Capital Allocation and Digital Strategy Update
Prudent capital deployment execution with clear priorities
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Organic Growth
Invest in Growth
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Continued investment in GenRent and Specialty to support customers
• Targeting 50+ specialty cold-starts in 2024 vs. 49 in 2023
M&A
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Focus on risk-adjusted returns across both GenRent and Specialty
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Supports our "Grow, Deepen and Expand" strategy
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• Balance sheet provides the flexibility to pursue strategic opportunities
Return Excess Cash to Investors
Dividends
Initiated dividend program in 1Q2023 with quarterly dividend of $1.48 per share
• Dividends of $406 million paid during 2023
Current quarterly dividend of $1.63 per share (10% increase vs. 2023)
Current annualized yield of 1.1% (1)
Share Repurchases
• Current authorization: $1.25B share repurchase program approved by Board of
Directors on October 24, 2022. $1 billion shares repurchased through 4Q2023; expect
to repurchase remaining $250 million shares during 1Q2024
New authorization: $1.5B share repurchase program approved by Board of Directors
on January 24, 2024. Expect to begin repurchases under the new authorization in
1Q2024 and complete $1.5B of total repurchases in 2024 ($250 million under current
authorization and $1.25B under new authorization), with the remaining $250 million of
the new authorization to be completed by the end of the first quarter of 2025
• Since 2012, the company has returned approximately $6B of excess cash to
shareholders via share repurchases, reducing its outstanding share count by ~42% at
an internal rate of return of over 20% (2)
Disciplined Capital Allocation Approach Drives Outsized Shareholder Returns
(1)
Based on URI closing share price on December 31, 2023
(2)
Reflects period from 2012 to 2023
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