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Ryder System is a full-service truck leasing, maintenance, and rental firm with operations in North America and Europe. The following are selected numbers from the

Ryder System is a full-service truck leasing, maintenance, and rental firm with operations in North America and Europe. The following are selected numbers from the financial statements for 1992 and 1993 (in millions).

1992 1993
Revenues $5,192.0 $5,400.0
(Less) Operating Expenses ($3,678.5) ($3848.0)
(Less) Depreciation ($573.5) ($580.0)
= EBIT $940.0 $972.0
(Less) Interest Expenses ($170.0) ($172.0)
(Less) Taxes ($652.1) ($670.0)
= Net Income $117.9 $130.0
Working Capital $92.0 ($370.0)
Total Debt $2,000 mil $2,200 mil

The firm had capital expenditures of $800 million in 1992 and $898 million in 1993.

Estimate the cash flows to equity in 1993.

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