8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2019

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter) 

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

11690 NW 105th Street		33178
Miami,	Florida	Zip Code
(Address of principal executive offices)

Registrant’s telephone number, including area code: (305) 500-3726

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	R	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 29, 2019, we issued a press release reporting our financial results for the three months ended September 30, 2019 (the “Press Release”). The Press Release is available on our website at http://investors.ryder.com.

The Press Release includes information regarding non-GAAP financial measures, as defined by SEC regulations, as well as a reconciliation of each non-GAAP financial measure to the nearest GAAP measure in the tables following the press release. Set forth in the table below is an explanation of each non-GAAP financial measure and why management believes that presentation of each measure provides useful information to investors:

Operating Revenue Measures:
Operating Revenue FMS Operating Revenue DTS Operating Revenue SCS Operating Revenue FMS EBT as a % of FMS Operating Revenue DTS EBT as a % of DTS Operating Revenue SCS EBT as a % of SCS Operating Revenue	Operating revenue is defined as total revenue for Ryder System, Inc. or each business segment (FMS, DTS and SCS), respectively, excluding any (1) fuel and (2) subcontracted transportation. We believe operating revenue provides useful information to investors as we use it 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, DTS EBT and SCS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, DTS and SCS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers, which 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 trailing market fuel costs. Subcontracted transportation: We also exclude subcontracted transportation from the calculation of our operating revenue measures, as these services are also typically a pass-through to our customers and, therefore, fluctuations result in minimal changes to our profitability. While our DTS and SCS 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 earnings before income tax (EBT) Comparable earnings Comparable earnings per diluted common share (EPS) Comparable EPS Forecast Comparable Tax Rate	Comparable EBT, comparable earnings, comparable EPS, comparable EPS forecast and comparable tax rate are defined, respectively, as GAAP EBT, earnings, EPS, EPS forecast and effective tax rate, all from continuing operations, excluding (1) non-operating pension costs and (2) any other items that are not representative of our business operations. We believe these comparable earnings measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-Operating Pension Costs: Our comparable earnings measures exclude non-operating pension costs, which include the amortization of net actuarial loss, interest cost and expected return on plan assets components of pension and postretirement costs. We exclude non-operating pension costs because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Significant Items: Our comparable earnings measures also exclude other significant items that are not representative of our business operations as detailed in the reconciliation on pages 24-26 of the Press Release furnished as Exhibit 99.1 to this Report on Form 8-K. These other significant items vary from period to period and, in some periods, there may be no such significant items. Calculation of comparable tax rate: 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 statutory tax rates of the jurisdictions to which the non-GAAP adjustments relate.

Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (comparable EBITDA)	Comparable EBITDA is defined as earnings from continuing operations, net of tax, first adjusted to exclude the following items, all from continuing operations: (1) non-operating pension costs 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 and are described under Comparable Earnings Measures above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) losses from used vehicle fair value adjustments and (5) amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. In addition, we believe that the inclusion of comparable EBITDA provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. Other companies may calculate comparable EBITDA differently; therefore, our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered as an alternative to earnings from continuing operations before income taxes or earnings from continuing operations determined in accordance with GAAP, as an indicator of the Company’s operating performance, as an alternative to cash flows from operating activities (determined in accordance with GAAP), as an indicator of cash flows, or as a measure of liquidity.
Adjusted Return on Average Capital (ROC) Adjusted ROC Spread	Adjusted ROC: Adjusted ROC is defined as adjusted net earnings divided by average adjusted total capital and represents the rate of return generated by the capital deployed in our business. The calculation of net earnings and average shareholders equity (a component of average total capital) excludes the same items that are excluded from comparable earnings measures, as described above. Adjusted ROC Spread: Adjusted ROC spread is defined as the difference between adjusted ROC and the weighted average cost of capital. We use adjusted ROC and adjusted ROC spread as internal measures of how effectively we use the capital invested (borrowed or owned) in our operations.
Cash Flow Measures:
Total Cash Generated Free Cash Flow Free Cash Flow Forecast	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: 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 and operating property and equipment, and (3) 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: We refer to the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations as “free cash flow”. 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, (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.

Additional information regarding non-GAAP financial measures can be found in the Press Release and our most recent Form 10-K and Form 10-Q filed with the SEC.

Item 7.01 Regulation FD Disclosure

The Company is hosting a conference call and webcast on October 29, 2019 during which we will make a presentation on our financial results for the three months ended September 30, 2019 (the “Presentation”). The Presentation has been made available on our website at http://investors.ryder.com.

The information in this Report, including Exhibits 99.1 and 99.2, are being furnished pursuant to Item 2.02 and 7.01 of Form 8-K, respectively, and General Instruction B.2 thereunder and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing.

Item 9.01(d) Exhibits

The following exhibits are furnished as part of this report on Form 8-K:

Exhibit 99.1	Press Release, dated October 29, 2019, relating to Ryder System, Inc.’s financial results for the three months ended September 30, 2019.
Exhibit 99.2	Presentation for Third Quarter 2019 Earnings Conference Call held on October 29, 2019
Exhibit 104	Cover Page Interactive Data File - The cover page of this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 29, 2019	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Scott T. Parker
		Scott T. Parker Executive Vice President, Chief Financial Officer

EX-99.1

News Release

Ryder Reports Third Quarter 2019 Revenue of $2.2 Billion, Up 3%; 
Earnings Impacted by Change in Residual Value Estimates

Third Quarter 2019

•Q3 GAAP EPS from Continuing Operations is a Loss of $(1.75), Down $3.48; Q3 Comparable EPS from Continuing Operations (non-GAAP) is a Loss of $(1.49), Down $3.16

◦Loss Primarily Results from an Increase in Non-Cash Depreciation Expense of $3.01, Due to a Change in Vehicle Residual Value Estimates of All Power Vehicles

◦Used Vehicle Market Conditions Softened in Late Q2 and Intensified Through Q3, Triggering Review and Change in Residual Value Estimates to Reflect Current Downturn and Lowered Outlook

◦Most Significant Negative Impact Expected This Quarter; Impact Anticipated to Decline Each Quarter Thereafter

•Q3 Total Revenue Grows 3% to $2.2 Billion, Reflecting Growth in Fleet Management Solutions and Dedicated Transportation Solutions

•Q3 Operating Revenue (non-GAAP) Up 5% to $1.8 Billion

2019 Forecast

•Revised Full-Year 2019 GAAP EPS Forecast Range to $0.20 to $0.30; Revised Full-Year 2019 Comparable EPS Forecast Range (non-GAAP) to New Forecast of $1.00 to $1.10, Primarily Reflecting the Impact from a Change in Residual Value Estimates

MIAMI, October 29, 2019 - Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, reports total and operating revenue in the third quarter. Revenue grew in Fleet Management Solutions and Dedicated Transportation Solutions reflecting new business and higher volumes. Third quarter GAAP EPS was a loss of $(1.75) as compared to $1.73 in the prior year, reflecting an increase in non-cash depreciation expense primarily related to the change in vehicle residual value estimates. Comparable EPS was a loss of $(1.49) as compared to $1.67 in the prior year. Losses primarily results from an increase in non-cash depreciation expense of $3.01, due to a change in vehicle residual value estimates of all power vehicles.

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Results for the three months ended September 30 were as follows:

(dollars in millions, except EPS)	Earnings (Loss) Before Taxes				Earnings (Loss)				Diluted Earnings (Loss) Per Share
	2019		2018	Change	2019		2018	Change	2019			2018	Change
Continuing operations (GAAP)	$	(91.3)	118.9	NM	$	(91.5)	91.6	NM	$	(1.75)	*	1.73	NM
Non-operating pension costs	6.9		1.2		4.9		0.6		0.09			0.01
ERP implementation costs	6.1		—		4.5		—		0.09			—
Restructuring and other, net	5.2		(0.5)		4.0		(0.7)		0.08			(0.01)
Tax adjustments	—		—		—		(3.3)		—			(0.06)
Comparable (non-GAAP)	$	(73.0)	119.5	NM	$	(78.1)	88.2	NM	$	(1.49)	*	1.67	NM

*Includes increase in non-cash depreciation expense of $3.01 due to change in vehicle residual value estimates.

Note: Amounts may not be additive due to rounding.

Total and operating revenue for the three months ended September 30 were as follows:

(in millions)	Total Revenue				Operating Revenue (non-GAAP)
	2019		2018	% Change	2019		2018	% Change
Total	$	2,223.9	2,159.7	3%	$	1,804.7	1,718.8	5%
FMS	$	1,397.3	1,337.8	4%	$	1,198.7	1,123.2	7%
SCS	$	617.6	628.5	(2)%	$	453.7	462.8	(2)%
DTS	$	359.2	340.6	5%	$	247.7	222.2	11%

Commenting on the company’s third quarter results, Ryder Chairman and CEO Robert Sanchez says, "As we discussed last quarter, despite market prices for used tractors showing stabilization and improvement in 2018 and early 2019, we began to see a softening in the used tractor market in June. In the third quarter, market conditions continued to worsen for tractors, and we now expect further market declines in the near term. As a result, we lowered our near- and long-term residual value estimates for tractors to better align with recent and expected market conditions. We also adjusted our truck residual estimates for modestly softer conditions.

"Although these changes in estimates significantly affect earnings in 2019 and 2020 — with the largest negative effect reflected in the third quarter of 2019 — we expect this impact to decline each quarter going forward. Additionally, returns are expected to organically improve as the lease portfolio turns over and underperforming leases signed prior to 2014 exit the fleet.

"Overall third quarter revenue and operating results were largely in line with our expectations, except for used vehicle sales results and the impact of related residual value estimate changes. Comparable EBITDA grew by 12% in the quarter, reflecting earnings from contractual growth and cost-savings initiatives.

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"We delivered strong year-to-date lease fleet growth, reflecting ongoing outsourcing trends and our sales and marketing activities, with approximately 40% of growth coming from customers new to outsourcing. As a reminder, we expect solid returns from these new leases signed which incorporate our lowered expectations for the used vehicle sales market. Additionally, we filled more lease contracts with used versus new equipment as part of our asset management playbook.

"While commercial rental pricing was up modestly for the quarter, demand was below our prior expectations which negatively impacted utilization in the quarter. We are executing on our plan to right-size our tractor rental fleet and expect to have it aligned with market conditions by early 2020.

"Supply chain revenue was impacted by previously disclosed lost business; however, this benefited earnings for the quarter. In dedicated, we also saw improved operating performance as well as solid revenue growth driven by new business.

"We continue to return capital to our shareholders and earlier this month announced a $0.56 per share dividend. This marks the 173^rd consecutive quarterly cash dividend, marking more than 43 years of uninterrupted dividend payments.

"Turning to our longer-term strategic initiatives, we are tracking ahead of expectations to achieve our multi-year $75 million maintenance cost-savings initiative. Additionally, we are gaining momentum with RyderShare^TM, which is aimed at digitizing the supply chain and creating real-time visibility and collaboration for our customers. We have rolled out the product to some key customers across our dedicated business and are on track to deliver expanded capabilities early next year. We also continue to see growing adoption of our COOP by Ryder^TM product — the first-ever peer-to-peer commercial truck sharing platform — in the Florida and Georgia markets, and we recently launched the COOP mobile app, giving more users easy access to our available inventory."

Third Quarter Business Segment Operating Results

Fleet Management Solutions

In the Fleet Management Solutions (FMS) business segment, total revenue was $1.40 billion, up

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4% compared with $1.34 billion in the year-earlier period. FMS operating revenue (a non-GAAP measure excluding fuel) was $1.20 billion, up 7% from the year-earlier period. Ryder ChoiceLease^TM(lease) revenue increased 9% reflecting a larger average fleet size as well as higher prices on new vehicles. The lease fleet grew sequentially by 2,900 vehicles during the quarter. Commercial rental revenue increased 2% due to higher pricing.

FMS loss before tax was $108.6 million compared with earnings before tax of $97.8 million in 2018, reflecting $169 million of higher depreciation expense resulting from lower estimated vehicle residual values on all power vehicles and $8 million of increased valuation adjustments on a larger inventory of assets held for sale. Earnings in lease benefited from fleet growth, reflecting strong outsourcing trends and our sales and marketing activities, as well as lower maintenance costs. Commercial rental performance was negatively impacted by lower utilization, partially offset by higher pricing. Rental power fleet utilization was 74.0% for the third quarter, down from an unusually high 80.4% in the year-earlier period, primarily driven by lower tractor utilization. FMS loss before tax as a percentage of FMS total revenue and FMS operating revenue (a non-GAAP measure) were (7.8)% and (9.1)%, respectively.

Supply Chain Solutions

In the Supply Chain Solutions (SCS) business segment, total revenue and operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) were down 2% to $618 million and $454 million, respectively, compared with the year-earlier period. The decline in SCS total revenue and operating revenue primarily reflects previously announced lost business.

SCS earnings before tax decreased 5% to $34.6 million in the third quarter of 2019 compared with $36.5 million in 2018. Earnings were negatively impacted by $4 million due to the change in residual value estimates on vehicles used in this segment (which is eliminated in consolidation). This decline was partially offset by improved operating performance. SCS earnings before tax as a percentage of SCS total revenue and SCS operating revenue (a non-GAAP measure) were 5.6% and 7.6%, down 20 and 30 basis points, respectively, from the year-earlier period.

Dedicated Transportation Solutions

In the Dedicated Transportation Solutions (DTS) business segment, total revenue was up 5% to $359 million and operating revenue (a non-GAAP measure excluding fuel and subcontracted

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transportation) was up 11% to $248 million, compared with the year-earlier period. DTS total and operating revenue growth reflects new business.

DTS earnings before tax increased 33% to $18.5 million compared with $13.9 million in 2018, due to revenue growth and improved operating performance. Earnings improvement was partially offset by $7 million due to the change in residual value estimates on vehicles used in this segment (which is eliminated in consolidation). DTS earnings before tax as a percentage of DTS total revenue and DTS operating revenue (a non-GAAP measure) were 5.1% and 7.5%, up 100 and 120 basis points, respectively, from the year-earlier period.

Corporate Financial Information

Central Support Services

In the third quarter of 2019, Central Support Services costs not allocated to the business segments were $11 million, down $1 million from a year ago.

Changes in Vehicle Residual Value Estimates

Under our accounting policy for depreciating revenue earning equipment, we periodically review and adjust, as appropriate, the residual values of revenue earning equipment taking into account, among other factors, historical market prices, current and expected future market price trends, expected lives of vehicles, and expected sales in the wholesale and retail markets. At the end of the second quarter of 2019, we began to see softening market conditions for used tractors which intensified during the third quarter. In addition, we recently started seeing modestly softer conditions for used trucks. As a result, the company is utilizing and expects to continue to utilize the wholesale sales channel to a greater extent. Due to these dynamics, management concluded that our residual value estimates likely exceeded the expected future values that would be realized upon the sale of power vehicles in our fleet. In the third quarter of 2019, we updated our outlook on residual values and lowered the estimates of our vehicle residual values for all power vehicles to reflect more recent multi-year trends and our outlook for the expected near-term used vehicle market. This will be reflected as an increase in our depreciation expense over the remaining life of these assets. The estimated depreciation expense impact, which for 2019 and 2020 also includes accelerated depreciation for vehicles nearing the end of their useful lives, declines sequentially in each quarter and is as follows:

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Impact of Change in Residual Estimates on 
Policy Depreciation and Accelerated Depreciation

	2019						2020										2021		2022-25
(dollars in millions)	Q3		Q4		2H		Q1		Q2		Q3		Q4		FY		FY		Cumulative
Policy depreciation	$	52	$54		$106		$45		$45		$45		$45		$	180	$	125	$	180
Accelerated depreciation (1)	125		58		183		35		20		10		5		70		—		—
Total	$	177	$	112	$	289	$	80	$	65	$	55	$	50	$	250	$	125	$	180

(1) Includes $8M of valuation adjustments in 3Q19

This change is intended to better align vehicle residual value estimates with our current view and outlook for the used vehicle market environment.

These estimates are based on management’s view of market conditions and reflect the impact of this current change on residual values on the current fleet of power vehicles. Management reviews our residual values periodically based on current and expected market conditions and, if management’s view of market conditions change, we may adjust, positively or negatively, our residual value estimates for the fleet at such time.

Income Taxes

Tax rates in the third quarter were impacted by the residual value estimate changes referenced above. Our effective income tax rate from continuing operations for the third quarter of 2019 decreased from 22.9% to (0.3)%. The comparable effective income tax rate (a non-GAAP measure) from continuing operations for the third quarter of 2019 decreased from 26.2% to (7.0)%.

Capital Expenditures

Year-to-date capital expenditures increased to $3.0 billion in 2019, compared with $2.3 billion in 2018. The increase in capital expenditures reflects higher planned investments to grow and refresh the lease fleet. Proceeds of $403 million were up $111 million from the prior year and include $43 million from the sale of property in the second quarter of 2019. Net capital expenditures (including proceeds from the sale of assets) were $2.6 billion in 2019, up from $2.0 billion in 2018.

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Cash Flow and Leverage

Year-to-date operating cash flow was $1.59 billion in 2019, up from $1.28 billion in 2018. Total cash generated (a non-GAAP measure that includes proceeds from used vehicle sales) was $2.0 billion, compared with $1.6 billion in 2018. Free cash flow (a non-GAAP measure) was negative $965 million, compared with negative $633 million in 2018, reflecting increased net capital spending.

Total debt as of September 30, 2019 was $7.7 billion, up from $6.6 billion in 2018. Debt to equity for the third quarter of 2019 was 313% compared with 262% at year-end 2018. The increase in debt-to-equity reflects the impacts from capital spending on vehicles and a reduction in equity related to higher non-cash depreciation expense from the residual value estimate change. Debt-to-equity at year end is expected to be approximately 330%, above the company's long-term target of 250-300% reflecting these items. We plan to reduce leverage over time as the company moves past the near-term impact of the residual value change.

2019 Earnings Forecast

Commenting on the company’s outlook, Mr. Sanchez says, "We expect strong full-year sales activity in our contractual lease, dedicated, and supply chain businesses, although at lower levels than our record year in 2018. We continue to benefit from long-term outsourcing trends in transportation and logistics, as well as our sales and marketing initiatives. We expect the slowdown in our transactional commercial rental and used vehicle sales businesses that we experienced in the third quarter to continue, primarily driven by the softer freight environment. Although the negative impact from the change in residual value estimates is anticipated to be significant in the fourth quarter, the severity of the impact will be less than in the third quarter and is expected to continue to decline in subsequent quarters.

"Supply chain revenue is forecast to decline through mid-year 2020, reflecting previously announced lost business, and then return to target growth levels in the second half of 2020 as new business sold ramps up. Segment earnings are expected to be negatively impacted by the recently ended labor strike at a large Ryder customer and the impact of residual value estimate changes on vehicles used in this segment, partially offset by improved operating performance.

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"Dedicated revenue growth is expected to decelerate in the fourth quarter, following a record sales year in 2018. Dedicated earnings are expected to be negatively impacted by residual value estimate changes on vehicles used in this segment, largely offset by improved operating performance. On a full year basis, revenue growth in the segment is expected to come in above target, and earnings are expected to come in within the target range.

"In fleet management, we're seeing the earnings benefits from year-to-date lease fleet growth; however, earnings in the fourth quarter are expected to be negatively impacted as we prepare for sale a large number of vehicles coming off lease contracts. In commercial rental, we're anticipating weaker demand to continue particularly for tractors, and we expect to right-size the fleet by early 2020 to better align with market conditions. Expected headwinds from used vehicle sales are largely reflected in the change in residual value estimates and related depreciation expense. We anticipate that the actions we're taking will better position us for 2020.

"Looking ahead to next year, we plan to continue redeploying used equipment into new lease contracts. We also expect less lease growth next year, reflecting lower levels of OEM vehicle production. As a result, we expect lower capital spending and improved free cash flow in 2020.

"In the next 18-24 months, we expect earnings benefits as the negative impact from the residual value estimate changes decline, under-performing vintages of lease contracts exit the fleet, and we continue to add new profitable business. We will intensify our focus on improving return on capital by accelerating our significant cost savings initiatives, pruning lower return accounts and assets, and accelerating growth in our higher-return supply chain and dedicated businesses. The demand for our core services remains strong as we continue to operate in large, attractive markets with favorable long-term secular outsourcing trends.

"With our solid foundation as an industry leader, we expect to benefit from long-term transportation outsourcing trends and are confident in our ability to execute on our initiatives to achieve increasing capital returns to our shareholders."

Ryder is revising its full-year 2019 GAAP EPS forecast to a range of $0.20 to $0.30. In 2018, full-year GAAP EPS was $5.44. The company is also revising its forecast for full-year 2019 comparable EPS from continuing operations to $1.00 to $1.10. In 2018, full-year comparable EPS was $5.97. Full year GAAP and comparable EPS forecasts include $3.95 impact from change in residual value estimates.

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Ryder is establishing a fourth quarter 2019 GAAP EPS forecast of ($0.36) to ($0.26). The company is also establishing a fourth quarter 2019 forecast for comparable EPS from continuing operations of ($0.03) to $0.07. Fourth quarter GAAP and comparable EPS forecasts include $0.95 impact from change in residual value estimates. The EPS forecast for the fourth quarter of 2019 includes an expected negative impact of between $0.08 and $0.13 associated with the adoption of the new lease accounting standard compared to a benefit of $0.08 in the year earlier period. The lease accounting impact in the fourth quarter reflects an expected decline in the fleet age.

Supplemental Company Information

Third Quarter Net Earnings

(in millions, except per share amounts)	Earnings (Loss)			Diluted EPS
	2019		2018	2019		2018
Earnings from continuing operations	$	(91.5)	91.6	$	(1.75)	1.73
Discontinued operations	0.1		(0.8)	—		(0.01)
Net earnings	$	(91.5)	90.8	$	(1.75)	1.72
Amounts may not be additive due to rounding.

Year-to-Date Operating Results

(in millions, except per share amounts)	Nine months ended September 30,
	2019		2018	Change
Total revenue	$	6,649	6,154	8	%
Operating revenue (non-GAAP)	$	5,376	4,902	10	%
Earnings from continuing operations	$	29.8	175.1	(83)	%
Comparable earnings from continuing operations (non-GAAP)	$	54.2	216.1	(75)	%
Net earnings	$	29.1	172.6	(83)	%
Earnings per common share - Diluted
Continuing operations	$	0.56	3.31	(83)	%
Comparable (non-GAAP)	$	1.03	4.08	(75)	%
Net earnings	$	0.55	3.26	(83)	%

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For more information on Ryder System, Inc., visit http://investors.ryder.com/.

Contacts: Media:     Investor Relations:

Amy Federman    Bob Brunn

(305) 500-4989    (305) 500-4053

AFederman@ryder.comBob_S_Brunn@ryder.com

CONFERENCE CALL & WEBCAST:

Ryder's Third Quarter earnings call and webcast is scheduled for 10/29/2019 at 11:00 a.m. ET. To join, click here.

LIVE AUDIO VIA PHONE

Toll Free Number 888-352-6803

USA Toll Number:              323-701-0225

Audio Passcode:               Ryder

Conference Leader:           Bob Brunn

AUDIO REPLAY VIA PHONE

An audio replay of the call will be available one hour after call ends for 30 days. 

Toll Free Number:     888-203-1112

USA Toll Number:     719-457-0820

Replay Passcode:      1420126

AUDIO REPLAY VIA MP3 DOWNLOAD

A podcast will be available within 24 hours after the end of the call. Click here then select Financials/Quarterly Reports and the date.

AUDIO & SLIDE REPLAY VIA INTERNET

An audio replay including the slide presentation will be available on the Internet within two hours following the call. Click here then select Financials/Quarterly Reports and the date.

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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 forecast, outlook, expectations regarding market trends and economic environment; our financial condition; our fleet growth; performance in our product lines and segments; the strength of our contractual sales pipeline; projections related to customer retention; demand, utilization and pricing in our commercial rental business; demand, sales and pricing in used vehicle sales; used vehicle inventory levels; residual values and depreciation expense; our ability to meet our expectations of wholesale and retail sales mix; return on capital spread; operating cash flow; free cash flow; capital expenditures; leverage; our ability to make investments in and obtain our projected benefits from sales, marketing, IT, e-commerce and new product initiatives; costs of implementing our ERP system; the impact and adequacy of steps we have taken to address our cost structure; our ability to implement our asset management strategy to right size the rental fleet; our ability to successfully implement our maintenance cost-savings initiatives; our ability to gain market acceptance of our new products and services; and the impact of adoption of the lease accounting standard on our earnings, financial position, cash flow, leverage and the demand for our products and services. Our forward-looking statements also include our estimates of the impact of our changes to residual value estimates on earnings and depreciation expense. The expected impact of the change in residual value estimates is based 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-term used vehicle market. Our assessment is subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results related to vehicle residual values to materially differ from estimates include, but are not limited to, changes in supply and demand, competitor pricing, regulatory requirements, driver shortages, requirements and preferences, as well as changes in underlying assumption factors.

All of our 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 adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services, higher than expected maintenance costs, lower than expected benefits from our cost-savings initiatives, lower than expected benefits from our sales, marketing and new product initiatives, higher than expected costs related to our ERP implementation, setbacks or uncertainty in the economic market or in our ability to grow and retain profitable customer accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, poor operational execution including with respect to new accounts and product launches, our difficulty in obtaining adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, business interruptions or expenditures due to labor disputes, severe weather or natural occurrences, competition from other service providers and new entrants, lower than anticipated customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, higher than expected bad debt reserves or write-offs, changes in customers' business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting

11

estimates, higher than expected reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, impact of changes in our residual value estimates and accounting policies, including our depreciation policy, the sudden or unusual changes in fuel prices, unanticipated currency exchange rate fluctuations, 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, including:

Comparable Earnings Measures, including comparable earnings from continuing operations, comparable earnings per share from continuing operations, comparable earnings before income tax, comparable earnings before interest, income tax, depreciation and amortization, and comparable effective income tax rate. Additionally, our adjusted return on average capital (ROC) and adjusted return on capital spread (ROC spread) measures are calculated based on comparable earnings items. Our comparable earnings typically exclude non-operating pension costs and certain other items that are not representative of our business operations, which in this quarter include:

•ERP implementation costs includes charges related to the implementation of an Enterprise Resource Planning system.

•Restructuring and other, net includes charges related to cost savings initiatives and the pursuit of a commercial claim for the three months ended September 30, 2019. For the three months ended September 30, 2018, this primarily relates to cost savings initiatives, transaction costs related to the acquisitions of MXD and Metro, and restructuring charges offset by restructuring credits related to gains on the sale of certain U.K. facilities that were closed as part of our December 2017 restructuring activities and income from our Singapore operations that were shut down during the second quarter of 2019.

Operating Revenue Measures, including operating revenue for Ryder and its business segments, and segment EBT as a percentage of operating revenue.

Cash Flow Measures, including total cash generated, and free cash flow.

Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations of the non-GAAP financial measures contained in this release to the nearest 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 our Form 8-K filed as of the date of this release with the SEC, which are available at http://investors.ryder.com.

12

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended September 30, 2019 and 2018

(In millions, except per share amounts)

	Three Months			Nine Months
	2019		2018	2019		2018
Lease & related maintenance and rental revenues	$	959.2	896.8	$	2,792.6	2,580.4
Services revenue	1,120.9		1,106.1	3,412.0		3,106.6
Fuel services revenue	143.8		156.8	444.6		466.8
Total revenues	2,223.9		2,159.7	6,649.3		6,153.8
Cost of lease & related maintenance and rental	877.8		646.7	2,229.6		1,895.1
Cost of services	948.1		947.9	2,896.2		2,644.8
Cost of fuel services	140.2		153.4	431.9		455.9
Other operating expenses	28.9		30.0	92.2		93.7
Selling, general and administrative expenses	216.0		215.6	673.8		636.0
Non-operating pension costs	6.9		1.2	20.1		3.2
Used vehicle sales, net	22.7		3.2	49.1		16.2
Interest expense	62.5		47.8	178.6		128.8
Miscellaneous (income) loss, net	0.7		(4.5)	(29.5)		(10.6)
Restructuring and other items, net	11.4		(0.5)	27.4		17.3
	2,315.2		2,040.8	6,569.3		5,880.3
Earnings (loss) from continuing operations before income taxes	(91.3)		118.9	80.0		273.5
Provision for income taxes	0.3		27.3	50.2		98.4
Earnings (loss) from continuing operations	(91.5)		91.6	29.8		175.1
Earnings (loss) from discontinued operations, net of tax	0.1		(0.8)	(0.7)		(2.4)
Net earnings (loss)	$	(91.5)	90.8	$	29.1	172.6
Earnings (loss) per common share — Diluted:
Continuing operations	$	(1.75)	1.73	$	0.56	3.31
Discontinued operations	—		(0.01)	(0.02)		(0.05)
Net earnings (loss)	$	(1.75)	1.72	$	0.55	3.26
Earnings (loss) per share — Diluted:
Earnings (loss) from continuing operations	$	(91.5)	91.6	$	29.8	175.1
Less: Distributed and undistributed earnings allocated to unvested stock	(0.1)		(0.3)	(0.3)		(0.6)
Earnings (loss) from continuing operations available to common shareholders — Diluted	$	(91.7)	91.3	$	29.5	174.5
Weighted average common shares outstanding — Diluted	52.3		52.8	52.6		52.7
EPS from continuing operations	$	(1.75)	1.73	$	0.56	3.31
Non-operating pension costs	0.09		0.01	0.27		0.03
ERP implementation costs	0.09		—	0.19		—
Restructuring and other, net	0.08		(0.01)	0.21		0.02
Gain on sale of property	—		—	(0.26)		—
Goodwill impairment	—		—	—		0.29
Tax adjustments	—		(0.06)	0.06		0.43
Comparable EPS from continuing operations *	$	(1.49)	1.67	$	1.03	4.08

* 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.

13

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED

(In millions)

	September 30, 2019		December 31, 2018
Assets:
Cash and cash equivalents	$	75.9	68.1
Other current assets	1,496.3		1,499.6
Revenue earning equipment, net	10,428.5		9,416.0
Operating property and equipment, net	891.7		862.1
Other assets	1,590.6		1,502.1
	$	14,482.8	13,347.8
Liabilities and shareholders' equity:
Current liabilities	$	1,592.2	1,579.6
Total debt	7,746.6		6,649.3
Other non-current liabilities (including deferred income taxes)	2,667.1		2,582.3
Shareholders' equity	2,477.0		2,536.6
	$	14,482.8	13,347.8

SELECTED KEY RATIOS AND METRICS

	September 30, 2019		December 31, 2018
Debt to equity	313	%	262	%
Effective interest rate (average cost of debt)	3.2	%	3.0	%

	Nine months ended September 30,
	2019		2018
Net cash provided by operating activities from continuing operations	$	1,589.2	1,275.6
Free cash flow *	(964.6)		(632.8)
Capital expenditures paid	2,957.2		2,200.0
Capital expenditures (accrual basis)	2,999.0		2,296.2
Less: Proceeds from sales (primarily revenue earning equipment)	(403.5)		(291.6)
Net capital expenditures	$	2,595.5	2,004.5

	Twelve months ended September 30,
	2019		2018
Return on average shareholders' equity**	5.5	%	34.2	%
Return on average assets**	1.0	%	6.9	%
Adjusted return on capital *	3.2	%	5.0	%
Weighted average cost of capital	4.6	%	4.6	%
Return on capital spread ***	(1.4)	%	0.4	%

* 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.

** 2018 calculations include the benefit from Tax Reform recorded in the fourth quarter of 2017.

*** Non-GAAP financial measure. Adjusted return on capital spread is calculated as the difference of the adjusted return on capital and the weighted average cost of capital.

Note: Amounts may not be additive due to rounding.

14

RYDER SYSTEM, INC. AND SUBSIDIARIES

LEASE ACCOUNTING IMPACT - UNAUDITED

(in millions, except per share amounts)

Adoption of the new lease standard impacted our previously reported Consolidated Condensed Statements of Operations and Comprehensive Income results as follows:

	Three months ended September 30, 2018					Nine months ended September 30, 2018
	As Previously		Lessor	Lessee and Other		As Previously		Lessor	Lessee and Other
	Reported		Adjustments *	Adjustments *	As Revised	Reported		Adjustments *	Adjustments *	As Revised
Lease & related maintenance and rental revenues	$	895.2	1.2	0.4	896.8	$	2,577.4	2.0	1.0	2,580.4
Total revenues	2,158.1		1.2	0.4	2,159.7	6,150.9		2.0	1.0	6,153.8
Cost of lease & related maintenance and rental	649.4		(2.7)	—	646.7	1,905.0		(9.9)	—	1,895.1
Cost of services **	945.9		—	2.1	947.9	2,639.1		—	5.6	2,644.8
Other operating expenses	30.3		—	(0.3)	30.0	94.8		—	(1.1)	93.7
Selling, general and administrative expenses **	215.5		0.9	(0.8)	215.6	637.3		1.0	(2.2)	636.0
Used vehicle sales, net	3.0		0.2	—	3.2	16.4		(0.2)	—	16.2
Interest expense	47.4		—	0.5	47.8	127.5		—	1.2	128.8
Restructuring and other items, net **	0.3		—	(0.9)	(0.5)	19.7		—	(2.4)	17.3
Earnings from continuing operations before income taxes	116.1		2.9	(0.2)	118.9	262.5		11.2	(0.2)	273.5
Provision for income taxes	26.6		0.6	—	27.3	95.6		2.8	—	98.4
Earnings from continuing operations	89.5		2.3	(0.2)	91.6	167.0		8.4	(0.2)	175.1
Net earnings	88.8		2.3	(0.2)	90.8	164.5		8.4	(0.2)	172.6
Comprehensive income	100.6		1.9	—	102.5	156.4		9.5	—	165.9
Earnings per common share - Basic
Continuing operations	$	1.70	0.04	—	1.74	$	3.18	0.15	—	3.33
Net earnings	$	1.69	0.04	—	1.73	$	3.13	0.15	—	3.28
Earnings per common share - Diluted
Continuing operations	$	1.69	0.04	—	1.73	$	3.15	0.16	—	3.31
Net earnings	$	1.68	0.04	—	1.72	$	3.11	0.16	—	3.26

* Included in the New Lease Standard Adjustments is the immaterial correction of the lease classification of certain leases of revenue earning equipment in our FMS Europe business as sales-type leases as well as the immaterial correction of certain facility leases as finance leases. See the Company's interim financial statements filed on Form 10-Q for further information.

** The changes primarily reflect the reclassification of our Singapore operations that were shut down during 2019.

Note: Amounts may not be additive due to rounding.

15

RYDER SYSTEM, INC. AND SUBSIDIARIES

LEASE ACCOUNTING IMPACT - UNAUDITED

(in millions)

Adoption of the new lease standard impacted our previously reported Consolidated Condensed Balance Sheet as follows:

	December 31, 2018
	As Previously		Lessor	Lessee
	Reported		Adjustments *	Adjustments *	As Revised
Receivables, net	$	1,219.4	22.6	—	1,242.1
Prepaid expenses and other current assets	201.6		(23.3)	—	178.3
Total current assets	1,568.4		(0.7)	—	1,567.7
Revenue earning equipment, net	9,498.0		(84.2)	2.2	9,416.0
Operating property and equipment, net	843.8		—	18.2	862.1
Sales-type leases and other assets	606.6		156.8	204.3	967.8
Total assets	13,051.1		72.0	224.7	13,347.8
Short-term debt and current portion of long term-debt	930.0		—	7.2	937.1
Accrued expenses and other current liabilities	630.5		145.1	72.2	847.7
Total current liabilities	2,292.3		145.1	79.3	2,516.7
Long-term debt	5,693.6		—	18.5	5,712.1
Other non-current liabilities	849.9		421.2	131.5	1,402.6
Deferred income taxes	1,304.8		(124.6)	(0.5)	1,179.7
Total liabilities	10,140.8		441.7	228.8	10,811.2
Retained earnings	2,710.7		(369.6)	(3.8)	2,337.3
Accumulated other comprehensive loss	(911.3)		(0.1)	(0.2)	(911.6)
Total shareholders' equity	2,910.3		(369.7)	(4.1)	2,536.6
Total liabilities and shareholders' equity	13,051.1		72.0	224.7	13,347.8

* Included in the New Lease Standard Adjustments is the immaterial correction of the lease classification of certain leases of revenue earning equipment in our FMS Europe business as sales-type leases as well as the immaterial correction of certain facility leases as finance leases. See the Company's interim financial statements filed on Form 10-Q for further information.

LEASE ACCOUNTING IMPACT ON EPS

2018	1Q		2Q	3Q	4Q	Full Year
Impact on EPS	$	0.06	0.05	0.04	0.08	0.23
2019 Forecast	1Q		2Q	3Q	4Q	Full Year
Impact on EPS	$	0.11	0.02	(0.10)	($0.08) - ($0.13)	($0.05) - ($0.10)

16

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED

Periods ended September 30, 2019 and 2018

(in millions)

	Three Months					Nine Months
	2019		2018	B(W)		2019		2018		B(W)
Total Revenue:
Fleet Management Solutions:
ChoiceLease	$	779.8	718.0	9	%	$	2,293.7	2,109.9		9	%
SelectCare	133.4		125.9	6	%	405.6		373.0		9	%
Commercial rental	263.0		257.9	2	%	753.0		694.9		8	%
Other	22.5		21.5	4	%	68.7		65.2		5	%
Fuel services revenue	198.7		214.5	(7)	%	618.9		633.6		(2)	%
Total Fleet Management Solutions	1,397.3		1,337.8	4	%	4,139.9		3,876.6		7	%
Supply Chain Solutions	617.6		628.5	(2)	%	1,902.6		1,727.8		10	%
Dedicated Transportation Solutions	359.2		340.6	5	%	1,071.1		970.2		10	%
Eliminations	(150.2)		(147.2)	(2)	%	(464.3)		(420.7)		(10)	%
Total revenue	$	2,223.9	2,159.7	3	%	$	6,649.3	6,153.8		8	%
Operating Revenue: *
Fleet Management Solutions	$	1,198.7	1,123.2	7	%	$	3,520.9	3,243.0		9	%
Supply Chain Solutions	453.7		462.8	(2)	%	1,413.6		1,275.7		11	%
Dedicated Transportation Solutions	247.7		222.2	11	%	731.4		637.5		15	%
Eliminations	(95.4)		(89.5)	(7)	%	(290.0)		(254.0)		(14)	%
Operating revenue	$	1,804.7	1,718.8	5	%	$	5,375.9	4,902.1		10	%
Business segment earnings:
Earnings (loss) from continuing operations
before income taxes:
Fleet Management Solutions	$	(108.6)	97.8	NM		$	10.1	228.7		(96)	%
Supply Chain Solutions	34.6		36.5	(5)	%	112.7		98.9		14	%
Dedicated Transportation Solutions	18.5		13.9	33	%	63.0		45.4		39	%
Eliminations	(6.1)		(16.1)	62	%	(42.6)		(44.6)		5	%
	(61.6)		132.2	NM		143.2		328.4		(56)	%
Unallocated Central Support Services	(11.4)		(12.7)	10	%	(34.5)		(34.3)		—	%
Non-operating pension costs	(6.9)		(1.2)	NM		(20.1)		(3.2)		NM
Restructuring and other items, net	(11.4)		0.5	NM		(8.8)		(17.3)		50	%
Earnings (loss) from continuing operations before income taxes	(91.3)		118.9	NM		80.0		273.5		(71)	%
Provision for income taxes	0.3		27.3	99	%	50.2		98.4		49	%
Earnings (loss) from continuing operations	$	(91.5)	91.6	NM		$	29.8	$	175.1	(83)	%

* 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 - Not Meaningful

17

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

Periods ended September 30, 2019 and 2018

(in millions)

	Three Months							Nine Months
	2019			2018		B(W)		2019			2018		B(W)
Fleet Management Solutions
FMS total revenue	$	1,397.3		1,337.8		4	%	$	4,139.9		3,876.6		7	%
Fuel services revenue(a)	(198.7)			(214.5)		(7)	%	(618.9)			(633.6)		(2)	%
FMS operating revenue *	$	1,198.7		1,123.2		7	%	$	3,520.9		3,243.0		9	%
Segment earnings (loss) before income taxes	$	(108.6)		97.8		NM		$	10.1		228.7		(96)	%
FMS earnings (loss) before income taxes as % of FMS total revenue	(7.8)		%	7.3	%			0.2		%	5.9	%
FMS earnings (loss) before income taxes as % of FMS operating revenue *	(9.1)		%	8.7	%			0.3		%	7.1	%
Supply Chain Solutions
SCS total revenue	$	617.6		628.5		(2)	%	$	1,902.6		1,727.8		10	%
Subcontracted transportation	(136.9)			(137.8)		(1)	%	(400.4)			(371.6)		8	%
Fuel	(27.0)			(28.0)		(4)	%	(88.6)			(80.5)		10	%
SCS operating revenue *	$	453.7		462.8		(2)	%	$	1,413.6		1,275.7		11	%
Segment earnings before income taxes	$	34.6		36.5		(5)	%	$	112.7		98.9		14	%
SCS earnings before income taxes as % of SCS total revenue	5.6		%	5.8	%			5.9		%	5.7	%
SCS earnings before income taxes as % of SCS operating revenue *	7.6		%	7.9	%			8.0		%	7.8	%
Dedicated Transportation Solutions
DTS total revenue	$	359.2		340.6		5	%	$	1,071.1		970.2		10	%
Subcontracted transportation	(76.2)			(80.8)		(6)	%	(229.9)			(224.8)		2	%
Fuel	(35.3)			(37.6)		(6)	%	(109.8)			(107.9)		2	%
DTS operating revenue *	$	247.7		222.2		11	%	$	731.4		637.5		15	%
Segment earnings before income taxes	$	18.5		13.9		33	%	$	63.0		45.4		39	%
DTS earnings before income taxes as % of DTS total revenue	5.1		%	4.1	%			5.9		%	4.7	%
DTS earnings before income taxes as % of DTS operating revenue *	7.5		%	6.3	%			8.6		%	7.1	%

* Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, DTS and SCS) 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.

(a) Includes intercompany fuel sales from FMS to DTS and SCS.

18

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

KEY PERFORMANCE INDICATORS

	Three months ended September 30,				Nine months ended September 30,				Change 2019/2018
	2019		2018		2019		2018		Three Months	Nine Months
ChoiceLease
Average fleet count	159,000		144,000		154,900		141,900		10%	9%
End of period fleet count	160,200		145,400		160,200		145,400		10%	10%
Miles/unit per day change - % (a)	2.0	%	0.7	%	0.7	%	(0.1)	%
Commercial rental
Average fleet count	45,200		42,300		44,100		40,500		7%	9%
End of period fleet count	44,800		42,600		44,800		42,600		5%	5%
Rental utilization - power units	74.0	%	80.4	%	74.7	%	78.3	%	(640) bps	(360) bps
Rental rate change - % (b)	2.0	%	3.3	%	2.4	%	3.2	%
Customer vehicles under
SelectCare contracts
Average fleet count	56,400		56,100		55,500		54,600		1%	2%
End of period fleet count	56,800		56,500		56,800		56,500		1%	1%
Customer vehicles under
SelectCare on-demand (c)
Fleet serviced during the period	8,300		9,000		19,400		18,900		(8)%	3%
SCS
Average fleet count (d)	9,700		8,900		9,700		8,600		9%	13%
End of period fleet count (d)	9,700		9,000		9,700		9,000		8%	8%
DTS
Average fleet count (d)	9,600		9,000		9,600		8,800		7%	9%
End of period fleet count (d)	9,600		9,100		9,600		9,100		5%	5%
Used vehicle sales (UVS)
Average UVS inventory	7,700		5,800		7,600		5,900		33%	29%
End of period fleet count	7,300		6,200		7,300		6,200		18%	18%
Used vehicles sold	5,300		4,100		15,600		13,000		29%	20%
UVS pricing change - % (e)
Tractors	(8)	%	22	%	7	%	10	%
Trucks	(10)	%	15	%	(5)	%	9	%

Notes:

(a)	Represents percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units.
(b)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.
(c)	Comprised of the number of vehicles serviced under on-demand maintenance agreements. Vehicles included in the end of period count may have been serviced more than one time during the respective period.
(d)	These vehicle counts are also included within the average fleet counts for ChoiceLease, Commercial rental and SelectCare.
(e)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

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	Reconciliation in Section Entitled
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
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 (Loss) Before Income Tax and Comparable Tax Rate	Earnings (Loss) Before Income Tax and Effective Tax Rate from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings (Loss)	Earnings (Loss) from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable EPS and Comparable EPS Forecast	EPS from Continuing Operations and EPS Forecast from Continuing Operations	Consolidated Condensed Statements of Earnings - Unaudited Appendix - Non-GAAP Financial Measure Reconciliations (Forecast)
Adjusted Return on Average Capital (ROC) and Adjusted ROC Spread	Not Applicable. However, 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 total debt and average shareholders' equity to adjusted average total capital is provided.	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization	Earnings (Loss) from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow	Cash Provided by Operating Activities	Appendix - Non-GAAP Financial Measure Reconciliations

20

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APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

OPERATING REVENUE RECONCILIATION
	Three months ended September 30,			Nine months ended September 30,
	2019		2018	2019		2018
Total revenue	$	2,223.9	2,159.7	$	6,649.3	6,153.8
Fuel	(206.1)		(222.4)	(643.0)		(655.2)
Subcontracted transportation	(213.1)		(218.5)	(630.4)		(596.4)
Operating revenue *	$	1,804.7	1,718.8	$	5,375.9	4,902.1

TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
	Nine months ended September 30,
	2019		2018
Net cash provided by operating activities from continuing operations	$	1,589.2	1,275.6
Proceeds from sales (primarily revenue earning equipment) (a)	403.5		291.6
Total cash generated *	1,992.7		1,567.2
Purchases of property and revenue earning equipment (a)	(2,957.2)		(2,200.0)
Free cash flow **	$	(964.6)	(632.8)
Memo:
Net cash provided by financing activities	$	976.6	779.2
Net cash used in investing activities	$	(2,553.8)	(2,075.8)

Notes:

(a) Included in cash flows from investing activities.

** Non-GAAP financial measure.

** Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of net cash provided by operating activities and proceeds from the sale of revenue earning equipment and operating property and equipment, and other cash inflows from investing activities, less purchases of property and revenue earning equipment.

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

ADJUSTED RETURN ON CAPITAL RECONCILIATION
	Twelve months ended September 30,
	2019			2018
Net earnings (12-month rolling period)	$	141.7		817.2
+ Restructuring and other items	13.3			36.2
+ Income taxes	54.7			(466.3)
Adjusted earnings before income taxes	209.7			387.2
+ Adjusted interest expense (a)	230.3			164.9
- Adjusted income taxes (b)	(131.3)			(150.5)
= Adjusted net earnings for ROC (numerator) [A]	$	308.6		401.6
Average total debt	$	7,124.3		5,746.0
Average shareholders' equity	2,555.0			2,391.4
Adjustment to equity (c)	14.2			(121.9)
Adjusted average total capital (denominator) [B]	$	9,693.4		8,015.5
Adjusted ROC * [A]/[B]	3.2		%	5.0	%
Weighted average cost of capital	4.6		%	4.6	%
Adjusted return on capital spread	(1.4)		%	0.4	%

Notes:

(a)	Represents reported interest expense plus imputed interest on off-balance sheet obligations.
(b)	Represents provision for income taxes plus income taxes on restructuring and other charges and adjusted interest expense.
(c)	Represents the impact to equity of items to arrive at comparable earnings.

* 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 total debt and average shareholders' equity to adjusted average total capital set forth in this table.

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
	Three months ended September 30,
	2019		2018
Earnings (loss) from continuing operations	$	(91.5)	91.6
+ Provision for income taxes	0.3		27.3
Earnings (loss) before income taxes from continuing operations	(91.3)		118.9
+ Non-operating pension costs	6.9		1.2
+ ERP implementation costs	6.1		—
+ Restructuring and other, net	5.2		(0.5)
Comparable earnings (loss) before income taxes from continuing operations *	(73.0)		119.5
+ Interest expense	62.5		47.8
+ Depreciation	574.7		346.5
+ Losses from used vehicle fair value adjustments	25.9		11.5
+ Amortization	2.1		2.2
Comparable EBITDA *	$	592.2	527.6

COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
	Nine months ended September 30,
	2019		2018
Earnings from continuing operations	$	29.8	175.1
+ Provision for income taxes	50.2		98.4
Earnings before income taxes from continuing operations	80.0		273.5
+ Non-operating pension costs	20.1		3.2
+ ERP implementation costs	13.6		—
+ Goodwill impairment	—		15.5
+ Restructuring and other, net	13.8		1.8
- Gain on sale of property	(18.6)		—
Comparable earnings before income taxes from continuing operations	108.8		294.0
+ Interest expense	178.6		128.8
+ Depreciation	1,342.7		1,022.0
+ Losses from used vehicle fair value adjustments	67.9		39.1
+ Amortization	6.3		5.6
Comparable EBITDA *	$	1,704.3	1,489.5

* 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.

23

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions)

COMPARABLE EARNINGS / EARNINGS BEFORE INCOME TAX / TAX RATE RECONCILIATION
		2019
	Consolidated Condensed Statements of Earnings Line Item	Three Months			Nine Months
Earnings (loss) from continuing operations before income taxes		$	(91.3)		80.0
Non-operating pension costs	Non-operating pension costs	6.9			20.1
ERP implementation costs	Restructuring and other items, net	6.1			13.6
Restructuring and other, net	Restructuring and other items, net	5.2			13.8
Gain on sale of property	Miscellaneous income, net	—			(18.6)
Comparable earnings (loss) from continuing operations before income taxes*		(73.0)			108.8
Provision for income taxes		(0.3)			(50.2)
Tax adjustments		—			3.5
Income tax effects of non-GAAP adjustments**		(4.8)			(7.9)
Comparable provision for income taxes**		(5.1)			(54.6)
Earnings (loss) from continuing operations		(91.5)			29.8
Non-operating pension costs	Non-operating pension costs	4.9			14.3
ERP implementation costs	Restructuring and other items, net	4.5			10.1
Restructuring and other, net	Restructuring and other items, net	4.0			10.4
Gain on sale of property	Miscellaneous income, net	—			(13.8)
Tax adjustments	Provision for income taxes	—			3.5
Comparable earnings (loss) from continuing operations*		$	(78.1)		54.2
Tax rate on continuing operations		(0.3)		%	62.7	%
Income tax effects of non-GAAP adjustments**		(6.7)		%	(12.5)	%
Comparable tax rate on continuing operations**		(7.0)		%	50.2	%

* Non-GAAP financial measure.

** 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 statutory tax rates of the jurisdictions to which the non-GAAP adjustments relate.

Note: Amounts may not be additive due to rounding.

24

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions)

		2018
	Consolidated Condensed Statements of Earnings Line Item	Three Months			Nine Months
Earnings from continuing operations before income taxes		$	118.9		273.5
Non-operating pension costs	Non-operating pension costs	1.2			3.2
Goodwill impairment	Restructuring and other items, net	—			15.5
Restructuring and other, net	Restructuring and other items, net	(0.5)			1.8
Comparable earnings from continuing operations before income taxes*		119.5			294.0
Provision for income taxes		(27.3)			(98.4)
Tax adjustments		(3.3)			22.7
Income tax effects of non-GAAP adjustments**		(0.7)			(2.2)
Comparable provision for income taxes**		(31.3)			(77.9)
Earnings from continuing operations		91.6			175.1
Non-operating pension costs	Non-operating pension costs	0.6			1.5
Goodwill impairment	Restructuring and other items, net	—			15.5
Restructuring and other, net	Restructuring and other items, net	(0.7)			1.3
Tax adjustments	Provision for income taxes	(3.3)			22.7
Comparable earnings from continuing operations*		$	88.2		216.1
Tax rate on continuing operations		22.9		%	36.0	%
Income tax effects of non-GAAP adjustments**		3.3		%	(9.5)	%
Comparable tax rate on continuing operations**		26.2		%	26.5	%

* Non-GAAP financial measure.

** 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 statutory tax rates of the jurisdictions to which the non-GAAP adjustments relate.

Note: Amounts may not be additive due to rounding.

25

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION
Comparable earnings (loss) per share from continuing operations forecast:*	Fourth Quarter 2019	Full Year 2019
EPS from continuing operations	($0.36) to ($0.26)	$0.20 to $0.30
Non-operating pension costs, net of tax	0.09	0.36
Gain on sale of property	—	(0.26)
ERP implementation costs	0.10	0.30
Restructuring and other, net	0.14	0.34
Tax adjustments	—	0.06
Comparable EPS from continuing operations forecast*	($0.03) to $0.07	$1.00 to $1.10

Note: Amounts may not be additive due to rounding.

TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION
	2019 Forecast
Net cash provided by operating activities from continuing operations	$	2,130
Proceeds from sales (primarily revenue earning equipment) (1)	450
Total cash generated*	2,580
Capital expenditures (1)(2)	(3,700)
Free cash flow **	$	(1,120)
Memo:
Net cash provided by financing activities	$	1,100
Net cash used in investing activities	$	(3,250)

⁽¹⁾Included in cash flows from investing activities.

⁽²⁾Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.

* *Non-GAAP financial measure.

** Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (excluding changes in restricted cash and acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of net cash provided by operating activities and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of property and revenue earning equipment.

26

EX-99.2

Third Quarter 2019 Earnings Conference Call October 29, 2019

Safe Harbor and Non-GAAP Financial Measures 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 forecast, outlook, expectations regarding market trends and economic environment; our financial condition; our fleet growth; performance in our product lines and segments; the strength of our contractual sales pipeline; projections related to customer retention; demand, utilization and pricing in our commercial rental business; demand, sales and pricing in used vehicle sales; used vehicle inventory levels; residual values and depreciation expense; our ability to meet our expectations of wholesale and retail sales mix; return on capital spread; operating cash flow; free cash flow; capital expenditures; leverage; our ability to make investments in and obtain our projected benefits from sales, marketing, IT, e-commerce and new product initiatives; costs of implementing our ERP system; the impact and adequacy of steps we have taken to address our cost structure; our ability to implement our asset management strategy to right size the rental fleet; our ability to successfully implement our maintenance cost-savings initiatives; our ability to gain market acceptance of our new products and services; and the impact of adoption of the lease accounting standard on our earnings, financial position, cash flow, leverage and the demand for our products and services. Our forward-looking statements also include our estimates of the impact of our changes to residual value estimates on earnings and depreciation expense. The expected impact of the change in residual value estimates is based 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-term used vehicle market. Our assessment is subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results related to vehicle residual values to materially differ from estimates include, but are not limited to, changes in supply and demand, competitor pricing, regulatory requirements, driver shortages, requirements and preferences, as well as changes in underlying assumption factors. All of our 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 adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services, higher than expected maintenance costs, lower than expected benefits from our cost-savings initiatives, lower than expected benefits from our sales, marketing and new product initiatives, higher than expected costs related to our ERP implementation, setbacks or uncertainty in the economic market, or in our ability to grow and retain profitable customer accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, poor operational execution including with respect to new accounts and product launches, our difficulty in obtaining adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, business interruptions or expenditures due to labor disputes, severe weather or natural occurrences, competition from other service providers and new entrants, lower than anticipated customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, higher than expected bad debt reserves or write-offs, changes in customers' business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting estimates, higher than expected reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, impact of changes in our residual value estimates and accounting policies, including our depreciation policy, the sudden or unusual changes in fuel prices, unanticipated currency exchange rate fluctuations, 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, including: Comparable Earnings Measures, including comparable earnings from continuing operations, comparable earnings per share from continuing operations, comparable earnings before income tax, comparable earnings before interest, income tax, depreciation and amortization, and comparable effective income tax rate. Additionally, our adjusted return on average capital (ROC) and adjusted return on capital spread (ROC spread) measures are calculated based on comparable earnings items. Operating Revenue Measures, including operating revenue for Ryder and its business segments, and segment EBT as a percentage of operating revenue. Cash Flow Measures, including total cash generated and free cash flow. Debt Measures, including total obligations and total obligations to equity. Refer to Appendix - Non-GAAP Financial Measures for reconciliations of the non-GAAP financial measures contained in this presentation to the nearest 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 our Form 8-K filed with the SEC as of the date of this presentation, which are available at http://investors.ryder.com. All amounts subsequent to January 1, 2018 amounts have been recast to reflect the impact of the lease accounting standard, ASU 2016-02, Leases. Amounts throughout the presentation may not be additive due to rounding. ©2019 Ryder System ,Inc. 2 All Rights Reserved

Contents • Residual Value Estimate Change • Third Quarter 2019 Results Overview • EPS Forecast • Q & A ©2019 Ryder System ,Inc. 3 All Rights Reserved

Overview • Ryder’s value proposition remains strong and is driven by long-term outsourcing trends in the large transportation and logistics markets • 2019-20 earnings expected to be negatively impacted by used vehicle market downturn and residual value estimate change • Returns expected to organically improve as: • depreciation impact from accounting residual value estimate change declines for the power vehicle fleet as of 3Q19 • majority of remaining underperforming leases exit the fleet • Focused on accelerating initiatives to improve ROC through continued higher ChoiceLease pricing, cost reduction actions, used vehicle sales initiatives, addressing lower returning accounts/assets, and reinvesting in higher return business Ryder remains a market leader with a strong financial position ©2019 Ryder System ,Inc. 4 All Rights Reserved

Used Tractor Sales Price History: 1999 - 2018 Ryder Used Sale Price % of Lack of supply in market and engine Supply entered 140 Original Cost Index technology change market as freight environment 130 slowed 120 110 100 90 80 70 60 50 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Note: Illustrative for Class 8 Tractors. Depicts Ryder’s sales prices as percent of original cost indexed to the value in 1999 to show the percent change in value each year. Excludes vehicles operated in excessively high mileage applications and sale prices adjusted to a consistent age at sale. Used tractor sales prices increased above historical levels during 2012-15, declined sharply through 2017, and began to recover in 2018 ©2019 Ryder System ,Inc. 5 All Rights Reserved

Used Tractor Market Conditions Began To Soften In June 2019 - Conditions Worsened In 3Q19 With Expectations For Further Near-Term Decline Ryder Used Sale Price % of Original Cost Index 90 140 130 120 110 100 80 90 80 70 60 50 3Q19 2013 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2014 2015 2016 2017 2018 2019 70 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Note: Illustrative for Class 8 Tractors. Depicts Ryder’s sales prices as percent of original cost indexed to the value in 1999 to show the percent change in value each year. Excludes vehicles operated in excessively high mileage applications and sale prices adjusted to a consistent age at sale. Most recent decline in used vehicle prices triggered re-evaluation of residual value estimates ©2019 Ryder System ,Inc. 6 All Rights Reserved

Residual Value Estimates and Depreciation • Residual values and useful lives of revenue earning equipment are reviewed at least annually • Three components of Ryder’s depreciation: • Policy Depreciation – estimated residuals established on each vehicle to set depreciation expense over the vehicles useful life – long-term view • Accelerated Depreciation – additional depreciation may be recorded as a vehicle nears the end of its useful life if its anticipated market value is below the estimated residual value (established through policy depreciation) at disposition – near-term view • Valuation Adjustments – additional negative adjustments recorded upon a vehicle reaching our used truck centers, only if its anticipated market value is below the estimated residual value ©2019 Ryder System ,Inc. 7 All Rights Reserved

3Q19 Residual Value Estimate Changes 1) Policy Depreciation: For vehicles expected to be sold starting in late 2021, reduced long-term estimate of residual values to reflect more recent multi-year trends (which exclude 2015 peak) and include outlook 2) Accelerated Depreciation: For vehicles expected to be sold by late 2021, reduced estimated residual values below policy depreciation residual level to reflect expected near-term used vehicle market downturn and increased wholesaling activity Reduced accounting residuals for tractors and, to a lesser extent, trucks to reflect recent market conditions and updated outlook See Appendix: Vehicle Depreciation for more information on our depreciation policies ©2019 Ryder System ,Inc. 8 All Rights Reserved

Estimated Tractor Residuals For Policy Depreciation Reduced To Reflect More Recent Multi-Year Trends And Include Outlook 140 Ryder Used Sale Price % of Original Cost Index 130 120 110 100 90 80 70 New Residual Estimate For Policy 60 Depreciation * 50 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 * Represents a reduction of approximately 18% from prior residual estimate Note: Illustrative for Class 8 Tractors. Depicts Ryder’s sales prices as percent of original cost indexed to the value in 1999 to show the percent change in value each year. Excludes vehicles operated in excessively high mileage applications and sale prices adjusted to a consistent age at sale. For vehicles expected to be sold by late 2021, reduced estimated residual values for accelerated depreciation to below policy depreciation residual level ©2019 Ryder System ,Inc. 9 All Rights Reserved

Residual Value Estimates On All Power Vehicles Reduced To Better Align With Updated Outlook - Negative Earnings Impact From Estimate Changes Declines Each Quarter Impact of Change in Residual Estimates on Policy Quarterly Depreciation and Accelerated Depreciation (1) $200 $177 $150 $112 $125 (2) ) $100 $80 $58 $65 $55 $35 $50 $50 $20 $10 $5 $52 $54 $45 $45 $45 Millions $45 $- $( 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 Annual Policy Impact Accelerated Impact $350 • Residual value estimate change impact on policy depreciation represents ~5% of $300 $289 original vehicle investment ) $250 $250 • Cumulative impact of reduced residual estimates of ~$844M $200 $70 $183 (2) Total ~$180M Millions $150 $125 $( $100 $180 (3) $50 $106 $125 $- 2H19 2020 2021 2022 2023 2024-25 Policy Impact Accelerated Impact (1) These estimates are based on management’s view of market conditions and reflect the impact of this current change on residual values on the current fleet of power vehicles. Management reviews our residual values periodically based on current and expected market conditions, and, if management’s view of market conditions changes, we may adjust, positively or negatively, our residual value estimates for the fleet at such time. (2) Includes $8M of valuation adjustments in 3Q19 (3) Under our historical assumptions, approximately $100M of the $180M would have been recognized as depreciation expense during 2020. We estimate that the approximately $80M remaining would have been recognized as either policy or accelerated depreciation in 2021 or years thereafter under our historical estimation assumptions. Results in earlier recognition of depreciation in 2019 and 2020 ©2019 Ryder System ,Inc. 10 All Rights Reserved

Key ROC Improvement Actions Improve returns through pricing actions: Increased lease rates 1 on all power vehicles by reducing priced residual assumptions beginning in late 2017 – tractor priced residuals are now at historically low levels; pricing optimization continues ©2019 Ryder System ,Inc. 11 All Rights Reserved

Pricing Actions Taken To Improve ChoiceLease Returns Projected Performance by Year (reflects updated residual value estimates) 2012 Below Target For leases signed prior to 2014, we expect returns Drives majority of accelerated depreciation below our target levels due to higher than priced - impacts P&L through 2020 2013 Below Target maintenance costs on new engine technology and now lower than priced residual assumptions 2014 At Target Above Target For leases signed in 2014-17, we expect returns at or 2015 above our target levels due to better than priced maintenance costs more than offsetting lower than 2016 Above Target priced residual assumptions 2017 Above Target For leases signed after 2017, we expect returns above Tractor priced 2018 Above Target our target levels due to better than priced residuals are now at maintenance and overhead costs, and reduced pricing historically low levels; residual assumptions pricing optimization Above Target continues 2019 Pricing and cost actions have improved actual and expected returns for leases signed beginning in 2014. Returns are expected to organically improve as the lease portfolio turns over and underperforming leases (signed prior to 2014) exit the fleet. ©2019 Ryder System ,Inc. 12 All Rights Reserved

Key ROC Improvement Actions 1 Improve returns through pricing actions Expand retail used vehicle capacity (additional locations, inside sales, website enhancements) and explore residual risk 2 sharing arrangements (partnerships, capital markets) Accelerate significant cost-savings initiatives (maintenance 3 cost initiative, zero-based budgeting) 4 Prune lower return accounts / assets 5 Accelerate growth in higher return business (SCS / DTS) Intense focus on improving ROC spread ©2019 Ryder System ,Inc. 13 All Rights Reserved

Contents • Residual Value Estimate Change • Third Quarter 2019 Results Overview • EPS Forecast • Q & A ©2019 Ryder System ,Inc. 14 All Rights Reserved

3rd Quarter Results Overview • Earnings (loss) per diluted share from continuing operations was $(1.75) vs. $1.73 in 3Q18 — 3Q19 included higher depreciation expense (non-cash) related to change in vehicle residual value estimates, as well as a $0.09 charge for non-operating pension costs, a $0.09 charge for ERP implementation, and a $0.08 net charge for restructuring and other items — 3Q18 included a $0.06 benefit from a state tax law change and a tax related adjustment • Comparable earnings (loss) per share from continuing operations was $(1.49) vs. $1.67 in 3Q18 — 3Q19 comparable loss per share included $3.01 of higher depreciation expense (non-cash) related to reduced vehicle residual value estimates • Total revenue increased 3% and operating revenue increased 5% vs. prior year ©2019 Ryder System ,Inc. 15 All Rights Reserved

Key Financial Statistics Third Quarter ($Millions, Except Per Share Amounts) 2019 2018 %B/(W) Total Revenue $ 2,223.9 $ 2,159.7 3 % Fuel and Subcontracted Transportation (419.2) (440.9) (5) % Operating Revenue $ 1,804.7 $ 1,718.8 5 % Earnings (Loss) Per Share from Continuing Operations (1.75)* $ 1.73 NM Comparable Earnings (Loss) Per Share from Continuing Operations (1.49)* $ 1.67 NM Memo: Earnings (Loss) from Continuing Operations $ (91.5) $ 91.6 NM Comparable EBITDA $ 592.2 $ 527.6 12 % Average Shares (Millions) - Diluted 52.3 52.8 Tax Rate from Continuing Operations (0.3) % 22.9 % Comparable Tax Rate from Continuing Operations (7.0) % 26.2 % Adjusted Return on Capital vs. Cost of Capital (1) (1.4) % 0.4 % Return on Equity (1) 5.5 % 34.2 % *Includes increase in non-cash depreciation expense of $3.01 per share due to change in residual value estimates (1) Trailing 12 months; ROE for the prior year period reflects one-time benefit from revaluation of net deferred income tax liability due to Tax Reform. NM - Not Meaningful ©2019 Ryder System ,Inc. 16 All Rights Reserved

3rd Quarter Results Overview – FMS • Fleet Management Solutions (FMS) total revenue up 4% and FMS operating revenue up 7% – ChoiceLease revenue up 9% – SelectCare revenue up 6% – Commercial rental revenue up 2% • FMS earnings declined reflecting an increase in depreciation expense – $177M in higher depreciation expense related to reduced residual value estimates – Results also impacted by lower performance in used vehicle sales and commercial rental, partially offset by improved lease results and lower maintenance costs • FMS earnings (loss) before tax (EBT) down to $(109)M as compared to $98M in the prior year – FMS EBT percent of FMS total revenue declined to (7.8)% – FMS EBT percent of FMS operating revenue declined to (9.1)% ©2019 Ryder System ,Inc. 17 All Rights Reserved

3rd Quarter Used Vehicle Sales Update - FMS • Sold 5,300 used vehicles during the third quarter, up 29% from the prior year and up 4% sequentially • Used vehicles inventory was 7,300 at quarter end, up from 6,200 in the prior year – Decreased by 1,000 vehicles sequentially • Proceeds per unit were down 8% for tractors and down 10% for trucks in the third quarter compared with prior year – Lower proceeds driven by softer market conditions and higher wholesale volumes – Proceeds per unit were down 15% for tractors and down 8% for trucks, sequentially ©2019 Ryder System ,Inc. 18 All Rights Reserved

3rd Quarter Results Overview – SCS • Supply Chain Solutions (SCS) total revenue and operating revenue down 2% – SCS total and operating revenue decreased due to previously announced lost business, partially offset by higher pricing • SCS earnings decreased primarily due to $3.8M impact from change in residual value estimates for vehicles used by SCS – Decline was partially offset by improved operating performance • SCS earnings before tax (EBT) down 5% – SCS EBT percent of SCS total revenue down 20 basis points to 5.6% – SCS EBT percent of SCS operating revenue down 30 basis points to 7.6% ©2019 Ryder System ,Inc. 19 All Rights Reserved

3rd Quarter Results Overview – DTS • Dedicated Transportation Solutions (DTS) total revenue up 5% and DTS operating revenue up 11% – DTS total and operating revenue increased primarily due to new business • DTS earnings increased due to revenue growth and improved operating performance growth – Increase partially offset by $7.0M impact from change in residual value estimates for vehicles used by DTS • DTS earnings before tax (EBT) up 33% – DTS EBT percent of DTS total revenue up 100 basis points to 5.1% – DTS EBT percent of DTS operating revenue up 120 basis points to 7.5% ©2019 Ryder System ,Inc. 20 All Rights Reserved

Capital Expenditures ($ Millions) Year-to-Date 2019 $ 2019 2018 O/(U) 2018 ChoiceLease $ 2,311 $ 1,419 $ 892 Commercial Rental 551 758 (207) Operating Property and Equipment 136 120 16 Gross Capital Expenditures 2,999 2,296 703 Less: Proceeds from Sales (Primarily Revenue Earning Equipment)(1) (403) (292) (111) Net Capital Expenditures $ 2,596 $ 2,005 $ 591 Note: Amounts may not be additive due to rounding. (1) Includes proceeds of $43 million related to the sale of SCS properties during the second quarter of 2019. ©2019 Ryder System ,Inc. 21 All Rights Reserved

Cash Flow and Leverage Year-to-Date ($ Millions) 2019 2018 Earnings from Continuing Operations $ 30 $ 175 Depreciation 1,343 1,022 Used Vehicle Sales, Net 49 16 Amortization and Other Non-Cash Charges, Net 167 142 Pension Contributions (26) (19) Collections from Sales-type Leases 90 63 Changes in Working Capital and Deferred Taxes (63) (125) Cash Provided by Operating Activities 1,589 1,276 Proceeds from Sales (Primarily Revenue Earning Equipment) 403 292 Total Cash Generated 1,993 1,567 Capital Expenditures (1) (2,957) (2,200) Free Cash Flow $ (965) $ (633) Debt to Equity (2) 313 % 249 % Note: Amounts may not be additive due to rounding (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) Target debt to equity range is 250 - 300%. ©2019 Ryder System ,Inc. 22 All Rights Reserved

Contents • Residual Value Estimate Change • Third Quarter 2019 Results Overview • EPS Forecast • Q & A ©2019 Ryder System ,Inc. 23 All Rights Reserved

EPS Forecast – Continuing Operations ($ Earnings Per Share) • Reducing our full year GAAP EPS forecast to $0.20 to $0.30 and full year Comparable EPS forecast to $1.00 to $1.10, primarily reflecting the impact from a change in residual value estimates • Current forecast is as follows: Fourth Quarter 2019 Full Year 2019 EPS Forecast ($0.36) to ($0.26) $0.20 to $0.30 Comparable EPS Forecast ($0.03) to $0.07 $1.00 to $1.10 Fourth Quarter 2018 * Full Year 2018 * EPS $2.13 $5.44 Comparable EPS $1.88 $5.97 (*) These amounts have been recast to reflect the impact of the lease accounting standard. Fourth quarter comparisons include a negative $0.16 to negative $0.21 year-over-year impact from lease accounting, reflecting an estimated negative $0.08 to negative $0.13 impact in the fourth quarter of 2019 compared to a $0.08 benefit in the prior year. The negative impact from lease accounting in 2019 reflects an expected decline in lease fleet age. The full year 2019 impact from lease accounting is now expected to reduce earnings per share by approximately $0.05 to $0.10 as compared to the prior accounting method. ©2019 Ryder System ,Inc. 24 All Rights Reserved

Contents • Residual Value Estimate Change • Third Quarter 2019 Results Overview • EPS Forecast • Q & A ©2019 Ryder System ,Inc. 25 All Rights Reserved

Q&A ©2019 Ryder System ,Inc. 26 All Rights Reserved

Appendix Residual Value Estimate Change Overview Three-Year Financial Targets Business Segment Detail Central Support Services Lease Accounting Impact on EPS Balance Sheet Adjusted Return on Capital Spread Financial Indicators Forecast Asset Management Non-GAAP Financial Measures & Reconciliations ©2019 Ryder System ,Inc. 27 All Rights Reserved

Vehicle Depreciation • We periodically review and adjust, as appropriate, the residual values of revenue earning equipment taking into account, among other factors, historical market price changes, current and expected future market price trends, expected lives of vehicles, and expected sales in the wholesale and retail markets. Refer to Form 10-Q for additional detail. • Three components of Ryder’s depreciation: • Policy Depreciation – estimated residuals established on each vehicle to set depreciation expense over the vehicles useful life – long-term view • Accelerated Depreciation – additional depreciation may be recorded as a vehicle nears the end of its useful life if its anticipated market value is below the estimated residual value (established through policy depreciation) at disposition – near-term view • Valuation Adjustments – additional negative adjustments recorded upon a vehicle reaching our used truck centers, only if anticipated market value is below the estimated residual value • A decline in market used vehicle pricing from 2015 peak levels resulted in sales prices dropping below estimated accounting residual values, thereby triggering accelerated depreciation, policy depreciation and valuation adjustments • Although realized market values remained below estimated accounting residual values during 2018 and 1H19, market values were improving • However, pricing began to decline in June 2019 and worsened in 3Q19. The changes triggered a re-evaluation of residual value estimates in the third quarter. ©2019 Ryder System ,Inc. 28 All Rights Reserved

Residual Value Assessment 3Q19 Assessment • Evaluated current conditions and near-term outlook for used vehicle pricing ‒ used vehicle prices expected to continue to decline in the near-term, particularly for tractors • Evaluated our long-term view of residual value estimates including future expected market impacts ‒ a prolonged decline in residuals versus 2015 peak is now expected ‒ we believe more recent sales prices of used vehicles are more indicative of our long-term view of residuals vs. prior estimates Residual value estimates were reduced based on current and expected market conditions and an assessment of the inputs used for estimation ©2019 Ryder System ,Inc. 29 All Rights Reserved

Estimate Change and Expected P&L Impact Reduced residual value estimates effective 7/1/19 for all power vehicles with the largest impact on tractors • Change to residual estimates impacted by depreciation policy (applied to vehicles expected to be sold starting in late 2021) ‒ reducing long-term residual values to reflect recent and expected market conditions • Change residual estimates impacted by accelerated depreciation (applied to vehicles expected to be sold by late 2021) ‒ reducing residual values to near-term outlook for used vehicle pricing levels ‒ adjust retail/wholesale mix to reflect expectations for increased wholesaling activity Increased depreciation expense resulting from the change in residual value estimates has the largest negative earnings impact in 3Q19, with declining impacts thereafter, for power vehicle fleet as of 3Q19 Reduced residual estimates intended to align with recent and expected market conditions ©2019 Ryder System ,Inc. 30 All Rights Reserved

Three-Year Financial Targets 3-Yr Target 2019 Forecast Operating Revenue Growth Fleet Management 6 - 7% l Supply Chain 7 - 8% l Dedicated Transportation 9 - 10% l EBT as % of Operating Revenue Fleet Management 10 - 12% l  Reflects negative Supply Chain 8 - 9% l impact from used Dedicated Transportation 8 - 9% l vehicle sales and residual Adjusted ROC Spread 100 - 150 bps l  value estimate changes Leverage (Debt-to-Equity) 250 - 300% l  These three-year targets were issued 2/16/18 and assumed a stable rental environment and used vehicle pricing levels. These market conditions changed beginning in June 2019 and as such the timing of achieving target levels is under review. ©2019 Ryder System ,Inc. 31 All Rights Reserved

Key Financial Statistics Year-to-Date ($Millions, Except Per Share Amounts) 2019 2018 %B/(W) Total Revenue $ 6,649.3 $ 6,153.8 8 % Fuel and Subcontracted Transportation (1,273.4) (1,251.7) 2 % Operating Revenue $ 5,375.9 $ 4,902.1 10 % Earnings Per Share from Continuing Operations 0.56 * $ 3.31 (83) % Comparable Earnings Per Share from Continuing Operations 1.03 * $ 4.08 (75) % Memo: Earnings from Continuing Operations $ 29.8 $ 175.1 (83) % Comparable EBITDA $ 1,704.3 $ 1,489.5 14 % Average Shares (Millions) - Diluted 52.6 52.7 Tax Rate from Continuing Operations 62.7 % 36.0 % Comparable Tax Rate from Continuing Operations 50.2 % 26.5 % Adjusted Return on Capital vs. Cost of Capital (1) (1.4) % 0.4 % Return on Equity (1) 5.5 % 34.2 % *Includes increase in non-cash depreciation expense of $3.01 per share due to change in residual value estimates (1) Trailing 12 months; ROE for the prior year period reflects one-time benefit from revaluation of net deferred income tax liability due to Tax Reform. ©2019 Ryder System ,Inc. 32 All Rights Reserved

Business Segments ($ Millions) Third Quarter Memo: Operating Revenue 2019 2018 % B/(W) 2019 2018 % B/(W) Total Revenue: Fleet Management Solutions $ 1,397.3 $ 1,337.8 4 % $ 1,198.7 $ 1,123.2 7 % Supply Chain Solutions 617.6 628.5 (2) % 453.7 462.8 (2) % Dedicated Transportation Solutions 359.2 340.6 5 % 247.7 222.2 11 % Eliminations (150.2) (147.2) (2) % (95.4) (89.5) (7) % Total $ 2,223.9 $ 2,159.7 3 % $ 1,804.7 $ 1,718.8 5 % Segment Earnings (Loss) Before Tax: (1) Fleet Management Solutions $ (108.6) $ 97.8 NM Supply Chain Solutions 34.6 36.5 (5) % Dedicated Transportation Solutions 18.5 13.9 33 % Eliminations (6.1) (16.1) 62 % (61.6) 132.2 NM Central Support Services (Unallocated Share) (11.4) (12.7) 10 % Non-operating Pension Costs (6.9) (1.2) NM Restructuring and Other Items, net (11.4) 0.5 NM Earnings (Loss) Before Income Taxes $ (91.3) $ 118.9 NM Provision for Income Taxes 0.3 27.3 99 % Earnings (Loss) from Continuing Operations $ (91.5) $ 91.6 NM Comparable Earnings (Loss) from Continuing Operations $ (78.1) $ 88.2 NM NM - Not meaningful Note: Amounts may not be additive due to rounding. (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs and restructuring and other items, net. ©2019 Ryder System ,Inc. 33 All Rights Reserved

Business Segments ($ Millions) Year-to-Date Memo: Operating Revenue 2019 2018 % B/(W) 2019 2018 % B/(W) Total Revenue: Fleet Management Solutions $ 4,139.9 $ 3,876.6 7 % $ 3,520.9 $ 3,243.0 9 % Supply Chain Solutions 1,902.6 1,727.8 10 % 1,413.6 1,275.7 11 % Dedicated Transportation Services 1,071.1 970.2 10 % 731.4 637.5 15 % Eliminations (464.3) (420.7) (10) % (290.0) (254.0) (14) % Total $ 6,649.3 $ 6,153.8 8 % $ 5,375.9 $ 4,902.1 10 % Segment Earnings (Loss) Before Tax: (1) Fleet Management Solutions $ 10.1 228.7 (96) % Supply Chain Solutions 112.7 98.9 14 % Dedicated Transportation Services 63.0 45.4 39 % Eliminations (42.6) (44.6) 5 % 143.2 328.4 (56) % Central Support Services (Unallocated Share) (34.5) (34.3) — % Non-operating Pension Costs (20.1) (3.2) NM Restructuring and Other Items, net (8.8) (17.3) 50 % Earnings Before Income Taxes $ 80.0 $ 273.5 (71) % Provision for Income Taxes 50.2 98.4 49 % Earnings from Continuing Operations $ 29.8 $ 175.1 (83) % Comparable Earnings (Loss) from Continuing Operations $ 54.2 $ 216.1 (75) % NM - Not meaningful Note: Amounts may not be additive due to rounding. (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs and restructuring and other items, net. ©2019 Ryder System ,Inc. 34 All Rights Reserved

Fleet Management Solutions (FMS) ($ Millions) Third Quarter Revenue 2019 2018 % B/(W) ChoiceLease $ 779.8 $ 718.0 9 % SelectCare 133.4 125.9 6 % Commercial Rental 263.0 257.9 2 % Other 22.5 21.5 4 % FMS Operating Revenue 1,198.7 1,123.2 7 % Fuel Services Revenue 198.7 214.5 (7) % FMS Total Revenue $ 1,397.3 $ 1,337.8 4 % FMS Earnings (Loss) Before Tax FMS Earnings (Loss) Before Tax (EBT) $ (108.6) * $ 97.8 NM FMS EBT as a % of FMS Total Revenue (7.8) % 7.3 % FMS EBT as a % of FMS Operating Revenue (9.1) % 8.7 % NM - Not meaningful Note: Amounts may not be additive due to rounding. * 2019 FMS EBT includes a $177M impact from higher depreciation due to change in residual value estimates ©2019 Ryder System ,Inc. 35 All Rights Reserved

Fleet Management Solutions (FMS) ($ Millions) Year-to-Date Revenue 2019 2018 % B/(W) ChoiceLease $ 2,293.7 $ 2,109.9 9 % SelectCare 405.6 373.0 9 % Commercial Rental 753.0 694.9 8 % Other 68.7 65.2 5 % FMS Operating Revenue 3,520.9 3,243.0 9 % Fuel Services Revenue 618.9 633.6 (2) % FMS Total Revenue $ 4,139.9 $ 3,876.6 7 % FMS Earnings Before Tax FMS Earnings Before Tax (EBT) $ 10.1 * $ 228.7 (96) % FMS EBT as a % of FMS Total Revenue 0.2 % 5.9 % FMS EBT as a % of FMS Operating Revenue 0.3 % 7.1 % Note: Amounts may not be additive due to rounding. * 2019 FMS EBT includes a $177M impact from higher depreciation due to change in residual value estimates ©2019 Ryder System ,Inc. 36 All Rights Reserved

Supply Chain Solutions (SCS) ($ Millions) Third Quarter Revenue 2019 2018 % B/(W) Automotive $ 170.4 $ 165.0 3 % Technology & Healthcare 58.9 83.6 (30) % CPG & Retail 179.6 170.0 6 % Industrial & Other 44.8 44.2 1 % SCS Operating Revenue 453.7 462.8 (2) % Subcontracted Transportation 136.9 137.8 (1) % Fuel 27.0 28.0 (4) % SCS Total Revenue $ 617.6 $ 628.5 (2) % Earnings Before Tax SCS Earnings Before Tax (EBT) $ 34.6 * $ 36.5 (5) % SCS EBT as a % of SCS Total Revenue 5.6 % 5.8 % SCS EBT as a % of SCS Operating Revenue 7.6 % 7.9 % Note: Amounts may not be additive due to rounding. * 2019 SCS EBT includes $3.8M negative impact from change in residual value estimates for vehicles used by SCS ©2019 Ryder System ,Inc. 37 All Rights Reserved

Supply Chain Solutions (SCS) ($ Millions) Year-to-Date Revenue 2019 2018 % B/(W) Automotive $ 528.9 $ 458.8 15 % Technology & Healthcare 209.0 230.3 (9) % CPG & Retail 543.7 460.0 18 % Industrial & Other 132.1 126.7 4 % SCS Operating Revenue 1,413.6 1,275.7 11 % Subcontracted Transportation 400.4 371.6 8 % Fuel 88.6 80.5 10 % SCS Total Revenue $ 1,902.6 $ 1,727.8 10 % Earnings Before Tax SCS Earnings Before Tax (EBT) $ 112.7 * $ 98.9 14 % SCS EBT as a % of SCS Total Revenue 5.9 % 5.7 % SCS EBT as a % of SCS Operating Revenue 8.0 % 7.8 % Note: Amounts may not be additive due to rounding. * 2019 SCS EBT includes $3.8M negative impact from change in residual value estimates for vehicles used by SCS ©2019 Ryder System ,Inc. 38 All Rights Reserved

Dedicated Transportation Solutions (DTS) ($ Millions) Third Quarter Revenue 2019 2018 % B/(W) DTS Operating Revenue $ 247.7 $ 222.2 11 % Subcontracted Transportation 76.2 80.8 (6) % Fuel 35.3 37.6 (6) % DTS Total Revenue $ 359.2 $ 340.6 5 % Earnings Before Tax DTS Earnings Before Tax (EBT) $ 18.5 * $ 13.9 33 % DTS EBT as a % of DTS Total Revenue 5.1 % 4.1 % DTS EBT as a % of DTS Operating Revenue 7.5 % 6.3 % * 2019 DTS EBT includes $7.0M negative impact from change in residual value estimates for vehicles used by DTS ©2019 Ryder System ,Inc. 39 All Rights Reserved

Dedicated Transportation Solutions (DTS) ($ Millions) Year-to-Date Revenue 2019 2018 % B/(W) DTS Operating Revenue $ 731.4 $ 637.5 15 % Subcontracted Transportation 229.9 224.8 2 % Fuel 109.8 107.9 2 % DTS Total Revenue $ 1,071.1 $ 970.2 10 % Earnings Before Tax DTS Earnings Before Tax (EBT) $ 63.0 * $ 45.4 39 % DTS EBT as a % of DTS Total Revenue 5.9 % 4.7 % DTS EBT as a % of DTS Operating Revenue 8.6 % 7.1 % * DTS EBT includes $7.0M negative impact from change in residual value estimates for vehicles used by DTS ©2019 Ryder System ,Inc. 40 All Rights Reserved

Central Support Services (CSS) ($ Millions) Third Quarter 2019 2018 % B/(W) Allocated CSS Costs $ 59.8 $ 57.3 (4) % Unallocated CSS Costs 11.4 12.7 10 % Total CSS Costs $ 71.2 $ 70.0 (2) % Year-to-Date 2019 2018 % B/(W) Allocated CSS Costs $ 179.9 $ 164.7 (9) % Unallocated CSS Costs 34.5 34.3 (1) % Total CSS Costs $ 214.4 $ 199.1 (8) % Note: Amounts may not be additive due to rounding. ©2019 Ryder System ,Inc. 41 All Rights Reserved

Lease Accounting Impact on EPS 2018 1Q 2Q 3Q 4Q Full Year Impact on EPS $ 0.06 $ 0.05 $ 0.04 $ 0.08 $ 0.23 2019 1Q 2Q 3Q 4Q Forecast FY Forecast Impact on EPS $ 0.11 $ 0.02 $ (0.10) ($0.08) - ($0.13) ($0.05) - ($0.10) Adoption of the lease accounting standard is expected to reduce earnings per share for FY19 by between $0.05 and $0.10. The impact is expected to remain negative in 4Q19 due to increasing deferred revenue resulting from high lease sales activity in recent years and a younger lease fleet age. ©2019 Ryder System ,Inc. 42 All Rights Reserved

Balance Sheet ($ Millions) September 30, 2019 December 31, 2018 Current Assets $ 1,572 $ 1,568 Revenue Earning Equipment, Net 10,428 9,416 Operating Property and Equipment, Net 892 862 Other Assets 1,591 1,502 Total Assets $ 14,483 $ 13,348 Current Liabilities $ 1,591 $ 1,580 Total Debt 7,747 6,649 Other Non-Current Liabilities (including Deferred Income Taxes) 2,667 2,582 Shareholders' Equity 2,477 2,537 Total Liabilities and Shareholders' Equity $ 14,483 $ 13,348 Note: Amounts may not be additive due to rounding. ©2019 Ryder System ,Inc. 43 All Rights Reserved

Adjusted Return on Capital Spread (1) Adj ROC O/(U) COC (1.3) % 0.2 % 0.9 % 1.0 % 1.1 % 1.4 % 0.5 % (0.2) % 0.4 % (2.5) % (2) (3) Return on Equity 8.4 % 11.9 % 14.9 % 14.9 % 11.3 % 16.1 % 12.8 % 35.9 % 11.4 % 0.6 % Adjusted Total Capital (4) $4.0 $4.6 $5.2 $5.6 $6.6 $7.1 $7.6 $7.5 $8.5 $10.0 (1) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior year periods do not reflect the impact from the lease accounting standard. (2) Includes pension settlement charges of $69M, primarily buyouts, which impacted Return on Equity by 360 basis points (3) Reflects one-time benefit from revaluation of net deferred income tax liability due to Tax Reform (4) Adjusted Total Capital represents Adjusted Average Total Capital in billions ©2019 Ryder System ,Inc. 44 All Rights Reserved

Financial Indicators Forecast (1) ($ Millions) Gross Capital Expenditures Lease Commercial Rental PP&E/Other Free Cash Flow 258 (257) (488) (340) (315) (728) 194 190 (933) (1,120) Debt to Equity / Total Obligations to Equity (2) (4) (5) Pension Impact (3) Debt to Equity 196% 257% 272% 227% 260% 277% 263% 191% 262% 330% 275% (1) Free Cash Flow exclude acquisitions. (2) The debt to equity metric was not revised in years prior to 2012 to reflect the change in accounting treatment of certain sale-leaseback transactions as debt. (3) Illustrates impact of accumulated net pension related equity charge on leverage. (4) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior year periods do not reflect the impact from the lease. accounting standard. ©2019(5) RyderRepresents System ,Inc.debt to equity target of 250% to 300% while maintaining solid investment grade credit rating. 45 All Rights Reserved

Asset Management YTD Update (US Only) Redeployments – Vehicles coming off-lease or in Rental with useful life remaining are redeployed in the Ryder fleet (SCS, or with another Lease customer). Redeployments exclude units transferred into the Rental product line. Extensions – Ryder re-prices lease contract and extends maturity date. Early terminations – Customer elects to terminate lease prior to maturity. Depending on the remaining useful life, the vehicle may be redeployed in the Ryder fleet (Commercial Rental, SCS, other Lease customer) or sold by Ryder. ©2019 Ryder System ,Inc. 46 All Rights Reserved

Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, 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 Presented Non-GAAP Financial Measure Comparable GAAP Measure on Slide Titled Operating Revenue Measures: Operating Revenue Total Revenue Key Financial Statistics FMS Operating Revenue, DTS Operating Revenue and SCS FMS Total Revenue, DTS Total Revenue and SCS Total Revenue Fleet Management Solutions (FMS), Dedicated Transportation Operating Revenue Solutions (DTS) and Supply Chain Solutions (SCS) FMS EBT as a % of FMS Operating Revenue, DTS EBT as a % of FMS EBT as a % of FMS Total Revenue, DTS EBT as a % of DTS Fleet Management Solutions (FMS), Dedicated Transportation DTS Operating Revenue, and SCS EBT as a % of SCS Operating Total Revenue, and SCS EBT as a % of SCS Total Revenue Solutions (DTS) and Supply Chain Solutions (SCS) Revenue Comparable Earnings Measures: Comparable Earnings (Loss) and Comparable EPS Earnings (Loss) and EPS from Continuing Operations Earnings (Loss) and EPS from Continuing Operations Reconciliation Comparable EPS Forecast EPS Forecast from Continuing Operations EPS Forecast – Continuing Operations Comparable Earnings (Loss) Before Income Tax and Comparable Tax Earnings (Loss) Before Income Tax and Tax Rate Earnings (Loss) Before Income Tax and Tax Rate from Rate Continuing Operations Reconciliation Adjusted Return on Capital (ROC) and Adjusted ROC Spread Not Applicable. However, non-GAAP elements of the calculation Adjusted Return on Capital Reconciliation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided. Comparable Earnings (Loss) Before Interest, Taxes, Depreciation and Earnings (Loss) from Continuing Operations Comparable EBITDA Reconciliation Amortization Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation Debt Measures: Total Obligations and Total Obligations to Equity Balance Sheet Debt and Debt to Equity Debt to Equity Reconciliation ©2019 Ryder System ,Inc. 47 All Rights Reserved

(1) Earnings (Loss) and EPS from Continuing Operations Reconciliation ($ Millions, except Per Share Data) 3Q19 3Q19 3Q18 3Q18 Earnings EPS Earnings EPS GAAP $ (91.5) $ (1.75) $ 91.6 $ 1.73 Non-operating pension costs 4.9 0.09 0.6 0.01 ERP implementation costs 4.5 0.09 — — Restructuring and other, net 4.0 0.08 (0.7) (0.01) Tax adjustments — — (3.3) (0.06) Comparable $ (78.1) $ (1.49) $ 88.2 $ 1.67 YTD19 YTD19 YTD18 YTD18 Earnings EPS Earnings EPS GAAP $ 29.8 $ 0.56 $ 175.1 $ 3.31 Non-operating pension costs 14.3 0.27 1.5 0.03 ERP implementation costs 10.1 0.19 — — Restructuring and other, net 10.4 0.21 1.3 0.02 Gain on sale of property (13.8) (0.26) — — Goodwill impairment — — 15.5 0.29 Tax adjustments 3.5 0.06 22.7 0.43 Comparable $ 54.2 $ 1.03 $ 216.1 $ 4.08 Note: Amounts may not be additive due to rounding. (1) The reconciliation of the EBT and Tax Rate for these items are included on next slide. ©2019 Ryder System ,Inc. 48 All Rights Reserved

Earnings (Loss) Before Income Tax and Tax Rate from Continuing Operations Reconciliation ($ Millions) 3Q19 3Q19 3Q19 YTD19 YTD19 YTD19 EBT Tax Tax Rate EBT Tax Tax Rate GAAP $ (91.3) $ 0.3 (0.3) % $ 80.0 $ 50.2 62.7 % Non-operating pension costs 6.9 2.0 20.1 5.8 ERP implementation costs 6.1 1.6 13.6 3.5 Restructuring and other, net 5.2 1.3 13.8 3.4 Gain on sale of property — — (18.6) (4.8) Tax adjustments — — — (3.5) Comparable (1) $ (73.0) $ 5.1 (7.0) % $ 108.8 $ 54.6 50.2 % 3Q18 3Q18 3Q18 YTD18 YTD18 YTD18 EBT Tax Tax Rate EBT Tax Tax Rate GAAP $ 118.9 $ 27.3 22.9 % $ 273.5 $ 98.4 36.0 % Non-operating pension costs 1.2 0.6 3.2 1.7 Goodwill impairment — — 15.5 — Restructuring and other, net (0.5) 0.1 1.8 0.5 Tax adjustments — 3.3 — (22.7) Comparable (1) $ 119.5 $ 31.3 26.2 % $ 294.0 $ 77.9 26.5 % Note: Amounts may not be additive due to rounding. (1) 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 statutory tax rates of the jurisdiction to which the non-GAAP adjustments relate. ©2019 Ryder System ,Inc. 49 All Rights Reserved

EPS Forecast - Continuing Operations ($ Millions or $ Earnings Per Share) Fourth Quarter 2019 Full Year 2019 EPS forecast ($0.36) to ($0.26) $0.20 to $0.30 Non-operating pension costs, net of tax 0.09 0.36 ERP implementation costs 0.10 0.30 Restructuring and other, net 0.14 0.34 Gain on sale of property — (0.26) Tax adjustments — 0.06 Comparable EPS forecast ($0.03) to $0.07 $1.00 to $1.10 * Fourth Quarter 2018 Full Year 2018* EPS $2.13 $5.44 Non-operating pension costs 0.06 0.09 Goodwill impairment — 0.29 Restructuring and other, net 0.08 0.10 Tax reform-related and other tax adjustments (0.38) 0.05 Comparable EPS $1.88 $5.97 (*) These amounts have been recast to reflect the impact of the lease accounting standard ©2019 Ryder System ,Inc. 50 All Rights Reserved

Adjusted Return on Capital Reconciliation(1) 2010 2011 2012 2013 ($ Millions) Net earnings (2) $ 118 $ 170 $ 210 $ 238 Restructuring and other charges, net and other items 6 6 17 - Income taxes 61 108 91 126 Adjusted earnings before income taxes 185 284 317 363 Adjusted interest expense (3) 133 135 144 141 Adjusted income taxes (4) (124) (157) (167) (177) Adjusted net earnings [A] $ 194 $ 262 $ 294 $ 327 Average total debt(5) $ 2,512 $ 3,079 $ 3,778 $ 4,015 Average off-balance sheet debt(5) 114 78 2 1 Average total shareholders' equity(5) 1,402 1,428 1,406 1,594 (6) Average adjustments to shareholders' equity 2 4 (3) (2) Adjusted average total capital [B] $ 4,030 $ 4,588 $ 5,182 $ 5,608 Adjusted return on capital [A]/[B] 4.8 % 5.7 % 5.7 % 5.8 % Weighted average cost of capital 6.1 % 5.5 % 4.8 % 4.8 % Adjusted return on capital spread (7) (1.3) % 0.2 % 0.9 % 1.0 % (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided on this slide. (2) Earnings calculated based on a 12-month rolling period. (3) Interest expense includes interest on off-balance sheet vehicle obligations. (4) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (5) The average is calculated based on the average GAAP balances. (6) Represents comparable earnings items for those periods. (7) Represents the adjusted return on capital vs. cost of capital (trailing 12 months) ©2019 Ryder System ,Inc. 51 All Rights Reserved

Adjusted Return on Capital Reconciliation (1) ($ Millions) 2019 (8) 2014 2015 2016 2017 2018 3Q18 3Q19 Forecast Net earnings (2) $ 218 $ 305 $ 263 $ 792 $ 285 $ 817 $ 142 $ 15 Restructuring and other charges, net and other items 115 18 13 28 22 36 13 25 Income taxes 118 164 142 (477) 103 (466) 55 (5) Adjusted earnings before income taxes 451 486 418 343 410 387 210 35 Adjusted interest expense (3) 145 151 148 141 181 165 230 240 Adjusted income taxes (4) (214) (224) (199) (168) (147) (150) (131) (60) Adjusted net earnings [A] $ 383 $ 413 $ 367 $ 316 $ 444 $ 402 $ 309 $ 215 Average total debt (5) $ 4,653 $ 5,177 $ 5,549 $ 5,360 $ 6,000 $ 5,746 $ 7,124 $ 7,460 Average off-balance sheet debt (5) 2 1 1 2 — — — Average total shareholders' equity (5) 1,926 1,895 2,053 2,207 2,494 2,391 2,555 2,530 Average adjustments to shareholders' equity (6) 8 11 2 (68) (44) (122) 14 10 Adjusted average total capital [B] $ 6,589 $ 7,084 $ 7,606 $ 7,501 $ 8,449 $ 8,015 $ 9,693 $ 10,000 Adjusted return on capital [A]/[B] 5.8 % 5.8 % 4.8 % 4.2 % 5.2 % 5.0 % 3.2 % 2.2 % Weighted average cost of capital 4.7 % 4.4 % 4.3 % 4.4 % 4.8 % 4.6 % 4.6 % 4.7 % Adjusted return on capital spread (7) 1.1 % 1.4 % 0.5 % (0.2) % 0.4 % 0.4 % (1.4) % (2.5) % (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided on this slide. (2) Earnings calculated based on a 12-month rolling period. (3) Interest expense includes interest on off-balance sheet vehicle obligations. (4) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (5) The average is calculated based on the average GAAP balances. (6) Represents comparable earnings items for those periods. (7) Represents the adjusted return on capital vs. cost of capital (trailing 12 months). Amounts for 2018 and 2019 reflect impactfrom lease accounting change. (8) These amounts have been recast to reflect the impact of the lease accounting standard. Prior full year periods do not reflect the impact from the lease accounting standard ©2019 Ryder System ,Inc. 52 All Rights Reserved

Comparable EBITDA Reconciliation(1) ($ Millions) Three months ended September Nine months ended September 30, 30, 2019 2018 2019 2018 Earnings (loss) from continuing operations $ (91.5) $ 91.6 $ 29.8 $ 175.1 Provision for income taxes 0.3 27.3 50.2 98.4 Earnings (loss) before income taxes from continuing (91.3) 118.9 80.0 273.5 operations Non-operating pension costs 6.9 1.2 20.1 3.2 ERP implementation costs 6.1 — 13.6 — Restructuring and other, net 5.2 (0.5) 13.8 1.8 Gain on sale of property — — (18.6) — Goodwill impairment — — — 15.5 Comparable earnings before income taxes (73.0) 119.5 108.8 294.0 Interest expense 62.5 47.8 178.6 128.8 Depreciation 574.7 346.5 1,342.7 1,022.0 Losses from used vehicle fair value adjustments 25.9 11.5 67.9 39.1 Amortization 2.1 2.2 6.3 5.6 Comparable EBITDA $ 592.2 $ 527.6 $ 1,704.3 $ 1,489.5 (1) Non-GAAP elements of this 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 provided on this slide. Note: Amounts may not be additive due to rounding. ©2019 Ryder System ,Inc. 53 All Rights Reserved

Cash Flow Reconciliation ($ Millions) 2010 2011 2012 2013 2014 2015 Cash Provided by Operating Activities from Continuing Operations $ 1,028 $ 1,042 $ 1,160 $ 1,252 $ 1,383 $ 1,442 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 235 337 413 452 497 427 Collections of Direct Finance Leases(1) 62 62 72 71 66 71 Other, net(1) 3 — — 8 (1) — Total Cash Generated 1,328 1,442 1,645 1,783 1,944 1,940 Capital Expenditures (1), (2) (1,070) (1,699) (2,133) (2,123) (2,259) (2,668) Free Cash Flow (3) $ 258 $ (257) $ (488) $ (340) $ (315) $ (728) Memo: Depreciation Expense (4) $ 808 $ 863 $ 944 $ 967 $ 1,047 $ 1,122 Net cash provided by (used in) financing activities 78 504 438 347 312 731 Net cash used in investing activities (982) (1,657) (1,635) (1,604) (1,705) (2,161) (1) Included in cash flows from investing activities. (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (excluding changes in restricted cash and acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of revenue earning equipment and property. (4) Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Used Vehicles Sales, Net”. ©2019 Ryder System ,Inc. 54 All Rights Reserved

Cash Flow Reconciliation ($ Millions) YTD YTD (5) (5) 2019 2016 2017 2018 9/30/2018 9/30/2019 Forecast Cash Provided by Operating Activities from Continuing Operations $ 1,601 $ 1,548 $ 1,721 $ 1,276 $ 1,589 $ 2,130 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 421 429 396 292 403 450 Collections of Direct Finance Leases (1) 77 73 N/A N/A N/A N/A Total Cash Generated 2,099 2,050 2,117 1,567 1,993 2,580 Capital Expenditures (1), (2) (1,905) (1,860) (3,050) (2,200) (2,957) (3,700) Free Cash Flow (3) $ 194 $ 190 $ (933) $ (633) $ (965) $ (1,120) Memo: Depreciation Expense (4) $ 1,187 $ 1,255 $ 1,382 $ 1,022 $ 1,343 $ 1,880 Net cash provided by (used in) financing activities (186) (155) 1,083 779 977 1,100 Net cash used in investing activities (1,406) (1,366) (2,821) (2,076) (2,554) (3,250) Note: Amounts may not be additive due to rounding. (1) Included in cash flows from investing activities. (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Non-GAAP financial measure. We refer to free cash flow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of revenue earning equipment and property. (4) Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Used Vehicles Sales, Net”. (5) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior full year periods do not reflect the impact from the lease accounting standard. ©2019 Ryder System ,Inc. 55 All Rights Reserved

Debt to Equity Reconciliation(1) ($ Millions) % to % to 2010 Equity 2011 Equity Debt $ 2,747 196 % $ 3,382 257 % PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 100 64 Total Obligations (2) $ 2,847 230 % $ 3,446 261 % 1. The debt to equity metric was not revised in years prior to 2012 to reflect the change in accounting treatment of certain sale-leaseback transactions as debt. 2. For years beginning in 2012, sale-leaseback transactions that were previously accounted for as off-balance sheet are now included in GAAP balance sheet debt. The Company does not reconcile total obligations to equity for these years as this metric is the same as the debt to equity metric. Note: Amounts may not recalculate due to rounding. ©2019 Ryder System ,Inc. 56 All Rights Reserved

©2019 Ryder System ,Inc. All Rights Reserved

XML

Cover	Sep. 30, 2019
Cover page.
Document Type	8-K
Document Period End Date	Oct. 29, 2019
Entity Registrant Name	RYDER SYSTEM, INC.
Entity Incorporation, State or Country Code	FL
Entity File Number	1-4364
Entity Tax Identification Number	59-0739250
Entity Address, Address Line One	11690 NW 105th Street
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
City Area Code	305
Local Phone Number	500-3726
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	R
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000085961