- Second quarter 2008 earnings per share were $1.10 compared to $1.07 in second quarter 2007. Excluding charges related to prior years in Brazil, comparable earnings per share were $1.22, up 14% year-over-year.
- Total revenue was unchanged at $1.66 billion while operating revenue increased 5% to $1.21 billion, driven by growth in the Fleet Management Solutions segment.
- Fleet Management Solutions saw a 19% increase in net earnings before tax due to improved contractual business performance and higher fuel margins. Supply Chain Solutions earnings declined 56% due to lower results in Brazil and North American automotive strikes.
FMS operating revenue was up 5% year-over-year to $747.6 million due to 6% growth in contractual revenue including full service lease and contract maintenance revenue. FMS net before tax earnings increased 13% to $91.4 million and the net before tax earnings percent of operating revenue increased 90 basis points to 12.2%. FMS earnings benefited from improved contractual business performance, lower sales and marketing costs, and acquisitions.
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were $1.22 versus $1.14 due to lower than expected rental revenue.
- Fleet Management Solutions revenue grew 11% due to acquisitions and contractual growth, though earnings were impacted by lower commercial rental results.
- Supply Chain Solutions earnings declined 27% due to international operations and a new U.S. start-up, while Dedicated Contract Carriage earnings grew 7% on improved performance.
- Year-to-date comparable earnings per share were $3.40 compared to $3.04 in the prior year, with segment earnings growth across most business
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.
1) The document provides an earnings conference call forecast for Q4 2007 and full year 2008. It includes details on Q4 2007 results, 2008 forecasts, and questions and answers.
2) Key highlights of Q4 2007 results include earnings per share of $1.24, up 15% from prior year. Operating revenue was up 4% and total revenue up 5%.
3) The forecast expects continued growth in 2008 from contractual revenue increases and favorable foreign exchange rates across all business segments.
- Ryder reported earnings per share of $1.08 for the fourth quarter of 2006, up 17% from $0.92 in the fourth quarter of 2005. Revenue increased 3% to $1.594 billion.
- For the full year 2006, Ryder reported earnings per share of $4.04, up 15% from $3.52 in 2005. Revenue increased 10% to $6.307 billion.
- Ryder's Fleet Management Solutions segment saw a 2% increase in operating revenue and a 3% increase in net earnings before tax for the fourth quarter. For the full year, FMS operating revenue rose 2% and net earnings before tax increased 4%.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The company's debt to equity ratio was 160% at the end of the third quarter 2006, an increase from 143% at the end of 2005 but still below the long-term target range.
- Revenue and earnings per share increased in the second quarter of 2007 compared to the same period in 2006. Fleet Management Solutions and Supply Chain Solutions saw revenue growth while Dedicated Contract Carriage's revenue declined slightly.
- For the first half of 2007, revenue and comparable earnings per share increased compared to the first half of 2006. Fleet Management Solutions earnings grew while Supply Chain Solutions earnings declined slightly.
- Capital expenditures decreased in the first half of 2007 compared to the same period in 2006, while proceeds from asset sales increased, leading to a decrease in net capital expenditures. The debt to equity ratio has declined since 2000.
- The company reported earnings per share of $1.13 for the second quarter of 2006, up 15% from the previous year, with operating revenue increasing 6%.
- All business segments saw revenue growth, with Supply Chain Solutions seeing the largest increase at 34% and Fleet Management Solutions revenue up 8%.
- The earnings outlook and capital expenditure expectations for the remainder of 2006 were positive with strong new lease sales expected.
FMS operating revenue was up 5% year-over-year to $747.6 million due to 6% growth in contractual revenue including full service lease and contract maintenance revenue. FMS net before tax earnings increased 13% to $91.4 million and the net before tax earnings percent of operating revenue increased 90 basis points to 12.2%. FMS earnings benefited from improved contractual business performance, lower sales and marketing costs, and acquisitions.
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were $1.22 versus $1.14 due to lower than expected rental revenue.
- Fleet Management Solutions revenue grew 11% due to acquisitions and contractual growth, though earnings were impacted by lower commercial rental results.
- Supply Chain Solutions earnings declined 27% due to international operations and a new U.S. start-up, while Dedicated Contract Carriage earnings grew 7% on improved performance.
- Year-to-date comparable earnings per share were $3.40 compared to $3.04 in the prior year, with segment earnings growth across most business
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.
1) The document provides an earnings conference call forecast for Q4 2007 and full year 2008. It includes details on Q4 2007 results, 2008 forecasts, and questions and answers.
2) Key highlights of Q4 2007 results include earnings per share of $1.24, up 15% from prior year. Operating revenue was up 4% and total revenue up 5%.
3) The forecast expects continued growth in 2008 from contractual revenue increases and favorable foreign exchange rates across all business segments.
- Ryder reported earnings per share of $1.08 for the fourth quarter of 2006, up 17% from $0.92 in the fourth quarter of 2005. Revenue increased 3% to $1.594 billion.
- For the full year 2006, Ryder reported earnings per share of $4.04, up 15% from $3.52 in 2005. Revenue increased 10% to $6.307 billion.
- Ryder's Fleet Management Solutions segment saw a 2% increase in operating revenue and a 3% increase in net earnings before tax for the fourth quarter. For the full year, FMS operating revenue rose 2% and net earnings before tax increased 4%.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The company's debt to equity ratio was 160% at the end of the third quarter 2006, an increase from 143% at the end of 2005 but still below the long-term target range.
- Revenue and earnings per share increased in the second quarter of 2007 compared to the same period in 2006. Fleet Management Solutions and Supply Chain Solutions saw revenue growth while Dedicated Contract Carriage's revenue declined slightly.
- For the first half of 2007, revenue and comparable earnings per share increased compared to the first half of 2006. Fleet Management Solutions earnings grew while Supply Chain Solutions earnings declined slightly.
- Capital expenditures decreased in the first half of 2007 compared to the same period in 2006, while proceeds from asset sales increased, leading to a decrease in net capital expenditures. The debt to equity ratio has declined since 2000.
- The company reported earnings per share of $1.13 for the second quarter of 2006, up 15% from the previous year, with operating revenue increasing 6%.
- All business segments saw revenue growth, with Supply Chain Solutions seeing the largest increase at 34% and Fleet Management Solutions revenue up 8%.
- The earnings outlook and capital expenditure expectations for the remainder of 2006 were positive with strong new lease sales expected.
The document reports on Estacio Participacoes' financial results for 2009, highlighting increased profitability through EBITDA growth of 21% and an EBITDA margin gain of 1.8 percentage points, as well as continued focus on improving academic quality and pursuing future growth opportunities like distance learning and acquisitions.
O documento descreve o projeto europeu eTwinning, que permite a colaboração entre escolas europeias. Ele explica que o eTwinning conecta professores e alunos para desenvolver projetos conjuntos utilizando ferramentas digitais. O documento também fornece detalhes sobre como iniciar um projeto eTwinning e os benefícios de participar.
La pandemia de COVID-19 ha tenido un impacto significativo en la economía mundial y las vidas de las personas. Muchos países han impuesto medidas de confinamiento que han cerrado negocios y escuelas, y han pedido a la gente que se quede en casa tanto como sea posible para frenar la propagación del virus. A medida que los países comienzan a reabrir gradualmente, existen esperanzas de que la economía pueda recuperarse, aunque el panorama a corto plazo sigue siendo incierto.
Incepand cu 30 martie 2012 noul format al Paginilor de Facebook va intra in uz. Aici poti vedea principalele 13 modificari, functionalitati si noutati pe care le presupune noua arhitectura a Paginile de Facebook.
The document discusses bringing people together. It promotes unity and cooperation between individuals and groups. While acknowledging differences, it emphasizes finding common ground and shared interests to build understanding.
The document describes different generations born between 1908 and 2010. It provides the birth years, archetypes, dominant traits and defining childhood experiences for each generation. Key generations include the GI Generation (1908-1929) who experienced the Great Depression and WWII, Baby Boomers (1946-1961) who were indulged as children, and Millennials (1983-2003) who are civic-minded like the GI Generation. Generations are also grouped into larger eras based on defining historical events and shared values during their young adult years.
- The company reported higher earnings per share for the first quarter of 2008 than the first quarter of 2007, though total revenue was down due to a change in how a supply chain customer's transportation revenue was reported.
- Revenue for the Fleet Management Solutions segment grew due to increased contractual revenue and commercial rental revenue, as well as favorable foreign exchange rates.
- Supply Chain Solutions revenue declined from a change in revenue reporting for a transportation customer, though operating revenue increased due to foreign exchange and new business. Earnings declined due to various cost increases and reduced activity with some customers.
- Dedicated Contract Carriage revenue was slightly lower due to non-renewed contracts but earnings increased with lower insurance costs and better performance.
FMS operating revenue was up 5% year-over-year to $747.6 million due to 6% growth in contractual revenue including full service lease and contract maintenance revenue. FMS net before tax earnings increased 13% to $91.4 million and the net before tax earnings percent of operating revenue increased 90 basis points to 12.2%. FMS earnings benefited from improved contractual business performance, lower sales and marketing costs, and acquisitions.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation.
- Year-to-date cash flow from operations was $837 million. Capital expenditures were $1.093 billion, focused on fleet investments.
- The company reported earnings per share of $1.11 for the third quarter of 2007, up from $1.06 in the third quarter of 2006. Operating revenue increased 3% year-over-year.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Supply Chain Solutions revenue grew 8% due to new business.
- For the year-to-date period, earnings per share were $3.01 compared to $2.97 in 2006. Operating revenue increased 4% year-over-year for the first nine months of 2007.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.
- The company reported earnings per share of $1.11 for the third quarter of 2007, up from $1.06 in the third quarter of 2006. Operating revenue increased 3% year-over-year.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental and used vehicle sales.
- Supply Chain Solutions revenue increased 8% on new business, but earnings grew only 6% due to an automotive plant closure offsetting the new business.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Total year-to-date revenue grew 4% while earnings were comparable to prior year. Net cash from operations was $837 million.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation partially offsetting an automotive plant closure.
- Total year-to-date revenue grew 4% while earnings were comparable to prior year. Net cash from operations was $837 million.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, offset by growth in contractual business. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue grew 8% on new business, while earnings grew 6%.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.006 billion.
- The company reported earnings per share of $1.11 for the third quarter of 2007, up from $1.06 in the third quarter of 2006. Operating revenue increased 3% year-over-year.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Supply Chain Solutions revenue grew 8% due to new business.
- For the year-to-date period, earnings per share were $3.01 compared to $2.97 in 2006. Operating revenue increased 4% year-over-year for the first nine months of 2007.
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were slightly higher at $1.22 versus $1.14.
- Fleet Management Solutions saw higher revenues and net earnings, up 11% and 12% respectively, due to acquisitions and contractual growth. However, commercial rental revenue declined.
- Supply Chain Solutions revenues declined due to a customer contract change, though operating revenue rose 6%. Net earnings fell 27% on lower Latin American results and a new U.S. operation startup.
- For the year-to-date period, earnings per share were $3.31 compared to $3.01 in the prior year,
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were $1.22 versus $1.14 due to a rental revenue decline in Fleet Management Solutions.
- Fleet Management Solutions saw a 12% increase in earnings due to acquisitions and contractual business growth, while Supply Chain Solutions earnings declined 27% due to international operations.
- Year-to-date comparable earnings per share increased 12% to $3.40 compared to $3.04 in the prior year, with Fleet Management Solutions earnings up 15% and operating revenue up 4%.
- Revenue for the second quarter was up 4% to $1.658 billion driven by contractual revenue growth in supply chain and fleet management solutions. Earnings per share were $1.07.
- Fleet management solutions revenue was down 1% but operating revenue was up 2% due to increases in full service lease and contract maintenance revenue. Earnings were up 3%.
- Supply chain solutions revenue was up 16% and operating revenue up 13% from new business, but earnings were down 14% due to an automotive plant closure.
- Dedicated contract carriage revenue was down 2% but operating revenue was down 1%, while earnings were up 12% from lower costs.
- Revenue for Q2 2007 was up 4% from Q2 2006, driven by contractual revenue growth in supply chain and fleet management solutions. Earnings per share were $1.07 compared to $1.13 last year.
- Fleet management solutions revenue was down 1% due to lower fuel and commercial rental revenue, but earnings were up 3% from improved lease and maintenance results.
- Supply chain solutions revenue was up 16% on new business, but earnings were down 14% due to an automotive plant closure. Dedicated contract carriage earnings were up 12% from lower costs.
- For the first half of 2007, revenue was up 5% and comparable earnings per share were up 5% over
- Revenue and earnings per share increased in the second quarter of 2007 compared to the same period in 2006. Operating revenue grew 4% and earnings per share grew 5% to $1.07, excluding tax benefits.
- Fleet Management Solutions saw growth in contractual revenue but declines in fuel and commercial rental revenue. Supply Chain Solutions had strong revenue growth of 13% due to new business.
- The presentation reviewed key financial statistics such as revenue and earnings for the second quarter and year-to-date, provided business segment details, discussed capital expenditures and cash flow, and showed trends in the debt to equity ratio.
The document reports on Estacio Participacoes' financial results for 2009, highlighting increased profitability through EBITDA growth of 21% and an EBITDA margin gain of 1.8 percentage points, as well as continued focus on improving academic quality and pursuing future growth opportunities like distance learning and acquisitions.
O documento descreve o projeto europeu eTwinning, que permite a colaboração entre escolas europeias. Ele explica que o eTwinning conecta professores e alunos para desenvolver projetos conjuntos utilizando ferramentas digitais. O documento também fornece detalhes sobre como iniciar um projeto eTwinning e os benefícios de participar.
La pandemia de COVID-19 ha tenido un impacto significativo en la economía mundial y las vidas de las personas. Muchos países han impuesto medidas de confinamiento que han cerrado negocios y escuelas, y han pedido a la gente que se quede en casa tanto como sea posible para frenar la propagación del virus. A medida que los países comienzan a reabrir gradualmente, existen esperanzas de que la economía pueda recuperarse, aunque el panorama a corto plazo sigue siendo incierto.
Incepand cu 30 martie 2012 noul format al Paginilor de Facebook va intra in uz. Aici poti vedea principalele 13 modificari, functionalitati si noutati pe care le presupune noua arhitectura a Paginile de Facebook.
The document discusses bringing people together. It promotes unity and cooperation between individuals and groups. While acknowledging differences, it emphasizes finding common ground and shared interests to build understanding.
The document describes different generations born between 1908 and 2010. It provides the birth years, archetypes, dominant traits and defining childhood experiences for each generation. Key generations include the GI Generation (1908-1929) who experienced the Great Depression and WWII, Baby Boomers (1946-1961) who were indulged as children, and Millennials (1983-2003) who are civic-minded like the GI Generation. Generations are also grouped into larger eras based on defining historical events and shared values during their young adult years.
- The company reported higher earnings per share for the first quarter of 2008 than the first quarter of 2007, though total revenue was down due to a change in how a supply chain customer's transportation revenue was reported.
- Revenue for the Fleet Management Solutions segment grew due to increased contractual revenue and commercial rental revenue, as well as favorable foreign exchange rates.
- Supply Chain Solutions revenue declined from a change in revenue reporting for a transportation customer, though operating revenue increased due to foreign exchange and new business. Earnings declined due to various cost increases and reduced activity with some customers.
- Dedicated Contract Carriage revenue was slightly lower due to non-renewed contracts but earnings increased with lower insurance costs and better performance.
FMS operating revenue was up 5% year-over-year to $747.6 million due to 6% growth in contractual revenue including full service lease and contract maintenance revenue. FMS net before tax earnings increased 13% to $91.4 million and the net before tax earnings percent of operating revenue increased 90 basis points to 12.2%. FMS earnings benefited from improved contractual business performance, lower sales and marketing costs, and acquisitions.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation.
- Year-to-date cash flow from operations was $837 million. Capital expenditures were $1.093 billion, focused on fleet investments.
- The company reported earnings per share of $1.11 for the third quarter of 2007, up from $1.06 in the third quarter of 2006. Operating revenue increased 3% year-over-year.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Supply Chain Solutions revenue grew 8% due to new business.
- For the year-to-date period, earnings per share were $3.01 compared to $2.97 in 2006. Operating revenue increased 4% year-over-year for the first nine months of 2007.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.
- The company reported earnings per share of $1.11 for the third quarter of 2007, up from $1.06 in the third quarter of 2006. Operating revenue increased 3% year-over-year.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental and used vehicle sales.
- Supply Chain Solutions revenue increased 8% on new business, but earnings grew only 6% due to an automotive plant closure offsetting the new business.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation offsetting an automotive plant closure.
- Total year-to-date revenue grew 4% while earnings were comparable to prior year. Net cash from operations was $837 million.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue was up 8% on new business, but earnings grew 6% due to lower incentive compensation partially offsetting an automotive plant closure.
- Total year-to-date revenue grew 4% while earnings were comparable to prior year. Net cash from operations was $837 million.
- Third quarter earnings per share were $1.11, up 5% from prior year. Comparable earnings per share were $1.14, up 2%.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, offset by growth in contractual business. Earnings were down 10% due to commercial rental declines.
- Supply Chain Solutions revenue grew 8% on new business, while earnings grew 6%.
- Cash flow from operations was $837 million year-to-date, up from $612 million prior year. Net capital expenditures were $535 million year-to-date, down from $1.006 billion.
- The company reported earnings per share of $1.11 for the third quarter of 2007, up from $1.06 in the third quarter of 2006. Operating revenue increased 3% year-over-year.
- Fleet Management Solutions revenue was down 1% due to lower fuel and commercial rental revenue, but contractual revenue increased. Supply Chain Solutions revenue grew 8% due to new business.
- For the year-to-date period, earnings per share were $3.01 compared to $2.97 in 2006. Operating revenue increased 4% year-over-year for the first nine months of 2007.
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were slightly higher at $1.22 versus $1.14.
- Fleet Management Solutions saw higher revenues and net earnings, up 11% and 12% respectively, due to acquisitions and contractual growth. However, commercial rental revenue declined.
- Supply Chain Solutions revenues declined due to a customer contract change, though operating revenue rose 6%. Net earnings fell 27% on lower Latin American results and a new U.S. operation startup.
- For the year-to-date period, earnings per share were $3.31 compared to $3.01 in the prior year,
- Third quarter earnings per share were $1.25 compared to $1.11 in the prior year, though comparable earnings were $1.22 versus $1.14 due to a rental revenue decline in Fleet Management Solutions.
- Fleet Management Solutions saw a 12% increase in earnings due to acquisitions and contractual business growth, while Supply Chain Solutions earnings declined 27% due to international operations.
- Year-to-date comparable earnings per share increased 12% to $3.40 compared to $3.04 in the prior year, with Fleet Management Solutions earnings up 15% and operating revenue up 4%.
- Revenue for the second quarter was up 4% to $1.658 billion driven by contractual revenue growth in supply chain and fleet management solutions. Earnings per share were $1.07.
- Fleet management solutions revenue was down 1% but operating revenue was up 2% due to increases in full service lease and contract maintenance revenue. Earnings were up 3%.
- Supply chain solutions revenue was up 16% and operating revenue up 13% from new business, but earnings were down 14% due to an automotive plant closure.
- Dedicated contract carriage revenue was down 2% but operating revenue was down 1%, while earnings were up 12% from lower costs.
- Revenue for Q2 2007 was up 4% from Q2 2006, driven by contractual revenue growth in supply chain and fleet management solutions. Earnings per share were $1.07 compared to $1.13 last year.
- Fleet management solutions revenue was down 1% due to lower fuel and commercial rental revenue, but earnings were up 3% from improved lease and maintenance results.
- Supply chain solutions revenue was up 16% on new business, but earnings were down 14% due to an automotive plant closure. Dedicated contract carriage earnings were up 12% from lower costs.
- For the first half of 2007, revenue was up 5% and comparable earnings per share were up 5% over
- Revenue and earnings per share increased in the second quarter of 2007 compared to the same period in 2006. Operating revenue grew 4% and earnings per share grew 5% to $1.07, excluding tax benefits.
- Fleet Management Solutions saw growth in contractual revenue but declines in fuel and commercial rental revenue. Supply Chain Solutions had strong revenue growth of 13% due to new business.
- The presentation reviewed key financial statistics such as revenue and earnings for the second quarter and year-to-date, provided business segment details, discussed capital expenditures and cash flow, and showed trends in the debt to equity ratio.
- Revenue increased 15% in the second quarter and earnings per share increased 15% to $1.13, driven by growth across all business segments.
- Fleet Management Solutions revenue grew 8% and earnings grew 7% due to improved lease and rental results in North America.
- Supply Chain Solutions revenue grew 34% and earnings more than doubled due to higher volumes and new business.
- Dedicated Contract Carriage revenue grew 7% and earnings grew 16% from expanded business.
- Ryder reported earnings per share of $1.08 for the fourth quarter of 2006, up 17% from $0.92 in the fourth quarter of 2005. Total revenue increased 3% to $1.594 billion.
- For the full year 2006, Ryder reported earnings per share of $4.04, up 15% from $3.52 in 2005. Total revenue increased 10% to $6.307 billion.
- Ryder's Fleet Management Solutions segment saw a 2% increase in operating revenue and a 3% increase in net before tax earnings for the fourth quarter. For the full year, FMS operating revenue increased 2% and net before tax earnings increased 4%.
- The company reported higher 4Q07 earnings per share compared to 4Q06, though some of the increase was due to tax benefits. Excluding these benefits, comparable earnings per share grew 9%.
- Revenue increased for all business segments compared to last year, driven by contractual revenue growth and favorable exchange rates.
- Earnings improved across segments due to various factors like improved contractual performance, lower expenses, and better international results. This was partially offset by declines in some areas.
- For the full year, earnings per share and comparable earnings per share also increased compared to 2006, though challenges remain around commercial rental and used vehicle sales.
- The company reported higher 4Q07 earnings per share compared to 4Q06, though some of the increase was due to tax benefits. Excluding these benefits, comparable earnings per share grew 9%.
- Revenue increased for all business segments compared to last year, driven by contractual revenue growth and favorable exchange rates.
- Earnings improved across segments due to various factors like improved contractual performance, lower expenses, and better international results. This was partially offset by declines in some areas.
- For the full year, earnings per share and comparable earnings per share also increased compared to 2006, though operating revenue growth was modest at 4%.
- The company reported third quarter 2006 earnings per share of $1.06, up 8% from the prior year. Excluding a pension accounting charge, EPS was $1.12, up 14%.
- All business segments saw revenue growth. Fleet Management Solutions revenue was up 5% and Supply Chain Solutions revenue increased 19%.
- The debt to equity ratio increased to 160% at the end of the third quarter of 2006, compared to the long term target midpoint of 125-150%.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, and Charles L. Szews, Executive VP and CFO, reported record financial results for the first quarter of fiscal year 2006. Sales increased 22.5% to $790.3 million and operating income grew 28.6% to $87 million. EPS increased 28.6% to $0.72. For fiscal year 2006, the company estimates sales between $3.3-3.4 billion, operating income between $316.5-329 million, and EPS between $2.55-2.65, representing growth of 17-21.6%.
1) Oshkosh reported record second quarter fiscal year 2006 results with sales up 25.6% and operating income up 27.3% driven by strong performance in the defense segment.
2) The defense segment results nearly doubled compared to the previous year due to growth in remanufactured and new truck sales, however challenges remain in locating used vehicle carcasses for remanufacturing.
3) The fire and emergency segment saw a temporary dip in earnings as anticipated due to heavily weighted airport product sales in the second half of the year and two component issues that delayed revenue recognition.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
1) Fiscal 2006 sales increased 15.8% and operating income grew 22%, with EPS up 26.6%.
2) The acquisition of JLG Industries was announced, which will diversify the company and support growth of over 15%.
3) Fiscal 2007 stand-alone estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15, with the JLG acquisition expected to be modestly accretive.
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
This document summarizes an earnings conference call for Oshkosh Truck Corporation for the second quarter of fiscal year 2007. Sales increased 96.6% to $1.66 billion and operating income grew 69.1% to $134.8 million. For fiscal year 2007, the company estimates sales of $6.1-6.2 billion and operating income of $568-580 million. It also provides segment-level results and highlights for access equipment, defense, fire & emergency, and commercial.
1) Oshkosh reported strong third quarter 2007 results with sales increasing 108% to $1.85 billion and operating income up 133% to $192.7 million.
2) Access equipment and defense led the growth in sales and operating income. The acquisition of JLG was accretive to EPS by $0.35 per share.
3) For fiscal year 2007, Oshkosh estimates sales between $6.3-6.35 billion and EPS between $3.35-3.40, and for fiscal year 2008 estimates sales between $7-7.2 billion and EPS between $4.15-4.35.
The document summarizes Oshkosh Truck Corporation's fourth quarter fiscal 2007 earnings conference call. It discusses record sales and operating income for fiscal 2007. Projections are provided for fiscal 2008, estimating sales between $7.1-7.3 billion and operating income between $690-715 million. Segment performances are reviewed, with access equipment and defense highlighted as key growth drivers. Estimates are also given for interest expense, tax rates, capital expenditures and debt levels for fiscal 2008.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
The document summarizes Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. It discusses increases in sales revenue but decreases in operating income and earnings per share compared to the previous year. Several initiatives are mentioned to manage costs and cash flow in changing market conditions. Business segment results are provided, with strength in access equipment and defense but challenges in commercial and fire & emergency sectors.
This document is the transcript from Oshkosh Corporation's earnings conference call for the fourth quarter of fiscal year 2008. It discusses Oshkosh's financial results for Q4 and fiscal year 2008, including sales, operating income, earnings per share, and debt reduction. It also provides an outlook for fiscal year 2009, estimating revenues of $6.3-6.7 billion, operating income of $350-400 million, and EPS of $1.65-2.05. The transcript reviews performance and outlook for each of Oshkosh's business segments and discusses its financing plans.
Robert Bohn and David Sagehorn of Oshkosh Corporation gave a presentation at the Goldman Sachs Conference in November 2008. They discussed Oshkosh's strong financial position and actions taken to reduce costs and debt. While market conditions were volatile due to the economic downturn, Oshkosh was well positioned with backlogs in defense, fire, and refuse collection vehicles. The presentation outlined Oshkosh's segments and strategies to manage through the difficult economy.
1) The document is from a presentation given by Oshkosh executives Charles Szews and David Sagehorn at the R.W. Baird Industrial Conference on November 12, 2008.
2) Oshkosh reported sales increased 13.2% to $7.1 billion in fiscal 2008, with international sales reaching $2.1 billion. However, operating income decreased 1.5% and EPS decreased 5.9% due to non-cash impairment charges.
3) Oshkosh recently secured multiple defense contracts and sees opportunities in the domestic refuse collection vehicle market, but the current market volatility and credit crisis make fiscal 2009 projections difficult given exposure to construction and municipal spending.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
2. Safe Harbor
Certain statements and information included in this presentation are quot;forward-looking statementsquot; 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 uncertainties inherent in our business that could cause
actual results and events to differ materially from those in the forward-looking statements. Important factors that
could cause such differences include, among others, our ability to obtain adequate profit margins for our services,
our inability to maintain current pricing levels due to customer acceptance or competition, customer retention
levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment,
unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers,
changes in financial, tax or regulatory requirements or changes in customers’ business environments that will limit
their ability to commit to long-term vehicle leases, changes in economic and market conditions affecting the
commercial rental market or the sale of used vehicles, the effect of severe weather events, labor strikes or work
stoppages affecting our or our customers’ business operations, adequacy of accounting estimates, reserve and
accruals particularly with respect to pension, taxes, insurance and revenue, additional adverse issues or
developments in our Brazilian operations, changes in general economic conditions, sudden or unusual changes in
fuel prices, availability of qualified drivers, our ability to manage our cost structure, new accounting
pronouncements, rules or interpretations, changes in government regulations including regulations regarding
vehicle emissions and the risks described in our filings with the Securities and Exchange Commission. The risks
included here are not exhaustive. New risks emerge from time to time and it is not possible for management to
predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no
obligation to publicly update or revise any forward-looking statements, whether as a result of new information,
future events, or otherwise.
2
3. Contents
► Second Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
3
4. 2nd Quarter Results Overview
► Earnings per diluted share were $1.10 versus $1.07 in 2Q07
– 2Q08 included $0.12 charge for Brazil adjustments related to prior years
► Comparable earnings were $1.22 versus $1.07 in 2Q07
► Comparable earnings above forecast of $1.10 - $1.20 due primarily to FMS contractual revenue
growth, partially offset by lower SCS results
► Total revenue remained unchanged vs. prior year, reflecting a change from gross to net revenue
reporting for a supply chain subcontracted transportation customer
► Operating revenue up 5% vs. prior year as a result of FMS contractual revenue growth including
acquisitions, higher fuel prices and favorable foreign exchange rate movements
► Fleet Management Solutions (FMS) total revenue up 16% (and operating revenue up 5%) vs. prior
year
– Contractual revenue increased 5%
– Full service lease revenue grew 5% including acquisitions
– Contract maintenance revenue grew 5% organically
– Commercial rental revenue up 1%
– Fuel revenue grew 44%
– Foreign exchange impact accounts for 1 percentage point of total revenue growth
► FMS net before tax earnings (NBT) up 19%
– FMS NBT percent of operating revenue up 180 basis points to 14.9%
► FMS earnings benefited primarily from improved contractual business performance, and to a
lesser extent from higher fuel margins (due to unusually rapid increase in fuel prices) and
acquisitions
4
5. 2nd Quarter Results Overview (cont’d)
► Supply Chain Solutions (SCS) total revenue down 25% vs. prior year due to change
from gross to net revenue reporting for a supply chain subcontracted transportation
customer
► SCS operating revenue up 6% vs. prior year, reflecting foreign exchange impact,
higher fuel costs and new/expanded business
► SCS net before tax earnings (NBT) down 56%
– SCS NBT percent of operating revenue down 280 basis points to 1.9%
► SCS earnings negatively impacted by lower operating results in our Brazilian
operations and several North American automotive strikes
► Dedicated Contract Carriage (DCC) total revenue up 2% (and operating revenue
up 2%) vs. prior year due to higher fuel costs, partially offset by non-renewed
contracts
► DCC net before tax earnings (NBT) down 1%
– DCC NBT percent of operating revenue down 30 basis points to 8.8%
► DCC earnings negatively impacted by higher safety/insurance costs, partially offset
by improved operating performance
5
6. Key Financial Statistics
($ Millions, Except Per Share Amounts)
Second Quarter
2008 2007 % B/(W)
(1)(2)
Operating Revenue $ 1,215.9 $ 1,157.1 5%
(3)
Fuel Services and Subcontracted Transportation Revenue 444.3 500.9 (11%)
(3)
Total Revenue $ 1,660.2 $ 1,658.0 0%
Earnings Per Share $ 1.10 $ 1.07 3%
(1)
Comparable Earnings Per Share $ 1.22 $ 1.07 14%
Memo:
Average Shares (Millions) - Diluted 57.3 61.1
Tax Rate 44.1% 37.6%
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable earnings per share exclude Brazil charges of $0.12 related to prior years.
(2)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services
revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a
pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is
excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations
in subcontracted transportation. Operating revenue is also used to measure segment performance.
(3)
Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
6
7. Key Financial Statistics
($ Millions, Except Per Share Amounts)
Year-to-Date
2008 2007 % B/(W)
(1)(2)
Operating Revenue $ 2,388.2 $ 2,276.3 5%
(3)
Fuel Services and Subcontracted Transportation Revenue 815.6 975.8 (16%)
(3)
Total Revenue $ 3,203.8 $ 3,252.1 (1%)
Earnings Per Share $ 2.06 $ 1.90 8%
(1)
Comparable Earnings Per Share $ 2.18 $ 1.90 15%
Memo:
Average Shares (Millions) - Diluted 57.7 61.1
Tax Rate 41.9% 38.5%
(1)
Adjusted Return on Capital (Trailing 12 Month) 7.4% 7.6%
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable earnings per share exclude Brazil charges of $0.12 related to prior years.
(2)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services
revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a
pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is
excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations
in subcontracted transportation. Operating revenue is also used to measure segment performance.
(3)
Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
7
8. Business Segment
($ Millions)
Second Quarter
Mem o: Total Revenue
2008 2007 % B/(W) 2008 2007 % B/(W)
(1)
Operating Revenue :
Fleet Managem ent Solutions $ 776.3 $ 742.2 5% $ 1,201.3 $ 1,037.3 16%
(2)
Supply Chain Solutions 349.7 330.0 6% 440.9 584.0 (25)%
Dedicated Contract Carriage 141.3 138.1 2% 143.7 141.1 2%
Elim inations (51.4) (53.2) 4% (125.7) (104.4) (20)%
Total (2) $ 1,215.9 $ 1,157.1 5% $ 1,660.2 $ 1,658.0 0%
Segm ent Net Before Tax Earnings:
Fleet Managem ent Solutions $ 115.8 $ 97.5 19%
Supply Chain Solutions 6.8 15.5 (56)%
Dedicated Contract Carriage 12.4 12.5 (1)%
Elim inations (7.7) (8.0) 3%
127.3 117.5 8%
Central Support Services (Unallocated Share) (8.1) (12.0) 33%
(1)
Earnings Before Restructuring and Incom e Taxes 119.2 105.5 13%
(3)
Restructuring and Other Charges, Net (6.5) (1.2) NM
Earnings Before Incom e Taxes 112.7 104.3 8%
Provision for Incom e Taxes (49.8) (39.2) (27)%
Net Earnings $ 62.9 $ 65.1 (3)%
(1)
Com parable Net Earnings $ 69.8 $ 65.1 7%
(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable net earnings exclude Brazil charges of $6.8 million related to prior years.
(2) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
(3) Our primary measure of segment financial performance excludes restructuring and other charges, net and the 2008 Brazil charges related to prior years. The applicable
portion of the restructuring and other charges, net that related to each segment was as follows: SCS – ($6.5) in 2008; FMS – ($1.2) in 2007.
8
9. Business Segment
($ Millions)
Year-to-Date
Mem o: Total Revenue
2008 2007 % B/(W) 2008 2007 % B/(W)
(1)
Operating Revenue :
Fleet Managem ent Solutions $ 1,523.9 $ 1,456.1 5% $ 2,307.0 $ 2,025.4 14%
(2)
Supply Chain Solutions 691.7 652.1 6% 855.1 1,150.4 (26)%
Dedicated Contract Carriage 275.3 273.7 1% 280.9 279.6 0%
Elim inations (102.7) (105.6) 3% (239.2) (203.3) (18)%
Total (2) $ 2,388.2 $ 2,276.3 5% $ 3,203.8 $ 3,252.1 (1)%
Segm ent Net Before Tax Earnings:
Fleet Managem ent Solutions $ 207.2 $ 178.3 16%
Supply Chain Solutions 15.1 26.9 (44)%
Dedicated Contract Carriage 23.7 22.9 4%
Elim inations (15.1) (16.9) 10%
230.9 211.2 9%
Central Support Services (Unallocated Share) (19.7) (20.3) 3%
(1)
Earnings Before Restructuring and Incom e Taxes 211.2 190.9 11%
(3)
Restructuring and Other Charges, Net (6.5) (1.7) NM
Earnings Before Incom e Taxes 204.8 189.2 8%
Provision for Incom e Taxes (85.8) (72.8) (18)%
Net Earnings $ 119.0 $ 116.4 2%
(1)
Com parable Net Earnings $ 125.9 $ 116.4 8%
(1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Comparable net earnings exclude Brazil charges of $6.8 million related to prior years.
(2) Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
(3) Our primary measure of segment financial performance excludes restructuring and other charges, net and the 2008 Brazil charges related to prior years. The applicable
portion of the restructuring and other charges, net that related to each segment was as follows: SCS – ($6.5) in 2008; FMS – ($1.5) and SCS – ($0.2) in 2007.
9
10. Capital Expenditures
($ Millions)
Year-to-Date
2008 $
2008 2007 O/(U) 2007
Full Service Lease $ 462 $ 553 $ (91)
Commercial Rental 120 189 (69)
Operating Property and Equipment 57 46 11
Gross Capital Expenditures 639 788 (149)
Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 143 195 (52)
Less: Proceeds from Sale and Leaseback of Revenue Earning Equipment - 150 (150)
Net Capital Expenditures $ 496 $ 443 $ 53
Memo: Acquisitions $ 207 $ - $ 207
10
11. Cash Flow
($ Millions)
Year-to-Date
2008 2007
Net Earnings $ 119 $ 116
Depreciation 415 399
Gains on Vehicle Sales, Net (23) (29)
Amortization and Other Non-Cash Charges, Net 15 12
Changes in Working Capital and Deferred Taxes (4) 7
Cash Provided by Operating Activities 522 505
Proceeds from Sales (Primarily Revenue Earning Equipment) 143 195
Sale and Leaseback of Revenue Earning Equipment - 150
Collections of Direct Finance Leases 32 32
Other, Net 1 1
(1)
Total Cash Generated 698 883
(2)
Capital Expenditures (609) (885)
(1)(3)
Free Cash Flow $ 89 $ (2)
(1) Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures
(2) Capitalexpenditures 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
11
12. Debt to Equity Ratio
($ Millions)
300% 275%
275%
234%
250%
201% Total
200% (1)
168% 171% Obligations
146% 129% 151% 157%
to Equity
150%
100%
Balance
50% Sheet Debt
to Equity
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 6/30/08 Long
Term
Target
(2)
Midpoint
6/30/08 12/31/07 6/30/07
Balance Sheet Debt $ 2,990 $ 2,776 $ 2,900
Percent To Equity 162% 147% 161%
(1)
Total Obligations $ 3,159 $ 2,954 $ 3,096
(1)
Percent To Equity 171% 157% 172%
Total Equity $ 1,851 $ 1,888 $ 1,799
Note: Includes impact of accumulated net pension related equity charge of $147 million as of 6/30/08, $148 million as of 12/31/07 and $185 million as of 6/30/07.
(1) Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of
$169 million as of 6/30/08, $178 million at 12/31/07 and $196 million at 6/30/07.
(2) Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating.
12
13. Financial Indicators Forecast (1)
($ Millions)
Total Cash Generated (2) Gross Capital Expenditures
$1,692 Revenue Earning Equipment $1,760
$1,550
$1,381 PP&E/Other $1,411
$1,183 $1,255 $1,289 $1,280
$1,054 $1,091 $1,165 $1,195
$949
$835
$725
$657 $600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008
Forecast Forecast
Memo: Free Cash Flow (2)
(3)
Total Obligations to Equity Ratio (2) (242) 131 367 357 289 (216) (440) 375 300
275% Equity
234% Total Obligations (2)
201%
168% 157% 170%
146% 151%
129% Significant and predictable cash generation
Invest in growth (organic, acquisitions)
Increase assets under management
2000 2001 2002 2003 2004 2005 2006 2007 2008
Forecast
Increase financial leverage towards target
Memo: Assets Under Management
7,030 6,928 6,626 6,751 7,301 7,534 8,141 8,053 8,425
(1) Obligations to Equity and Assets Under Management include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions.
(2) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(3) Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.
13
14. Contents
► Second Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
14
15. (1)
Asset Management Update
► Units held for sale were 4,600 at quarter end; down 14% from 5,300 units held for sale at
the end of the prior quarter
– Units held for sale were down 56% from 10,400 in the prior year
► The number of used vehicles sold in the second quarter was 4,400, down 32% compared
with prior year as a result of fewer vehicles in inventory
► Proceeds per unit for tractors and trucks were up 8% and down 11%, respectively, in the
second quarter compared with prior year
► Vehicles no longer earning revenue were 5,500 at quarter end; down 6,500 from the prior
year (2)
– Vehicles no longer earning revenue were down 1,000 vs. the end of the prior quarter, driven
primarily by a lower used truck center inventory
► Average second quarter total commercial rental fleet was down 6% year-over-year
(1) All information presented on this page only is for the U.S. fleet and excludes Canadian and U.K. operations (units rounded to nearest hundred).
(2) Vehicles no longer earning revenue definition revised in 1Q08 to include all units held for sale and all units that have not earned revenue in 30 days.
15
16. Contents
► Second Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
16
17. EPS Forecast
($ Earnings Per Share)
► Narrowing full year 2008 forecast range from $4.55-$4.75 to $4.60-$4.70
► Current forecast is as follows:
Third Quarter Full Year
(1)
2008 Comparable EPS Forecast $1.25 - 1.30 $4.60 - 4.70
(1)
2007 Comparable EPS $1.14 $4.21
(1) Non-GAAP financial measure. 2008 comparable EPS excludes Brazil charges related to prior years of $0.12. 2007
Comparable EPS excludes impact from restructuring costs in the third and fourth quarters, property gain in the third
quarter and the fourth quarter tax law changes totaling a $0.03 benefit.
17
19. Appendix
Business Segment Detail
Central Support Services
Balance Sheet
Asset Management
Financial Indicators Forecast
Non-GAAP Financial Measures & Reconciliations
19
20. Fleet Management Solutions (FMS)
($ Millions)
Second Quarter
2008 2007 % B/(W)
Full Service Lease $ 516.1 $ 489.2 5%
Contract Maintenance 41.9 40.0 5%
Contractual Revenue 558.0 529.2 5%
Contract-related Maintenance 50.1 50.1 0%
Commercial Rental 146.6 145.3 1%
Other 21.6 17.6 23%
(a)
Operating Revenue 776.3 742.2 5%
Fuel Services Revenue 425.0 295.1 44%
Total Revenue $ 1,201.3 $ 1,037.3 16%
Segment Net Before Tax Earnings (NBT) $ 115.8 $ 97.5 19%
Segment NBT as % of Total Revenue 9.6% 9.4%
(a)
Segment NBT as % of Operating Revenue 14.9% 13.1%
(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 market fuel prices, is excluded from the operating
revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of
steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period
of time as customer pricing for fuel services is established based on market fuel costs.
20
21. Fleet Management Solutions (FMS)
($ Millions)
Year-to-Date
2008 2007 % B/(W)
Full Service Lease $ 1,020.3 $ 965.2 6%
Contract Maintenance 82.5 77.2 7%
Contractual Revenue 1,102.8 1,042.4 6%
Contract-related Maintenance 101.8 102.2 0%
Commercial Rental 279.3 276.3 1%
Other 40.0 35.2 13%
(a)
Operating Revenue 1,523.9 1,456.1 5%
Fuel Services Revenue 783.1 569.3 38%
Total Revenue $ 2,307.0 $ 2,025.4 14%
Segment Net Before Tax Earnings (NBT) $ 207.2 $ 178.3 16%
Segment NBT as % of Total Revenue 9.0% 8.8%
(a)
Segment NBT as % of Operating Revenue 13.6% 12.2%
(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 market fuel prices, is excluded from the operating
revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of
steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period
of time as customer pricing for fuel services is established based on market fuel costs.
21
22. Supply Chain Solutions (SCS)
($ Millions)
Second Quarter
2008 2007 % B/(W)
U.S. Operating Revenue
Automotive & Industrial $ 147.0 $ 138.3 6%
High Tech & Consumer Industries 80.4 74.5 8%
Transportation Management 10.1 8.1 25%
(a)
U.S. Operating Revenue 237.5 220.9 7%
(a)
International Operating Revenue 112.2 109.1 3%
(a)
Operating Revenue 349.7 330.0 6%
Subcontracted Transportation 91.2 254.0 (64)%
Total Revenue $ 440.9 $ 584.0 (25)%
Segment Net Before Tax Earnings (NBT) $ 6.8 $ 15.5 (56)%
Segment NBT as % of Total Revenue 1.5% 2.6%
(a)
Segment NBT as % of Operating Revenue 1.9% 4.7%
Memo: Fuel Costs $ 47.2 $ 31.3 (51)%
(a)
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 revenue as
subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of
fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.
22
23. Supply Chain Solutions (SCS)
($ Millions)
Year-to-Date
2008 2007 % B/(W)
U.S. Operating Revenue
Automotive & Industrial $ 293.3 $ 275.1 7%
High Tech & Consumer Industries 152.2 149.0 2%
Transportation Management 19.1 16.5 15%
(a)
U.S. Operating Revenue 464.6 440.6 5%
(a)
International Operating Revenue 227.1 211.5 7%
(a)
Operating Revenue 691.7 652.1 6%
Subcontracted Transportation 163.4 498.3 (67)%
Total Revenue $ 855.1 $ 1,150.4 (26)%
Segment Net Before Tax Earnings (NBT) $ 15.1 $ 26.9 (44)%
Segment NBT as % of Total Revenue 1.8% 2.3%
(a)
Segment NBT as % of Operating Revenue 2.2% 4.1%
Memo: Fuel Costs $ 87.7 $ 59.2 (48)%
(a)
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 revenue as
subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of
fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.
23
24. Dedicated Contract Carriage (DCC)
($ Millions)
Second Quarter
2008 2007 % B/(W)
(a)
Operating Revenue $ 141.3 $ 138.1 2%
Subcontracted Transportation 2.4 3.0 (17)%
Total Revenue $ 143.7 $ 141.1 2%
Segment Net Before Tax Earnings (NBT) $ 12.4 $ 12.5 (1)%
Segment NBT as % of Total Revenue 8.6% 8.9%
(a)
Segment NBT as % of Operating Revenue 8.8% 9.1%
Memo: Fuel Costs $ 36.5 $ 26.5 (37)%
(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 operating revenue as
subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of
fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.
24
25. Dedicated Contract Carriage (DCC)
($ Millions)
Year-to-Date
2008 2007 % B/(W)
(a)
Operating Revenue $ 275.3 $ 273.7 1%
Subcontracted Transportation 5.6 5.9 (4)%
Total Revenue $ 280.9 $ 279.6 0%
Segment Net Before Tax Earnings (NBT) $ 23.7 $ 22.9 4%
Segment NBT as % of Total Revenue 8.4% 8.2%
(a)
Segment NBT as % of Operating Revenue 8.6% 8.4%
Memo: Fuel Costs $ 67.2 $ 51.2 (31)%
(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 operating revenue as
subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of
fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.
25
26. Central Support Services (CSS)
($ Millions)
Second Quarter
2008 2007 % B/(W)
Allocated CSS Costs $ 37.0 $ 36.2 (2)%
Unallocated CSS Costs 8.1 12.0 33%
Total CSS Costs $ 45.1 $ 48.2 6%
26
30. (a)
Assets Under Management
($ Millions)
Forecast
2000 2001 2002 2003 2004 2005 2006 2007 6/30/08 2008
Revenue Earning Equipment $ 4,588 $ 4,148 $ 4,493 $ 5,809 $ 6,352 $ 6,658 $ 7,335 $ 7,225 $ 7,440 $ 7,600
Direct Finance Leases 637 640 622 656 649 624 592 582 560 580
Operating Leases 1,805 2,140 1,511 286 300 252 214 246 249 245
Assets Under Management $ 7,030 $ 6,928 $ 6,626 $ 6,751 $ 7,301 $ 7,534 $ 8,141 $ 8,053 $ 8,249 $ 8,425
(a) Assets under management represent the original cost of all vehicles owned and held under lease by Ryder.
30
31. 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 the non-GAAP financial
measure provides useful information to investors. Non-GAAP financial measures should be considered in
addition to, but not as a substitute for or superior to, other measures of financial performance prepared in
accordance with GAAP.
► Specifically, the following non-GAAP financial measures are included in this presentation:
Reconciliation & Additional Information
Non-GAAP Financial Measure Comparable GAAP Measure Presented on Slide Titled Page
Operating Revenue Total Revenue Key Financial Statistics 6
Earnings Before Restructuring and Income Taxes Net Earnings Business Segment 8
Comparable Earnings Per Share (EPS) Earnings Per Share (EPS) Net Earnings and EPS Reconciliation 32
Comparable EPS Forecast EPS Forecast EPS Forecast 17
Comparable Net Earnings / EPS Net Earnings / EPS EPS and Net Earnings Reconciliation 32
Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 33
Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 34
Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio 12
Debt to Equity Reconciliation 36
FMS / SCS / DCC Operating Revenue and Segment FMS / SCS / DCC Total Revenue and Segment Fleet Management Solutions / Supply Chain 20 - 25
NBT as % of Operating Revenue NBT as % of Total Revenue Solutions / Dedicated Contract Carriage
31
32. EPS and Net Earnings Reconciliation
($ Millions or $ Earnings Per Share)
2Q08 2Q08 YTD08 YTD08
Net Earnings EPS Net Earnings EPS
Net Earnings / EPS $ 62.9 $ 1.10 $ 119.0 $ 2.06
Less: Brazil Charges 6.8 0.12 6.8 0.12
Comparable Net Earnings / EPS $ 69.8 $ 1.22 $ 125.9 $ 2.18
Note: The Brazil charges may not recalculate on an individual basis due to rounding.
32
33. Adjusted Return on Capital Reconciliation
($ Millions)
6/30/08 6/30/07
(1)
Net Earnings $ 256 $ 247
Restructuring and Other Charges, Net and Other Items 8 -
Income Taxes 165 151
Adjusted Earnings Before Income Taxes 429 398
(2)
Adjusted Interest Expense 165 161
(3)
Adjusted Income Taxes (234) (212)
Adjusted Net Earnings $ 360 $ 347
Average Total Debt $ 2,833 $ 2,755
Average Off-Balance Sheet Debt 184 98
(4)
Average Adjusted Total Shareholders' Equity 1,845 1,712
Adjusted Average Total Capital $ 4,862 $ 4,565
(5)
Adjusted Return on Capital 7.4% 7.6%
(1) Earnings calculated based on a 12-month rolling period excluding comparable earning items during the period.
(2) Interest expense includes implied interest on off-balance sheet vehicle obligations.
(3) Income taxes were calculated using the effective income tax rate for the period exclusive of benefits from tax law changes recognized in 2006 and the fourth quarter of 2007.
(4) Represents shareholders’ equity adjusted for the tax benefits in those periods.
(5) The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity
should be included in evaluating how effectively capital is utilized across the business.
33
34. Cash Flow Reconciliation
($ Millions)
(4)
12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07
Cash Provided by Operating Activities $ 1,023 $ 365 $ 617 $ 803 $ 867 $ 779 $ 854 $ 1,103
Less: Changes in Balance of Trade Receivables Sold (270) 235 110 - - - - -
Collections of Direct Finance Leases 67 66 66 61 64 70 66 63
Proceeds from Sales (Primarily Revenue Earning Equipment) 230 173 152 210 331 334 333 374
Proceeds from Sale and Leaseback of Assets - - - 13 118 - - 150
Other Investing, Net 4 (4) 4 4 1 - 2 2
(1)
Total Cash Generated 1,054 835 949 1,091 1,381 1,183 1,255 1,692
(2)
Capital Expenditures (1,296) (704) (582) (734) (1,092) (1,399) (1,695) (1,317)
(3)(5)
Free Cash Flow $ (242) $ 131 $ 367 $ 357 $ 289 $ (216) $ (440) $ 375
Memo:
Depreciation Expense $ 580 $ 545 $ 552 $ 625 $ 706 $ 740 $ 743 $ 816
Gains on Vehicle Sales, Net $ 19 $ 12 $ 14 $ 16 $ 35 $ 47 $ 51 $ 44
(1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.
(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management
believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support
ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.
(4) Amounts have not been recasted to give effect for the impact of foreign exchange movements on cash for which the impact is not expected to be significant.
(5) Free Cash Flow excludes acquisitions and changes in restricted cash.
34
35. Cash Flow Reconciliation
($ Millions)
6/30/08 6/30/07
Cash Provided by Operating Activities $ 522 $ 505
Collections of Direct Finance Leases 32 32
Proceeds from Sales (Primarily Revenue Earning Equipment) 143 195
Sale and Leaseback of Revenue Earning Equipment - 150
Other Investing, Net 1 1
(1)
Total Cash Generated 698 883
(2)
Capital Expenditures (609) (885)
(3)(4)
Free Cash Flow $ 89 $ (2)
Memo:
Depreciation Expense $ 415 $ 398
Gains on Vehicle Sales, Net $ 23 $ 29
(1) The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.
(2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(3) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management
believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support
ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.
(4) Free Cash Flow excludes acquisitions and changes in restricted cash.
35
36. 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% $2,817 164% $2,776 147%
Receivables Sold 345 110 - - - - - -
PV of minimum
lease payments
and guaranteed
residual values
under operating
leases for
vehicles 879 625 370 153 161 117 78 178
PV of contingent
rentals under
securitizations 209 441 311 - - - - -
Total Obligations (1) $3,450 275% $2,885 234% $2,233 201% $1,969 146% $1,944 129% $2,302 151% $2,895 168% $2,954 157%
(1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet
financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors
as they are more complete measures of the Company’s existing financial obligations and help investors better assess the Company’s overall
leverage position.
Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as
off-balance sheet debt.
36
37. Debt to Equity Reconciliation
($ Millions)
Forecast % to
12/31/08 Equity
Balance Sheet Debt $2,960 162%
Receivables Sold -
PV of minimum
lease payments
and guaranteed
residual values
under operating
leases for
vehicles 160
Total Obligations (1) $3,120 170%
(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 investors
as they are more complete measures of the Company’s existing financial obligations and help investors better assess the Company’s overall
leverage position.
37