EX-99.2 4 g84772exv99w2.htm EX-99.2 ITEM 7 RECONCILIATION NON-GAAP MEASURES EX-99.2 Item 7 Reconciliation non-GAAP measures
 

Exhibit 99.2

Fleet Management Solutions

                         
    Years ended December 31
   
    2002   2001   2000
   
 
 
    (Dollars in thousands)
Dry revenue(a)
  $ 2,600,379       2,694,215       2,782,670  
Fuel services revenue
    582,643       658,325       773,320  
 
   
     
     
 
Total revenue
  $ 3,183,022       3,352,540       3,555,990  
 
   
     
     
 
Segment NBT
  $ 214,384       194,398       225,088  
 
   
     
     
 
Segment NBT as a % of dry revenue(a)
    8.2 %     7.2 %     8.1 %
 
   
     
     
 


(a)   Dry revenue represents revenue excluding fuel services revenue. The Company uses dry revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the dry revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability as a result of fluctuations in fuel services revenue.

Supply Chain Solutions

                         
    Years ended December 31
   
    2002   2001   2000
   
 
 
    (Dollars in thousands)
Total operating revenue(a)
  $ 977,771       1,022,350       1,095,148  
Freight under management (FUM) expense
    410,528       431,531       500,104  
 
   
     
     
 
Total revenue
  $ 1,388,299       1,453,881       1,595,252  
 
   
     
     
 
Segment NBT
  $ (6,221 )     (6,760 )     10,035  
 
   
     
     
 
Segment NBT as a % of operating revenue(a)
    (0.6 )%     (0.7 )%     0.9 %
 
   
     
     
 


(a)   Operating revenue represents revenue excluding FUM expense, which are subcontracted freight costs on logistics contracts for which the Company purchases transportation. The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. FUM expense is deducted from total revenue to arrive at operating revenue as FUM expense is largely a pass through to customers. The Company realizes minimal changes in profitability as a result of fluctuations in FUM expense.

Dedicated Contract Carriage

                         
    Years ended December 31
   
    2002   2001   2000
   
 
 
    (Dollars in thousands)
Total operating revenue(a)
  $ 514,120       530,080       545,101  
Freight under management (FUM) expense
    3,841       4,882       6,605  
 
   
     
     
 
Total revenue
  $ 517,961       534,962       551,706  
 
   
     
     
 
Segment NBT
  $ 31,157       34,755       37,282  
 
   
     
     
 
Segment NBT as a % of operating revenue(a)
    6.1 %     6.6 %     6.8 %
 
   
     
     
 


(a)   Operating revenue represents revenue excluding FUM expense, which are subcontracted freight costs on logistics contracts for which the Company purchases transportation. The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. FUM expense is deducted from total revenue to arrive at operating revenue as FUM expense is largely a pass through to customers. The Company realizes minimal changes in profitability as a result of fluctuations in FUM expense.