Title w/o background master, Arial, 24 pt · with 80% of sales to new customers at attractive prices. Improved online used vehicle sales presence. resulting in a better online customer

COMPANY OVERVIEW

June 2020

1

@ 2020 Ryder System, Inc.

All Rights Reserved

Safe Harbor and Non-GAAP Financial MeasuresNote Regarding Forward-Looking Statements:

Certain statements and information included in this presentation 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; impact of the COVID-19 pandemic on earnings, depreciation, commercial rental demand, capital expenditures, sales for ChoiceLease and other products and services, automotive production, and comparable tax rates; the adequacy of steps we have taken to mitigate the negative impacts of COVID-19 on our operations; demand, sales and pricing in used vehicle sales; residual values and depreciation expense; adjusted return on equity, operating revenue growth, operating cash flow; free cash flow, capital expenditures; leverage; the impact and adequacy of steps we have taken to address our cost structure and improve returns; and our ability to successfully implement our maintenance cost-savings initiatives and asset management strategy to right size our fleet.

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, the duration and severity of the

COVID-19 pandemic and governmental responses thereto; 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, used vehicle inventory levels, 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 for Ryder and its business segments, and comparable effective ncomtax rate.

Additionally, our adjusted return on equity (ROE), adjusted return on capital (ROC) and adjusted return on capital spread (ROC spread) measures are calculated based on

adjusted 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, 2017 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.

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Key Themes

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Key Themes Summary

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1

2

3

4

5

6

Leader in transportation and logistics outsourcing with significant

growth opportunity from large addressable markets and secular trends

Large contractual revenue base supports long-term value creation

through earnings and operating cash flow

Industry leader in new product innovation to drive future earnings

potential

Increasing operating cash flow and focus on greater free cash flow

generation over the cycle support strong balance sheet, strategic

optionality, and increasing shareholder returns

Lowered accounting residual values to align with used vehicle market

outlook – expected to lower the likelihood and magnitude of negative

earnings impact from used vehicle sales

Return improvement actions underway


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Leader in Transportation and Logistics Outsourcing

Solutions

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RYDER IS A FORTUNE 500 COMPANY WITH

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More than 90% of revenue is generated in North America

8.9 BillionAnnual Revenue(1)

54 MillionComparable Earnings(1,2)

~800Maintenance Locations

290,700Vehicles(3)

56 MillionSq. Ft. Warehouse Space

39,900Employees

$ $

REVENUE BY SEGMENT (4)

61%

13%

26%

Fleet Management Solutions (FMS)

Supply Chain Solutions (SCS)

Dedicated Transportation Solutions (DTS)

(1) These amounts result from continuing operations, (2) Net Losses from Continuing Operations are $23 million, (3) 2019 Average Vehicle Count, (4) as % of 2019 Operating

Revenue, (5) as a % of 2019 Total Revenue

6%

3%

2%

89% ◼ U.K.

(since 1971)

◼ Canada

(since 1957)

◼ Mexico

(since 1994)

◼ U.S.

REVENUE BY COUNTRY (5)


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Complementary Business Segments Provide Broad

Range of Value-added Solutions

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Diversified customer base representing most industry segments

FMS DTS SCS

Vehicle Maintenance, Financing and Support Services

Drivers, Routing, Scheduling and Administration

Management of Outside Carriers

Warehousing

Integrated Logistics Solutions

E-fulfillment / Last Mile Delivery

Solutions comprising two or more services:

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$1.5 Trillion Addressable Market Provides Significant

Growth Opportunities

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Growth opportunity to penetrate large, non-outsourced (“DIY”) market

FMS DTS SCS

Total Market Size Addressable DIY Market (Market Opportunity) Currently Outsourced

$225BCommercial

Vehicle Market

$800BDedicated

Transportation Market

$1.3TWarehouse & Truck-

Based Transportat ion

Management Market

$58B

$14B $18B

$400B $1.0T

$148B

Sources: Polk/HIS, Armstrong & Associates, Ryder estimates.

24%

outsourced 5%

outsourced 15%

outsourced

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DIY Transportation and Logistics Market Faces Increasing

Challenges from Secular Trends that Favor Outsourcing

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SECULAR TRENDS THAT SUPPORT OUTSOURCING DECISION

Increased Vehicle Cost

and Complexity; More

Stringent Regulations

Driver and Technician

Shortage

Dynamic Supply

Chains

Disruptive

Technologies

Purchase costs up

50-65%(1)

Maintenance cost up

25-100%(1)

Safety regulations may

reduce freight capacity /

productivity

Current driver shortfall is

60k…expected to be 160k

by 2026(2)

Technician shortage…

142k needed by 2022(2)

Growth in e-commerce

and omni-channel

More nearshoring /

onshoring activity

Increasing use of final

mile delivery services

Low / zero-emission

electrified powertrains

Semi-autonomous control

systems

Asset sharing

opportunities supported by

technology platforms

Ryder is well positioned to address challenges facing

DIY transportation and logistics market

(1) Compared with power vehicles with pre-2007 technology(2) American Trucking Association and U.S. Department of Labor

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Majority of Revenue Comes from a Growing Base of

Contractual Revenue

Growth in contractual revenue supports long term value creation

14%

86%

% of 2019 Operating RevenueFuture Revenue

Contracted as of Year-end ($B)

• 8 years of organic lease fleet growth

• Record contractual sales in 2017 and 2018

• ChoiceLease locks in future revenue and cash flow over

average 6-year life

• DTS & SCS - multi-year contracts with long-term customer

retention

FMS: ChoiceLease

FMS: SelectCare

DTS

SCS

Supported by 3-7 year

customer contracts

FMS: Commercial Rental

Transactional revenue

$16.6

$17.9

2018 2019

2

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Industry Leader in New Product Innovation to Drive

Future Earnings Potential

AV

Electric vehicle adoption likely to start with cargo vans and last mile trucks

Developing solution offerings for both incumbent and new OEM providers

Autonomous vehicle technology development

continues

Adoption of autonomous heavy-duty trucks is 5-7 years away

Truck sharing’s long-term growth is promising

Here today: COOPTM by Ryder is currently operating in 4 markets

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Freight sharing remains an open field

Many players with little differentiation are focused on digitizing freight brokerage

E-commerce is still growing quickly

Here today: Ryder is advancing Last Mile and E-Fulfillment products

Big data / advanced analytics continues to hold potential

Big data remains aspirational for many firms to enable new products and better decisions

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Understanding Ryder’s Cash Flow Profile

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• Contractual nature of business portfolio provides reliable, multi-year operating

cash flow

• ChoiceLease growth requires upfront capital expenditure

• capital not committed until a lease contract is signed

• cash returns generated over contract life (typically 5-7 years)

• Dedicated Transportation Solutions and Supply Chain Solutions provide solid

positive Free Cash Flow throughout cycle

• Ryder’s free cash flow is counter-cyclical with growth and economic conditions

• Lumpy replacement cycles can also drive uneven replacement capital for lease

and rental

Modified growth strategy targeting moderate growth in ChoiceLease and accelerated growth

in SCS and DTS expected to generate higher free cash flow and improved returns

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Impact of Growth Capital

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Growth Capital Total Cash Generated

Free Cash Flow is impacted by growth capital in

the period of initial vehicle investment and by

variability in the timing of replacement capital

Total Cash Generated increases following periods

of growth as capital is priced into lease contracts

and recovered over the contract term

Growth capital investment positions Ryder for long term value creation

1,292

585 582

1,700

1,185

2015 2016 2017 2018 2019

1,9402,099 2,057 2,114

2,659

2015 2016 2017 2018 2019

($M)

Free Cash Flow:

(728) 194 197 (936) (1,077)

($M)

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Balanced Capital Allocation Philosophy Leads to

Attractive Shareholder Returns

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Capital

Expenditures

Dividend

GrowthAcquisitions

Share

Repurchases

Organic growth: primarily

vehicle capex for

contractual lease fleet

Growth reflects long-term

earnings growth; 10%

CAGR since 2005

FMS: tuck-ins drive

operating leverage

SCS/DTS: expand

capabilities, industries

served

Anti-dilutive: offset

dilution creep

Discretionary: driven by

balance sheet leverage

Over $1.8B in Cash Returned to Shareholders

Over 2008 – 2019

Dividends Share Repurchases

$919 $866 $1.8B

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Accounting residuals lowered in 3Q19 to align with

outlook for used vehicle market 5

• Ryder is one the largest retailers of used vehicles in the country

• 20k+ vehicles sold annually as lease contracts expire and rental fleet is refreshed

• Used vehicle sales market is cyclical

• Re-evaluation of residual value estimates was triggered by:

• used tractor market conditions that began to soften in June 2019

• conditions worsened in 3Q19 - with expectations for further decline

• Estimated tractor residuals for policy depreciation were reduced ~18% from prior

levels to reflect more recent multi-year trends and outlook

• for vehicles expected to be sold by late 2021, estimated residuals were reduced to

levels below policy depreciation

• Depreciation headwinds decline each year – most pronounced impact in 2019 & 2020

Residual value estimate changes expected to reduce the likelihood and magnitude

of negative earnings impact from used vehicle sales


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Actions to Increase Returns

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Looking at 2020 as a year to ensure we are taking appropriate actions

to drive better returns in 2021 and beyond

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• Further ChoiceLease price increases during 2020

• Pruning underperforming accounts upon renewal in order to improve returns

• Increased expected savings from multi-year maintenance initiative to $100M

• Closed underperforming FMS facilities in the US and Canada in 4Q19

• Expanded used vehicle retail sales capacity by increasing locations and inside sales

and enhancing used vehicle sales website

• Discontinued liability extension program on customer lease vehicles to reduce

future exposure

• Accelerate growth in supply chain and dedicated through strategic investments in

sales and marketing resources

• Future awards under our executive compensation programs more heavily weighted

to cash flow and returns-based metrics, and less weighted on revenue


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Financial Targets

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Our primary financial target relates to Return on Equity

Adjusted ROE

• Interim target

• Long-term target over cycle11%

15%

Component drivers to achieve ROE target include:

Operating Revenue Growth

• FMS

• SCS & DTS

Mid Single Digit

High Single Digit

EBT as % of Op. Revenue

• All Segments High Single Digit

Leverage (Debt-to-Equity) 250 – 300%

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Summary of Key Themes

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Leader in

transportation and

logistics

Large addressable

market

Increasing market

penetration given

secular trends

Contractual

revenue base

providing stable

operating cash

Industry leader in

product innovation

Counter-cyclical

cash generation

Balance sheet

strength

Returning cash to

shareholders

Strategy

Overview

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All Rights Reserved

Our rich history provides a solid foundation for growth

1

JIM RYDER MAKES A

$35DOWN PAYMENT ON

ONE TRUCK

1933 85 Years

⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫

Company

Founded

1930s

Ryder Goes

Public

1950s

Fueling

Growth

1970s

Sharpening

Our Focus

1990s

Growth in a

Time of Turmoil

1940s

Establishing

Our Brand

1960s

New

Horizons

1980s

Driving

Forward

2000s

Grew rapidly by focusing on transportation solutions

Trucking deregulation; diversified into non-core businesses

Divested non-core businesses

Improved performance through process changes

Focus on Growth

1930 - 60’s

1970 - 80’s

1990’s

2000’s

2010’s

Focus on

Growth

TODAY

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Guided by our vision, mission and values

We are “cracking the code” on fleet and supply chain outsourcing

by bringing compelling value to our customers

MISSION

Ryder provides

innovative supply chain

and fleet solutions that

are reliable, safe and

efficient, enabling our

customers to deliver

on their promises

VISION

To bring compelling value

through outsourcing

VALUES

Trust

Innovation

Collaboration

Expertise

Safety

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Talent & Culture

Information Systems

Strategy

Profitably grow fleet management and supply

chain outsourcing services by targeting private

fleets (FMS/DTS) and key verticals (SCS) with

innovative solutions, operational excellence,

customer focus, best in class talent and

information technology

Focused on our strategy and strategic priorities

1. Operational Excellence - Continuous

productivity and process improvement to

solve customer problems, increase cost

effectiveness and drive safety

2. Innovation - Develop new services

connected to the core business that deliver

value to targeted customer segments

3. Customer Focus - Accelerate growth rate

through increased sales & marketing

effectiveness and new product innovation

4. Talent & Culture – Attract, develop and

retain the best talent in an environment

where leaders engage their people to

innovate, pursue the vision and build on

our values

5. Information Technology – Deploy

technology to enable growth while

improving operational efficiencies

Strategic Priorities

Operational

ExcellenceInnovation

Customer

Focus

GROWTH

EPS

ROE

Operating Revenue

Talent & Culture

Information Technology

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1

2

4

3

5

Operational

Excellence

Innovation

Customer

Focus

Talent

& Culture

IT

Overcome Outsourcing

Barriers

Progress on

Strategy

Initiatives and progress overcoming barriers to outsourcing

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Demonstrate

industry specific

expertise to build

relationships and

trust

Flexibility

around value-

added services

and continuous

improvement

Provide on-

ramps and

transactional

services

Enhance

operational

excellence and

be known for

best execution

Initiative Result

• Maintenance shop

modernization

• LEAN roll out in SCS

• Uptime initiative

• All major accounts

• Record-low breakdowns

• Launch / evolve new

products

• Flexible maintenance

options (FMS)

• COOP by RyderTM

• RyderShareTM

• Ryder Last Mile

• E-Commerce fulfillment

• Upsell FMS to DTS

• Total Cost of Ownership

(TCO) sales tool

• Leverage Customer

Advisory Boards

• Majority of new DTS sales

• 1/3 of lease growth from

“do-it-yourselfers”

• Drove new product

differentiation

• Multiple pulse surveys

with follow-up actions

• Restructured recruiting

process

• America’s Best Employers

list (Forbes) for 5 years

• Employee count up 20%

since 2015 to 40k –

supports growth

• IT Transformation

• Foundational changes +

customer facing

technology


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Driving growth with new products and capabilities

Advanced Vehicle Technologies Leveraging our

role as a transportation thought leader and world-class

maintenance provider, Ryder is leading the way with

electric and autonomous vehicles through strategic

partnerships and targeted investments

Digital Platform for Commercial Vehicle Sharing

First of its kind, peer-to-peer asset-sharing platform to list

and rent underutilized commercial vehicles

Last Mile Delivery Capabilities expanded with Ryder Last Mile

Leading provider of last mile delivery services for big and bulky goods; national network of warehouses

and agent facilities provide two-day delivery to 95% of the US and Canada

E-commerce Fulfillment Solution for direct to consumer parcels

Order fulfillment solution for manufacturer products direct to consumers; provides manufacturers with an

alternative to third-party marketplaces

RyderShare™ Supply Chain Visibility Tool

Cloud-based, neutral integration platform that drives operating efficiencies and optimizes supply chain

performance by providing real-time views across all transportation modes

Flexible Maintenance Solutions

Offer a broad range of flexible, maintenance options through ChoiceLease Preventive and

ChoiceLease On Demand and SelectCare On Demand

23

Launched

3rd market

in Dallas,

TX in

January

2020


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0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

Demonstrated lease fleet growth(1)

2013 2014 2015

Sustainable lease fleet growth results from macro trends that favor outsourcing and

company specific initiatives to penetrate the private fleet market

2012

1,7001,200

6,800

2016

• 2019 was 8th consecutive year of organic lease fleet growth

• This sustained growth represents a significant improvement versus the prior decade when the lease fleet declined organically in 8 out of 10 years (2001-2010)

5,200

3,200

2017

4,100

9,600

10,500

2018

(1) Represents lease fleet growth excluding UK trailers 2012-2017 ; 2016 excludes a higher number of vehicles being prepared for sale (approximately 1,200)

2019

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Business

Segment

Overview

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All Rights Reserved

Comprehensive product and service offerings

Segment /

Product

Operating

Revenue

Margin

(Earnings before Tax

% Operating

Revenue)

AssetsNumber of

Vehicles

Adjusted

Return on

Capital(4)

FY2019 FY2019 FY2019 1Q2020 FY2019

FMS:

ChoiceLease $3.1B 158,800

FMS: Commercial

Rental$1.0B

(1.5%) (1)

(FMS Segment)

$13.0B(FMS Segment)

39,6001.2%

(FMS Segment)

FMS: SelectCare $0.5B 56,900

FMS: SelectCare

On-DemandNA 8,100 (2)

Supply Chain

Solutions $1.9B 7.7%(1) $1.2B 9,600 (3) 13.9%

Dedicated

Transportation

Solutions (DTS)

$1.0B 8.3%(1) $0.3B 9,400 (3) 16.0%

Ryder System,

Inc.$7.2B (0.6%) $14.5B 277,600 (5) 1.9%

(1) Segment earnings before tax excluded non-operating pension costs.

(2) Represents number of vehicles serviced under SelectCare On Demand agreements. Units included in count may have been serviced more than once during the period.

(3) Vehicles supporting DTS and SCS are provided by FMS and are also included in the FMS fleet count.

(4) Rolling 12 months; does not reflect the impact of the lease accounting standard. (5) Total RSI vehicle count is 1Q20 Average; segment counts are 1Q20 End of Period

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• Comprehensive, preventive

maintenance services

• Vehicles are owned by our

clients or under third-party

finance lease contracts

SelectCare Comprehensive

SelectCare Preventive

SelectCare OnDemand

FMS - Maximizing uptime for over 15,000 contractual customers

• Commercial vehicles

for short-term

customer needs

• Used by both lease

and non-lease

customers

• Complementary

service offering for

ChoiceLease

customers

Commercial Rental(21% FMS Operating

Revenue)

SelectCare(11% FMS Operating

Revenue)

• Ancillary maintenance

work on Ryder or

customer owned

vehicles not included

in base contract

• Fuel

• Insurance

• Safety

• Regulatory reporting

• Technology

• Long-term contractual

agreement

• Includes vehicle

procurement, flexible

levels of maintenance

services and used vehicle

disposition

• Comprehensive package

of fleet support services

available

ChoiceLease Full Service

ChoiceLease Preventive

ChoiceLease On Demand

Sample Clients:

Note: Revenue percents based on segment operating revenue (excludes fuel).

Fleet Management

Solutions

ChoiceLease(66% FMS Operating

Revenue)

Fleet Support Services(2% FMS Operating Revenue)

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(61% of RSI Operating Revenue)

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FMS – Operating in large, diverse market segments

Market Opportunity

Most vehicles in the large, highly

addressable truck leasing,

maintenance and rental market are

owned and managed by customers

themselves – represents a significant

growth opportunity for FMS

Diversified customer base represents a

broad range of industries

9%

4%

3%

4%

6%

8%

10%

22%

35%

Other

Energy, Chemical & Plastic…

Automotive

Retail Stores & Apparel

Industrial

Business & Personal Services

Construction & Housing

Food & Beverage

Transportation, Logistics &…Transportation, Logistics & Warehousing

Food & Beverage

Construction & Housing

Business & Personal Services

Industrials

Retail Stores & Apparel

Automotive

Energy, Chemicals & Plastics

Other

(% of 2019 U.S. Lease & Rental Revenue)

28

Customer Profile

• Successful services large and small private fleets

• 15,700 ChoiceLease/ SelectCare contractual customers

• 37,200 commercial rental customers

Operating Locations

• ~800 operating locations (operates in U.S., Canada, U.K., Germany)

• Opportunity to leverage maintenance infrastructure with fleet growth

9M vehicles

2.3M

vehicles

Sources of Growth

Private Fleet & For-Hire Conversions

• Largest opportunity for growth

Customer / Economic Expansion

• Fleet additions with existing customers by expanding geographies

served and/or resulting from customer growth

Share Gain

• Ability to leverage maintenance infrastructure enhances competitive

position in existing outsourced rental/lease market in U.S., Canada

and U.K.

Acquisitions

• Supplement to organic growth where mutual interest exists

• Focused on accretive deals in core rental/leasing business to

leverage existing facility infrastructure

Highly

Addressable

DIY Market

Outsourced

~550k

vehicles

Total

Market


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FMS - Technology investments support growth

RydeSmart ® Telematics

Full-featured cloud-based software which

integrates GPS technology with on-vehicle

computers to lower operating costs and

improve customer service by:

• Reducing fuel usage up to 10-15% through

improved routing and driver management

• Saving an average of 60 hours per year per

driver through improved routing and time

management

• Reducing administrative overhead by automating

DOT Hours of Service and trip records/fuel tax

reporting

• Improving safety by monitoring and adjusting

driver behavior, and linking to Ryder Customer

Response Call Center

• Mobile application for iPhone® and iPad® devices

• Deployed on ~33,000 Ryder vehicles

Uber Central Integration

First in industry with Uber Central

integration to streamline cost and visibility

in pick up and drop off functions

Provides effective cost reductions in vehicle

movements and customer service :

• Customer notification and billing through

Ryder systems

• Over 100,000 Rides provided program to date

• Responsive API integration with Shop/Rental

systems

• Ability to pass through cost to customer on

the invoice level

• Effective tools to manage cost and volumes of

rides

29

RyderGyde

New, comprehensive fleet management

app that can be used by customers as

well as non-customers to:

• Schedule maintenance appointments in 60

seconds

• Check Ryder and market real-time fuel rates

• Contact roadside assistance

• Locate any of our 800 maintenance facilities

instantly

TM


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Lease

SignedTerm Begins

~90-120 Days

Illustrative cash flows for a ChoiceLease unit:

Financial

Impact

Cash Flow

Capital

Expenditure

(avg. $90K)

Negative Positive

Sales

Proceeds

(25 –35%)

Positive

Fixed Revenue: ~85% based on fixed rate per month

Variable Revenue: Remainder (~15%) based on rate per mile driven

Maintenance, Depreciation and Interest Expense incurred

Fuel costs passed through to customer

Note: Revenue escalates during contract life based on CPI index

Vehicle placed

into service

Lease Term

(Avg. Term: 5 – 7 years) • Lease contract pricing based on

DCF approach

• Pricing targeted at 80-120 bps

above product line cost of

capital (on a fully-costed basis)

• Sales compensation driven by

deal profitability

• Higher vehicle investment and

maintenance costs recovered in

lease rate

Lease

Expires

Customer

contract

signed

Used vehicle

sold

FMS - Timing of revenue and cash flow for ChoiceLease

Time 0 Years 1-6 YE 6

Vehicle

ordered

from OEM

30


All Rights Reserved

19

12 1410

2733

27

2

10

-40

2

54

71

80

116

100

1

-17-22

-40

-20

0

20

40

60

80

100

120

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

UVS, net*($M)

1Q00 – 2Q02

9 Quarters

✓ Above average OEM production

• 1995, 1998 to 2000

✓ 2001 recession + OEM engine issue

✓ Proceeds/unit declined 45%


• 2004 to 2006

✓ Great recession


3Q08 – 1Q10

6 Quarters

3Q15 – 4Q17

9 Quarters


• 2012 to 2016

✓ Industrial recession

+ weak export market

+ less desirable MY10-12 tractors


Used Vehicle Sales Overview

Historical view: Multi-year used vehicle sales downturns through 2018

These multi-year downturns were driven in part by a soft demand environment and an over supply of tractors

entering the used market 4 to 6 years after production

(*) UVS, net is reported as gains on vehicle sales, net, plus losses from fair value adjustmentsUVS, net for 2000-2002 does not reflect impact from fair value adjustments

Note: Proceeds/unit percent change reflects US tractors

31


All Rights Reserved

4%

23%

73%

Used Vehicle Sales Overview

32

Fleet profile: Used Vehicle Inventory (2) Operating Fleet (2)

Majority of model year 2011-12 vehicles expected to be sold by end of 2020.Better maintenance performance experienced on post-2012 vintages.

Power vehicles in US & Canada

(1) Number sold 1Q20 YTD

(2) Vehicle count as of 3/31/2020

Used Vehicles Sold YTD (1)

Ryder’s Used Vehicle Buyer: Initiatives To Maximize Proceeds & Derisk Portfolio:

Primary industries represented

51%13%

36%

Business &

Personal Services Transportation

Other

Expand Retail

Sales Channels

Enhance Website

Experience &

Analytics

Lease Pricing

Launched Inside Sales team - centralized group

generating leads and selling remotely - results favorable

with 80% of sales to new customers at attractive prices

Improved online used vehicle sales presence resulting

in a better online customer experience

Lower accounting residuals are being used for new

lease pricing in order to mitigate future residual exposure

• 85% operate fleets of 1 – 3 vehicles

• 15% of retail buyers are Repeat buyers,

buying 23% of the assets

5%

27%

68%

1% 2%

97%

Pre-2011

MY 2011-12

Post-2012


All Rights Reserved

33

FMS CUSTOMER CASE STUDY | W.B. Mason

Ryder’s relationship with W.B. Mason began in 1981. Over time, W.B. Mason

has depended on Ryder to help fuel its growth to become a billion dollar

company, most of which has happened in the past 20 years. Ryder’s

ChoiceLease solution combines several models of uniquely customized and

branded trucks – including tractors, trailers, refrigerated vehicles and supply

trucks - with comprehensive maintenance to keep W.B. Mason moving products

efficiently, while expanding its operations.

Partnership:

• More than 1,030 customized tractors,

trailers, refrigerated vehicles, and

supply trucks

- first electric vehicle lease

customer

• 2,000 preventive maintenance

inspections per year

• Procurement of replacement vehicles

if a truck goes out of service

• Adding custom features to the truck to

facilitate the delivery of product while

maintaining a unique branded look

• 13+ million miles traveled annually

Results:

• 99% on-time deliveries on same

day and next day orders

• Expanded operations to over 60

locations in 24 states

• Eight unique designs of trucks to

accommodate varying types and

volumes of products

ChoiceLease

vehicles

reflect the

customer’s

branding

with the

Ryder logo

and vehicle #

displayed

near the cab

door


All Rights Reserved

Supply Chain Solutions

• Strategic consulting &

decision support

• Solutions engineering

• Network modeling &

optimization

• Total landed cost

• Lean Six Sigma

• Warehouse/distribution center

operations (56M sq. ft.)

• Inbound materials

management

• Outbound product support

• Kitting, packaging &

refurbishment

• Just-in-time replenishment

• Reverse logistics

• E-commerce network support

• Procure and execute over

$5.6B in freight moves as

customer’s agent

• Shipment planning and

execution

• Freight brokerage

• Freight bill audit and

payment

• Origin/destination services

• Transportation & warehouse management systems

• Network optimization tools

• Inventory & shipment visibility tools

SCS – Design and execute optimized logistics solutions

Sample Clients:

Professional

Services(5% SCS revenue)

Transportation

Management(14% SCS revenue)

Dedicated(34% SCS revenue)

• Transportation

component of

integrated logistics

solution

• Includes drivers,

vehicles, routing &

scheduling and

management &

administrative support

Supported by: IT Solutions

Distribution

Management(39% SCS revenue)

34


Ryder Last Mile(8% SCS revenue)

• E-commerce fulfillment

provider

• Last mile delivery

provider of big & bulky

goods

• National network able to

reach 95% of US and

Canada in 2-days

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjjlaXCxMXMAhVF2D4KHQf2CqAQjRwIBw&url=http://thenewswheel.com/behind-badge-what-logo-hyundai-use-genesis-luxury-brand/&psig=AFQjCNHT2xH9dOWHoKc7pN22ylUIzWS4aw&ust=1462627054845833

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiNr5HmxMXMAhWBCj4KHfigD38QjRwIBw&url=http://www.famouslogos.us/bendix-logo/&psig=AFQjCNExUdqfO5IC3O0zeXVaF93sOnOOwA&ust=1462627130112294

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiYr-mWxcXMAhUGLB4KHTAxDPoQjRwIAw&url=http://pilotpen.us/&psig=AFQjCNF9c5UD2huilyulxzg9vfWPX03qaA&ust=1462627233592061


All Rights Reserved

SCS – Industry and execution focus driving growth

CPG & Retail39%

Technology & Healthcare

14%

Automotive37%

Industrial & Other10%

Industry Vertical Focus

% of FY19

Operating

Revenue

Current Customers

• Comprehensive solutions for over 350

customers

• Lease and operate 56 million square feet of

warehouse space in North America

• Manage ~22,000 border crossings per month

between the U.S, Mexico and Canada

• 9,600 vehicles from FMS are utilized to

support SCS customers

• Focus is on customers with sophisticated

logistics requirements - many require an

integrated solution that combines two or

more service offerings

Market Size

• Outsourced supply chain logistics market in

the U.S. is estimated to be $148 billion(1) and

is growing faster than the overall economy.

(1) Source: Armstrong & Associates

• Known for best execution

− Ranked among the top five

companies by Inbound

Logistics

• Specialized capabilities and

proactive solutions based on

deep expertise

Differentiated functional execution

and deep industry expertise will

result in higher growth

Companies continue to increase logistics

outsourcing to reduce costs and focus on

core competencies

35


All Rights Reserved

SCS – New capabilities to drive growth

Smart Warehousing

Ryder’s smart warehouse incorporates a strategic mix of

innovative technologies to create efficiencies

36

OpsBox provides performance metrics visibility, labor

management, and data automation within a distribution

environment, enabling stakeholders to know at-a-glance

what is and is not working inside the building

Employees

• Individual Performance Visibility

•Customer Delivery Status via on-floor displays

Supervisor

•Department and Employee Level Performance Analysis

Manager

•Building Level Performance

• Impromptu Analysis

•Contractual KPI Performance

Director

•Multi-site Performance Analysis


Customer


Key Stakeholders


All Rights Reserved

Ryder’s e-Commerce and last mile capabilities

Ryder Last Mile(Big & Bulky)

Two distinct services that can be used to meet customers’ parcel and big & bulky final mile delivery requirements

Ryder E-Commerce Fulfillment(Parcel)

• e-Fulfillment centers hold limited quantities of unsold

items (high turnover inventory)

• Pick, pack and ship conveyable products for final

delivery using labor and automation

• Parcel carrier selection based on delivery requirements

and cost

• Items are received in facility after purchase and are

delivered shortly thereafter

• Automated delivery appointment scheduling

• Prep items for delivery (uncrate, assemble, repair)

• Time per delivery varies with service selected (white

glove installation, haul away of old items, etc.)

37

CA

TX

PA

RLM Hub Facility

Agent Facility

Dedicated Single Customer Facility


All Rights Reserved

CASE STUDY | Pilot Corporation (SCS)

38

Pilot Corporation is the largest writing instrument company in Japan and the third

largest writing instrument company in the U.S. When Pilot entered the Mexican

market in 2006, it turned to Ryder for help. A typical day includes responding to

new purchase orders, managing the picking process, packing, invoicing, shipping to

stores or distribution centers, and ensuring on-time deliveries.

Partnership:

• Multi-client warehouse,

transportation, and distribution

network

• Transportation for three million

pieces annually across 30 to 50

orders per month

• Large, seasonal orders with critical

delivery requirements in mid-

January and May

• LEAN warehouse operations

• Support for Pilot’s import broker

with cross-border expertise and

other follow-up activities

Results:

• Successfully expand inventory

capacity by 500% over an eight

year period

• Reduced cost of direct imports

from Asia

• LEAN solutions enable warehouse

staff in Guadalajara to handle

more volume without adding

people or costs


All Rights Reserved

Dedicated Transportation

Solutions

• Procure and execute over $1.4B in freight

moves as customer’s agent

• Shipment planning and execution

• Freight brokerage

• Freight bill audit and payment

• Origin/destination services

Network optimization tools that efficiently allocate freight between

a dedicated fleet and third-party common carriers

DTS - Providing dedicated fleets and drivers

Sample Clients:

• Turnkey transportation service

• Professional drivers

• Vehicles

• Routing & scheduling

• Management & administrative support

Supported by: IT and Engineering Solutions

Dedicated

Transportation(97% of DTS Revenue)

Transportation

Management(3% of DTS Revenue)

39


http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCOL86vDTl8kCFYViJgod7PYCTw&url=http://deperetruevalue.com/&psig=AFQjCNGkx78np4ivuYhheZFixzjFwKjmdw&ust=1447856491565512

http://windmillfarms.com/


All Rights Reserved

8%

6%

11%

6%

15%

16%

18%

19%

Other

Energy

Construction

Hi-tech & Healthcare

Metals

Retail

CPG

Industrial

DTS – Driving customer value with flexible solutions

Ryder’s Dedicated Offering

• Focused on developing flexible

solutions for customers with

unique needs

• Customer characteristics include

closed-loop, multi-stop

shipments; tight delivery

windows; high-value, time

sensitive freight; dedicated /

uniformed driver; logo’d vehicle

Safety Focus• Safety is one of Ryder’s core values

• DriveCam® technology is installed on all DTS and

SCS vehicles and is aimed at improving safety,

while also providing a cost-benefit to Ryder and

its customers

(Based on 2019 DTS Customer Count)

40

Diversified portfolio compromising

200+ customers

Driver Recruiting • DTS and SCS employ over

8,500 professional drivers and

~25 dedicated recruiters

• A key source for drivers has been

former military personnel

Integration• 9,400 vehicles from FMS are

utilized to support DTS customers

• DTS and SCS share engineering

and IT resources

Market Opportunity

Most services in the large, highly

addressable dedicated transportation

services market are provided by

customers themselves – represents a

significant growth opportunity for DTS$18B

$400B

Growth Opportunities

• Leverage secular outsourcing trends such as driver shortage,

increased safety regulations and equipment cost/complexity

• Utilize Total Cost of Ownership tool to articulate savings

Conversions from FMS and Private Fleets

Upsell targeted FMS customers to a dedicated solution - increases

revenue 4-5x with increased margin, return on capital and customer

retention – significant source of growth

Continued Penetration of Target Markets

Ryder’s dedicated offering differentiates itself from truckload carriers

by providing highly specialized services for customers across

industries

Highly AddressableDIY

Outsourced


All Rights Reserved

Operations Overview:

• Based in Auburn, NY

• 24/7 ~ 365 operation

• Ryder Fleet of Tandem Axle Tractors and

specialized food grade Milk Tanker Trailers

• Drivers are responsible for measuring,

testing, sampling & loading milk at the dairy

farms

• Currently picking up over 9,000 loads of raw

milk annually from 18 local farms in the

central New York area

• Deliver over 1.8 million pounds of raw milk

daily to dairy plants throughout the northeast

• Synergies between Cayuga Marketing and

Cayuga Milk Ingredients have allowed Ryder

to be domiciled on-site at the CMI milk plant

Value Realized:

• Over 15% overall transportation savings since implementation of dedicated resources

• 10% reduction in mileage & reduction in number of pickup stops with the creation of more efficient routes

• Larger trailer capacity and improved utilization have increased pounds per load over 3,500 lbs.

• Improved planning has contributed to the elimination of approx. 40% of trailer washes at CMI which has significantly reduced driver hours, improved flow in raw receiving and reduced water usage

• Increased operational flexibility in the delivery process at CMI by domiciling on-site.

• Successful start up more than 5 weeks prior to anticipated go-live date

• Improved service levels to dairy farms by implementing more efficient pickup schedules

DTS CUSTOMER CASE STUDY | Cayuga Marketing, LLC

Ryder provides dedicated transportation solutions to CAYUGA

MARKETING, LLC, a group of passionate dairy farmers who are committed

to producing high quality milk while also efficiently managing their

resources. CM is the 24th largest milk cooperative in the country and

markets over one billion pounds of milk per year.

41

https://www.britannica.com/animal/Holstein-Friesian


All Rights Reserved

Supplementing organic growth through acquisitions

• LogiCorp (Logistics)

• Lend Lease

• International

Truck Leasing

• Northern

NationaLease

• Case Leasing

& Rental

• Ascent Logistics

• Vertex Services

• General Car and

Truck Leasing

System

• Ruan Leasing

Company

• 4 G’s Truck

Renting

• Pollack National

Lease

• Lily Truck Leasing

• Gator Leasing

• Gordon Truck Leasing

• Transpacific / CRSA

Logistics

• Edart Leasing

• Total Logistic Control

• Carmenita Leasing

• The Scully Companies

• B.I.T. Leasing

• Hill Hire plc

1994

1997

1998

1999

2000

2003

2004

2005

2007

2008

2009

2010

2011

2012 • Euroway

2014 • Bullwell

Focus on Contractual Core in

FMS, DTS and SCS

1994 - 1999

2000 - 2007

2008 - 2018

42

2017 • Dallas Service Center

2018• MXD Group

• Metro Truck & Tractor Leasing

Financials &

Governance

43


All Rights Reserved

Comparable Earnings History(1)

338469 407

296389

0

100

200

300

400

500

2014 2015 2016 2017 2018 2019

$ M

illi

on

s

30

98

(4))

Comparable

Earnings

Before

Income Taxes

Comparable

EPS

459

◼ Earnings Before Tax

◼ Adjustments to Earnings Before Tax

4.145.73 4.95

13.545.43

0

1

2

3

4

5

6

2014 2015 2016 2017 2018 2019

$ P

er

Sh

are (9.31)

0.52

1.46

5.53

1.39

121

6.100.37

505

36

5.430.48

43

◼ EPS

◼ Adjustments to EPS

(1) Earnings Before Income Taxes, Comparable Earnings Before Income Taxes, EPS and Comparable EPS are all from continuing operations

(2) 2017 EPS includes significant benefit from tax reform that is excluded from Comparable EPS

(3) These amounts have been recast to reflect the impact of the lease accounting standard. Prior year periods do not reflect the impact from the lease accounting standard

(4) 2019 includes impact from residual value estimate change

52

44

(2, 3)

56

(3)

(3)

(3)

348419

(42)

(0.45)

450

4.23

5.95

1.01

(4)


All Rights Reserved

Key Financial Statistics

45

(1) Starting in 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to

be completed in the second quarter of 2021. We have revised our definition of operating revenues to exclude the revenues associated with this program for better

comparability of our on-going operations. We have not recasted operating revenue for prior periods. In 2019, revenues for this program were $38 million.

(1)


All Rights Reserved

March Year-to-Date

Key Financial Statistics

NM - Not Meaningful

1) In the first quarter of 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed in the second quarter of 2021. We have revised our definition of operating revenues to exclude the revenues associated with this program for better comparability of our on-going operations.

($Millions, Except Per Share Amounts)

46


All Rights Reserved

Business Segments

47

(2) Starting in 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed

in the second quarter of 2021. We have revised our definition of operating revenues to exclude the revenues associated with this program for better comparability of our on-going

operations. We have not recasted operating revenue for prior periods. In 2019, revenues for this program were $38 million.

(2)


All Rights Reserved

Business Segments

NM - Not meaningfulNote: 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.

($ Millions)March Year-to-Date

48

(2)

(2) Starting in 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to

be completed in the second quarter of 2021. We have revised our definition of operating revenues to exclude the revenues associated with this program for better

comparability of our on-going operations. We have not recasted operating revenue for prior periods. In 2019, revenues for this program were $38 million.


All Rights Reserved

Capital Expenditures

($ Millions)

2019 2018

2019 $

O/(U) 2018

ChoiceLease $ 2,871 $ 2,207 $ 665

Commercial Rental 557 797 (240)

Operating Property and Equipment 193 162 31

Gross Capital Expenditures 3,620 3,165 455

Less: Proceeds from Sales (Primarily Revenue Earning Equipment)(1)(518) (396) 122

Net Capital Expenditures $ 3,102 $ 2,769 $ 333

Full Year

(1) Includes proceeds of $43 million related to the sale of SCS properties during the second quarter of 2019.

49


All Rights Reserved

Capital Expenditures

($ Millions)

March Year-to-Date

Expected range for FY20 gross capital expenditures is $1.0 - 1.4B,

lower than the forecast prior to COVID-19 of $2.1B and below prior year of $3.6B,

resulting in record free cash flow in 2020

50


All Rights Reserved

Cash Flow and Leverage

($ Millions)

(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 2018

Earnings from Continuing Operations $ (23) $ 287

Depreciation 1,879 1,389

Used Vehicle Sales, Net 59 22

Amortization and Other Non-Cash Charges, Net 273 197

Pension Contributions (72) (28)

Collections from Sales-type Leases 121 83

Changes in Working Capital and Deferred Taxes (96) (232)

Cash Provided by Operating Activities 2,141 1,718

Proceeds from Sales (Primarily Revenue Earning Equipment) 518 396

Total Cash Generated 2,659 2,114

Capital Expenditures (1) (3,735) (3,050)

Free Cash Flow $ (1,077) $ (936)

Debt to Equity (2) 320 % 262 %

Full Year

51


All Rights Reserved

Cash Flow and Leverage

($ Millions)

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%.

March Year-to-Date

52


All Rights Reserved

Growth Capital Expenditures

Free Cash

Flow(257) (488) (340) (315) (728) 194 197 (936) (1,077)

Total Cash

Generated1,442 1,645 1,783 1,944 1,940 2,099 2,057 2,114 2,659

Comparable

EBITDA1,318 1,540 1,523 1,668 1,802 1,857 1,812 2,049 2,268

($ Millions)

1,022

460

177

0.0

0.5

1.0

1.5

2011 2012 2013 2014 2015 2016 2017 2018 2019forecats

270

691

1,022

216

2011 2012 2013 20182014

263

723 733907

Growth Capital Expenditures – Lease & Rental

303

1,090Rental

Lease

382556

585566

184

1,292

2015

53

2016 2017

582 1,162

538

1,700

2019

1,185

Total Cash Generated and

Comparable EBITDA increase

following periods of growth as

capital is priced into lease

contracts and recovered over the

contract term

Free Cash Flow is impacted by

growth capital in the period of

initial vehicle investment and by

variability in the timing of

replacement capital


All Rights Reserved

Comparable EPS and Share Count History

GAAP EPS 3.31 3.90 4.63 4.14 5.73 4.95 13.54 5.43 (0.45)

Non-Operating Pension Costs (1) 0.22 0.37 0.25 0.05 0.19 0.33 0.31 0.09 0.85

Other Adjustments(2) 0.18 0.13 (0.03) 1.29 0.18 0.15 (9.62) 0.43 0.61

Comparable EPS 3.71 4.40 4.85 5.48 6.10 5.43 4.23 5.95 1.01

Average Diluted Common Share

Outstanding

(in Thousands)50,878 50,740 52,071 53,036 53,260 53,361 52,986 52,697 52,348

$ Comparable

Earnings Per Share

(1) Non-operating pension costs primarily represent interest cost, expected return on plan assets and recognized net actuarial gains/losses.

(2) Reconciliation provided in Appendix.

$3.71

$4.40 $4.85

$5.48 $6.10

$5.43

$4.23

$5.95

$1.01

2011 2012 2013 2014 2015 2016 2017 2018 2019

54


All Rights Reserved

Segment – Revenue

Full Year

Total Revenue

Operating Revenue

4.8 5.1 5.3 5.3 5.6 5.8 6.06.7 7.2

6.1 6.3 6.4 6.6 6.6 6.8 7.38.4 8.9

2

4

6

8

2011 2012 2013 2014 2015 2016 2017 2018 2019

Ryder

System

Fleet

Management

Solutions3.1 3.3 3.4 3.6 3.8 3.9 4.0 4.4

4.84.2 4.4 4.5 4.7 4.5 4.6 4.7 5.3 5.6

0

2

4

6

2011 2012 2013 2014 2015 2016 2017 2018 2019

($ Billions)

Dedicated Transportation Solutions Supply Chain Solutions

0.5 0.6 0.7 0.7 0.8 0.80.9 1.0

0.7 0.8 0.9 0.9 1.0 1.11.3 1.4

0

1

2012 2013 2014 2015 2016 2017 2018 2019

55

1.1 1.2 1.2 1.3 1.4 1.51.8 1.9

1.5 1.6 1.6 1.6 1.6 1.92.4 2.6

0

1

2

3

2012 2013 2014 2015 2016 2017 2018 2019


All Rights Reserved

5.8 6.07.0 6.4

8.47.0

5.0 5.8

0.64.6 4.85.7 5.1

7.16.0

4.1 4.6

0.5-2

0

2

4

6

8

10

2011 2012 2013 2014 2015 2016 2017 2018 2019

8.5 9.3 10.011.9 12.0

9.47.3 7.7

1.56.3 7.0 7.79.3 10.2

8.16.3 6.5

1.3-4-202468

101214

2011 2012 2013 2014 2015 2016 2017 2018 2019

7.2 7.76.5

7.5 7.86.6

7.4 7.7

5.2 5.75.0

6.1 6.45.1 5.4 5.7

0

3

6

9

2012 2013 2014 2015 2016 2017 2018 2019

6.6 6.8 6.7 6.48.2

7.0 7.08.3

4.7 4.9 5.0 5.16.2

5.1 4.65.7

0

3

6

9

2012 2013 2014 2015 2016 2017 2018 2019

Segment – Earnings Before Tax (EBT)

Fleet

Management

Solutions

EBT as % of Total Revenue

EBT as % of Operating Revenue

(1) Includes pension lump-sum settlement charges of $97.2 million or 1.8% of operating revenue in 2014.(2) Includes pension lump-sum settlement charges of $97.2 million or 1.5% of total revenue in 2014.(3) Amounts reflect the impact of the lease accounting standard.(4) Amounts reflect the impact from residual value estimate change and lease accounting standard.

Full Year

Ryder

System

Dedicated Transportation Solutions Supply Chain Solutions

56

(3) (4)

(1)

(2)

(3) (4)

(3)

(3) (4)

(3)

(3)

(3)(3)

(4)


All Rights Reserved

(5)

(4)

Financial Indicators

Gross Capital Expenditures ($ Millions)

Debt to Equity / Total Obligations to Equity (2)

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. Periods prior to 2017 do not reflect the impact from the lease

accounting standard.5) Represents debt to equity target of 250% to 300% while maintaining solid investment grade credit rating.

Free Cash Flow (257) (488) (340) (315) (728) 194 197 (936) (1,077)

Debt to Equity 257% 272% 227% 260% 277% 263% 222% 262% 320% 275%

Pension Impact (3)

Lease Commercial Rental PP&E/Other

(1)

(4)

(4) (4)

57

$3,620


All Rights Reserved

Adjusted Return on Equity

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 shareholders' equity to adjusted average total equity is provided later in the slides.

2) Periods prior to 2017 do not reflect the impact from the lease accounting standard.

(1,2)

20%

10%

0%

58


All Rights Reserved

Adjusted Return on Capital

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 later in these slides.

2) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting

standard.

3) Adjusted Total Capital represents Adjusted Average Total Capital in billions.

Adj ROC O/(U) COC 0.2 % 0.9 % 1.0 % 1.1 % 1.4 % 0.5 % 0.1 % 0.4 % (2.9)%

Adjusted Total Capital ($B) (3) $4.6 $5.2 $5.6 $6.6 $7.1 $7.6 $7.2 $8.4 $10.0

(2)(2)

(1)

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Dividend History

$0.10

$0.60

$1.10

$1.60

$2.10

$2.60

0.46

* Dividend unchanged at $0.15 per quarter from 1989 through 2004

0.160.18

0.210.23 0.25

0.270.29

0.340.31

0.37

QUARTERLY

DIVIDEND

0.41

0.44

60

0.56

*

Dividend growth reflects long term earnings growth

0.54


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Covenant Compliance & Debt Ratings

Maximum

3/31/20 Allowable

Covenant / Limitations

Debt to Net Worth (1)

242% 300%

Secured Indebtedness $1,091 $3,975

Receivables Indebtedness $300 $425

Asset Backed Indebtedness $0 $1,250

($ Millions)

(1) Calculated per the facility agreement as amended in September 2018. Net worth represents shareholder equity excluding any accumulated other

comprehensive income or loss associated with our pension and other post-retirement plans. Debt represents total balance sheet debt.

2023 Global Revolving Credit Facility

Ryder continues to operate well within the limitations

of its committed primary lending facility

61

Debt Ratings

Fitch Moody's Standard & Poor's DBRS

Short Term Rating F2 P2 A2 R1 (Low)

Long Term Rating BBB+ Baa2 BBB A (Low)

Outlook Negative Stable Stable Stable


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Corporate Governance Best Practices

• 10 of 11 Directors are independent; all Committee members are independent

• Strong Lead Independent Director with significant oversight and authority; oversees Board’s annual evaluation process, CEO succession planning and search process for new directors

• 7 of 11 directors diverse by race, gender or ethnicity

• Board includes two current CEOs of other companies; two former CFOs; several former Presidents and COOs and an academic expert in accounting/governance transparency

• No related party transactions; strict conflict of interest practices

• No stockholder rights plan

• Governance actions taken in recent years:

- Commenced annual elections for all directors in 2018

- Adopted an amendment to our Articles and By-laws to provide shareholders with the right to act by written consent

- Adopted proxy access, with terms in line with prevailing standards

- Eliminated all supermajority voting requirements

- Adopted double trigger vesting upon a change of control in Ryder’s equity plan

- Adopted a clawback policy

- Increased stock ownership guidelines (6x base salary for CEO and 3x for other officers)

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Key Points

• Businesses operate in very large markets

• Market trends encourage long-term outsourcing decisions

− increasing complexity/cost of vehicle technology, emissions standards,

driver shortage, credit availability, complex global supply chains, regulatory

issues

• Sales and marketing initiatives including new products designed to drive growth

• Leveraging technology for long-term growth

• Continued cost savings through ongoing process improvements

• Balance sheet and liquidity position solid

Ryder is well positioned for success with a lower cost structure, well-aligned fleet, solid balance sheet, strong market position and competitive posture,

solid value proposition and significant growth opportunities

63

Appendix

64


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Appendix: Balance Sheet

($ Millions)

Note: Amounts may not be additive due to rounding.

65


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Appendix: Key Leverage Statistics

($ Millions)

67

Book Value of Revenue Earning Equipment = 1.2x Debt Balance

March 31, December 31, March 31,

2020 2019 2019

Total Debt 8,174$ 7,925$ 7,143$

Equity (1)

2,243$ 2,476$ 2,568$

Debt to Equity 364% 320% 278%

(1) Includes impact of accumulated net pension related equity charge of $661 million as of 3/31/20, $667 million as of 12/31/19

and $712 million as of 12/31/18.


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Appendix: Asset Management (US Only)

67


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Appendix: US Retail Sales Forecast

0

50

100

150

200

250

300

350

actual forecast

2020 forecast for Class 8 Vehicles further lowered post-COVID

Class 8 Vehicles

(Heavy Duty Tractors & Trucks)

(000’s Units)

68

Average Production 1997 - 2019

Sources: ACT Research and IHS Markit - as of April 2020


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Appendix: Comparable EPS and Share Count History

($ Earnings Per Share)

Note: Amounts may not recalculate due to rounding.

69

2011 2012 2013 2014 2015 2016 2017 2018 2019

GAAP EPS$ 3.31 $ 3.90 $ 4.63 $ 4.14 $ 5.73 $ 4.95 $ 13.54 $ 5.43 $ (0.45)

Non-operating pension costs 0.22 0.37 0.25 0.05 0.19 0.33 0.31 0.09 0.85

Goodwill impairment - - - - - - - 0.29 -

Restructuring and other charges, net0.05 0.11

(0.01) 0.03 0.23 0.06 0.15 0.08 0.51

ERP Implementation Costs - - - - - - - 0.01 0.30

Tax reform-related and other tax adjustments, net - - - - - - (9.62) 0.19 0.06

Uncertain tax provision- -

- - - - - (0.08) -

Pension lump sum settlement expense - - - 1.16 - - - - -

Pension-related adjustments- -

0.03 0.14 (0.01) 0.09 0.06 - -

Operating tax adjustment - - - - - - 0.03 - -

Gain on sale of property- -

- - - - (0.27) - (0.26)

Acquisition-related tax adjustment - - - 0.03 - - - - -

Acquisition transaction costs 0.04 - - 0.01 - - - - -

Tax law changes0.09 (0.08)

- (0.03) (0.04) - 0.03 (0.06) -

Superstorm Sandy vehicle-related recoveries- 0.10

(0.01) - - - - - -

Foreign currency translation benefit- -

(0.04) - - - - - -

Comparable EPS $ 3.71 $ 4.40 $ 4.85 $ 5.53 $ 6.10 $ 5.43 $ 4.23 $ 5.95 $ 1.01

Average Diluted Common Shares Outstanding (000s) 50,878 50,740 52,071 53,036 53,260 53,361 52,986 52,697 52,348


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Appendix: Earnings & EPS from Continuing Operations

2011 includes $0.09 tax charge, $4 million of acquisition-related severance and other restructuring costs or $0.05 per diluted share, $2 million of transaction costs or $0.04 per diluted share and $19 million of non-operating pension costs or $0.22 per diluted share.

2012 includes an $0.08 tax benefit partially offset by a $8 million charge related to restructuring or $0.11 per diluted share, a $8 million charge related to Superstorm Sandy or $0.10 per diluted share and $31 million in non-operating pension costs or $0.37 per diluted share.

2013 includes a $2 million benefit from foreign currency translation or $0.04 per diluted share, $24 million in non-operating pension costs or $0.28 per diluted share, a $3 million pension settlement charge or $0.03 per diluted share and other net charges of $1 million or $0.02 per diluted share.

2014 includes $10 million in non-operating pension costs or $0.05 per diluted share, $13 million in pension settlement charges or $0.14 per diluted share, $97 million from a one-time pension lump sum settlement or $1.16 per diluted share, $2 million from acquisition-related costs or $0.04 per diluted share, $2 million charge related to restructuring or $0.03 per diluted share, partially offset by a tax law change benefit of $2 million or $0.03 per diluted share.

2015 includes $4 million benefit from tax law change or $0.04 per diluted share, $1 million benefit from pension settlement adjustments or ($0.01) per diluted share, $18 million in restructuring costs or $0.23 per diluted share, and $19 million in non-operating pension costs or $0.21 per diluted share.

2016 includes $8 million in pension-related charges or $0.09 per share, $5 million in restructuring and other charges or $0.06 per share and $30 million in non-operating pension costs or $0.33 per diluted share.

2017 includes a $3 million, or $.03, tax law benefit, a $15 million gain on sale of property or $0.27 per diluted share, an operating tax adjustment of $2 million or $0.3 per diluted share, a $3 million pension related adjustment or $0.06 per diluted share, a $9 million charge related to restructuring or $0.15 per diluted share, a net tax reform related benefit of $9.62 per diluted share, and $16 million of non-operating pension costs or $0.31 per diluted share.

2018 includes $4.7 million of non-operating pension costs or $0.09 per diluted share, a $4.5 million charge related to restructuring or $0.08 per diluted share, a $15.5 million charge related to goodwill impairment or $0.29 per diluted share, a $10.0 million charge due to tax reform-related and other tax adjustments, net or $0.19 per diluted share, a benefit of $3.0 million or $0.06 per diluted share related to a tax law change, a benefit of $4.4 million or $0.08 million related to an uncertain tax position, and a $5.0 million charge due to ERP implementation or $0.01 per diluted share.

2019 includes $45 million of non-operating pension costs or $0.85 per diluted share, a $27 million charge related to restructuring or $0.51 per diluted share, a $16 million charge related to ERP implementation or $0.30 per diluted share, a $4 million charge related to tax adjustments or $0.06 per diluted share, and a gain on sale of property of $14 million or ($0.26) per diluted share.

70


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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:

Non-GAAP Financial Measure Comparable GAAP MeasureReconciliation & Additional Information Presented on Slide

Titled

Operating Revenue Measures:

Operating Revenue Total Revenue Key Financial Statistics

FMS Operating Revenue, SCS Operating Revenue and DTS Operating Revenue

FMS Total Revenue, SCS Total Revenue and DTS Total Revenue Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS)

FMS EBT as a % of FMS Operating Revenue, SCS EBT as a % of SCS Operating Revenue, and DTS EBT as a % of DTS Operating Revenue

FMS EBT as a % of FMS Total Revenue, SCS EBT as a % of SCS Total Revenue, and DTS EBT as a % of DTS Total Revenue

Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS)

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 Earnings (Loss) Before Income Tax and Comparable Tax Rate

Earnings (Loss) Before Income Tax and Tax Rate Earnings (Loss) Before Income Tax and Tax Rate from Continuing Operations Reconciliation

Adjusted Return on Equity Not Applicable. However, the 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 shareholders' equity to adjusted average equity is provided in the following reconciliations.

Adjusted Return on Equity Reconciliation

Adjusted Return on 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.

Adjusted Return on Capital Reconciliation

Comparable Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization - (EBITDA)

Earnings (Loss) from Continuing Operations Comparable EBITDA Reconciliation

FMS Comparable EBITDA, SCS Comparable EBITDA, and DTS Comparable EBITDA **

FMS Net Segment Earnings, SCS Net Segment Earnings, and DTS Net Segment Earnings

Comparable Segment EBITDA

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

**We believe comparable segment 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 by segment.


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($ Millions, except Per Share Data)

Earnings (Loss) and EPS from Continuing Operations Reconciliation (1)

Appendix: Non-GAAP Financial Measures

72

FY 2019

Earnings

FY 2019

EPS

FY 2018

EarningsFY 2018

EPS

1Q20 1Q20 1Q19 1Q19

Earnings EPS Earnings EPS

GAAP $ (109.1) $ (2.09) $ 45.9 $ 0.87

Non-operating pension costs 0.1 — 4.6 0.09

ERP implementation costs 7.7 0.15 2.7 0.05

Restructuring and other, net 8.9 0.17 1.8 0.04

Tax adjustments 20.4 0.39 3.5 0.06

Comparable $ (72.1) $ (1.38) $ 58.5 $ 1.11


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($ Millions)EBT and Tax Rate from Continuing Operations Reconciliation

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($ Millions or $ Earnings Per Share)

EBT and Tax Rate from Continuing Operations Reconciliation

74

FY 2019 FY 2019 FY 2019

FY 2018 FY 2018 FY 2018

$


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Adjusted Return on Equity Reconciliation($ Millions)(1)


75


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($ Millions)(1)


Adjusted Return on Equity Reconciliation

76


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(1)Adjusted Return on Capital Reconciliation


77


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Adjusted Return on Capital Reconciliation(1)


78


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Adjusted Return on Capital Reconciliation ($ Millions)(1)


79


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Comparable EBITDA Reconciliation

($ Millions)

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.


(1)


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Comparable EBITDA Reconciliation($ Millions)



2. These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting

standard.

(1)



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Comparable EBITDA Reconciliation

($ Millions)



2. These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting

standard.

(1)



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1Q20 FMS SCS DTS CSS/ELIMS

Net segment earnings $ (108) $ 26 $ 10 $ (37)

Income taxes (7) 5 2 (6)

Non-operating pension costs (1) — — — 1

Other items impacting comparability (1) — — — 23

EBT (115) 31 12 (19)

Interest expense / (income) 63 — (1) —

Depreciation 512 10 1 1

Losses from used vehicle fair value adjustments 22 — — —

Amortization 1 1 — —

Comparable Segment EBITDA $ 483 $ 42 $ 12 $ (18)

1Q19 FMS SCS DTS CSS/ELIMS

Net segment earnings $ 42 $ 24 $ 15 $ (36)

Income taxes 19 8 2 (5)



EBT 61 32 17 (29)

Interest expense / (income) 56 — (1) —

Depreciation 361 10 — 6



Comparable Segment EBITDA $ 496 $ 43 $ 16 $ (23)

($ Millions)

1) We do not allocate non-operating pension costs and other items impacting comparability to our segments. See our Non-GAAP reconciliations in this earnings presentation

for further discussion on these items.

Comparable Segment EBITDA Reconciliation


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FY 19 FMS SCS DTS CSS/ELIMS

Net segment earnings $ (34) $ 109 $ 66 $ (165)

Income taxes (36) 36 15 (33)



EBT (70) 145 81 (100)

Interest expense / (income) 243 1 (3) —

Depreciation 1,826 42 4 8



Comparable Segment EBITDA $ 2,085 $ 193 $ 82 $ (92)



Income taxes 82 28 7 (15)



EBT 340 130 61 (112)

Interest expense / (income) 181 1 (2) —





($ Millions)





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Income taxes (413) 28 4 (44)



EBT 296 99 55 (102)

Interest expense / (income) 145 (2) (2) 1



Amortization 3 2 1 —


($ Millions)





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Cash Flow Reconciliation

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”.

($ Millions)

2011 2012 2013 2014 2015

Cash Provided by Operating Activities from

Continuing Operations $ 1,042 $ 1,160 $ 1,252 $ 1,383 $ 1,442

Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 337 413 452 497 427

Collections of Direct Finance Leases (1) 62 72 71 66 71

Other, net (1) — — 8 (1) —

Total Cash Generated 1,442 1,645 1,783 1,944 1,940

Capital Expenditures (1), (2) (1,699) (2,133) (2,123) (2,259) (2,668)

Free Cash Flow (3) $ (257) $ (488) $ (340) $ (315) $ (728)

Memo:

Depreciation Expense (4) $ 863 $ 944 $ 967 $ 1,047 $ 1,122

Net Cash Used in Investing Activities (1,657) (1,635) (1,604) (1,705) (2,161)

Net Cash Provided by (Used in) Financing Activities 504 438 347 312 731



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($ Millions)

2016 2017 (5) 2018 (5) 2019

2020

Forecast

Cash Provided by Operating Activities from

Continuing Operations $ 1,601 $ 1,628 $ 1,718 $ 2,141 $ 2,130

Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 421 429 396 518 430

Collections of Direct Finance Leases (1) 77 N/A N/A N/A N/A

Total Cash Generated 2,099 2,057 2,114 2,659 2,560

Capital Expenditures (1), (2) (1,905) (1,860) (3,050) (3,735) (2,210)

Free Cash Flow (3) $ 194 $ 197 $ (936) $ (1,077) $ 350

Memo:

Depreciation Expense (4) $ 1,187 $ 1,258 $ 1,389 $ 1,879 $ 1,870

Net Cash Used in Investing Activities (1,406) (1,439) (2,821) (3,217) (1,700)

Net Cash Provided by (Used in) Financing Activities (186) (162) 1,086 1,084 (400)

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.


Cash Flow Reconciliation


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($ Millions)

(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.

Debt to Equity Reconciliation(1)


88

2011

% to

Equity

Debt $ 3,382 257 %

PV of minimum lease payments and

guaranteed residual values under

operating leases for vehicles 64

Total Obligations (2) $ 3,446 261 %

Contact Information

Bob Brunn

VP – Investor Relations, Corporate Strategy & Product Strategy

305-500-4210

[email protected]

Calene Candela

Group Director – Investor Relations

305-500-4764

[email protected]

Investor Website:

http://investors.ryder.com

mailto:[email protected]

Documents

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