Latest news with #FMS
Business Wire
5 days ago
- Automotive
- Business Wire
Ryder Reports Second Quarter 2025 Results
MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) reported results for the three months ended June 30 as follows: Total and operating revenue for the three months ended June 30 were as follows: Expand CEO Comment "The Ryder team delivered our third consecutive quarter of double-digit growth in earnings per share," says Ryder Chairman and CEO Robert Sanchez. "Earnings in the second quarter were above our expectations driven by better supply chain performance, partially offset by additional used vehicle wholesale volumes. We remain on track to achieve expected benefits in 2025 from our lease pricing and multi-year maintenance cost-saving initiatives, acquisition synergies, and optimization of our omnichannel retail network. Our ability to generate ROE of 17% in the current environment continues to demonstrate consistent execution and the resilience of our transformed business model. "SCS delivered another quarter of record earnings, marking nine consecutive quarters of earnings growth. Execution of strategic initiatives and new business were the key drivers of strong SCS performance. DTS earnings were up slightly as acquisition benefits and solid operating performance were offset by lower fleet count, reflecting the prolonged freight market downturn. In FMS, contractual earnings growth, driven by our initiatives, partially offset weaker market conditions in used vehicle sales. "Our strong capital deployment capacity continues to increase, enabling us to invest in profitable growth and strategic initiatives while also returning capital to shareholders. We recently announced a 12% annualized increase to our quarterly dividend, reflecting higher profitability and improved returns over the cycle. We also continued to execute on our share repurchase programs and have reduced our share count by 21% since 2021. "Long-term secular growth trends remain intact for all of our businesses. Ryder is well positioned to benefit from the eventual freight cycle upturn in our transactional rental and used vehicle sales offerings, as well as in our contractual businesses as we continue to support customers navigating a dynamic market. We are confident that the structurally higher earnings profile of our transformed business model will continue to outperform prior cycles." Second Quarter 2025 Segment Review FMS total revenue decreased 1% and operating revenue increased 1% Total revenue reflects lower fuel costs passed through to customers and fewer gallons sold Operating revenue reflects higher ChoiceLease revenue FMS EBT of $126 million, decreased 6% Higher ChoiceLease performance driven by pricing and maintenance cost-saving initiatives Lower used vehicle sales results reflect weaker market conditions and higher wholesale volumes to manage aged inventory levels Used tractor and truck pricing both declined 17% from prior year; tractor pricing increased 3% while truck pricing declined 10% sequentially from first quarter of 2025 Rental power-fleet utilization was 70%, up from 69% in the prior year, on a 7% smaller average active power fleet Supply Chain Solutions: Double-Digit Earnings Growth Reflects Continued Strong Operating Performance SCS total revenue and operating revenue increased 2% and 3%, respectively Total revenue primarily reflects increased operating revenue Increase in operating revenue driven by new business as well as higher customer volumes and pricing SCS EBT of $99 million, up 16% EBT growth primarily reflects operating revenue growth and improved performance from optimization of omnichannel retail network Dedicated Transportation Solutions: Earnings Include Acquisition Synergies Offset by Lower Fleet Count Reflecting Freight Market Conditions DTS total revenue and operating revenue decreased 5% and 3%, respectively Primarily due to lower fleet count reflecting prolonged freight market downturn DTS EBT of $37 million, up 1% Due to acquisition synergies and prior year integration costs, partially offset by lower operating revenue Corporate Financial Information Tax Rate Our effective income tax rate from continuing operations was 28.3%, as compared to 29.1% in the prior year, and our comparable effective income tax rate (a non-GAAP measure) from continuing operations was 28.0%, as compared to 29.0%. The decrease in the tax rates was primarily due to a reduction in U.S. tax on foreign earnings. Capital Expenditures, Cash Flow, and Leverage Second quarter capital expenditures decreased to $1.2 billion in 2025 compared to $1.3 billion in 2024, primarily reflecting reduced investments in ChoiceLease. Second quarter net cash provided by operating activities from continuing operations was $1.4 billion compared to $1.1 billion in 2024, primarily reflecting lower income tax payments and timing of vendor payments. Free cash flow (non-GAAP) of $461 million compared to $71 million in 2024, primarily reflects higher cash provided by operating activities and reduced capital expenditures. Debt-to-equity as of June 30, 2025 was 251% compared to 250% at year-end 2024 and is at the bottom end of the company's long-term target of 250% to 300%. Outlook "We continue to expect earnings growth in 2025 reflecting ongoing execution on our initiatives and the strength of our contractual businesses," says Ryder Chief Financial Officer Cristina Gallo-Aquino. "Our 2025 free cash flow forecast has been increased by approximately $500 million to reflect lower capital spending and the permanent reinstatement of tax bonus depreciation. The top end of our revised earnings forecast range primarily reflects a more muted second-half recovery for used vehicle sales and contractual sales headwinds from ongoing macroeconomic uncertainty." Supplemental Company Information Business Description Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400 ® index. The company's financial performance is reported in the following three, inter-related business segments: Supply Chain Solutions – Ryder's SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder's leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day. Dedicated Transportation Solutions – Ryder's DTS business segment combines the best of Ryder's leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain. Fleet Management Solutions – Ryder's FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder's expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best – so they can grow. For more information on Ryder System, Inc., visit and Note: Regarding Forward-Looking Statements Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn and cycle timing and recovery on our businesses; total and operating revenue, EPS, comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, debt-to-equity, capital expenditures, and the causes of change; our ability to continue executing on our transformed business model; our ability to outperform prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; our ability to profitably grow business; our ability to support organic growth; growth and continued strong earnings performance in our contractual businesses; strategic investments and acquisitions, including acquisition synergies; the omnichannel retail network; our capital deployment capacity; our actions to increase returns and create long-term value; and our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors. All of our forward-looking statements should be evaluated by considering 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: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; and the risks described in our filings with the Securities and Exchange Commission (SEC). 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. Note: Regarding Non-GAAP Financial Measures This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this release, which are available at Ryder's earnings conference call and webcast is scheduled for July 24, 2025 at 11:00 a.m. ET. To join, click here. WEBCAST REPLAY An audio replay including the slide presentation will be available within four hours following the call. Click here, then select Financials/Quarterly Results and the date. RYDER SYSTEM, INC. AND SUBSIDIARIES Three months ended June 30, Six months ended June 30, (In millions, except per share amounts) 2025 2024 2025 2024 Services revenue $ 2,123 2,114 $ 4,202 4,151 Lease & related maintenance and rental revenue 966 948 1,911 1,884 Fuel services revenue 100 120 206 244 Total revenue 3,189 3,182 6,319 6,279 Cost of services 1,792 1,793 3,564 3,536 Cost of lease & related maintenance and rental 641 644 1,290 1,313 Cost of fuel services 94 116 198 237 Selling, general and administrative expenses 378 368 744 746 Non-operating pension costs, net 9 10 18 21 Used vehicle sales, net 2 (19 ) (7 ) (39 ) Interest expense 102 96 202 188 Miscellaneous income, net (13 ) (4 ) (8 ) (19 ) Restructuring and other items, net — — — 4 3,005 3,004 6,001 5,987 Earnings from continuing operations before income taxes 184 178 318 292 Provision for income taxes 52 52 88 80 Earnings from continuing operations 132 126 230 212 (Loss) earnings from discontinued operations, net of tax (1 ) 1 (2 ) — Net earnings $ 131 127 $ 228 212 Earnings per common share — Diluted Continuing operations $ 3.15 2.83 $ 5.42 4.72 Discontinued operations (0.02 ) 0.01 (0.03 ) 0.01 Net earnings $ 3.13 2.84 $ 5.39 4.73 Weighted average common shares outstanding — Diluted 41.8 44.6 42.4 44.8 Diluted EPS from continuing operations $ 3.15 2.83 $ 5.42 4.72 Non-operating pension costs, net 0.18 0.17 0.35 0.33 Acquisition costs — 0.01 — 0.11 Other, net (0.01 ) (0.01 ) — (0.03 ) Comparable EPS from continuing operations (1) $ 3.32 3.00 $ 5.77 5.13 ———————————— (1) Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table. Note: Amounts may not be additive due to rounding. Expand SELECTED KEY RATIOS AND METRICS June 30, 2025 December 31, 2024 Debt to equity 251% 250% Expand Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 2025 2024 Comparable EBITDA (1) $ 729 704 $ 1,400 1,340 Effective interest rate 5.3 % 5.2 % 5.2 % 5.1 % Expand Six months ended June 30, (In millions) 2025 2024 Net cash provided by operating activities from continuing operations $ 1,403 1,078 Free cash flow (1) 461 71 Capital expenditures paid 1,203 1,324 Gross capital expenditures 1,192 1,301 Expand Twelve months ended June 30, 2025 2024 Adjusted ROE (2) 17% 16% ———————————— (1) Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix - Non-GAAP Financial Measures section at the end of this release. (2) The non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the Appendix - Non-GAAP Financial Measures section at the end of this release. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Total Revenue: Fleet Management Solutions: ChoiceLease $ 871 856 2% $ 1,738 1,698 2% Commercial rental 239 244 (2)% 458 475 (4)% SelectCare and other 178 176 2% 352 354 —% Fuel services revenue 179 202 (12)% 366 406 (10)% Fleet Management Solutions 1,467 1,478 (1)% 2,914 2,933 (1)% Supply Chain Solutions 1,366 1,341 2% 2,697 2,643 2% Dedicated Transportation Solutions 606 635 (5)% 1,208 1,198 1% Eliminations (250 ) (272 ) (8)% (500 ) (495 ) 1% Total revenue $ 3,189 3,182 —% $ 6,319 6,279 1% Operating Revenue: (1) Fleet Management Solutions $ 1,288 1,276 1% $ 2,548 2,527 1% Supply Chain Solutions 1,019 989 3% 2,019 1,961 3% Dedicated Transportation Solutions 470 485 (3)% 930 911 2% Eliminations (167 ) (189 ) (12)% (330 ) (343 ) (4)% Operating revenue $ 2,610 2,561 2% $ 5,167 5,056 2% Business Segment Earnings: Earnings from continuing operations before income taxes: Fleet Management Solutions $ 126 133 (6)% $ 220 233 (6)% Supply Chain Solutions 99 85 16% 186 149 24% Dedicated Transportation Solutions 37 37 1% 64 55 17% Eliminations (36 ) (34 ) 3% (68 ) (63 ) 6% 226 221 2% 402 374 7% Unallocated Central Support Services (21 ) (22 ) (1)% (42 ) (35 ) (18)% Intangible amortization expense (12 ) (11 ) 11% (25 ) (22 ) 16% Non-operating pension costs, net (9 ) (10 ) (10)% (18 ) (21 ) (11)% Other items impacting comparability, net — — NM 1 (4 ) NM Earnings from continuing operations before income taxes 184 178 3% 318 292 9% Provision for income taxes 52 52 —% 88 80 9% Earnings from continuing operations $ 132 126 4% $ 230 212 9% ———————————— (1) Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix - Non-GAAP Financial Measures section at the end of this release. Note: Amounts may not be additive due to rounding. NM - Denotes Not Meaningful. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Fleet Management Solutions FMS total revenue $ 1,467 1,478 (1)% $ 2,914 2,933 (1)% Fuel services revenue (179 ) (202 ) (12)% (366 ) (406 ) (10)% FMS operating revenue (1) $ 1,288 1,276 1% $ 2,548 2,527 1% Segment earnings before income taxes $ 126 133 (6)% $ 220 233 (6)% FMS earnings before income taxes as % of FMS total revenue 8.6% 9.0% 7.5% 8.0% FMS earnings before income taxes as % of FMS operating revenue (1) 9.7% 10.4% 8.6% 9.2% Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Supply Chain Solutions SCS total revenue $ 1,366 1,341 2% $ 2,697 2,643 2% Subcontracted transportation and fuel (347 ) (352 ) (1)% (678 ) (682 ) (1)% SCS operating revenue (1) $ 1,019 989 3% $ 2,019 1,961 3% Segment earnings before income taxes $ 99 85 16% $ 186 149 24% SCS earnings before income taxes as % of SCS total revenue 7.2% 6.4% 6.9% 5.7% SCS earnings before income taxes as % of SCS operating revenue (1) 9.7% 8.6% 9.2% 7.6% Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 Change 2025 2024 Change Dedicated Transportation Solutions DTS total revenue $ 606 635 (5)% $ 1,208 1,198 1% Subcontracted transportation and fuel (136 ) (150 ) (9)% (278 ) (287 ) (3)% DTS operating revenue (1) $ 470 485 (3)% $ 930 911 2% Segment earnings before income taxes $ 37 37 1% $ 64 55 17% DTS earnings before income taxes as % of DTS total revenue 6.2% 5.8% 5.3% 4.6% DTS earnings before income taxes as % of DTS operating revenue (1) 7.9% 7.6% 6.9% 6.0% ———————————— (1) Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS Our fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred): ChoiceLease Average fleet count 143,200 146,000 144,000 144,600 (2)% —% End of period fleet count 142,600 145,000 142,600 145,000 (2)% (2)% Average active fleet count (1) 134,500 137,600 134,800 136,000 (2)% (1)% End of period active fleet count (1) 134,100 136,800 134,100 136,800 (2)% (2)% Commercial rental Average fleet count 34,300 35,500 34,600 35,600 (3)% (3)% End of period fleet count 34,000 35,400 34,000 35,400 (4)% (4)% Rental utilization - power units (2) 70 % 69 % 68 % 68 % 100bps —bps Rental rate change - % (3) 4 % — % 3 % — % Customer vehicles under SelectCare contracts Average fleet count 43,000 50,400 42,800 50,800 (15)% (16)% End of period fleet count 43,400 48,500 43,400 48,500 (11)% (11)% Customer vehicles under SCS contracts End of period fleet count (4) 13,000 13,500 13,000 13,500 (4)% (4)% End of period power vehicles (4) 3,800 4,100 3,800 4,100 (7)% (7)% Customer vehicles under DTS contracts End of period fleet count (4) 18,400 19,900 18,400 19,900 (8)% (8)% End of period power vehicles (4) 7,200 7,600 7,200 7,600 (5)% (5)% Used vehicle sales (UVS) End of period fleet count 9,600 9,500 9,600 9,500 1% 1% Used vehicles sold 6,200 6,000 11,300 12,600 3% (10)% UVS pricing change (5) Tractors (17 )% (19 )% (16 )% (27 )% Trucks (17 )% (27 )% (18 )% (28 )% ———————————— (1) Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units. (2) Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers). (3) Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency. (4) These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental and SelectCare. (5) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES This press release and accompanying tables include 'non-GAAP financial measures' as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, 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 press release: Non-GAAP Financial Measure Comparable GAAP Measure Operating Revenue Measures: Operating Revenue Total Revenue Appendix - Non-GAAP Financial Measure Reconciliations FMS Operating Revenue FMS Total Revenue Business Segment Information - Unaudited SCS Operating Revenue SCS Total Revenue DTS Operating Revenue DTS Total Revenue Operating Revenue Growth Total Revenue Growth Appendix - Non-GAAP Financial Measure Reconciliations FMS EBT as a % of FMS Operating Revenue FMS EBT as a % of FMS Total Revenue Business Segment Information - Unaudited SCS EBT as a % of SCS Operating Revenue SCS EBT as a % of SCS Total Revenue DTS EBT as a % of DTS Operating Revenue DTS EBT as a % of DTS Total Revenue Comparable Earnings Measures: Comparable Earnings Before Income Tax and Comparable Tax Rate Earnings Before Income Tax and Effective Tax Rate from Continuing Operations Appendix - Non-GAAP Financial Measure Reconciliations Comparable EPS EPS from Continuing Operations Condensed Consolidated Statements of Earnings - Unaudited Appendix - Non-GAAP Financial Measure Reconciliations Adjusted Return on Equity (ROE) Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. Appendix - Non-GAAP Financial Measure Reconciliations Comparable Earnings Before Interest, Taxes, Depreciation and Amortization Net Earnings Appendix - Non-GAAP Financial Measure Reconciliations Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities from Continuing Operations Appendix - Non-GAAP Financial Measure Reconciliations Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table. Operating Revenue Measures: Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our 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 current market fuel costs. Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS. Comparable Earnings Measures: Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period. Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations. Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods as described immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP. Cash Flow Measures: Total Cash Generated Free Cash Flow We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities. Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited. Expand TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION Six months ended June 30, (In millions) 2025 2024 Net cash provided by operating activities from continuing operations $ 1,403 1,078 Proceeds from sales (primarily revenue earning equipment) (2) 260 317 Other (2) 1 — Total cash generated (1) 1,664 1,395 Purchases of property and revenue earning equipment (2) (1,203 ) (1,324 ) Free cash flow (1) $ 461 71 Expand COMPARABLE EARNINGS RECONCILIATION Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 2025 2024 Earnings from continuing operations $ 132 126 $ 230 212 Non-operating pension costs, net 8 7 15 15 Acquisition costs — 1 — 5 Other, net (1 ) — — (2 ) Comparable earnings from continuing operations (1) (3) $ 139 134 $ 245 230 Tax rate on continuing operations 28.3 % 29.1 % 27.7 % 27.7 % Tax adjustments and income tax effects of non-GAAP adjustments (1) (3) (0.3 )% (0.1 )% (0.7 )% (0.3 )% Comparable tax rate on continuing operations (1) (3) 28.0 % 29.0 % 27.0 % 27.4 % ———————————— (1) Non-GAAP financial measure. (2) Included in cash flows from investing activities. (3) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES ADJUSTED RETURN ON EQUITY RECONCILIATION Twelve months ended June 30, (Dollars in millions) 2025 2024 Net earnings $ 506 495 Other items impacting comparability, net 8 10 Tax impact (1) — (6 ) Adjusted net earnings $ 514 499 Average shareholders' equity $ 3,068 3,082 Average adjustments to shareholders' equity (2) 4 (7 ) Adjusted average shareholders' equity $ 3,072 3,075 Adjusted return on equity (3) 17 % 16 % ———————————— (2) Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods. (3) Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders' equity. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Three months ended June 30, Six months ended June 30, (In millions) 2025 2024 2025 2024 Net earnings $ 131 127 $ 228 212 Loss (earnings) from discontinued operations, net of tax 1 (1 ) 2 — Provision for income taxes 52 52 88 80 EBT 184 178 318 292 Non-operating pension costs, net 9 10 18 21 Acquisition costs — 1 — 6 Other, net — (1 ) (1 ) (2 ) Comparable EBT (1) 193 188 335 317 Interest expense 102 96 202 188 Depreciation 420 428 845 852 Used vehicle sales, net 2 (19 ) (7 ) (39 ) Intangible amortization 12 11 25 22 Comparable EBITDA $ 729 704 $ 1,400 1,340 ———————————— (1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is set forth in this table. Note: Amounts may not be additive due to rounding. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES Twelve months ended December 31, (In millions) 2025 2024 Change Total revenue $ 12,700 12,636 1 % Subcontracted transportation and fuel (2,300 ) (2,370 ) (3 )% Operating revenue (1) $ 10,400 10,266 1 % Expand COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION (In millions, except per share amounts) Third Quarter 2025 Full Year 2025 EPS from continuing operations $3.30 - $3.50 $12.15 - $12.60 Non-operating pension costs 0.15 0.70 Comparable EPS from continuing operations forecast (1) $3.45 - $3.65 $12.85 - $13.30 Expand TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION (In millions) 2025 Forecast Net cash provided by operating activities from continuing operations $ 2,800 Proceeds from sales (primarily revenue earning equipment) (2) 500 Total cash generated (1) 3,300 Purchases of property and revenue earning equipment (2) (2,300 ) Free cash flow (1) $ 1,000 ———————————— (1) Non-GAAP financial measure. (2) Included in cash flows from investing activities. Expand RYDER SYSTEM, INC. AND SUBSIDIARIES ADJUSTED RETURN ON EQUITY FORECAST RECONCILIATION (In millions) 2025 Forecast Net earnings $ 520 Tax impact (1) — Adjusted net earnings for ROE (numerator) (2) [A] $ 520 Average shareholders' equity [B] $ 3,110 Adjusted return on equity (2) [A]/[B] 17 % ———————————— (1) Represents income taxes on other items impacting comparability. (2) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity set forth in this table. Note: Amounts may not be additive due to rounding. Expand ryder-financial
Associated Press
5 days ago
- Health
- Associated Press
Brett Jones Unpacks Kettlebells, Mobility Gaps and Nasal Breathing on Health is a Skill Podcast with Todd Vande Hei
07/22/2025, Beverly Hills California // KISS PR Brand Story PressWire // In the latest episode of Health is a Skill, Todd Vande Hei, CEO of Stark, explores what 'minimalist muscle' really means with Brett Jones, a StrongFirst Master Instructor renowned for bridging kettlebells with functional movement. Jones details how training just five kettlebell lifts, cleans, presses, squats, swings and Turkish get-ups continues to build his strength after decades in the industry. The secret? Jones 'minds the gap' by screening for hidden issues first. As a long-time Functional Movement Systems (FMS) educator, he begins with ankles, hips and the thoracic spine to find restrictions that quietly sabotage power and stability. 'When your hip stops, your back starts,' Jones says. 'If I can't rotate my T-spine or dorsiflex my ankle, my body will compensate, and that's where problems show up.' Jones outlines how his own severe hip impingements (FAI) forced him to become meticulous with warm-ups, from half-kneeling ankle drills to ribcage-focused T-spine rotations. He also credits nasal-only breathing at rest for balancing the nervous system. 'Most people are mouth breathing all day, stuck in fight-or-flight,' he explains. 'Nasal breathing restores parasympathetic tone, so your body can move better, lift better, and even digest better.' Listeners will also hear why minimalist shoes and barefoot sessions are game-changers for foot-to-glute strength, why high heels and rigid work boots require counter-mobility at day's end, and how Turkish Get-Ups act as 'insurance against falling.' Jones believes these ground-to-stand moves are foundational: 'The number one fear for many aging adults is falling. The second is not being able to get up.' The conversation wraps with practical takeaways: start with an FMS screen to see where your real gaps are, then layer in three core mobility drills—ankle dorsiflexion, hip runners' lunges, and T-spine 'bretzels.' 'Don't chase 150 random exercises,' Jones adds. 'Be brutally skilled at the basics. That's how you build resilient strength for life.' Find the full episode on Spotify, Apple Podcasts, and YouTube. For details on personalized labs, strength and nutrition coaching, visit About Health Is a Skill Health is a Skill, hosted by Todd Vande Hei, shares strategies from world-class coaches, physicians and everyday high performers to extend healthspan and improve quality of life at every age. Media Communications [email protected]
Bangkok Post
6 days ago
- Climate
- Bangkok Post
Transport safety stressed in stormy northern Thailand
Thai transport agencies are taking safety precautions and are ready to offer public assistance for any effects caused by Tropical Storm Wipha in northern Thailand, Transport Minister Suriya Jungrungreangkit said on Wednesday. The storm has weakened since moving in from Laos but has caused persistent heavy rain and flooding in some provinces in the North, according to the Meteorological Department. The key provinces affected are Nan, Chiang Rai and Phayao. Mr Suriya said the Department of Highways has set up warning and detour signs on affected roads and stationed security staff for 24 hours at points prone to floods and landslides, with machinery on standby for emergencies. The Department of Rural Roads was thoroughly inspecting roads and will alert the public to any damage through updates on its Flood Management System (FMS). The State Railway of Thailand, meanwhile, is cleaning and improving drainage systems. Safety checks on tracks, trains, signals and barriers are under way, along with a review of emergency response plans and temporary shelters for passengers. Chiang Mai Airport since Monday has opened a coordination centre with equipment and staff on hand in domestic passenger hall 1, according to Airports of Thailand. Airport staff are also holding daily situation assessment meetings at 9am. Parking for 250 vehicles is available for affected individuals. Mae Fah Luang Airport in Chiang Rai is also allowing free parking for flood-affected residents until Thursday. Suvarnabhumi Airport in Bangkok remains unaffected, with normal flight operations. Passengers planning flights from Thailand to heavily affected areas, such as Hong Kong, Macau and Shenzhen, are advised to continuously check their flight status. In case of delays or cancellations, passengers are entitled to full refunds or flight changes, except for compensation due to unforeseeable external events, said the Civil Aviation Authority. Passengers who will be arriving in Thailand can check situation updates via websites of airports where they will be landing. Measures are in place to ensure flight safety and air traffic management, according to Aeronautical Radio of Thailand.
Time of India
11-07-2025
- Business
- Time of India
New college, solar plants and more: DU's 1,900cr push
New Delhi: From a new co-ed college in Fatehpur Beri to a university-wide IP surveillance system and major solar installations, Delhi University is in the midst of one of its biggest infrastructure pushes in recent years, with projects worth over Rs 1,900 crore, either approved or already under way. Key proposals were cleared by the finance committee and building committee in June, and are now before the executive council meeting, slated for July 12, for final approval. Among the most prominent plans is the Rs 272-crore academic building at DU's Fatehpur Beri land — set to house a new co-educational college. The vice-chancellor has been authorised to decide its name, according to the agenda item slated to be tabled for before the executive council. The college could be named after late BJP leader Sushma Swaraj. Other names, like Swami Vivekananda and Veer Savarkar have also surfaced in the past. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi Another major project is the Rs 200-crore girls' and working women's hostel at the Dhaka Complex, following a structural audit, that has seen serious damage caused by earlier construction flaws like salty water and poor concrete cover. Also in the pipeline is a Rs 9.2-crore IP-based surveillance system, expected to go live by July 12, which will enhance campus security across DU's North and South Campuses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Solar plants will be installed through the Renewable Energy Service Company (RESCO) model. PSU SECI will handle the work. Drainage upgrades are also being carried out at key buildings like the Sports Complex and Tutorial Block, with a stainless-steel stormwater system being added at the Rugby Sevens building. Other plans include a new cultural activity centre near Shankar Lal Hall (in-principle approval granted), new academic blocks for SP Jain and FMS at South Campus (Rs 24.6 crore), vertical expansion of Geetanjali Girls' Hostel and boys' hostels at Saramati and Aravali, and a new executive hostel/guest house and academic building at South Campus. Many of these works are being handled by Central Public Works Department (CPWD) and NBCC, with clear directions to avoid damage to existing trees. The university has also noted ongoing projects across various sites. These include, redevelopment of the vice-regal lodge (to be completed by Aug 31), drainage and retrofitting work at the Dhaka Complex, refurbishment of the convocation hall and Sir Shankar Lal Hall, classrooms and faculty rooms for the commerce department, and renovations at FMS and the zoology department. Under HEFA funding, DU has secured allocations for several new buildings, including Rs 195.6 crore for a Faculty of Technology block, Rs 161 crore for a new girls' hostel at the Dhaka complex, and Rs 120 crore for an academic building at Surajmal Vihar. However, progress on some of these projects remains slow. Physical progress on many remains below 10%. The scale of activity has prompted the university to form a high-level project monitoring committee headed by Prof. Balaram Pani, which is required to inspect all sites at least twice before the next Building Committee meeting.
Daily Express
11-07-2025
- Entertainment
- Daily Express
Fortissimo Music Studio annual concert inspires with music and hope
Published on: Friday, July 11, 2025 Published on: Fri, Jul 11, 2025 By: Clarence Dol Text Size: Students performing at the event. Tuaran: The 13th Annual Concert organised by Fortissimo Music Studio (FMS) was recently held at the St John Tuaran Secondary School Hall, drawing a large and enthusiastic crowd of community members, families, and music enthusiasts. The event showcased the talents of 70 dedicated students specializing in piano, guitar, vocals, and choir. Each performance reflected the students' rigorous preparation and passion, culminating in a memorable display of their musical journey. Under the leadership of FMS Principal Rhowell Rolland, and with the full support of Joint Venture Partner Rey Kimara, the studio continues to establish itself as a key institution in arts education. Beyond musical training, FMS emphasizes building students' confidence, discipline, and personal identity. The concert was officially opened by Assoc. Prof. Dr. Bonaventure Boniface, President of Mitatabang Komuinti and Board Member of the Sabah Paddy and Rice Board. His presence was acknowledged by Rhowell Rolland as a significant source of motivation for both students and staff. FMS also expressed gratitude to Datuk Victor Ationg, Group Managing Director and Chief Executive Officer of Sawit Kinabalu Group, for his generous donation of a piano and other musical instruments. These contributions are expected to enhance the studio's facilities and accommodate a growing number of students. 'This donation provides vital support for the continued development of quality music education at Fortissimo Music Studio,' said Rhowell. 'Our annual concert represents more than just a performance; it symbolizes achievement, courage, and hope.' Rhowell further highlighted the unwavering dedication of FMS's teaching staff, as well as the support from parents and the local community, as critical factors in the studio's ongoing mission to nurture not only talented musicians but also confident and disciplined individuals. 'We hope the stage serves as a stepping stone for our students to pursue their dreams, guided by rhythm and a spirit that endures,' he concluded. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
