Ryder System Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ryder System Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

RYDER SYSTEM INC (R) filed a Annual Report (10-K) with the SEC on February 20, 2024. Ryder System Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. Ryder System Inc. is incorporated in Florida. The company's primary business is Auto Rental & Leasing (No Drivers). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking RYDER SYSTEM INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ryder's financial performance and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess the company's health and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's strategies, challenges, and its position within the auto rental and leasing industry.

Risk Assessment

Risk Level: medium — RYDER SYSTEM INC shows moderate risk based on this filing. The company operates in the auto rental and leasing sector, which is subject to economic fluctuations and competitive pressures, as indicated by its SIC code and business description.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-K to understand Ryder's performance drivers and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary year for financial data)
• 2022 — Fiscal Year (Comparative year for financial data)
• 2021 — Fiscal Year (Comparative year for financial data)

Key Players & Entities

• RYDER SYSTEM INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date
• 7510 (industry_code) — Standard Industrial Classification
• FL (location) — State of incorporation
• 3055003726 (phone_number) — Business phone number

FAQ

Industry Context

Ryder System Inc. operates within the automotive rental and leasing industry, providing transportation and logistics solutions.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and debt levels for FY2023.
2. Examine any disclosed risk factors to understand potential challenges in the auto rental and leasing market.
3. Compare key financial metrics from the 2023 10-K with previous years to identify performance changes.

Key Dates

• 2024-02-20: Filing of 10-K — Official submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing year-end financial and operational data.

Key Financial Figures

• $0.50 — tered Ryder System, Inc. Common Stock ($0.50 par value) R New York Stock Exchange
• $2.7 — kets in North America was approximately $2.7 trillion , of which $388 billion was ou
• $388 billion — approximately $2.7 trillion , of which $388 billion was outsourced 2 . Outsourced logistics

Filing Documents

• r-20231231.htm (10-K) — 3531KB
• ex1010theofficerseverancep.htm (EX-10.10) — 188KB
• ryder2024tsandcstimevested.htm (EX-10.11) — 57KB
• ryder4q2023exhibit211.htm (EX-21.1) — 108KB
• ryderex2314q2023.htm (EX-23.1) — 3KB
• ryderex244q2023.htm (EX-24) — 14KB
• ryderex3114q2023.htm (EX-31.1) — 9KB
• ryderex3124q2023.htm (EX-31.2) — 9KB
• ryderex324q2023.htm (EX-32) — 5KB
• ex971recoupmentpolicyforex.htm (EX-97.1) — 20KB
• r-20231231_g1.jpg (GRAPHIC) — 238KB
• r-20231231_g2.jpg (GRAPHIC) — 54KB
• r-20231231_g3.jpg (GRAPHIC) — 75KB
• r-20231231_g4.jpg (GRAPHIC) — 73KB
• 0000085961-24-000030.txt (&nbsp;) — 19469KB
• r-20231231.xsd (EX-101.SCH) — 113KB
• r-20231231_cal.xml (EX-101.CAL) — 210KB
• r-20231231_def.xml (EX-101.DEF) — 490KB
• r-20231231_lab.xml (EX-101.LAB) — 1344KB
• r-20231231_pre.xml (EX-101.PRE) — 873KB
• r-20231231_htm.xml (XML) — 3658KB

Business

Business 1 ITEM 1A

Risk Factors

Risk Factors 13 ITEM 1B Unresolved Staff Comments 22 ITEM 1 C Cybersecurity 22 ITEM 2

Properties

Properties 23 ITEM 3

Legal Proceedings

Legal Proceedings 23 ITEM 4 Mine Safety Disclosures 23 PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 ITEM 6

Selected Financial Data

Selected Financial Data 24 ITEM 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 ITEM 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 ITEM 9 Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 105 ITEM 9A

Controls and Procedures

Controls and Procedures 105 ITEM 9B Other Information 105 I TEM 9C D isclosure R egarding Foreign Jurisdictions That Pre ve nt Ins pections 105 PART III ITEM 10 Directors, Executive Officers and Corporate Governance 106 ITEM 11

Executive Compensation

Executive Compensation 106 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106 ITEM 13 Certain Relationships and Related Transactions, and Director Independence 107 ITEM 14 Principal Accountant Fees and Services 107 PART IV ITEM 15 Exhibits and Financial Statement Schedules 107 ITEM 16 Form 10-K Summary 107 Exhibit Index 108

SIGNATURES

SIGNATURES 112 i PART I

BUSINESS

ITEM 1. BUSINESS OVERVIEW Ryder System, Inc. (Ryder) is a leading provider of outsourced logistics and transportation services with significant growth opportunities from secular trends and large addressable markets. We provide supply chain, dedicated transportation, and commercial fleet management solutions. We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing that includes our contractual maintenance offering, commercial rental and maintenance services of trucks, tractors and trailers to customers principally in the United States (U.S.) and Canada; (2) Supply Chain Solutions (SCS), which provides fully integrated port-to-door logistics solutions, including distribution management, dedicated transportation, transportation management, freight brokerage, e-commerce fulfillment, last-mile delivery, contract packaging, and contract manufacturing in North America; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions in the U.S., including dedicated vehicles, professional drivers, management, and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service supply chain solution to SCS customers are primarily reported in the SCS business segment. In the beginning of 2022, we announced our intention to exit our lower return FMS Europe (primarily United Kingdom (U.K.)) business. We completed the shutdown of operations as well as the sale of the remaining vehicles and properties in 2023. ___________________ FMS revenue includes eliminations 1 We operate in highly competitive markets. Our customers select us based on numerous factors including service quality, price, technology and service offerings. As an alternative to using our services, customers may choose to provide these services for themselves, or may choose to obtain similar or alternative services from other third-p

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