Ryder System Inc: Form 10-Q for the period ended Sep 30, 2023
Filed with the SEC on Oct 25, 2023 and accepted by EDGAR at Oct 25, 2023, 13:47 ET.
Management's discussion and analysis
As filed, 3,544 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
The following table provides information with respect to purchases we made of our common stock during the three months ended September 30, 2023:
(Dollars in millions, except per share)
| Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Number of Shares That May Yet Be Purchased Under the Discretionary and Anti-Dilutive Programs (2) | |
|---|---|---|---|---|
| July 1 through July 31, 2023 | 81,292 | $101.10 | 81,077 | 1,948,424 |
| August 1 through August 31, 2023 | 823,818 | 98.80 | 820,866 | 1,127,558 |
| September 1 through September 30, 2023 | 589,489 | 100.37 | 584,391 | 543,167 |
| Total | 1,494,599 | $99.54 | 1,486,334 |
(1) During the three months ended September 30, 2023, we purchased an aggregate of 8,265 shares of our common stock in employee-related transactions. Employee-related transactions may include: (i) shares of common stock withheld as payment for the exercise price of options exercised or to satisfy the tax withholding liability associated with our share-based compensation programs and (ii) open-market purchases by the trustee of Ryder's deferred compensation plans relating to investments by employees in our stock, one of the investment options available under the plans.
(2) We maintained two share repurchase programs during the nine months ended September 30, 2023: the 2021 Anti-Dilutive Program and the February 2023 Discretionary Program, as defined below. The first program authorized management to repurchase up to 2.5 million shares of common stock, issued to employees under our employee stock plans since September 1, 2021 (the "2021 Anti-Dilutive Program"). The 2021 Anti-Dilutive Program was designed to mitigate the dilutive impact of shares issued under our employee stock plans. The 2021 Anti-Dilutive Program commenced October 14, 2021 and expired October 14, 2023. In February 2023, our board of directors authorized a discretionary share repurchase program to grant management discretion to repurchase up to 2 million shares of common stock over a period of two years (the "February 2023 Discretionary Program"). The February 2023 Discretionary Program was completed in September 2023.
In October 2023, our board of directors approved two new share repurchase programs. The first program authorized management to repurchase up to 2 million shares issued to employees under our employee stock plans since August 31, 2023 under a new anti-dilutive program (the "2023 Anti-Dilutive Program") designed to mitigate the dilutive impact of shares issued under our employee stock plans. The second program grants management discretion to repurchase up to 2 million shares of common stock over a period of two years under a new discretion share repurchase program (the "October 2023 Discretionary Program"). Both the 2023 Anti-Dilutive Program and the October 2023 Discretionary Program commenced October 12, 2023, and expire October 12, 2025. Share repurchases under these programs can be made from time to time using our working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of acquisitions and stock price.
Market risk
As filed, 213 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
There have been no material changes to Ryder's exposures to market risks since December 31, 2022. Please refer to the 2022 Annual Report on Form 10-K for a complete discussion of Ryder's exposures to market risks.
Controls and procedures
As filed, 1,010 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
Evaluation of Disclosure Controls and Procedures
As of the end of the third quarter of 2023, we carried out an evaluation, under the supervision and with the participation of management, including Ryder's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of Ryder's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of the end of the third quarter of 2023, Ryder's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective.
Changes in Internal Control over Financial Reporting
During the three months ended September 30, 2023, there were no changes in Ryder's internal control over financial reporting that have materially affected or are reasonably likely to materially affect such internal control over financial reporting.
Risk factors
As filed, 510 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.
To our knowledge and except to the extent additional factual information disclosed in this Quarterly Report on Form 10-Q relates to such risk factors, there have been no material changes in the risk factors described in "Item 1A. Risk Factors" in our Form 10-K for the year ended December 31, 2022, filed with the SEC on February 15, 2023. Our operations could also be affected by additional risk factors that are not presently known to us or by factors that we currently consider not material to our business.
Figures reported in this filing
Standardized line items from the XBRL in this filing, for the period ended 2023-09-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2023-07-01 to 2023-09-30 | $2.92bn | us-gaap:Revenues |
| Revenue | 9 months2023-01-01 to 2023-09-30 | $8.76bn | us-gaap:Revenues |
| Selling, general and administrative | 3 months2023-07-01 to 2023-09-30 | $347.0m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 9 months2023-01-01 to 2023-09-30 | $1.05bn | us-gaap:SellingGeneralAndAdministrativeExpense |
| Interest expense | 3 months2023-07-01 to 2023-09-30 | $75.0m | us-gaap:InterestExpense |
| Interest expense | 9 months2023-01-01 to 2023-09-30 | $212.0m | us-gaap:InterestExpense |
| Income tax | 3 months2023-07-01 to 2023-09-30 | $53.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 9 months2023-01-01 to 2023-09-30 | $176.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2023-07-01 to 2023-09-30 | $161.0m | us-gaap:NetIncomeLoss |
| Net income | 9 months2023-01-01 to 2023-09-30 | $282.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2023-07-01 to 2023-09-30 | $3.47 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 9 months2023-01-01 to 2023-09-30 | $6.02 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2023-07-01 to 2023-09-30 | $3.55 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 9 months2023-01-01 to 2023-09-30 | $6.12 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2023-07-01 to 2023-09-30 | 46,270,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 9 months2023-01-01 to 2023-09-30 | 46,860,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 9 months2023-01-01 to 2023-09-30 | $1.84bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months2023-07-01 to 2023-09-30 | $805.0m | us-gaap:PaymentsToAcquireProductiveAssets |
| Capital expenditure | 9 months2023-01-01 to 2023-09-30 | $2.46bn | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 9 months2023-01-01 to 2023-09-30 | $96.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 9 months2023-01-01 to 2023-09-30 | $282.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2023-09-30 | $159.0m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2023-09-30 | $2.11bn | us-gaap:AssetsCurrent |
| Total assets | At period end2023-09-30 | $15.33bn | us-gaap:Assets |
| Current liabilities | At period end2023-09-30 | $3.99bn | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2023-09-30 | $12.23bn | us-gaap:Liabilities |
| Current portion of debt | At period end2023-09-30 | $1.89bn | us-gaap:DebtCurrent |
| Shareholders' equity | At period end2023-09-30 | $3.10bn | us-gaap:StockholdersEquity |
| Shares outstanding | At period end2023-09-30 | 44,322,243 shares | dei:EntityCommonStockSharesOutstanding |
Source: SEC EDGAR, the filing index for accession 0000085961-23-000183. Last ingested by Listed: Nov 3, 2026, 22:29 ET. Listed shows no prices and gives no investment advice.