Slide 1: First Quarter 2012 Earnings Conference Call
Exhibit 99.2 First Quarter 2012 Earnings Conference Call April 24, 2012
Slide 2: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated with consideration given
Slide 3: Contents
Contents First Quarter 2012 Results Overview Asset Management Update Earnings Outlook Q&A 04/24/2012 Proprietary and Confidential 3
Slide 4: 1st Quarter Results Overview
1st Quarter Results Overview Earnings per diluted share from continuing operations were $0.68 in 1Q12 vs. $0.50 in 1Q11 – 1Q12 included a $0.09 net benefit related to the resolution of a tax matter, partially offset by acquisition-related restructuring costs – 1Q11 included a $0.01 charge for acquis
Slide 5: Key Financial Statistics
Key Financial Statistics ($ Millions, Except Per Share Amounts) First Quarter 2012 2011 % B/(W) Operating Revenue $ 1,228.9 $ 1,129.1 9% Fuel Services and Subcontracted Transportation Revenue 307.4 296.3 4% Total Revenue $ 1,536.3 $ 1,425.4 8% Earnings Per Share From Continuing Operations $ 0.68 $ 0
Slide 6: 1st Quarter Results Overview - FMS
1st Quarter Results Overview - FMS Fleet Management Solutions (FMS) total revenue up 9% (and operating revenue up 10%) vs. prior year – Contractual revenue up 6% – Full service lease revenue up 6% – Contract maintenance revenue increased 5% – Commercial rental revenue up 26% – Fuel revenue up 7% due
Slide 7: 1st Quarter Results Overview – SCS (including DCC)
1st Quarter Results Overview – SCS (including DCC) Supply Chain Solutions (SCS) total revenue up 7% (and operating revenue up 7%) vs. prior year due to higher overall freight volumes and new business, as well as a prior year acquisition SCS earnings before tax (EBT) up 8% – SCS EBT percent of operat
Slide 8: Business Segments
Business Segments ($ Millions) First Quarter Memo: Total Revenue 2012 2011 % B/(W) 2012 2011 % B/(W) Operating Revenue: Fleet Management Solutions $ 792.7 $ 719.0 10% $ 1,071.4 $ 980.1 9% Supply Chain Solutions (1) 484.6 452.7 7% 571.9 535.8 7% Eliminations (48.4) (42.6) (14)% (107.0) (90.5) (18)% T
Slide 9: Capital Expenditures
Capital Expenditures ($ Millions) First Quarter 2012 $ 2012 2011 O/(U) 2011 Full Service Lease $ 436 $ 112 $ 324 Commercial Rental 335 317 18 Operating Property and Equipment 16 18 (2) Gross Capital Expenditures 787 448 339 Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 94 71 23 Net
Slide 10: Cash Flow from Continuing Operations
Cash Flow from Continuing Operations ($ Millions) First Quarter 2012 2011 Earnings from Continuing Operations $ 35 $ 26 Depreciation 227 206 Gains on Vehicle Sales, Net (22) (12) Amortization and Other Non-Cash Charges, Net 14 12 Pension Contributions (4) (4) Changes in Working Capital and Deferred
Slide 11: Debt to Equity Ratio
Debt to Equity Ratio ($ Millions) Total Obligations to Equity Balance Sheet Debt to Equity 300% 275% 275% 261% 267% 250% 234% 225% 200% 201% 183% 203% 168% 157% 146% 151% 150% 129% 100% 50% 0% 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11
Slide 12: Contents
Contents First Quarter 2012 Results Overview Asset Management Update Earnings Outlook Q&A 04/24/2012 Proprietary and Confidential 12
Slide 13: Global Asset Management Update
(1) Global Asset Management Update Units held for sale were 8,700 at quarter end, up from 5,000 units held for sale in the prior year – Average units held for sale were 7,400 during the quarter, up from 5,200 in the prior year The number of used vehicles sold in the first quarter were 5,000, up 22%
Slide 14: Contents
Contents First Quarter 2012 Results Overview Asset Management Update Earnings Forecast Q&A 04/24/2012 Proprietary and Confidential 14
Slide 15: EPS Forecast – Continuing Operations
EPS Forecast – Continuing Operations ($ Earnings Per Share) Raising full year EPS forecast from $4.00 - $4.10 to $4.02 - $4.12 Current forecast is as follows: (1) Full Year 2012 Comparable EPS Forecast excludes a $0.10 tax benefit and a $0.02 restructuring charge. Second Quarter 2012 Comparable EPS
Slide 16: Q&A
Q&A 04/24/2012 Proprietary and Confidential 16
Slide 17: Appendix
Appendix Business Segment Detail Central Support Services Balance Sheet Asset Management Financial Indicators Forecast New Business Segment Presentation (2009 – 2011) New SCS Segment Presentation (2009 – 2011) Revenue and EBT (10 year history) Non-GAAP Financial Measures & Reconciliations 04/24/2012
Slide 18: Fleet Management Solutions (FMS)
Fleet Management Solutions (FMS) ($ Millions) First Quarter 2012 2011 % B/(W) Full Service Lease $ 510.6 $ 483.3 6% Contract Maintenance 39.9 38.1 5% Contractual Revenue 550.5 521.4 6% Contract-related Maintenance 53.6 44.7 20% Commercial Rental 171.2 135.7 26% Other 17.4 17.3 1% Operating Revenue 7
Slide 19: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) (1) ($ Millions) First Quarter 2012 2011 % B/(W) Automotive $ 139.7 $ 122.7 14% High-Tech 80.3 80.4 - Retail & CPG 178.8 167.1 7% Industrial & Other 85.8 82.5 4% Operating Revenue 484.6 452.7 7% Subcontracted Transportation 87.3 83.1 5% Total Revenue $ 571.9 $ 535.8 7% S
Slide 20: Central Support Services (CSS)
Central Support Services (CSS) ($ Millions) First Quarter 2012 2011 % B/(W) Allocated CSS Costs $ 38.7 $ 36.6 (6)% Unallocated CSS Costs 9.5 8.7 (9)% Total CSS Costs $ 48.2 $ 45.3 (6)% 04/24/2012 Proprietary and Confidential 20
Slide 21: Balance Sheet
Balance Sheet ($ Millions) March 31, December 31, 2012 2011 Cash and Cash Equivalents $ 114 $ 105 Other Current Assets 1,002 984 Revenue Earning Equipment, Net 5,530 5,050 Operating Property and Equipment, Net 626 624 Other Assets 878 856 Total Assets $ 8,149 $ 7,618 Short-Term Debt / Current Portio
Slide 22: U.S. Asset Management Update
U.S. Asset Management Update (a) Number of Units 1Q 07 1Q 08 1Q 09 1Q 10 1Q 11 1Q 12 2,500 Redeployments – vehicles coming off-lease with useful 2,088 life remaining are redeployed 2,000 in the Ryder fleet (Commercial 1,855 Rental, SCS, or with another Lease customer). 1,701 1,684 Extensions – Ryder
Slide 23: Financial Indicators Forecast
Financial Indicators Forecast (1) (1) Total Obligations to Equity includes acquisitions. Free Cash Flow and Gross CapitalExpenditures exclude acquisitions. (2) 2000-2004 not restated for operations discontinued in 2009. (3) Includes $176 millionpayment to the IRS related to full resolution of 1998 -
Slide 24: New Business Segment Presentation
New Business Segment Presentation (1) ($ Millions) 1Q 2011 2Q 2011 3Q 2011 4Q 2011 FY 2011 Operating Revenue: Fleet Management Solutions $ 719.0 $ 778.9 $ 824.7 $ 813.3 $ 3,135.9 Supply Chain Solutions 452.7 456.8 476.3 471.8 1,857.5 Eliminations (42.6) (43.7) (44.4) (48.1) (178.8) Total $ 1,129.1 $
Slide 25: New Business Segment Presentation
New Business Segment Presentation (1) ($ Millions) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 FY 2010 Operating Revenue: Fleet Management Solutions $ 677.4 $ 709.0 $ 733.9 $ 726.3 $ 2,846.5 Supply Chain Solutions 350.2 368.5 377.2 377.6 1,473.5 Eliminations (40.0) (40.4) (39.5) (41.9) (161.8) Total $ 987.6 $ 1
Slide 26: New Business Segment Presentation
New Business Segment Presentation (1) ($ Millions) 1Q 2009 2Q 2009 3Q 2009 4Q 2009 FY 2009 Operating Revenue: Fleet Management Solutions $ 693.2 $ 712.6 $ 712.5 $ 699.5 $ 2,817.7 Supply Chain Solutions 341.1 347.0 362.8 361.0 1,412.0 Eliminations (43.5) (41.8) (41.2) (40.7) (167.2) Total $ 990.8 $ 1
Slide 27: New SCS Segment Presentation
New SCS Segment Presentation (1) 1Q 2011 2Q 2011 3Q 2011 4Q 2011 FY 2011 Automotive $ 122.7 $ 107.8 $ 115.3 $ 123.3 $ 469.2 High-Tech 80.4 85.4 84.0 83.8 333.6 Retail & CPG 167.1 176.1 187.6 180.3 711.0 Industrial & Other 82.5 87.6 89.3 84.3 343.7 Operating Revenue 452.7 456.8 476.3 471.7 1,857.5 Su
Slide 28: New SCS Segment Presentation
New SCS Segment Presentation (1) 1Q 2010 2Q 2010 3Q 2010 4Q 2010 FY 2010 Automotive $ 106.6 $ 113.1 $ 114.7 $ 114.2 $ 448.7 High-Tech 72.3 74.7 79.3 82.5 308.8 Retail & CPG 95.6 98.6 100.2 100.3 394.7 Industrial & Other 75.8 82.1 83.0 80.5 321.3 Operating Revenue 350.2 368.5 377.2 377.6 1,473.5 Subc
Slide 29: New SCS Segment Presentation
New SCS Segment Presentation (1) 1Q 2009 2Q 2009 3Q 2009 4Q 2009 FY 2009 Automotive $ 94.9 $ 98.0 $ 107.3 $ 109.2 $ 409.3 High-Tech 75.0 75.8 75.6 74.0 300.4 Retail & CPG 91.7 91.6 96.8 99.3 379.4 Industrial & Other 79.5 81.7 83.0 78.6 322.8 Operating Revenue 341.1 347.1 362.8 361.0 1,412.0 Subcontr
Slide 30: Segment – Revenue
Operating Revenue Segment – Revenue (1) Total Revenue ($ Billions) (1) 2001-2003 not restated for discontinued operations. (2) FMS Operating Revenue excludes fuel services revenue. (3) SCS Operating Revenue excludes subcontracted transportation. 04/24/2012 Proprietary and Confidential 30
Slide 31: Segment – Earnings Before Tax (EBT)
EBT as % of Operating Revenue Segment – Earnings Before Tax (EBT) (1) EBT as % of Total Revenue (1) 2001-2003 not restated for discontinued operations. (2) Excludes non-service pension costs. 04/24/2012 Proprietary and Confidential 31
Slide 32: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to,
Slide 33: Earnings and EPS from Continuing Operations Reconciliation
Earnings and EPS from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 1Q12 - 1Q12 - 1Q11 - 1Q11 - Earnings EPS Earnings EPS Reported $ 34.9 $ 0.68 $ 25.9 $ 0.50 Tax Benefits (5.0) (0.10) - - Restructuring Charges 0.6 0.01 0.5 0.01 Comparable 30.6 0.59 26.3 0.51 Non-Service
Slide 34: EBT and Tax Rate from Continuing Operations Reconciliation
EBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 1Q12 - 1Q12 - 1Q12 - EBT Tax Tax Rate Reported $ 47.7 $ 12.8 26.9% Tax Benefits - 5.0 Restructuring Charges 0.9 0.2 Comparable $ 48.6 $ 18.0 37.1% 04/24/2012 Proprietary and Confidential 34
Slide 35: Adjusted Return on Capital Reconciliation
Adjusted Return on Capital Reconciliation ($ Millions) 3/31/12 3/31/11 (1) Net Earnings $ 179 $ 131 Restructuring and Other Charges, Net and Other Items 6 7 Income Taxes 103 69 Adjusted Earnings Before Income Taxes 288 207 (2) Adjusted Interest Expense 135 134 (3) Adjusted Income Taxes (156) (132) A
Slide 36: Segment Adjusted Return on Capital Reconciliation
Segment Adjusted Return on Capital Reconciliation ($ Millions) 04/24/2012 Proprietary and Confidential 36
Slide 37: Debt to Equity Reconciliation
Debt to Equity Reconciliation ($ Millions) % to % to % to % to % to % to % to % to 12/31/00 Equity 12/31/01 Equity 12/31/02 Equity 12/31/03 Equity 12/31/04 Equity 12/31/05 Equity 12/31/06 Equity 12/31/07 Equity Balance Sheet Debt $2,017 161% $1,709 139% $1,552 140% $1,816 135% $1,783 118% $2,185 143
Slide 38: Debt to Equity Reconciliation
Debt to Equity Reconciliation ($ Millions) % to % to % to % to % to 12/31/08 Equity 12/31/09 Equity 12/31/10 Equity 12/31/11 Equity 3/31/12 Equity 3/31/11 Balance Sheet Debt $2,863 213% $2,498 175% $2,747 196% $3,382 257% $3,593 262% $2,809 Receivables Sold - - - - - - PV of minimum lease payments a
Slide 39: Cash Flow Reconciliation
Cash Flow Reconciliation ($ Millions) (1) Amounts have not been recasted for discontinued operations (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Free Cash Flow excludes acquisitions and changes in restricted cash. 04/24
Slide 40: Cash Flow Reconciliation
Cash Flow Reconciliation ($ Millions) (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) Free Cash Flow excludes acquisitions and changes in restricted cash. 04/24/2012 Proprietary and Confidential 40
Slide 41: FMS Operating Results 2009 - 2011
FMS Operating Results 2009 - 2011 ($ Millions) 1Q 2009 2Q 2009 3Q 2009 4Q 2009 FY 2009 Fleet Management Solutions Operating Revenue $ 693.2 $ 712.6 $ 712.5 $ 699.5 $ 2,817.7 Fuel Services Revenue 170.3 178.7 200.3 200.8 750.1 Total 863.5 891.3 912.8 900.2 3,567.8 1Q 2010 2Q 2010 3Q 2010 4Q 2010 FY 2
Slide 42: Earnings from Continuing Operations Reconciliation 2009
Earnings from Continuing Operations Reconciliation 2009 ($ Millions or $ Earnings Per Share) 1Q09 - 2Q09 - 3Q09 - 4Q09 - FY09 - Earnings Earnings Earnings Earnings Earnings Reported $ 10.9 $ 27.1 $ 28.4 $ 23.7 $ 90.1 International Asset Impairment 3.9 - 0.2 2.4 6.7 Reversal of Tax Reserves - - (2.2)
Slide 43: Earnings from Continuing Operations Reconciliation 2010
Earnings from Continuing Operations Reconciliation 2010 ($ Millions or $ Earnings Per Share) 1Q10 - 2Q10 - 3Q10 - 4Q10 - FY10 - Earnings Earnings Earnings Earnings Earnings Reported $ 22.5 $ 52.2 $ 62.0 $ 41.4 $ 124.6 Int'l Asset Gain on Sale - - - (0.9) (0.9) Tax Benefits - - - (10.8) (10.8) Acquis
Slide 44: Earnings from Continuing Operations Reconciliation 2011
Earnings from Continuing Operations Reconciliation 2011 ($ Millions or $ Earnings Per Share) 1Q11 - 2Q11 - 3Q11 - 4Q11 - FY11 - Earnings Earnings Earnings Earnings Earnings Reported $ 25.9 $ 40.9 $ 56.9 $ 47.7 $ 171.4 Tax Law Changes/Benefits - 5.4 (0.6) - 4.8 Acquisition Transaction Costs - 1.5 - 0
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