1. First Quarter 2008
Earnings Conference Call
April 23, 2008

2. Safe Harbor
Certain statements and information included in this presentation are quot;forward-looking statementsquot; under the
Federal Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be
evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause
actual results and events to differ materially from those in the forward-looking statements. Important factors that
could cause such differences include, among others, our ability to obtain adequate profit margins for our services,
our inability to maintain current pricing levels due to customer acceptance or competition, customer retention
levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment,
unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of customers,
changes in financial, tax or regulatory requirements or changes in customers’ business environments that will limit
their ability to commit to long-term vehicle leases, changes in economic and market conditions affecting the
commercial rental market or the sale of used vehicles, the effect of severe weather events, labor strikes or work
stoppages affecting our or our customers’ business operations, adequacy of accounting estimates, reserve and
accruals particularly with respect to pension, taxes, insurance and revenue, changes in general economic
conditions, sudden or unusual changes in fuel prices, availability of qualified drivers, our ability to manage our cost
structure, new accounting pronouncements, rules or interpretations, changes in government regulations including
regulations regarding vehicle emissions and the risks described in our filings with the Securities and Exchange
Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible
for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly,
we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
2

3. Contents
► First Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
3

4. 1st Quarter Results Overview
► Earnings per diluted share were $0.96 versus $0.84 in 1Q07
► Earnings above forecast due to FMS contractual revenue, commercial rental and used vehicle
sales results
► Total revenue down 3% vs. prior year due to change from gross to net revenue reporting for a
supply chain subcontracted transportation customer
► Operating revenue up 5% vs. prior year as a result of contractual revenue growth as well as
favorable foreign exchange rate movements
► Fleet Management Solutions (FMS) total revenue up 12% (and operating revenue up 5%) vs. prior
year
– Contractual revenue increased 6%
– Full service lease revenue grew 6% including acquisitions
– Contract maintenance revenue grew 9% organically
– Commercial rental revenue up 1%
– Fuel revenue grew 31%
– Foreign exchange impact accounts for 1 percentage point of total revenue growth
► FMS net before tax earnings (NBT) up 13%
– FMS NBT percent of operating revenue up 90 basis points to 12.2%
► FMS earnings benefited from improved contractual business performance, lower sales/marketing
costs and acquisitions
4

5. 1st Quarter Results Overview (cont’d)
► Supply Chain Solutions (SCS) total revenue down 27% vs. prior year due to change from gross to net
revenue reporting for a supply chain subcontracted transportation customer
► SCS operating revenue up 6% vs. prior year, reflecting foreign exchange impact, higher fuel costs
and new/expanded business, partially offset by a previously disclosed automotive plant closure in
2Q07, and reduced activity with certain high-tech customers
► SCS net before tax earnings (NBT) down 27%
– SCS NBT percent of operating revenue down 120 basis points to 2.4%
► SCS earnings negatively impacted by lower operating results including:
- reduced activity with certain high-tech customers
- higher fuel costs primarily with one customer
- investments in sales/marketing and technology initiatives
- facility relocation costs, and
- impact of an automotive supplier strike
► Dedicated Contract Carriage (DCC) total revenue down 1% (and operating revenue
down 1%) vs. prior year due to non-renewed contracts, partially offset by higher fuel costs
► DCC net before tax earnings (NBT) up 9%
– DCC NBT percent of operating revenue up 80 basis points to 8.4%
► DCC earnings positively impacted by lower safety/insurance costs and improved operating
performance
5

6. Key Financial Statistics
($ Millions, Except Per Share Amounts)
First Quarter
2008 2007 % B/(W)
(1)(2)
Operating Revenue $ 1,172.3 $ 1,119.2 5%
(3)
Fuel Services and Subcontracted Transportation Revenue 371.3 474.9 (22% )
(3)
Total Revenue $ 1,543.6 $ 1,594.1 (3% )
Earnings Per Share $ 0.96 $ 0.84 14%
Memo:
Average Shares (Millions) - Diluted 58.2 61.2
Tax Rate 39.1% 39.6%
(1)
Adjusted Return on Capital (Trailing 12 Month) 7.5% 7.8%
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(2)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the business and as a measure of sales activity. Fuel services
revenue net of related intersegment billings, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a
pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. Subcontracted transportation revenue is
excluded from the operating revenue computation as it is typically a pass through to customers and the Company realizes minimal changes in profitability as a result of fluctuations
in subcontracted transportation. Operating revenue is also used to measure segment performance.
(3)
Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
6

7. Business Segment
($ Millions)
First Quarter
Mem o: Total Revenue
2008 2007 % B/(W) 2008 2007 % B/(W)
(1)
Operating Revenue :
Fleet Managem ent Solutions $ 747.6 $ 713.9 5% $ 1,105.6 $ 988.1 12%
(2)
Supply Chain Solutions 342.0 322.1 6% 414.2 566.4 (27)%
Dedicated Contract Carriage 134.0 135.6 (1)% 137.2 138.5 (1)%
Elim inations (51.3) (52.4) 2% (113.4) (98.9) (15)%
Total (2) $ 1,172.3 $ 1,119.2 5% $ 1,543.6 $ 1,594.1 (3)%
Segm ent Net Before Tax Earnings:
Fleet Managem ent Solutions $ 91.4 $ 80.8 13%
Supply Chain Solutions 8.3 11.4 (27)%
Dedicated Contract Carriage 11.3 10.4 9%
Elim inations (7.5) (9.0) 16%
103.5 93.6 11%
Central Support Services (Unallocated Share) (11.5) (8.3) (39)%
(1)
Earnings Before Restructuring and Incom e Taxes 92.0 85.3 8%
Restructuring and Other Recoveries/(Charges), Net (3) 0.1 (0.5) NM
Earnings Before Incom e Taxes 92.1 84.8 9%
Provision for Incom e Taxes (36.0) (33.5) (7)%
Net Earnings $ 56.1 $ 51.3 9%
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(1)
Includes impact of net revenue reporting for certain subcontracted transportation revenue previously reported on a gross basis.
(2)
Our primary measure of segment financial performance excludes restructuring and other recoveries/(charges), net; however, the applicable portion of the restructuring and
(3)
other recoveries/(charges), net that related to each segment was as follows: SCS – $0.1 in 2008; FMS – ($0.3) and SCS – ($0.2) in 2007.
7

8. Capital Expenditures
($ Millions)
First Quarter
2008 $
2008 2007 O/(U) 2007
Full Service Lease $ 249 $ 355 $ (106)
Commercial Rental 54 99 (45)
Operating Property and Equipment 29 21 8
Gross Capital Expenditures 332 475 (143)
Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 75 94 (19)
Net Capital Expenditures $ 257 $ 381 $ (124)
Memo: Acquisitions $ 93 $ - $ 93
8

9. Cash Flow
($ Millions)
First Quarter
2008 $
2008 2007 O/(U) 2007
Net Earnings $ 56 $ 51 $ 5
Depreciation 206 196 10
Gains on Vehicle Sales, Net (12) (15) 3
Amortization and Other Non-Cash Charges, Net 7 10 (3)
Changes in Working Capital and Deferred Taxes 43 11 32
Cash Provided by Operating Activities 300 253 47
Proceeds from Sales (Primarily Revenue Earning Equipment) 75 94 (19)
Collections of Direct Finance Leases 18 16 2
Other, Net - 1 (1)
(1)
Total Cash Generated 393 364 29
(2)
Capital Expenditures (274) (487) 213
(1)(3)
Free Cash Flow $ 119 $ (123) $ 242
(1) Non-GAAP financial measure; refer to Appendix – Non-GAAP Financial Measures
(2) Capitalexpenditures presented net of changes in accounts payable related to purchases of revenue earning equipment
(3) Free Cash Flow excludes acquisitions and changes in restricted cash
9

10. Debt to Equity Ratio
($ Millions)
300% 275% 275%
234%
250% Total
201%
Obligations to
200%
Equity (1)
168%
159%
157%
146% 151%
129%
150%
100%
Balance
50% Sheet Debt to
Equity
0%
12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 3/31/08 Long
Term
Target
(2)
Midpoint
3/31/08 12/31/07 3/31/07
Balance Sheet Debt $ 2,797 $ 2,776 $ 2,878
149% 147% 162%
Percent To Equity
(1)
$ 2,973 $ 2,954 $ 2,957
Total Obligations
(1)
159% 157% 167%
Percent To Equity
Total Equity $ 1,874 $ 1,888 $ 1,774
Note: Includes impact of accumulated net pension related equity charge of $147 million as of 3/31/08, $148 million as of 12/31/07 and $198 million as of 3/31/07.
(1) Non-GAAP financial measure. Total obligations include the present value of minimum lease payments and guaranteed residual values under operating leases of
$176 million as of 3/31/08, $178 million at 12/31/07 and $79 million at 3/31/07.
(2) Represents long term total obligations to equity target of 250 - 300% while maintaining a strong investment grade rating.
10

11. Contents
► First Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
11

12. (1)
Asset Management Update
► Units held for sale were 5,300 at quarter end; down 17% from 6,400 units held for sale at
the end of the fourth quarter 2007
– Units held for sale were down 46% from 9,900 in the prior year
► The number of used vehicles sold in the first quarter was 4,900, down 19% compared with
prior year
► Proceeds per unit for tractors and trucks were up 1% and down 12%, respectively, in the
first quarter compared with prior year
► Vehicles no longer earning revenue were 6,500 at quarter end; down 900 from the end of
the fourth quarter 2007 (2)
– Vehicles no longer earning revenue were down 5,400 vs. prior year driven primarily by a lower
used truck center inventory
► Average total commercial rental fleet was down 10% year-over-year
(1) All information presented on this page only is for the U.S. fleet and excludes Canadian and U.K. operations (units rounded to nearest
hundred).
(2) Vehicles no longer earning revenue definition revised to include all units held for sale and all units that have not earned revenue in 30 days.
12

13. Contents
► First Quarter 2008 Results Overview
► Asset Management Update
► Earnings Outlook
►Q & A
13

14. EPS Forecast
($ Earnings Per Share)
► Full year forecast increased from prior forecast of $4.50-$4.65 to
$4.55-$4.75
► Low end of second quarter and full year forecast ranges assume
continuation of current auto strikes through end of second quarter
► Current forecast is as follows:
Second Quarter Full Year
2008 EPS Forecast $1.10 - 1.20 $4.55 - 4.75
(1)
2007 Comparable EPS $1.07 $4.21
(1) Non-GAAP financial measure. 2007 Comparable EPS excludes impact from restructuring costs in the third and
fourth quarters, property gain in the third quarter and the fourth quarter tax law changes totaling a $0.03 benefit.
14

15. Q&A
15

16. Appendix
Business Segment Detail
Central Support Services
Balance Sheet
Asset Management
Financial Indicators Forecast
Non-GAAP Financial Measures & Reconciliations
16

17. Fleet Management Solutions (FMS)
($ Millions)
First Quarter
2008 2007 % B/(W)
$ 504.2 $ 475.9 6%
Full Service Lease
40.6 37.2 9%
Contract Maintenance
544.8 513.1 6%
Contractual Revenue
51.7 52.1 (1)%
Contract-related Maintenance
132.7 131.0 1%
Commercial Rental
18.4 17.7 4%
Other
(a)
747.6 713.9 5%
Operating Revenue
358.0 274.2 31%
Fuel Services Revenue
$ 1,105.6 $ 988.1 12%
Total Revenue
$ 91.4 $ 80.8 13%
Segment Net Before Tax Earnings (NBT)
8.3% 8.2%
Segment NBT as % of Total Revenue
(a)
12.2% 11.3%
Segment NBT as % of Operating Revenue
(a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as
a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating
revenue computation as fuel is largely a pass-through to customers for which the Company realizes minimal changes in profitability during periods of
steady market fuel prices. However, profitability may be positively or negatively impacted by increases or decreases in market fuel prices during a
short period of time as customer pricing for fuel services is established based on market fuel costs.
17

18. Supply Chain Solutions (SCS)
($ Millions)
First Quarter
2008 2007 % B/(W)
U.S. Operating Revenue
$ 146.3 $ 136.8 7%
Automotive & Industrial
71.8 74.5 (4)%
High Tech & Consumer Industries
9.0 8.4 6%
Transportation Management
(a)
227.1 219.7 3%
U.S. Operating Revenue
(a)
114.9 102.4 12%
International Operating Revenue
(a)
342.0 322.1 6%
Operating Revenue
72.2 244.3 (70)%
Subcontracted Transportation
$ 414.2 $ 566.4 (27)%
Total Revenue
$ 8.3 $ 11.4 (27)%
Segment Net Before Tax Earnings (NBT)
2.0% 2.0%
Segment NBT as % of Total Revenue
(a)
2.4% 3.6%
Segment NBT as % of Operating Revenue
$ 40.4 $ 27.9 (45)%
Memo: Fuel Costs
(a)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment
and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as
subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of
fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.
18

19. Dedicated Contract Carriage (DCC)
($ Millions)
First Quarter
2008 2007 % B/(W)
(a)
$ 134.0 $ 135.6 (1)%
Operating Revenue
3.2 2.9 9%
Subcontracted Transportation
$ 137.2 $ 138.5 (1)%
Total Revenue
$ 11.3 $ 10.4 9%
Segment Net Before Tax Earnings (NBT)
8.2% 7.5%
Segment NBT as % of Total Revenue
(a)
8.4% 7.6%
Segment NBT as % of Operating Revenue
$ 30.8 $ 24.7 (25)%
Memo: Fuel Costs
(a)
The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment
and as a measure of sales activity. Subcontracted transportation is deducted from total revenue to arrive at operating revenue as
subcontracted transportation is typically a pass-through to customers, the Company realizes minimal changes in profitability as a result of
fluctuations in subcontracted transportation. Operating revenue is also used to measure segment performance.
19

20. Central Support Services (CSS)
($ Millions)
First Quarter
2008 2007 % B/(W)
$ 35.3 $ 36.1 2%
Allocated CSS Costs
11.5 8.3 (39)%
Unallocated CSS Costs
$ 46.8 $ 44.4 (5)%
Total CSS Costs
20

21. Balance Sheet
($ Millions)
March 31, December 31,
2008 2007
Cash and Cash Equivalents $ 115 $ 116
Other Current Assets 1,013 1,106
Revenue Earning Equipment, Net 4,583 4,501
Operating Property and Equipment, Net 535 519
Other Assets 655 613
Total Assets $ 6,901 $ 6,855
Short-Term Debt / Current Portion Long-Term Debt $ 302 $ 223
Other Current Liabilities 812 797
Long-Term Debt 2,494 2,553
Other Non-Current Liabilities 1,419 1,394
Shareholders' Equity 1,874 1,888
Total Liabilities and Shareholders' Equity $ 6,901 $ 6,855
21

22. Asset Management Update (a)
1QYTD03 1QYTD04 1QYTD05 1QYTD06 1QYTD07 1QYTD08
1,600
1,479
1,374
1,400 1,356
1,322
1,213
1,164
1,200
1,128
1,086
1,035
966
1,000 924
948
883
883
858
811
779
800
708
598
600
441
400 339
307
270
215
200
0
(b)
Redeployments Extensions Early Terminations Early Replacements
(a) U.S. only
(b) Excludes early terminations where customer purchases vehicle
22

23. (a)
Assets Under Management
($ Millions)
Forecast
Midpoint
2008 (b)
2000 2001 2002 2003 2004 2005 2006 2007 3/31/08
Revenue Earning Equipment $ 4,588 $ 4,148 $ 4,493 $ 5,809 $ 6,352 $ 6,658 $ 7,335 $ 7,225 $ 7,312 $ 7,520
Direct Finance Leases 637 640 622 656 649 624 592 582 567 580
Operating Leases 1,805 2,140 1,511 286 300 252 214 246 252 245
Assets Under Management $ 7,030 $ 6,928 $ 6,626 $ 6,751 $ 7,301 $ 7,534 $ 8,141 $ 8,053 $ 8,131 $ 8,345
(a) Assets under management represent the original cost of all vehicles owned and held under lease by Ryder.
(b) Excludes impact of foreign exchange movements in 2008.
23

24. Financial Indicators Forecast (1)
($ Millions)
Total Cash Generated (2) Gross Capital Expenditures
$1,760
$1,692 Revenue Earning Equipment
$1,605
$1,381 $1,435
$1,411
PP&E/Other
$1,255 $1,289
$1,183 $1,165 $1,195
$1,091
$1,054
$949
$835
$725
$657 $600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008
Forecast Forecast
Midpoint Midpoint
Memo: Free Cash Flow (2)
(3)
(242) 131 367 357 289 (216) (440) 375 205
Total Obligations to Equity Ratio (2)
275% Equity
234% Total Obligations (2)
201%
168% 157% 158%
151%
146%
129% Significant and predictable cash generation
Invest in growth (organic, acquisitions)
Increase assets under management
2000 2001 2002 2003 2004 2005 2006 2007 2008
Forecast
Increase financial leverage towards target
Midpoint
Memo: Assets Under Management
7,030 6,928 6,626 6,751 7,301 7,534 8,141 8,053 8,345
Obligations to Equity and Assets Under Management include acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions.
(1)
Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures.
(2)
Includes $176 million payment to the IRS related to full resolution of 1998 - 2000 tax period matters.
(3)
24

25. Non-GAAP Financial Measures
► This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC
rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP
measure and an explanation why management believes that presentation of the non-GAAP financial
measure provides useful information to investors. Non-GAAP financial measures should be considered in
addition to, but not as a substitute for or superior to, other measures of financial performance prepared in
accordance with GAAP.
► Specifically, the following non-GAAP financial measures are included in this presentation:
Reconciliation & Additional Information
Non-GAAP Financial Measure Comparable GAAP Measure Presented on Slide Titled Page
Operating Revenue Total Revenue Key Financial Statistics 6
Earnings Before Restructuring and Income Taxes Net Earnings Business Segment 7
Comparable Earnings Per Share (EPS) Earnings Per Share (EPS) EPS Forecast 14
Adjusted Return on Capital Net Earnings Adjusted Return on Capital Reconciliation 26
Total Cash Generated / Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation 28
Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Ratio 10
Debt to Equity Reconciliation 30
FMS / SCS / DCC Operating Revenue and Segment FMS / SCS / DCC Total Revenue and Segment Fleet Management Solutions / Supply Chain 17 - 19
NBT as % of Operating Revenue NBT as % of Total Revenue Solutions / Dedicated Contract Carriage
25

26. Adjusted Return on Capital Reconciliation
($ Millions)
3/31/08 3/31/07
(1)
Net Earnings $ 259 $ 253
Restructuring and Other Items 1 -
Income Taxes 154 146
Adjusted Earnings Before Income Taxes 414 399
(2)
Adjusted Interest Expense 168 154
(3)
Adjusted Income Taxes (221) (212)
Adjusted Net Earnings $ 361 $ 341
Average Total Debt $ 2,832 $ 2,632
Average Off-Balance Sheet Debt 175 89
(4)
Average Adjusted Total Shareholders' Equity 1,826 1,661
Adjusted Average Total Capital $ 4,833 $ 4,382
(5)
Adjusted Return on Capital 7.5% 7.8%
Earnings calculated based on a 12-month rolling period.
(1)
Interest expense includes implied interest on off-balance sheet vehicle obligations.
(2)
Income taxes were calculated using the effective income tax rate for the period exclusive of benefits from tax law changes recognized in 2006 and the fourth quarter of 2007.
(3)
Represents shareholders’ equity adjusted for the tax benefits in those periods.
(4)
The Company adopted adjusted return on capital, a non GAAP financial measure, as the Company believes that both debt (including off-balance sheet debt) and equity
(5)
should be included in evaluating how effectively capital is utilized across the business.
26

27. Cash Flow Reconciliation
($ Millions)
(4)
12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07
Cash Provided by Operating Activities $ 1,023 $ 365 $ 617 $ 803 $ 867 $ 779 $ 854 $ 1,103
Less: Changes in Balance of Trade Receivables Sold (270) 235 110 - - - - -
Collections of Direct Finance Leases 67 66 66 61 64 70 66 63
Proceeds from Sales (Primarily Revenue Earning Equipment) 230 173 152 210 331 334 333 374
Proceeds from Sale and Leaseback of Assets - - - 13 118 - - 150
Other Investing, Net 4 (4) 4 4 1 - 2 2
(1)
Total Cash Generated 1,054 835 949 1,091 1,381 1,183 1,255 1,692
(2)
Capital Expenditures (1,296) (704) (582) (734) (1,092) (1,399) (1,695) (1,317)
(3)(5)
Free Cash Flow $ (242) $ 131 $ 367 $ 357 $ 289 $ (216) $ (440) $ 375
Memo:
Depreciation Expense $ 580 $ 545 $ 552 $ 625 $ 706 $ 740 $ 743 $ 816
Gains on Vehicle Sales, Net $ 19 $ 12 $ 14 $ 16 $ 35 $ 47 $ 51 $ 44
The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
(1)
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management
(3)
believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support
ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.
Amounts have not been recasted to give effect for the impact of foreign exchange movements on cash for which the impact is not expected to be significant.
(4)
Free Cash Flow excludes acquisitions and changes in restricted cash.
(5)
27

28. Cash Flow Reconciliation
($ Millions)
3/31/08 3/31/07
Cash Provided by Operating Activities $ 300 $ 253
Collections of Direct Finance Leases 18 16
75 94
Proceeds from Sales (Primarily Revenue Earning Equipment)
Other Investing, Net - 1
(1)
Total Cash Generated 393 364
Capital Expenditures (2) (274) (487)
Free Cash Flow (3)(4) $ 119 $ (123)
Memo:
Depreciation Expense $ 206 $ 196
Gains on Vehicle Sales, Net $ 12 $ 15
The Company uses total cash generated, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance.
(1)
Management believes total cash generated provides investors with an important measure of total cash inflows generated from our on-going business activities which include sales of
revenue earning equipment, sales of operating property and equipment, sale and leaseback of revenue earning equipment, collections on direct finance leases and other cash inflows.
Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment.
(2)
The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management
(3)
believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support
ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited.
Free Cash Flow excludes acquisitions and changes in restricted cash.
(4)
28

29. Debt to Equity Reconciliation
($ Millions)
% to % to % to % to % to % to % to % to
12/31/00 Equity 12/31/01 Equity 12/31/02 Equity 12/31/03 Equity 12/31/04 Equity 12/31/05 Equity 12/31/06 Equity 12/31/07 Equity
Balance Sheet Debt $2,017 161% $1,709 139% $1,552 140% $1,816 135% $1,783 118% $2,185 143% $2,817 164% $2,776 147%
Receivables Sold 345 110 - - - - - -
PV of minimum
lease payments
and guaranteed
residual values
under operating
leases for
vehicles 879 625 370 153 161 117 78 178
PV of contingent
rentals under
securitizations 209 441 311 - - - - -
Total Obligations (1) $3,450 275% $2,885 234% $2,233 201% $1,969 146% $1,944 129% $2,302 151% $2,895 168% $2,954 157%
(1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet
financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors
as they are more complete measures of the Company’s existing financial obligations and help investors better assess the Company’s overall
leverage position.
Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as
off-balance sheet debt.
29

30. Debt to Equity Reconciliation
($ Millions)
Forecast
Midpoint % to
Equity
12/31/08
Balance Sheet Debt $2,870 151%
Receivables Sold -
PV of minimum
lease payments
and guaranteed
residual values
under operating
leases for
vehicles 140
Total Obligations (1) $3,010 158%
(1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet
financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors
as they are more complete measures of the Company’s existing financial obligations and help investors better assess the Company’s overall
leverage position.
Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as
off-balance sheet debt.
30

31. 31