- 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.
- Fleet Management Solutions revenue grew 16% due to contractual revenue growth including acquisitions. Supply Chain Solutions revenue declined 25% due to a change in revenue reporting.
- Total revenue was unchanged at $1.66 billion. Operating revenue, which excludes fuel and subcontracted transportation, increased 5% to $1.215 billion.
- The company generated $698 million in total cash in the first half of 2008, spending $496 million on capital expenditures including $207 million on acquisitions
În cadrul evenimentului follow-up EU Teen Journalists am inclus și o activitate de brainstorming pe idei de proiecte, care să poată deveni aplicații eligibile pe programul ERASMUS+.
Proiectul “Biblioteca franceza” este un proiect pentru 21 de elevi de scoala generala, din comuna Gura Sutii, judetul Dambovita, proiect coordonat de profesoara Stan Cornelia.
São Paulo, August 10, 2010 – Banco Indusval S.A., financial institution with activities primarily focused on middle market enterprises lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the second quarter and half year 2010 (2Q10 and 1H10).
Finalizare proiect 033: Descriere, fotografii si multumiriSustin Educatia
Proiectul “Cluburile cartilor” este un proiect pentru cei 16 elevi ai clasei a IV-a B din Oradea, judetul Bihor, proiect coordonat de prof. Iacob Elena si Isdraila Veronica.
În cadrul evenimentului follow-up EU Teen Journalists am inclus și o activitate de brainstorming pe idei de proiecte, care să poată deveni aplicații eligibile pe programul ERASMUS+.
Proiectul “Biblioteca franceza” este un proiect pentru 21 de elevi de scoala generala, din comuna Gura Sutii, judetul Dambovita, proiect coordonat de profesoara Stan Cornelia.
São Paulo, August 10, 2010 – Banco Indusval S.A., financial institution with activities primarily focused on middle market enterprises lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the second quarter and half year 2010 (2Q10 and 1H10).
Finalizare proiect 033: Descriere, fotografii si multumiriSustin Educatia
Proiectul “Cluburile cartilor” este un proiect pentru cei 16 elevi ai clasei a IV-a B din Oradea, judetul Bihor, proiect coordonat de prof. Iacob Elena si Isdraila Veronica.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
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.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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%
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.
(1)
Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
(2)
Our primary measure of segment financial performance excludes restructuring and other charges, net and the 2008 Brazil charges related to prior years. The applicable
(3)
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%
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.
(1)
Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
(2)
Our primary measure of segment financial performance excludes restructuring and other charges, net and the 2008 Brazil charges related to prior years. The applicable
(3)
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
(1)
200% Obligations
171%
168% 157%
129% 151%
146% to Equity
150%
100%
Balance
Sheet Debt
50%
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
162% 147% 161%
Percent To Equity
(1)
Total Obligations $ 3,159 $ 2,954 $ 3,096
(1)
171% 157% 172%
Percent To Equity
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
$1,760
$1,692 Revenue Earning Equipment
$1,550
$1,381 $1,411
PP&E/Other
$1,255 $1,280
$1,289
$1,183 $1,165 $1,195
$1,091
$1,054
$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)
(242) 131 367 357 289 (216) (440) 375 300
Total Obligations to Equity Ratio (2)
275% Equity
234% Total Obligations (2)
201%
170%
168% 157%
151%
146%
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
Obligations to Equity and Assets Under Management include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions.
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(2)
Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.
(3)
13
14. Contents
► Second Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
14
15. (1)
Asset Management Update
► Units held for sale were 4,600 at quarter end; down 14% from 5,300 units held for sale at
the end of the prior quarter
– Units held for sale were down 56% from 10,400 in the prior year
► The number of used vehicles sold in the second quarter was 4,400, down 32% compared
with prior year as a result of fewer vehicles in inventory
► Proceeds per unit for tractors and trucks were up 8% and down 11%, respectively, in the
second quarter compared with prior year
► Vehicles no longer earning revenue were 5,500 at quarter end; down 6,500 from the prior
year (2)
– Vehicles no longer earning revenue were down 1,000 vs. the end of the prior quarter, driven
primarily by a lower used truck center inventory
► Average second quarter total commercial rental fleet was down 6% year-over-year
(1) All information presented on this page only is for the U.S. fleet and excludes Canadian and U.K. operations (units rounded to nearest hundred).
(2) Vehicles no longer earning revenue definition revised in 1Q08 to include all units held for sale and all units that have not earned revenue in 30 days.
15
16. Contents
► Second Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
16
17. EPS Forecast
($ 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)
$ 516.1 $ 489.2 5%
Full Service Lease
41.9 40.0 5%
Contract Maintenance
558.0 529.2 5%
Contractual Revenue
50.1 50.1 0%
Contract-related Maintenance
146.6 145.3 1%
Commercial Rental
21.6 17.6 23%
Other
(a)
776.3 742.2 5%
Operating Revenue
425.0 295.1 44%
Fuel Services Revenue
$ 1,201.3 $ 1,037.3 16%
Total Revenue
$ 115.8 $ 97.5 19%
Segment Net Before Tax Earnings (NBT)
9.6% 9.4%
Segment NBT as % of Total Revenue
(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)
$ 1,020.3 $ 965.2 6%
Full Service Lease
82.5 77.2 7%
Contract Maintenance
1,102.8 1,042.4 6%
Contractual Revenue
101.8 102.2 0%
Contract-related Maintenance
279.3 276.3 1%
Commercial Rental
40.0 35.2 13%
Other
(a)
1,523.9 1,456.1 5%
Operating Revenue
783.1 569.3 38%
Fuel Services Revenue
$ 2,307.0 $ 2,025.4 14%
Total Revenue
$ 207.2 $ 178.3 16%
Segment Net Before Tax Earnings (NBT)
9.0% 8.8%
Segment NBT as % of Total Revenue
(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
$ 147.0 $ 138.3 6%
Automotive & Industrial
80.4 74.5 8%
High Tech & Consumer Industries
10.1 8.1 25%
Transportation Management
(a)
237.5 220.9 7%
U.S. Operating Revenue
(a)
112.2 109.1 3%
International Operating Revenue
(a)
349.7 330.0 6%
Operating Revenue
91.2 254.0 (64)%
Subcontracted Transportation
$ 440.9 $ 584.0 (25)%
Total Revenue
$ 6.8 $ 15.5 (56)%
Segment Net Before Tax Earnings (NBT)
1.5% 2.6%
Segment NBT as % of Total Revenue
(a)
1.9% 4.7%
Segment NBT as % of Operating Revenue
$ 47.2 $ 31.3 (51)%
Memo: Fuel Costs
(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
$ 293.3 $ 275.1 7%
Automotive & Industrial
152.2 149.0 2%
High Tech & Consumer Industries
19.1 16.5 15%
Transportation Management
(a)
464.6 440.6 5%
U.S. Operating Revenue
(a)
227.1 211.5 7%
International Operating Revenue
(a)
691.7 652.1 6%
Operating Revenue
163.4 498.3 (67)%
Subcontracted Transportation
$ 855.1 $ 1,150.4 (26)%
Total Revenue
$ 15.1 $ 26.9 (44)%
Segment Net Before Tax Earnings (NBT)
1.8% 2.3%
Segment NBT as % of Total Revenue
(a)
2.2% 4.1%
Segment NBT as % of Operating Revenue
$ 87.7 $ 59.2 (48)%
Memo: Fuel Costs
(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%
2.4 3.0 (17)%
Subcontracted Transportation
$ 143.7 $ 141.1 2%
Total Revenue
$ 12.4 $ 12.5 (1)%
Segment Net Before Tax Earnings (NBT)
8.6% 8.9%
Segment NBT as % of Total Revenue
(a)
Segment NBT as % of Operating Revenue 8.8% 9.1%
$ 36.5 $ 26.5 (37)%
Memo: Fuel Costs
(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%
5.6 5.9 (4)%
Subcontracted Transportation
$ 280.9 $ 279.6 0%
Total Revenue
$ 23.7 $ 22.9 4%
Segment Net Before Tax Earnings (NBT)
8.4% 8.2%
Segment NBT as % of Total Revenue
(a)
Segment NBT as % of Operating Revenue 8.6% 8.4%
$ 67.2 $ 51.2 (31)%
Memo: Fuel Costs
(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)
$ 37.0 $ 36.2 (2)%
Allocated CSS Costs
8.1 12.0 33%
Unallocated CSS Costs
$ 45.1 $ 48.2 6%
Total CSS Costs
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%
Earnings calculated based on a 12-month rolling period excluding comparable earning items during the period.
(1)
Interest expense includes implied interest on off-balance sheet vehicle obligations.
(2)
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.
(3)
Represents shareholders’ equity adjusted for the tax benefits in those periods.
(4)
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
(5)
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
The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
(1)
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.
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
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
(3)
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.
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.
(4)
Free Cash Flow excludes acquisitions and changes in restricted cash.
(5)
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
The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
(1)
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.
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
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
(3)
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.
Free Cash Flow excludes acquisitions and changes in restricted cash.
(4)
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
Equity
12/31/08
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