Presentation - Investors

Report
RYDER SYSTEM, INC.
Jefferies Global Industrials Conference
August 13, 2013
Robert Sanchez
Chairman & CEO
Proprietary and Confidential |
1
Safe Harbor and Non-GAAP Financial Measures
Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private
Securities Litigation Reform Act of 1995, including our expectations for market trends impacting our business, future earnings and
other financial performance. Accordingly, these 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, increases or decreases in
market demand in the commercial rental market, lower than expected lease sales, fluctuations in market demand on the sale of used
vehicles impacting inventory levels, pricing and our anticipated proportion of retail versus wholesale sales, higher than expected
maintenance costs, lower than expected benefits from maintenance initiatives, a slowdown of the economic recovery and decreases
in freight demand or volumes, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing
levels due to soft economic conditions, uncertainty or decline in economic and market conditions in the U.K., competition from other
service providers, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions
(SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of
customers, 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, reserves and accruals particularly with respect to pension,
taxes, insurance and revenue, sudden or unusual changes in fuel prices, our ability to manage our cost structure, and the risks
described in our filings with the Securities and Exchange Commission. 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.
This presentation includes certain non-GAAP financial measures as defined under SEC rules, including operating revenue,
comparable earnings, comparable earnings before income tax, comparable tax rate, adjusted return on capital, total cash generated,
free cash flow, total obligations and the ratios based on these financial measures. Refer to Appendix – Non-GAAP Financial
Measures for more information about the non-GAAP financial measures contained in this presentation. Additional information as
required by Regulation G regarding non-GAAP financial measures 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 presentation with the SEC, which are available at http://investors.ryder.com.
Beginning in 2013, comparable earnings and the other financial measures and ratios derived from comparable earnings will exclude
non-operating pension costs. For more information on our new calculation method, see the Appendix.
Proprietary and Confidential |
2
Ryder Profile
Fleet Management
Solutions
Supply Chain Solutions
Full Year 2012
Total Revenue (1)
Comparable Earnings Before Income Tax (1) (2)
Comparable Earnings (1) (3)
Assets
Vehicles Maintained
Employees
(1)
These amounts result from continuing operations.
(2)
Earnings Before Income Tax are $303 million.
(3)
Net Earnings are $210 million.
$6.3 Billion
$320 Million
$207 Million
$8.3 Billion
210,300
27,700
Proprietary and Confidential |
3
Fleet Management Solutions:
Product and Services Overview
Fleet Management
Solutions


Commercial
Rental
Full Service
Lease
Contract
Maintenance
Contract-Related
Maintenance
Fleet Support
Services
(23% FMS revenue)
(63% FMS revenue)
(6% FMS revenue)
(6% FMS revenue)
(2% FMS revenue)
Commercial vehicles
for short-term
customer needs
Used by both lease
and non-lease
customers



Long-term contractual
agreement
Includes vehicle
procurement,
maintenance services
and used vehicle
disposition
Comprehensive
package of fleet
support services
available


Comprehensive,
preventive
maintenance services
Vehicles are owned
by our clients or
under third-party
finance lease
contracts


Ancillary
maintenance work
on Ryder or
customer owned
vehicles not
included in base
contract
On-demand
maintenance for
large customer
owned fleets





Fuel
Insurance
Safety
Regulatory reporting
Technology
13,500 Lease/Maintenance Customers (U.S., Canada, U.K.)
Supply Chain Solutions
Proprietary and Confidential |
Note: Revenue percents based on segment operating revenue (excludes fuel).
4
Supply Chain Solutions:
Product and Services Overview
Supply Chain Solutions
Professional Services
Distribution Management
Dedicated
Transportation Management
(4% SCS revenue)
(30% SCS revenue)
(57% SCS revenue)
(9% SCS revenue)
 Strategic consulting &




decision support
Solutions engineering
Network modeling &
optimization
Total landed cost
Lean Six Sigma
 Order fulfillment
 Warehouse and distribution





center operations
Inbound materials management
Outbound product support
Reverse logistics
Vendor managed inventory
Kitting, packaging & assembly
 Turnkey transportation




service
Drivers
Vehicles
Routing & scheduling
Management &
administrative support
 Freight procurement & contract




management
Shipment planning and
execution
Freight brokerage
Freight bill audit and payment
Origin/destination services
Supported by: IT Solutions
 Transportation & warehouse management systems
 Network optimization tools
 Inventory & shipment visibility tools
600+ Customers (North America & Asia)
:
Note: Revenue percents based on segment operating revenue (excludes subcontracted transportation).
Proprietary and Confidential |
5
Market Overview
The transportation and logistics markets present
significant growth opportunities. Current estimated
market sizes are as follows:
Market Segment
Market Size
Lease and rental market (outsourced) – U.S., Canada, U.K.
0.9 million vehicles
Private fleet market (addressable, non-outsourced) – U.S., Canada
4.2 million vehicles
Dedicated contract carriage market (outsourced) – U.S.
Supply chain logistics market (outsourced) – North America and Asia
$15 billion
$250 billion
Note: Vehicle market shown is class 3-8; Supply chain logistics market represents Ryder’s targeted countries within North America and Asia.
Sources: Truck Rental and Leasing Association, R.L. Polk, Monitor Group, A.T. Kearney
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6
Macro Trends Support Outsourcing Decision
Higher equipment costs
Supply chain
disruptions
Aging fleet
Residual value risks
Driver shortages
Increased complexity, cost and regulations create opportunities for
Ryder to further penetrate the private fleet and logistics markets
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7
Key Financial Statistics
($ Millions, Except Per Share Amounts)
June Year-To-Date
2013
Operating Revenue
$
Fuel Services and Subcontracted Transportation Revenue
Total Revenue
2,580.9
2012
$
586.1
% B/(W)
2,495.5
3%
604.6
(3)%
$
3,167.0
$
3,100.1
2%
Earnings Per Share from Continuing Operations
$
1.98
$
1.59
25%
Comparable Earnings Per Share from Continuing Operations
$
2.06
$
1.78
16%
Net Earnings Per Share
$
1.96
$
1.58
24%
Memo:
Average Shares (Millions ) - Diluted
Tax Rate from Continuing Operations
Comparable Tax Rate from Continuing Operations
Adjusted Return on Capital vs. Cost of Capital (Trailing 12 months)
51.7
50.8
35.3%
32.8%
36.1%
37.0%
1.1%
0.5%
Note: Amounts throughout presentation may not be additive due to rounding.
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8
Key Leading Indicators
Second quarter results for Ryder’s key leading indicators included:
Commercial Rental:
Utilization (a)
80.5%, up 550 bps from prior year
Pricing (a)
up 2% from prior year
Fleet Count (Average)
down 10% from prior year
Used Vehicle Pricing:
Tractors
down 1% from prior year; down 3% from 1Q13
Trucks
up 2% from prior year; up 1% from 1Q13
Miles per Unit (b)
up 2% from prior year
Early Lease Terminations (c)
29% below 6-year average
Lease:
Supply Chain Solutions:
Volumes
(a)
(b)
(c)
Global power units
U.S. power units
U.S.
overall volumes up
Proprietary and Confidential |
9
Financial Indicators Forecast (1)
Gross Capital Expenditures (2)
($ Millions)
$2,161
Full Service Lease
Commercial Rental
PP&E/Other
$1,289
$657
2000
$1,399
$1,182
$1,165
2001
$600
2002
$1,815
$1,760
$1,757
$1,265
$725
$1,088
$611
2003
2004
2005
357
289
(208)
2006
2007
2008
2009
2010
2011
2012
(439)
380
341
614
258
(257)
(384)
Memo: Free Cash Flow (2)
(242)
131
367
(3)
2013
Forecast
Midpoint (5)
(160)
Total Obligations to Equity
Total Obligations to Equity
Pension Impact (4)
275%
234%
201%
146%
2000
2000
2001
2001
2002
2002
2003
2003
129%
2004
2004
151%
2005
2005
168%
157%
2006
2007
2006
261%
225%
2007
183%
2008
2008
2009
2009
270%
2010
2010
2011
2011
2012
2012
(1)
(2)
(3)
(4)
(5)
(6)
139%
140%
135%
118%
143%
164%
147%
213%
175%
250%
2013
Long
Term
Long
2013
Forecast
Target
Term
Forecast Midpoint
Midpoint
Midpoint (5)
Memo: Balance Sheet Debt to Equity
161%
243%
203%
196%
Total Obligations to Equity includes acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions.
2000-2004 not restated for operations discontinued in 2009.
Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.
Illustrates impact of accumulated net pension related equity charge on leverage.
Forecast issued on 7/23/13 and has not been subsequently confirmed or revised.
Represents long term obligations to equity target of 225-275% while maintaining a strong investment grade credit rating.
257%
260%
Target
Midpoint (6)
237%
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10
Adjusted Return on Capital History
7.8%
7.9%
Adjusted
Return on
Capital (ROC)
7.4%
7.3%
6.3%
6.8%
6.7%
6.6%
6.5%
Cost of
Capital (COC)
2006
2007
2008
5.7%
5.6%
4.8%
4.8%
2009
2010
2011
5.8%
150 bp
spread
targeted
5.5%
4.1%
2005
6.1%
2012
4.7%
2013
2013
(1)
Forecast
Forecast
ROC O/(U) COC
1.0%
1.2%
0.8%
0.8%
(2.2)%
(1.3)%
0.2%
0.8%
1.1%
Return on Equity
14.6%
15.5%
14.2%
11.2%
4.4%
8.4%
11.9%
14.9%
15.2%
Adjusted Total
Capital (2)
$3,846
$4,184
$4,789
$4,841
$4,244
$4,030
$4,588
$5,237
$5,620
(1)
Forecast provided on 7/23/13 and has not subsequently been confirmed or revised.
(2)
Adjusted Total Capital represents Adjusted Average Total Capital in millions.
Proprietary and Confidential |
11
Questions & Answers
Robert Sanchez
Chairman & CEO
Proprietary and Confidential |
12
Contact Information
Bob Brunn
VP – Corporate Strategy & Investor Relations
305-500-4210
[email protected]
Calene Candela
Group Director – Investor Relations
305-500-4764
[email protected]
Proprietary and Confidential |
13
Non-GAAP Financial
Measures
Proprietary and Confidential |
14
Appendix: 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. 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:
Non-GAAP Financial Measure
Comparable GAAP Measure
Reconciliation & Additional Information
Presented on Slide Titled
Operating Revenue
Total Revenue
Key Financial Statistics
Comparable Earnings /Comparable Earnings Before
Tax / Comparable EPS from Continuing Operations
Earnings /Earnings Before Tax / EPS from
Continuing Operations
Appendix - Earnings and EPS from
Contijuing Operations Reconciliation and
Appendix - EBT and Tax Rate from
Continuing Operations Reconciliation
Adjusted Return on Capital / Adjusted Total Capital
Net Earnings / Total Capital
Appendix - Adjusted Return on Capital
Reconciliation
Total Cash Generated / Free Cash Flow
Cash Provided by Operating Activities
Appendix - Cash Flow Reconciliation
Total Obligations / Total Obligations to Equity
Balance Sheet Debt / Debt to Equity
Key Leverage Statistics
Appendix - Debt to Equity Reconciliation
Comparable Tax Rate
Tax Rate
Appendix - EBT and Tax Rate from
Continuing Operations
Proprietary and Confidential |
15
Appendix: Non-GAAP Financial Measures
($ Millions or $ Earnings Per Share)
Earnings and EPS from Continuing Operations Reconciliation
Reported
Non-Operating Pension Costs
Tax Benefits
Restructuring Charges
Comparable (1)
YTD13 Earnings
YTD13 EPS
YTD12 Earnings
YTD12 EPS
$
103.4
6.0
(1.9)
$
1.98
0.12
(0.04)
$
81.6
9.7
(5.0)
5.2
$
1.59
0.19
(0.10)
0.10
$
107.5
$
2.06
$
91.5
$
1.78
FY12 Earnings
Reported
Non-Operating Pension Costs
Superstorm Sandy Vehicle-Related Losses
Tax (Benefits)/Law Changes
Restructuring Charges
Acquisition Related Transaction Costs
Comparable
(1)
(1)
FY12 EPS
FY11 Earnings
FY11 EPS
$
200.9
19.4
5.1
(4.1)
5.3
0.3
$
3.91
0.37
0.10
(0.08)
0.11
-
$
171.4
11.1
4.8
2.5
1.9
$
3.31
0.22
0.09
0.05
0.04
$
226.8
$
4.41
$
191.7
$
3.71
The company uses Comparable Earnings and Comparable Earnings per Share (EPS) from Continuing Operations, both non-GAAP financial
measures, which provide useful information to investors and allow for better year over year comparison of operating performance because they
exclude from Earnings and EPS from Continuing Operations non-operating pension costs, as we consider non-operating pension costs to be those
impacted by the financial market performance and outside of the operational performance of the business and can significantly change from year to
year. Comparable Earnings and Comparable EPS also exclude other significant items that are not representative of our ongoing business operations
and allow for better year over year comparison.
Proprietary and Confidential |
16
Appendix: Non-GAAP Financial Measures
($ Millions or $ Earnings Per Share)
EBT and Tax Rate from Continuing Operations Reconciliation
$
Reported
Tax Benefits
Non-Operating Pension Costs
Income from foreign currency
translations
Restructuring Charges
Comparable (1)
$
YTD13 -
YTD13 -
YTD13 -
YTD12 -
YTD12 -
YTD12 -
EBT
Tax
Tax Rate
EBT
Tax
Tax Rate
159.9
$
56.5
35.3%
$
121.5
$
-
-
10.2
4.2
15.7
6.0
(1.9)
(0.01)
-
-
168.2
$
60.7
-
39.8
36.1%
5.0
8.0
145.2
2.8
53.7
FY12 Tax
$
102.2
12.0
Restructuring Charges
8.2
8.1
3.1
4.1
2.8
3.7
(4.8)
1.2
Acquisition Related Transaction
Costs
0.4
0.1
2.1
0.1
Non-Operating Pension Costs
Superstorm Sandy VehicleRelated Losses
Tax Law Changes/Benefits
Comparable
(1)
(1)
$
351.2
$
124.4
35.4%
FY11 EBT
$
279.4
18.7
$
FY12 EBT
$
303.1
31.4
Reported
FY12 Tax Rate
33.7%
$
$
32.8%
303.8
FY11 Tax
$
108.0
7.6
$
112.1
37.0%
FY11 Tax Rate
38.7%
36.9%
The company uses Comparable Earnings Before Income Tax (EBT) and Comparable Tax Rate from Continuing Operations, both non-GAAP financial measures, which
provide useful information to investors and allow for better year over year comparison of operating performance because they exclude from EBT and Tax Rate from
Continuing Operations non-operating pension costs, as we consider non-operating pension costs to be those impacted by financial market performance and outside of the
operational performance of the business and can significantly change from year to year. Comparable Earnings and Comparable EPS also exclude other significant items
that are not representative of our ongoing business operations and allow for better year over year comparison.
Proprietary and Confidential | 17
Appendix: Non-GAAP Financial Measures
Adjusted Return on Capital Reconciliation
2004
(1)
Net earnings
Cumulative effect of change in
accounting principle
Restructuring and other charges,
net and other items
Income taxes
Adjusted earnings before income
taxes
Adjusted interest expense
Adjusted income taxes
Adjusted net earnings
$
(3)
Average off-balance sheet debt
Average total shareholders'
$
$
(4)
equity(4)
Average adjustments to
shareholders' equity (5)
Adjusted average total capital
Adjusted return on capital
(1)
(2)
(3)
(4)
(5)
216
$
-
(2)
Average total debt(4)
2005
$
2006
227
$
2
($ Millions)
2007
249
$
2008
254
$
2009
200
$
62
-
-
-
-
(24)
115
(2)
129
144
1
152
70
150
30
54
307
357
393
407
420
146
106
127
149
169
165
150
(156)
257
(186)
298
(207)
332
(220)
356
(230)
355
(122)
174
1,811
$
$
2,148
$
$
2,480
$
$
2,848
$
$
2,882
$
$
2,692
152
148
99
150
171
142
1,412
1,555
1,610
1,791
1,778
1,396
(16)
3,359
(5)
3,846
(5)
4,184
1
4,789
10
4,841
16
4,245
7.7%
$
7.8%
$
7.9%
Earnings calculated based on a 12-month rolling period.
Interest expense includes interest for on and off-balance sheet vehicle obligations.
Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
The average is calculated based on the average GAAP balances.
Represents comparable earnings items for those periods.
$
7.4%
$
7.3%
$
4.1%
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18
Appendix: Non-GAAP Financial Measures
($ Millions)
Adjusted Return on Capital Reconciliation
2010
Net Earnings
(1)
$
Restructuring and Other Charges, Net and Other Items
Income Taxes
Adjusted Earnings Before Income Taxes
Adjusted Interest Expense
Adjusted Income Taxes
(2)
(3)
Average Total Debt(4)
(1)
(2)
(3)
(4)
(5)
170
$
6/30/13
210
$
6/30/12
231
$
186
6
6
17
7
11
61
108
91
108
97
185
284
318
345
294
133
135
143
142
138
(157)
(167)
(175)
(158)
194
$
262
$
294
$
313
$
274
$
2,512
$
3,079
$
3,707
$
3,846
$
3,417
(4)
Average Adjustments to Shareholders' Equity
Adjusted Return on Capital
$
2012
$
(4)
Average Total Shareholders' Equity
Adjusted Average Total Capital
118
(124)
Adjusted Net Earnings
Average Off-Balance Sheet Debt
2011
(5)
114
78
126
152
81
1,402
1,428
1,407
1,476
1,391
2
$
4,030
4.8%
4
$
4,588
(3)
$
5.7%
5,237
5.6%
(4)
$
5,469
5.7%
4
$
4,893
5.6%
Earnings calculated based on a 12-month rolling period.
Interest expense includes interest for on and off-balance sheet vehicle obligations.
Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense.
The average is calculated based on the average GAAP balances.
Represents comparable earnings items for those periods.
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19
Appendix: Non-GAAP Financial Measures
(3)
Cash Flow Reconciliation
Cash Provided by Operating Activities
($ Millions)
12/31/91
12/31/92
12/31/93
12/31/94
12/31/95
12/31/96
12/31/97
12/31/98
12/31/99
$
$
$
$
$
$
$
$
$
Less: Changes in Bal. of Trade Rec. Sold
647
-
Collections on Direct Finance Leases
847
(115)
771
831
-
-
720
(30)
494
569
-
-
890
270
(125)
125
31
32
38
45
48
53
63
63
78
Proceeds from Sale (Prim. Rev. Earn. Equip.)
208
220
225
265
337
345
339
322
402
Proceeds from Sale and Leaseback of Assets
114
200
-
400
300
150
-
239
300
Other Investing, Net
(10)
8
6
(38)
(39)
990
1,192
1,040
1,538
1,368
1,021
947
1,351
1,136
(598)
(1,070)
(1,237)
(1,769)
(2,049)
(1,210)
(990)
(1,333)
(1,734)
Total Cash Generated
Capital Expenditures
Free Cash Flow
(1)
(2)
(4)
(7)
(21)
(24)
$
392
$
122
$
(198)
$
(231)
$
(680)
$
(190)
$
(42)
$
18
$
(598)
Depreciation
$
542
$
537
$
557
$
629
$
716
$
741
$
609
$
626
$
623
Gains on Vehicle Sales, Net
$
11
$
34
$
54
$
73
$
90
$
66
$
50
$
57
$
56
Memo:
(1)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
Free Cash Flow excludes acquisitions and changes in restricted cash.
(3)
Amounts have not been restated for operations discontinued in 2009.
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20
Appendix: Non-GAAP Financial Measures
($ Millions)
Cash Flow Reconciliation
12/31/00 (3)
Cash Provided by Operating Activities
$
Less: Changes in Bal. of Trade Rec. Sold
1,023
12/31/01
$
(270)
(3)
365
12/31/02
$
(3)
617
12/31/03
$
(3)
803
12/31/04 (3)
$
867
12/31/05
12/31/06
12/31/07
12/31/08
12/31/09
$
$
852
$ 1,097
$ 1,248
$
776
985
235
110
-
-
-
-
-
-
-
67
66
66
61
64
69
65
62
61
65
Proceeds from Sale (Prim. Rev. Earn. Equip.)
230
173
152
210
331
333
332
373
262
216
Proceeds from Sale & Leaseback of Assets
-
-
-
13
118
-
-
150
-
-
Other Investing, Net
4
(4)
4
4
1
-
2
2
-
-
949
1,091
1,381
1,179
1,252
1,684
1,571
1,266
Collections of Direct Finance Leases
Total Cash Generated
Capital Expenditures
Free Cash Flow
1,054
(1)
(2)
835
(1,296)
(704)
(582)
(734)
(1,092)
(1,387)
(1,691)
(1,304)
(1,230)
(652)
$
(242)
$
131
$
367
$
357
$
289
$
(208)
$
(439)
$
380
$
341
$
614
Depreciation Expense
$
580
$
545
$
552
$
625
$
706
$
735
$
739
$
811
$
836
$
881
Gains on Vehicle Sales, Net
$
19
$
12
$
14
$
16
$
35
$
47
$
51
$
44
$
39
$
12
Memo:
(1)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
Free Cash Flow excludes acquisitions and changes in restricted cash.
(3)
Amounts have not been restated for operations discontinued in 2009.
Proprietary and Confidential |
21
Appendix: Non-GAAP Financial Measures
($ Millions)
Cash Flow Reconciliation
Cash Provided by Operating Activities from Continuing Operations
12/31/10
12/31/11
$
$
Proceeds from Sales (Primarily Revenue Earning Equipment)
Proceeds from Sale and Leaseback of Assets
Collections of Direct Finance Leases
Other, net
Total Cash Generated
Capital Expenditures (1)
Free Cash Flow
(2)
1,028
1,042
12/31/12
$
1,134
235
300
413
-
37
130
62
62
72
3
-
-
1,328
1,442
1,749
(1,070)
(1,699)
(2,133)
$
258
$
(257)
$
(384)
Depreciation Expense
$
834
$
872
$
940
Gains on Vehicle Sales, Net
$
29
$
63
$
89
Memo:
(1)
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
Free Cash Flow excludes acquisitions and changes in restricted cash.
Proprietary and Confidential |
22
Appendix: Non-GAAP Financial Measures
($ Millions)
Debt to Equity Reconciliation
Balance Sheet Debt
% to
12/31/00 Equity
% to
12/31/01 Equity
% to
12/31/02 Equity
% to
12/31/03 Equity
% to
12/31/04 Equity
% to
12/31/05 Equity
% to
12/31/06 Equity
% to
12/31/07 Equity
$2,017 161%
$1,709 139%
$1,552 140%
$1,816 135%
$1,783 118%
$2,185 143%
$2,817 164%
$2,776 147%
Receivables Sold
345
110
PV of minimum
lease payments
and guaranteed
residual values
under operating
leases for
vehicles
879
625
370
PV of contingent
rentals under
securitizations
209
441
311
Total Obligations
$3,450 275%
$2,885 234%
-
$2,233 201%
-
153
-
$1,969 146%
-
161
-
$1,944 129%
-
-
117
-
$2,302 151%
-
78
178
-
$2,895 168%
-
$2,954 157%
Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt.
Proprietary and Confidential |
23
Appendix: Non-GAAP Financial Measures
($ Millions)
Debt to Equity Reconciliation
% to
12/31/08 Equity
12/31/09 Equity
Receivables Sold
-
-
-
PV of minimum lease
payments and
guaranteed residual
values under
operating leases for
vehicles
163
119
100
225%
$2,617
175%
12/31/10 Equity
$2,863
$3,026
$2,498
% to
Balance Sheet Debt
Total Obligations
213%
% to
183%
$2,747
$2,847
196%
% to
12/31/11 Equity
$3,382
257%
-
12/31/12 Equity
$3,821
260%
-
64
203%
% to
$3,446
148
261%
$3,969
270%
Note: Amounts may not recalculate due to rounding.
Proprietary and Confidential |
24
Proprietary and Confidential |

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