Ryder Reports Second Quarter 2022 Results – The Auto Channel

Ryder is a leader in supply chain, dedicated transportation, and fleet management solutions. (Photo: Business Wire)
MIAMI–(BUSINESS WIRE)–Ryder System, Inc. , a leader in supply chain, dedicated transportation, and fleet management solutions, reported results for the three months ended June 30 as follows:

(In millions, except EPS)

 

Earnings

Before Taxes

 

Earnings

 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40

(In millions, except EPS)

 

Earnings

Before Taxes

 

Earnings

 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

Earnings

Before Taxes

 

Earnings

 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
Earnings
Before Taxes

 

Earnings

 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

Earnings

 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
Earnings

 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

Diluted Earnings

Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
Diluted Earnings
Per Share

 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2022

 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2021

 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2022

 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2021

 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2022

 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2021

Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
Continuing operations (GAAP)

 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
$

338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
338.4

 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
203.6

 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
$

240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
240.3

 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
149.6

 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
$

4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
4.72

 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
2.78

Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
Comparable (non-GAAP)

 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
$

308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
308.2

 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
175.6

 

$

225.5

 

129.1

 

$

4.43

 

2.40
 

$

225.5

 

129.1

 

$

4.43

 

2.40
$

225.5

 

129.1

 

$

4.43

 

2.40
225.5

 

129.1

 

$

4.43

 

2.40
 

129.1

 

$

4.43

 

2.40
129.1

 

$

4.43

 

2.40
 

$

4.43

 

2.40
$

4.43

 

2.40
4.43

 

2.40
 

2.40
2.40
Total and operating revenue for the three months ended June 30 were as follows:

(In millions)

 

Total Revenue

 

Operating Revenue

(non-GAAP)

 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%

(In millions)

 

Total Revenue

 

Operating Revenue

(non-GAAP)

 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

Total Revenue

 

Operating Revenue

(non-GAAP)

 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Total Revenue

 

Operating Revenue

(non-GAAP)

 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

Operating Revenue

(non-GAAP)

 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Operating Revenue
(non-GAAP)

 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
2022

 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
2021

 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Change

 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
2022

 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
2021

 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Change

Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Total

 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
3,034

 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
2,382

 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
27

%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
%

 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
2,307

 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
1,923

 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
20

%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
%

Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Fleet Management Solutions (FMS)

 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
1,621

 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
1,408

 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
15

%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
%

 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
1,307

 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
1,225

 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
7

%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
%

Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Supply Chain Solutions (SCS)

 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
1,174

 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
776

 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
51

%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
%

 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
798

 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
535

 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
49

%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
%

Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
Dedicated Transportation Solutions (DTS)

 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
$

450

 

355

 

27

%

 

$

306

 

256

 

19

%
450

 

355

 

27

%

 

$

306

 

256

 

19

%
 

355

 

27

%

 

$

306

 

256

 

19

%
355

 

27

%

 

$

306

 

256

 

19

%
 

27

%

 

$

306

 

256

 

19

%
27

%

 

$

306

 

256

 

19

%
%

 

$

306

 

256

 

19

%
 

$

306

 

256

 

19

%
$

306

 

256

 

19

%
306

 

256

 

19

%
 

256

 

19

%
256

 

19

%
 

19

%
19

%
%
CEO Comment
Commenting on the company’s results and outlook, Ryder Chairman and CEO Robert Sanchez says, “Record performance in the second quarter reflects earnings growth in all three business segments. Earnings were higher than our most recent forecast due primarily to better than expected results in rental and SCS. We generated record ROE of 28% reflecting ongoing truck capacity constraints in the market as well as continued benefits from initiatives to increase returns and drive higher core earnings. We also realized record new contractual sales year-to-date which positions us well for future revenue growth.
“We continue to execute on our strategy to create long-term shareholder value by accelerating growth in SCS and DTS while improving returns through the cycle in FMS. The accretion from our recent SCS acquisitions in fast-growing e-commerce fulfillment and multi-client warehousing was above our expectations in the quarter. SCS and DTS results improved sequentially reflecting higher prices to address unusually high labor cost increases as well as the impact from profitable new business. As we have largely completed implementing these rate increases, we are confident that SCS and DTS earnings will be at their high single-digit targets in the second half of the year, with DTS already achieving that level in the second quarter.
“Pricing initiatives in our contractual supply chain, dedicated, and lease businesses are contributing to higher core earnings which positions Ryder to deliver on our long-term targets over the cycle. In FMS, earnings continued to benefit from our multi-year lease pricing initiative as expected and we anticipate incremental earnings from this initiative as the remaining half of our lease portfolio is renewed at higher returns.
“Used vehicle market conditions remain strong despite a modest decline in sequential tractor pricing, consistent with our expectations. We continue to anticipate that the historically strong used vehicle sales and rental market environment will moderate in the second half of the year, with slower freight growth partially offset by ongoing tight market capacity. Residual value estimates are at historically low levels, which we expect to significantly reduce the likelihood of incurring losses on used vehicle sales or the need for additional depreciation.
“Looking ahead, we’ve increased our 2022 ROE and comparable EPS forecasts to reflect improved rental and SCS performance. Due to OEM delivery delays, we expect to defer approximately $200 million of planned lease capital to 2023. As such, we have increased our free cash flow forecast to $750 – $850 million and now expect our ending lease fleet in North America to be up approximately 2,000 vehicles.
“Our strong balance sheet enables us to pursue targeted acquisitions and investments, and return capital to shareholders. We expect to complete our $300 million accelerated share repurchase program no later than October and have existing authorization for an additional 2-million-share discretionary program and a 2.5-million-share anti-dilutive program. In addition, our board recently approved a 7% increase to our quarterly dividend, which has been paid without interruption for more than 46 years.”
Outlook Updates

 

Full Year 2022

Total Revenue Growth

~22%

Operating Revenue Growth (non-GAAP)

~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65

 

Full Year 2022

Total Revenue Growth

~22%

Operating Revenue Growth (non-GAAP)

~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
Full Year 2022

Total Revenue Growth

~22%

Operating Revenue Growth (non-GAAP)

~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
Total Revenue Growth

~22%

Operating Revenue Growth (non-GAAP)

~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
~22%

Operating Revenue Growth (non-GAAP)

~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
Operating Revenue Growth (non-GAAP)

~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
~16%

FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
FY22 GAAP EPS

$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
$14.45 – $14.95

FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
FY22 Comparable EPS (non-GAAP)

$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
$14.30 – $14.80

 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
 

 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
 

ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
ROE(1)

25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
25% – 26%

Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
Net Cash from Operating Activities from Continuing Operations

~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
~$2.3B

Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
Free Cash Flow (non-GAAP)

$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
$750M – 850M

 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
 

 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
 

 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
 

Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
Third Quarter 2022

3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
3Q22 GAAP EPS

$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
$3.41 – $3.66

3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
3Q22 Comparable EPS (non-GAAP)

$3.40 – $3.65
$3.40 – $3.65
————————————

(1)

 

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 ROE is provided in the Appendix – Non-GAAP Financial Measures at the end of this release.

(1)

 

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 ROE is provided in the Appendix – Non-GAAP Financial Measures at the end of this release.
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 ROE is provided in the Appendix – Non-GAAP Financial Measures at the end of this release.
Second Quarter Business Segment Operating Results
Fleet Management Solutions: Higher Earnings Driven by Used Vehicle Sales and Rental Results

(In millions)

 

2Q22

 

2Q21

 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps

(1)

Non-GAAP financial measure excluding fuel and lease liability insurance revenue.

(In millions)

 

2Q22

 

2Q21

 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

2Q22

 

2Q21

 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
2Q22

 

2Q21

 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

2Q21

 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
2Q21

 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
Change

Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
Total Revenue

 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
$

1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
1,621

 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
1,408

 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
15

%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
Operating Revenue(1)

 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
$

1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
1,307

 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
1,225

 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
7

%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
Earnings Before Tax (EBT)

 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
$

285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
285

 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
158

 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
80

%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
FMS EBT as a % of FMS total revenue

 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
17.6

%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
11.3

%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
630 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
FMS EBT as a % of FMS operating revenue(1)

 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
21.8

%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
12.9

%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
%

 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
890 bps

 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21

 

Change

FMS EBT as a % of FMS total revenue

 

 

16.0

%

 

5.5

%

 

1,050 bps

FMS EBT as a % of FMS operating revenue(1)

 

 

19.0

%

 

6.3

%

 

1,270 bps
 

 

 

 

Rolling 12-months EBT as % of total and operating revenue

 

2Q22

 

2Q21