United Rentals Earnings Reconciliation and Strategic Vision
...that has ultimately been reflected in free cash flow
2012-2022 Average Cash Conversion: 124% (2)
$2,600
$2,400
$2,200
$2,000
$1,800
$1,600
$1,400
$1,200
Average FCF as % of
$1,000
EBITDA (1): 20%
$800
$600
$400
$200
$0
Average FCF as % of
EBITDA (1): 31%
($200)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
1)
2)
Durable Free Cash Flow generated throughout the cycle
Free Cash Flow (FCF) and EBITDA are non-GAAP financial measures. See the Appendix for reconciliations to the most comparable GAAP measures for 2008-2022.
Reflects average annual free cash flow, excluding the impact of merger and restructuring payments, relative to reported net income with 2017 net income adjusted to exclude tax reform benefits.
United Rentals
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