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Ryder is a leader in supply chain, dedicated transportation, and fleet management solutions. (Photo: Business Wire)
Under the new discretionary repurchase program, Ryder management is authorized to repurchase up to 2.0 million shares of common stock, at its discretion, from October 12, 2023, through October 12, 2025 (two years). This program is designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, acquisition opportunities, and shareholder returns. Our previously authorized 2.0 million share discretionary repurchase program, authorized in February 2023, was completed in September 2023.
Under the new anti-dilutive repurchase program, Ryder management is authorized to repurchase up to 2.0 million shares of common stock from October 12, 2023, through October 12, 2025 (two years), that have been issued to employees under the company’s employee stock plans since August 31, 2023. This program is designed to mitigate the dilutive impact of shares issued under the company’s employee stock plans. The new program replaced the company’s 2021 anti-dilutive program, which expired on October 14, 2023.
“Ryder has made transformational changes to de-risk our business model, enhance returns and cash flow, and accelerate profitable growth, which have resulted in outperformance versus prior cycles,” says Ryder Chairman and Chief Executive Officer Robert Sanchez. “The improved resiliency of our business is also enabling us to invest in organic growth at higher returns, pursue strategic acquisitions, and return capital to our shareholders. Our demonstrated performance amid a weak freight backdrop supports our confidence in our business and prospects for long-term value creation.”
Share repurchases under both programs can be made from time to time using the company’s working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements, and other factors. As of September 30, 2023, the company had approximately 44.3 million shares of common stock outstanding.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including warehousing and distribution, e-commerce fulfillment, last-mile delivery, managed transportation, professional drivers, freight brokerage, full-service leasing, maintenance, commercial truck rental, and used vehicle sales to some of the world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, and Canada. In addition, Ryder manages nearly 260,000 commercial vehicles and operates approximately 300 warehouses encompassing more than 95 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmental stewardship, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements, including our expectations regarding the benefits and timing of the transaction, should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. 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.