RYDER SYSTEM, INC. R Cash Flow

Ryder system, inc. (R)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities from continuing operations:
Net earnings (loss)
-109,613	-53,486	-91,455	75,215	45,316	112,013	90,800	44,914	36,886	571,576	58,750	50,868	38,406	48,773	84,752	73,750	55,794	76,201	90,619	85,148	52,800	11,079	83,617	75,413	48,232	64,686	71,067	62,194	39,924	53,844	75,091	46,723	34,321	48,095	56,524	40,033	25,125	37,121	38,835	29,841	12,373
Less: Loss from discontinued operations, net of tax
-484	-410	83	-237	-574	139	-760	-1,261	-427	490	-290	-527	-130	-1,094	-386	-292	-391	2,708	-192	-758	-537	-404	-278	-336	-866	-1,337	-2,808	-381	-878	-1,101	10,780	-44	-555	431	-409	-881	-732	-4,341	-839	-759	-499
Earnings (loss) from continuing operations
-109,129	-53,076	-91,538	75,452	45,890	111,838	91,584	46,200	37,300	571,130	59,040	51,395	38,536	49,867	85,138	74,042	56,185	75,935	90,811	85,917	53,326	11,483	83,895	75,749	49,098	66,023	73,875	62,575	40,802	54,945	64,311	46,767	34,876	47,664	56,933	40,914	25,857	41,462	39,674	30,600	12,872
Depreciation expense
523,223	536,183	574,716	390,673	377,357	366,570	346,500	342,732	332,768	324,909	311,752	309,813	311,207	308,877	297,130	293,873	287,170	293,818	287,072	274,776	266,300	265,682	269,258	263,294	248,815	275,827	241,804	234,438	231,541	241,161	238,435	233,473	226,608	227,001	224,466	214,858	205,937	206,146	209,929	206,761	211,005
Used vehicle sales, net
-20,684	-9,615	-22,734	-18,140	-8,217	-6,132	-3,193	-5,569	-7,431	-5,174	2,727	-15,322	780	-32,030	1,873	12,000	19,129	17,695	24,965	29,985	27,208	19,186	33,691	34,365	28,818	27,484	22,488	23,197	23,006	21,424	23,147	22,546	21,991	16,602	18,270	15,658	12,349	10,718	6,904	6,587	4,518
Goodwill, Impairment Loss
-	-	-	-	-	0	0	0	15,513	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Share-based compensation expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,888	-	4,943	5,504	5,665	5,459	5,457	5,131	4,858	5,046	4,662	4,993	4,609	4,678	5,101	4,648	4,437	4,786	4,297	4,235	4,105	4,340	4,186	4,076	3,941
Amortization expense and other non-cash charges, net
42,698	-24,000	42,704	55,454	27,131	-37,000	35,800	37,039	32,061	15,848	8,094	8,217	8,841	18,661	11,019	2,929	6,248	6,693	17,943	15,012	13,317	11,413	10,123	11,630	14,097	13,301	15,799	13,857	13,432	12,184	12,152	15,772	9,101	11,957	9,205	11,042	7,724	13,336	7,997	9,301	10,266
Non-cash lease expense
22,460	-	-	-	23,218	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-operating pension costs and share-based compensation expense
4,312	-	-	-	13,861	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-operating pension costs and share-based compensation expense
4,312	44,497	13,640	14,236	13,861	10,421	8,340	7,169	6,563	11,199	11,530	11,694	12,285	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-service retirement benefit costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,810	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income tax expense (benefit)
-13,598	-64,488	-9,531	21,959	19,729	2,995	23,800	49,024	33,076	-522,039	33,330	23,194	19,296	15,978	42,160	37,712	29,319	42,433	44,017	40,992	26,600	5,295	39,431	38,334	21,653	31,672	33,773	29,583	18,593	19,911	29,749	23,086	14,356	21,862	28,031	27,342	12,781	19,529	44,562	-11,924	-11,070
Collections on sales-type leases
26,597	-	26,948	29,030	34,017	-	20,100	21,620	21,580	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of acquisitions:
Receivables
14,634	-44,933	25,980	17,985	-26,181	66,252	100,205	48,908	-22,265	33,810	69,997	47,745	27,348	-17,415	30,098	42,780	-3,709	16,572	-9,784	44,310	-10,775	-16,721	-3,171	-947	41,526	-20,595	18,276	7,914	8,677	-19,418	-16,808	2,599	26,520	-12,500	20,112	33,318	51,090	-11,347	-1,373	30,330	410
Inventories
-15,409	-2,535	2,345	768	756	1,393	4,827	-691	253	2,311	3,509	-648	-1,876	2,382	891	1,075	1,558	-173	-269	1,557	-2,563	1,422	-447	549	629	380	2,550	-1,187	-902	-1,565	2,978	-3,308	1,166	1,285	152	967	3,750	4,376	1,963	746	423
Prepaid expenses and other assets
36,482	45,746	13,264	-21,470	27,645	-19,800	43,000	15,400	46,100	96,055	-1,370	-6,462	7,577	-10,030	5,507	-2,500	21,234	-33,042	7,779	8,462	17,093	-7,345	4,222	4,753	14,410	-623	6,345	39	17,353	-8,258	3,266	-11,367	5,644	6,315	6,696	3,855	8,174	4,379	5,463	1,775	-6,721
Accounts payable
-25,707	3,645	-26,276	-22,551	18,586	13,115	-23,675	58,280	-30,851	25,415	33,068	-6,300	13,966	25,721	15	19,378	49,206	-54,875	10,933	-1,592	-28,847	8,505	43,205	-12,652	14,423	-8,233	18,956	-12,697	36,405	-20,976	9,334	-20,609	9,448	4,370	-1,234	-9,887	31,408	-2,428	-8,607	17,630	311
Accrued expenses and other non-current liabilities
-17,247	-19,786	32,319	-2,163	-80,456	-84,400	53,100	24,100	-94,600	13,562	52,545	27,646	-38,953	-72,926	13,608	-90	-33,612	-15,366	-20,390	38,582	-21,577	-6,752	21,082	-37,538	-29,901	-15,214	-12,952	12,063	-48,320	46,879	-50,995	-6,922	-57,229	-46,285	33,042	20,523	5,115	-50,387	-11,817	42,694	42,800
Net cash provided by operating activities from continuing operations
438,586	-	-	-	485,330	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities from continuing operations
-	-	-	-	-	-	410,800	527,950	336,850	-	434,496	400,346	331,349	415,960	422,038	395,022	368,002	370,452	412,638	374,898	283,800	401,774	438,156	305,228	237,660	361,776	326,258	314,849	248,928	366,599	295,504	285,745	186,276	259,653	309,510	255,229	217,564	223,872	272,967	259,700	271,495
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment
430,960	777,942	746,471	1,184,050	1,026,711	850,403	778,705	758,557	662,744	547,591	457,593	493,913	361,339	393,798	391,177	545,151	575,031	580,684	758,076	775,976	553,242	517,991	485,951	676,500	578,722	626,804	547,710	528,060	420,054	438,413	490,837	733,016	470,969	533,454	347,758	504,159	313,218	209,190	316,513	344,288	200,101
Sales of revenue earning equipment
101,099	111,962	143,662	108,532	101,549	99,965	83,477	107,251	89,023	87,311	87,399	106,416	95,617	82,529	86,039	126,493	119,188	103,839	108,613	114,332	96,821	100,905	118,178	148,721	125,673	114,823	105,017	113,324	112,425	100,583	109,950	103,566	91,341	74,281	79,477	70,428	66,150	61,831	56,985	53,594	48,433
Sales of operating property and equipment
1,883	2,550	3,537	44,271	1,918	4,737	6,009	4,927	933	39,716	8,581	3,068	892	428	301	7,732	-1,410	2,688	562	368	273	395	311	776	2,004	935	2,551	2,380	916	2,262	707	1,483	2,898	2,036	1,689	1,150	5,030	11,023	1,407	888	526
Collections on direct finance leases and other items
-	-	-	-	-	-	-	-	-	-	21,398	16,564	16,265	16,281	16,272	18,347	25,610	19,814	17,254	17,669	16,243	15,347	16,565	16,171	16,184	15,836	14,987	12,443	27,411	20,806	18,505	17,111	15,475	16,088	16,090	15,218	14,828	15,826	15,027	15,338	15,576
Changes in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,317	-1,107	221	-366	-2,932	-5,761	912	6,948	-1,570	-12,861	4,087	-4,203	-386	-3,837	18,979	102	0	-21,744	2,438	-657	-159	-2,943	281	-6,323	8,365	856	-2,791
Other
5,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,250	0	0	-4,406	-3,767	0	0	0	0	-	-	-	-	-	-	-	-
Acquisitions, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	187	8,136	0	1,649	0	438	0	1,420	1,333	1,354	350	2,076	-263	13,600	264,808	83,776	205,108	4,380	0	2,409
Net cash used in investing activities from continuing operations
-332,978	-	-	-	-923,244	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities from continuing operations
-	-	-	-	-	-	-687,500	-815,512	-572,788	-	-347,455	-367,865	-248,565	-298,763	-285,248	-394,292	-429,044	-453,977	-628,715	-637,846	-440,817	-407,229	-357,463	-497,971	-441,847	-491,007	-425,207	-391,670	-295,934	-316,197	-363,029	-459,278	-365,769	-402,734	-263,943	-679,228	-311,267	-318,067	-255,839	-273,374	-135,184
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and revolving credit facilities
332,682	-200,741	-44,315	68,765	158,258	165,554	-105,617	-246,009	237,960	87,366	-327,115	319,755	9,513	-151,395	-88,508	63,525	98,580	138,609	150,000	-170,000	204,750	-56,138	-186,321	-121,457	142,834	-138,099	103,704	67,839	112,938	-18,266	-234,420	352,233	-164,298	148,713	-265,359	453,527	-290,132	222,939	-235,700	239,700	-52,000
Debt proceeds
556,849	397,473	546,716	892,606	799,300	503,092	424,219	596,809	446,500	0	297,774	97,978	477,550	376,674	0	0	298,254	-46,587	399,720	474,979	455,111	69,800	130,020	399,101	366,612	299,312	3,306	4,648	249,723	22	367,755	8,080	369,920	3	264,857	351,675	349,867	-342	300,923	12,878	710
Debt repaid
627,701	58,847	431,230	424,403	478,411	334,000	20,000	37,401	414,299	31,340	12,161	370,328	555,671	328,340	12,291	16,016	312,400	2,474	309,734	22,603	463,500	8,677	7,175	24,791	252,845	55,889	2,438	3,518	317,344	54,895	23,718	202,540	2,784	1,332	41,505	375,630	820	9,108	13,149	199,030	27,381
Dividends on common stock
30,594	29,430	29,388	28,350	29,301	28,358	28,411	27,300	27,795	24,249	24,314	23,343	23,907	23,392	23,390	21,779	22,482	21,765	21,746	19,606	20,084	19,463	19,493	17,910	18,005	17,865	17,800	16,075	15,980	15,808	15,802	14,803	14,853	14,815	14,864	13,880	13,945	13,871	14,049	13,170	13,384
Common stock issued
2,795	2,662	2,839	-393	3,108	3,997	8,360	3,246	1,417	10,121	4,380	2,015	3,992	8,461	3,367	4,767	1,492	3,238	3,268	5,283	11,846	7,578	4,861	15,603	18,526	36,029	13,189	18,899	22,529	9,883	2,732	2,615	13,156	6,787	5,956	15,035	5,222	5,904	4,183	4,950	1,991
Common stock repurchased
11,924	3,260	3,206	7,064	14,156	3,130	10,459	4,300	12,921	12,460	7,628	41,382	16,846	11,616	3,759	21,899	0	0	0	0	6,141	13,943	12,855	39,051	40,437	0	0	-104	104	-42	3,630	11,370	11,920	8,264	9,378	30,011	12,036	31,374	34,261	32,591	25,074
Tax withholding on shares settled
4,013	-	-	-	3,440	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from share-based compensation and other items
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13	90	620	-	103	118	293	236	1,626	1,714	1,575	355	18	179	789	135	177	850	548	113	108	232	301
Debt issuance costs and other items
474	278	1,895	1,850	1,070	837	2,879	625	1,259	221	232	439	846	760	20	63	2,932	3,596	2,258	1,529	3,696	-506	204	3,217	1,809	3,045	136	241	1,767	354	2,155	147	2,211	-478	1,235	5,049	1,732	87	2,039	98	58
Net cash provided by financing activities from continuing operations
217,620	-	-	-	434,288	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities from continuing operations
-	-	-	-	-	-	265,100	284,497	229,603	-	-69,296	-15,744	-106,215	-130,368	-124,601	8,535	60,512	66,702	219,263	266,620	178,900	-20,851	-91,064	208,396	215,169	120,679	101,451	73,370	51,570	-79,021	90,780	134,247	187,799	132,064	-61,351	396,517	36,972	174,174	6,016	12,871	-114,895
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
725	-1,018	-643	-1,060	-1,551	3,230	-1,870	-185	3,519	-313	-8,578	1,851	1,501	-3,915	-2,152	93	-3,508	2,043	-808	-1,954	756	1,507	-1,258	-1,321	1,369	-3,629	2,221	709	6,257	-164	292	-444	1,660	-629	986	2,521	341	1,717	3,629	-1,927	-1,696
Increase (decrease) in cash, cash equivalents, and restricted cash from continuing operations
323,953	-5,516	-16,267	30,173	-5,177	6,241	-13,412	-3,270	-2,816	16,003	9,167	18,588	-21,930	-17,086	10,037	9,358	-4,038	-14,780	2,378	1,703	22,654	-24,799	-11,629	14,332	12,351	-12,181	4,723	-2,742	10,821	-28,783	23,547	-39,730	9,966	-11,646	-14,798	-24,961	-56,390	81,696	26,773	-2,730	19,720
Increase (decrease) in cash, cash equivalents, and restricted cash from discontinued operations
-302	3,233	-368	-458	-147	-1,382	359	-283	-348	-381	-709	0	-355	-621	-1,007	-200	-101	338	-344	-549	-547	-111	-257	-230	-1,127	-1,193	-3,216	-318	-724	-512	-419	-1,332	-917	432	428	-523	-1,023	-3,339	-491	-3,983	-3,118
Increase (decrease) in cash, cash equivalents, and restricted cash
323,651	-2,283	-16,635	29,715	-5,324	4,859	-13,053	-3,553	-3,164	15,622	8,458	18,588	-22,285	-17,707	9,030	9,158	-4,139	-14,442	2,034	1,154	22,107	-24,910	-11,886	14,102	11,224	-13,374	1,507	-3,060	10,097	-29,295	23,128	-41,062	9,049	-11,214	-14,370	-25,484	-57,413	78,357	26,282	-6,713	16,602
Cash flows from discontinued operations:
Operating cash flows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-305	-726	-	-418	-1,341	-933	410	693	-555	-1,048	-3,266	-334	-477	-5,199
Financing cash flows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3	-170	16	11	-14	-1	-3,974	1,034
Investing cash flows
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	53	80	412	1,132
Effect of exchange rate changes on cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13	2	-	-1	9	16	19	-95	16	14	-112	-236	56	-85