Slide 1: First Quarter 2009 Earnings Conference Call
First Quarter 2009 Earnings Conference Call April 22, 2009
Slide 2: Safe Harbor
Safe Harbor 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 to the many risks and uncertain
Slide 3: Contents
Contents First Quarter 2009 Results Overview Asset Management Update Outlook Q & A
Slide 4: 1st Quarter Results Overview
1st Quarter Results Overview Earnings per diluted share were $0.12 versus $0.96 in 1Q08 1Q09 included a $0.13 charge related to restructuring and other items Comparable earnings per share were $0.25 versus $0.96 in 1Q08 Total revenue declined 22% vs. prior year, reflecting lower fuel services revenu
Slide 5: 1st Quarter Results Overview: Fleet Management Solutions
1st Quarter Results Overview Fleet Management Solutions (FMS) total revenue down 22% (and operating revenue down 7%) vs. prior year Contractual revenue down 2%; up 2% excluding foreign exchange Full service lease revenue including acquisitions down 2%; up 2% excluding foreign exchange Contract maint
Slide 6: 1st Quarter Results Overview: SCS and DCC
1st Quarter Results Overview Supply Chain Solutions (SCS) total and operating revenue down 28% vs. prior year due largely to lower automotive production volumes, unfavorable exchange impact, and lower fuel volumes and fuel prices SCS net before tax loss (NBT) of $1.9 million SCS NBT percent of opera
Slide 7: Key Financial Statistics First Quarter
Key Financial Statistics First Quarter Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services revenue net of
Slide 8: Business Segment First Quarter
Business Segment First Quarter Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Our primary measure of segment financial performance excludes restructuring and other charges, net and other items. The applicable portion of the restructuring and other items that related to
Slide 9: Capital Expenditures First Quarter
Capital Expenditures First Quarter ($ Millions)
Slide 10: Cash Flow
Cash Flow (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (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 First Quarter ($ M
Slide 11: Debt to Equity Ratio
Debt to Equity Ratio Note: Includes impact of accumulated net pension related equity charge of $477 million as of 3/31/09, $480 million as of 12/31/08 and $147 million as of 3/31/08. (1) Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed
Slide 12: Contents
Contents First Quarter 2009 Results Overview Asset Management Update Outlook Q & A
Slide 13: Asset Management Update: Units Held for Sale and Used Vehicle Sales
Units held for sale were 9,500 (US: 7,700) at quarter end; up 46% from 6,500 (US: 5,300) units held for sale in the prior year Units held for sale were up 23% from 7,700 (US: 6,300) at the end of prior quarter The number of used vehicles sold in the first quarter was 4,500 (US: 3,700), down 21% comp
Slide 14: Contents
Contents First Quarter 2009 Results Overview Asset Management Update Outlook Q & A
Slide 15: Outlook
Outlook Anticipate worsened economic environment to continue throughout 2009 Weaker conditions expected to primarily impact FMS and SCS segments Degree of extended downturn considerably more severe than historical cycles; therefore, overall environment is significantly less predictable Company is su
Slide 16: Q&A
Q&A
Slide 17: Appendix
Appendix Business Segment Detail Central Support Services Balance Sheet Historical EPS Restatement - New Accounting Standard Asset Management Non-GAAP Financial Measures & Reconciliations
Slide 18: Fleet Management Solutions (FMS) First Quarter
Fleet Management Solutions (FMS) First Quarter ($ Millions) (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in
Slide 19: Supply Chain Solutions (SCS) First Quarter
Supply Chain Solutions (SCS) First Quarter The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenu
Slide 20: Supply Chain Solutions (SCS) Historical Information
Supply Chain Solutions (SCS) Historical Information ($ Millions) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arri
Slide 21: Dedicated Contract Carriage (DCC) First Quarter
Dedicated Contract Carriage (DCC) First Quarter (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operati
Slide 22: Central Support Services (CSS) First Quarter
Central Support Services (CSS) First Quarter ($ Millions)
Slide 23: Balance Sheet
Ye Cider (S Millions) Balance Sheet March 31, December 31, 2009 2008 Cash and Cash Equivalents $ e2 $ 120 Other Current Assets 742 831 Revenue Earning Equipment, Net 4,556 4565 Operating Property and Equipment, Net 543 547 Other Assets 637 627 Total Assets $ 6570 $ 6,690 Short-Term Debt / Current Po
Slide 24: Historical EPS Restatement - New Accounting Standard
Historical EPS Restatement - New Accounting Standard ($ Earnings Per Share) Note: EPS amounts are calculated independently and may not be additive due to rounding
Slide 25: U.S. Asset Management Update
U.S. Asset Management Update (a) U.S. only Excludes early terminations where customer purchases vehicle Current year statistics may exclude some units due to a lag in reporting (b) Number of Units Redeployments Extensions Early Terminations Early Replacements 1Q04 1356 708 1479 270 1Q05 883 811 1164
Slide 26: 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 and an explanation why management believes that presentation of t
Slide 27: EPS and Net Earnings Reconciliation
EPS and Net Earnings Reconciliation ($ Millions or $ Earnings Per Share) Note: Amounts may not recalculate due to rounding.
Slide 28: Tax Rate Reconciliation
Tax Rate Reconciliation Note: NBT represents net before tax earnings Amounts are calculated independently for each component and may not be additive due to rounding.
Slide 29: Adjusted Return on Capital Reconciliation
Adjusted Return on Capital Reconciliation (1) Earnings calculated based on a 12-month rolling period excluding comparable earnings items during the period. (2) Interest expense includes implied interest on off-balance sheet vehicle obligations. (3) Income taxes were calculated using the effective in
Slide 30: Debt to Equity Reconciliation
Debt to Equity Reconciliation Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt. (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measure
Slide 31: Debt to Equity Reconciliation
Debt to Equity Reconciliation (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to
Slide 32: Ryder
TRyder