Ryder System Inc: Form 10-Q for the period ended Jun 30, 2024
Filed with the SEC on Jul 25, 2024 and accepted by EDGAR at Jul 25, 2024, 14:25 ET.
Management's discussion and analysis
As filed, 1,536 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 June 30, 2024:
(Dollars in millions, except per share)
| Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Aggregate Maximum Number of Shares That May Yet Be Purchased Under the Discretionary and Anti-Dilutive Programs (1) | |
|---|---|---|---|---|
| April 1 through April 30, 2024 | 139,616 | $121.98 | 138,049 | 2,881,053 |
| May 1 through May 31, 2024 | 273,029 | 124.85 | 271,792 | 2,609,261 |
| June 1 through June 30, 2024 | 319,415 | 121.56 | 319,236 | 2,290,025 |
| Total | 732,060 | $122.87 | 729,077 |
(1) We currently maintain two share repurchase programs approved by our board of directors in October 2023. Refer to Note 9, “Share Repurchase Programs,” in the Notes to Condensed Consolidated Financial Statements for a discussion on our share repurchase programs. Share repurchases under both 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 quality 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, 2023. Please refer to the 2023 Annual Report on Form 10-K for a complete discussion of Ryder's exposures to market risks.
Controls and procedures
As filed, 1,007 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 second quarter of 2024, 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 second quarter of 2024, 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 June 30, 2024, 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, 511 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, 2023, filed with the SEC on February 20, 2024. 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 2024-06-30. Comparative periods it repeats are left out.
| Line item | Period | Value | XBRL concept |
|---|---|---|---|
| Revenue | 3 months2024-04-01 to 2024-06-30 | $3.18bn | us-gaap:Revenues |
| Revenue | 6 months2024-01-01 to 2024-06-30 | $6.28bn | us-gaap:Revenues |
| Selling, general and administrative | 3 months2024-04-01 to 2024-06-30 | $368.0m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 6 months2024-01-01 to 2024-06-30 | $746.0m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Interest expense | 3 months2024-04-01 to 2024-06-30 | $96.0m | us-gaap:InterestExpense |
| Interest expense | 6 months2024-01-01 to 2024-06-30 | $188.0m | us-gaap:InterestExpense |
| Income tax | 3 months2024-04-01 to 2024-06-30 | $52.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months2024-01-01 to 2024-06-30 | $80.0m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months2024-04-01 to 2024-06-30 | $127.0m | us-gaap:NetIncomeLoss |
| Net income | 6 months2024-01-01 to 2024-06-30 | $212.0m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months2024-04-01 to 2024-06-30 | $2.84 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months2024-01-01 to 2024-06-30 | $4.73 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months2024-04-01 to 2024-06-30 | $2.89 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months2024-01-01 to 2024-06-30 | $4.82 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months2024-04-01 to 2024-06-30 | 44,633,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months2024-01-01 to 2024-06-30 | 44,817,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months2024-01-01 to 2024-06-30 | $1.08bn | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months2024-04-01 to 2024-06-30 | $639.0m | us-gaap:PaymentsToAcquireProductiveAssets |
| Capital expenditure | 6 months2024-01-01 to 2024-06-30 | $1.32bn | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 6 months2024-01-01 to 2024-06-30 | $66.0m | us-gaap:PaymentsOfDividendsCommonStock |
| Share repurchases | 6 months2024-01-01 to 2024-06-30 | $141.0m | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | At period end2024-06-30 | $164.0m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | At period end2024-06-30 | $2.37bn | us-gaap:AssetsCurrent |
| Total assets | At period end2024-06-30 | $16.41bn | us-gaap:Assets |
| Current liabilities | At period end2024-06-30 | $3.18bn | us-gaap:LiabilitiesCurrent |
| Total liabilities | At period end2024-06-30 | $13.33bn | us-gaap:Liabilities |
| Current portion of debt | At period end2024-06-30 | $1.09bn | us-gaap:DebtCurrent |
| Shareholders' equity | At period end2024-06-30 | $3.08bn | us-gaap:StockholdersEquity |
| Shares outstanding | At period end2024-06-30 | 43,283,183 shares | dei:EntityCommonStockSharesOutstanding |
Source: SEC EDGAR, the filing index for accession 0000085961-24-000138. Last ingested by Listed: Oct 29, 2026, 09:46 ET. Listed shows no prices and gives no investment advice.