminations(98.4) financial Net Business and Operations81.8$ 48.0 Other performance Segments 9%Eliminations(13.7) Items(8.0) 20122011% (86.3) excludes 74.2$ (2.5) (14)%(214.3) NMEarnings 10%Net unallocated B/(W)20122011% (11.4) E
Slide 11: Capital Expenditures
7/24/2012 437 To-Date Less:($Proceeds Capital Millions) Expenditures from 11 Proprietary Sales (Primarily 2012and $20122011O/(U) Confidential Revenue Earning 2011Full Equipment)199 Service Lease786$ 143 57 Less: 327$Sale 458$and Commercial LeasebackRental500 of Assets130—130 518 (18) Operating Net C
Slide 12: Cash Flow
7/24/2012 Other Earning (370)$ Proprietary Non-Cash (172)$ Equipment)199 Cash and(1)Capital Confidential Flow Charges, from143 expenditures Net34 Continuing Proceeds 27 Pension presented from Operations Sale Contributions(40) net and Year-To-Date of Leaseback changes(7) in of ($accounts Changes Asse
Slide 13: Balance Sheet – Debt to Equity
12/31/116/30/12Long 275%234%201%146%129%151%168%157%225%183%203%261%284%275%0%50%100%150%200%250%300%12/31/0012/31/0112/31/0212/31/0312/31/0412/31/0512/31/0612/31/0712/31/0812/31/0912/31/10 maintaining 6/30/11. ($ Millions) a strong investment (1) Term 13 Proprietary Target grade MidpointBalance rat
Slide 14: Contents
Contents ?Second Quarter 2012 Results Overview ?Asset Management Update ?Earnings Outlook ?Q & A 7/24/2012 14 Proprietary and Confidential
Slide 15: Global Asset Management Update
7/24/2012 vehicles impact to year a larger (5% ofsold excluding exchange number ?Units in the held ofsecond rates) acquisitions) units for –Proceeds sale held quarter were for Global were sale 9,200 per–Sequentially 6,200, Asset unit at quarter were Management up 41% down end, from from 12% upthe fr
Slide 16: Contents
Contents ?Second Quarter 2012 Results Overview ?Asset Management Update ?Earnings Forecast ?Q & A 7/24/2012 16 Proprietary and Confidential
Slide 17: Increasing Full Year EPS Forecast
7/24/2012 EPS Comparable Increasing full EPSyear Forecast Forecast EPS –forecast Continuing excludes from a $0.10 Operations $3.65—$3.85 tax benefit Third to and $3.75—$3.90 QuarterFull a $0.10 restructuring Year2012 ?CurrentComparable forecast charge.isFull asEPS follows: yearForecast(1)$ 2011 17ex
Slide 18: Q&A
Q&A 7/24/2012 18 Proprietary and Confidential
Slide 19: Appendix
Appendix Business 7/24/2012 19 Proprietary Segment andDetail Confidential Central Support Services Balance Sheet Asset Management Financial Indicators Forecast Adjusted Return on Capital History Non-GAAP Financial Measures & Reconciliations
Slide 20: Fleet Management Solutions – Second Quarter
7/24/2012 40.9 (EBT)76.7$ 14%Commercial Fleet 71.5$ Management 7%Segment Rental198.7 Solutions EBT180.0 as % (FMS) 10%Other17.7 of Total 20122011% Revenue7.0%6.7%Segment 17.6—Operating B/(W) Full Service Revenue EBT Lease 830.9 as521.5$ % of 778.9 Operating 494.7$ 7%Fuel 5%Contract Revenue Services9
Slide 21: Fleet Management Solutions – Year-to-Date
7/24/2012Before Maintenance93.0 Earnings Fleet Management Tax 79.8(EBT)127.3$ 17%Commercial Solutions 113.9$ (FMS) Rental370.0 12%Segment 20122011% 315.7 EBT17%Other35.1 B/(W) as % Full of Total Service 34.9 Revenue5.9%5.6%Segment 1%Operating Lease 1,032.0$ Revenue 978.0$ 1,623.6 6%Contract EBT as1,
Slide 22: Supply Chain Solutions – Second Quarter
7/24/2012 Supply 1%Operating Revenue5.3%5.1%Segment Costs63.8$ 55.1$ Revenue 16%(1)Combined Chain485.7 Solutions EBT 456.8 as(SCS) 6%Subcontracted % Supply of (1) Operating Chain Second Solutions Revenue Quarter Transportation84.5 and ($ 6.3%6.1%Memo: Millions) Dedicated83.2 20122011% Contract 2%Tot
Slide 23: Supply Chain Solutions – Year-to-Date
7/24/2012 Supply 2%Operating Revenue4.6%4.5%Segment Costs130.6$ 108.9$ Revenue Chain 20%(1)Combined 970.3 Solutions EBT 909.5 as(SCS) 7%Subcontracted % Supply of (1) Operating Year-To-Date ChainRevenue Solutions Transportation171.8 ($ 5.4%5.3%Memo: Millions) and Dedicated 20122011% 166.3 Contract De
Slide 24: Central Support Services – Second Quarter
7/24/2012 Central Support Services (CSS) 20122011% B/(W)Allocated CSS Costs37.5$ 40.2$ 7%Unallocated CSS Costs11.2 11.2—Total CSS Costs48.7$ 51.4$ 5%Second Quarter ($ Millions) 24 Proprietary and Confidential
Slide 25: Central Support Services – Year-to-Date
7/24/2012 and Confidential Central Support Services (CSS) 20122011% B/(W)Allocated CSS Costs76.6$ 76.8$—Unallocated CSS Costs20.7 19.9 (4)%Total CSS Costs97.3$ 96.7$ (1)%Year-To-Date ($ Millions) 25 Proprietary
Slide 26: Balance Sheet
7/24/2012 Net620 Liabilities 624(including Balance Other Assets875 Sheet Deferred June856 30,December Income Total Taxes)2,007 Assets8,117$ 31,20122011Cash 2,018 7,618$ Shareholders’ Short-Term and CashEquity1,384 Debt Equivalents73$ / Current 1,318 Portion 105$ Total Other Long-Term Liabilities Cur
Slide 27: Asset Management Update – Lease terminations and extensions
a7/24/2012 05001,0001,5002,0002,5003,0003,5004,0004,5005,000RedeploymentsExtensionsEarly remaining tolag terminate in reporting are Proprietary lease redeployed (b) prior Number and to in maturity. Confidential the of Ryder Units Depending 2,0231,7882,2562,1802,7822,4882,0223,3193,4942,9484,3812,291
Slide 28: Free Cash Flow, Capital Expenditures and Debt to Equity
7/24/2012 Equity related (2) $1,265 275% PP&E/Other ($ Millions) 146% includes to 2009 full $1,054 129% 2010 Commercial resolution Total acquisitions. $835 2010 234% Cash $949 2009 of151% Rental 1998—2000 Generated Free $1,091 $611 157% 2012 Cash 131 $1,381 (2) 168% 275% 367 Flow tax Total period 35
Slide 29: Adjusted Return on Capital History
ForecastCost Return Adjusted 14.3% 11.9% 8.4% 4.4% 11.2% 14.2% 15.5% 14.6% 15.3% ROC $5,177 $4,588 $4,030 $4,244 $4,841 $4,789 $4,184 $3,846 $3,359 (1)Adjusted 0.2% (1.3)% (2.2)% 1.2% 1.0% 0.8% O/(U) onTotal Return Equity COC Total ofCapital Capital onCapital Capital (1) (COC) represents History Adj
Slide 30: Non-GAAP Financial Measures & Reconciliations
7/24/2012 measure accordance Non-GAAP Reconciliation Operating Page Key 5-6 31 Earnings EBT Comparable 32-33 EPS 17 Net Adjusted 34 Cash Total 37-38 Balance Debt 35-36 FMS Fleet 30 20-23 Proprietary Earnings Financial from Forecast and to Management Provided Flow and Revenue Cash Obligations Equity
Slide 31: Comparable EPS Reconciliation
Earnings Pension 0.10 79.7$ Comparable Operations Restructuring 0.5 1.54$ Costs 0.01 and toProprietary Earnings Acquisition EPS better (1)56.0$ from Charges4.5 evaluate per 1.09$ Continuing and Related Share Confidential year 50.7$ 0.09—- (EPS) Transaction over Operations 0.98$ Excluding Acquisition
Slide 32: EBT and Tax Rate Reconciliation 2012
32 EBT and (1)80.9$ Confidential investors 29.6$ because Tax (1)The 36.6%YTDQ12 Rate they company from exclude Continuing uses from -YTD12 Comparable EBT Operations -YTDQ12 and Tax Earnings Rate Reconciliation -EBTfrom Before TaxTax Continuing Income RateReported121.5$ ($ Millions Tax Operations (EB
Slide 33: EBT and Tax Rate Reconciliation 2011
33 our Transaction Charges0.8 Operations, of EBTongoing and0.3 both Costs1.7 Taxbusiness Comparable Rate non-GAAP 0.2 from operations Comparable Continuing (1)121.1$ financial and(1)76.7$ measures, 47.0$ Operations allow38.8%7/24/2012 for 28.9$ which better Reconciliation 37.7%YTDQ11 provide year ov
Slide 34: Adjusted Return on Capital Reconciliation
7/24/2012 taxes those (2)138 1,417 were periods. Average 136Adjusted calculated Adjusted 6/30/126/30/11Net Adjustments Return Income by excluding on toTaxes Shareholders’ Capital Earnings taxes (3)(158) Reconciliation related (1)186$ (139) Equity toAdjusted comparable 141$ (5) ($4—Adjusted Millions)
Slide 35: Debt to Equity Reconciliation
7/24/2012 Debt 12/31/07EquityBalance guaranteed $3,450275%$2,885234%$2,233201%$1,969146%$1,944129%$2,302151%$2,895168%$2,954157%Note: securitization residual trusts to Equity values previously Sheet Reconciliation under Debt$2,017161%$1,709139%$1,552140%$1,816135%$1,783118%$2,185143%$2,817164%$2,776
Slide 36: Debt to Equity Reconciliation (continued)
7/24/2012 lease 12/31/09Equity12/31/10Equity12/31/11Equity6/30/12Equity6/30/11EquityBalance minimum ProprietaryDebt and payments Confidential to Equity Reconciliation and guaranteed($ residual Millions) values Note: under Amounts operating mayleases not recalculate for Sheet vehicles163 Debt$2,86321
Slide 37: Cash Flow Reconciliation
7/24/2012 803$ Earn. 1,179 Memo:Depreciation been changes recasted 867$ Equip.)230 1,252 in ($ restricted 776$ 1,684 Millions) for852$ discontinued 173 1,571 Expense580$ cash. 152 1,097$ Cash 1,266 210Flow 1,248$ 331 operations Capital Reconciliation 545$ 333 985$ Expenditures 332 552$ (2)Capital Le
Slide 38: Cash Flow Reconciliation (continued)
12/31/1012/31/116/30/126/30/11Cash Proceeds (1,070) expenditures Proprietary (1,699) from and presented Sale (1,204) Confidential andnet (817) Leaseback of Free changes Cash of Assets-37 Provided inFlow accounts (2)by 130—Collections 258$ payable Operating (257)$ related Activities (370)$ to of purc
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