United Rentals Inc De (URI) 10K Annual Reports & 10Q SEC Filings

Introduces 2024 Outlook and Enhanced Capital Allocation Strategy, Including a Reduced Leverage Target, $1.5 Billion of Share Repurchases and 10% Increase to Dividend

STAMFORD, Conn. – January 24, 2024 – United Rentals, Inc. (NYSE: URI) today announced financial results for the fourth quarter of 2023 and reported its full-year results on Form 10-K. The company also announced its full-year 2024 guidance and an enhanced capital allocation strategy focused on balancing growth and returns to drive shareholder value that includes a lower targeted full-cycle leverage range, its intention to repurchase $1.5 billion of common stock in 2024 and a 10% increase in its dividend per share.

Fourth Quarter 2023 Highlights

•Total revenue of $3.728 billion, including rental revenue2 of $3.119 billion.

•Net income of $679 million, at a margin3 of 18.2%. GAAP diluted earnings per share of $10.01, and adjusted EPS4 of $11.26.

•Adjusted EBITDA4 of $1.809 billion, at a margin3 of 48.5%.

•Year-over-year, fleet productivity5 increased 0.3% as reported and 2.4% on a pro forma5 basis.

•Full-year net cash provided by operating activities of $4.704 billion; free cash flow4 of $2.306 billion, including gross payments for purchases of rental equipment of $3.714 billion.

•Full-year gross rental capital expenditures of $3.508 billion.

•Returned $1.406 billion to shareholders for the full-year, comprised of $1.000 billion via share repurchases and $406 million via dividends paid.

•Year-end net leverage ratio6 of 1.6x, with total liquidity6 of $3.330 billion.

CEO Comment

Matthew Flannery, chief executive officer of United Rentals, said, “We entered 2023 with the goal of raising the bar and I’m incredibly pleased with the team’s performance. Our fourth quarter results capped a year of new records across revenue, profits, and returns driven by a relentless commitment to serving our customers, while staying laser focused on safety and operational excellence.”

Flannery continued, “We are now excited to deliver on the growth we expect in 2024, supported by our strength on large projects. Our guidance reflects the opportunities we see across our business as we leverage our competitive advantages to support our customers and outpace the market. We continue to execute on our long-held strategy to deliver profitable growth, strong free cash flow and exceptional returns. Our new leverage targets and 2024 capital allocation plans are further evidence of our commitment to driving shareholder value.”

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1.A discussion of the company’s full-year 2023 results of operations is included in its Annual Report on Form 10-K filed with the SEC.

2.Rental revenue includes owned equipment rental revenue, re-rent revenue and ancillary revenue.

3.Net income margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue.

4.Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EPS (earnings per share) and free cash flow are non-GAAP measures as defined in the tables below. See the tables below for reconciliations to the most comparable GAAP measures.

5.Fleet productivity reflects the combined impact of changes in rental rates, time utilization and mix on owned equipment rental revenue. The company acquired Ahern Rentals, Inc. ("Ahern Rentals") in December 2022. Pro forma results reflect the combination of United Rentals and Ahern Rentals for all periods presented. See the table below for more information.

6.The net leverage ratio reflects net debt (total debt less cash and cash equivalents) divided by adjusted EBITDA for the trailing 12 months. Total liquidity reflects cash and cash equivalents plus availability under the asset-based revolving credit facility (“ABL facility”) and the accounts receivable securitization facility.

The following information was filed by United Rentals Inc De (URI) on Wednesday, January 24, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

United Rentals Inc De provided additional information to their SEC Filing as exhibits

Exhibit 4.K: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.F: Material Contract

Exhibit 10.GG: Material Contract

Exhibit 10.RRR: Material Contract

Exhibit 10.Y: Material Contract

Exhibit 10.Z: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.A: Section 1350 Certification

Exhibit 32.B: Section 1350 Certification

Exhibit 97: Ex-97

Ticker: URI
CIK: 1067701
Form Type: 10-K Annual Report
Accession Number: 0001067701-24-000007
Submitted to the SEC: Wed Jan 24 2024 4:27:28 PM EST
Accepted by the SEC: Wed Jan 24 2024
Period: Sunday, December 31, 2023
Industry: Equipment Rental And Leasing

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United Rentals, Inc. (URI) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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