United Rentals Financial Performance and Market Exposure
Capital allocation strategy
Manage
Leverage
• Target leverage range over
the cycle of 2.5x-3.5x
Net leverage (1) of 3.1x
at December 31, 2018
⚫ Credit ratings:
.
• S&P: BB
.
• Moody's: Ba2
Invest in Growth
Organic
• Continued organic
investments to support
growth and boost
productivity.
• Opened 30 specialty
branches in 2018.
Anticipate opening 27
stores during 2019.
•
·
•
M & A
Balance sheet strategy
creates flexibility to
pursue strategic assets
as opportunities arise.
Acquisition of National
Pump in 2014 and
BakerCorp in 2018
expanded specialty.
Acquisitions of NES
and Neff in 2017 and
BlueLine in 2018 to
support our 'grow the
core' strategy.
•
•
Return Excess
Cash to
Stockholders
Completed $1 billion share.
repurchase program in June
2018.
New $1.25 billion repurchase
program commenced in July
2018. $420 million purchased
through December 31, 2018.
Since 2012, United Rentals has
returned $2.87 billion to
shareholders, representing 29%
of total issued shares.
Disciplined, prudent, efficient, and opportunistic approach to capital allocation.
(1) Leverage ratio calculated as total debt, net of cash, excluding original issuance discounts, premiums, and deferred financing, divided by adjusted EBITDA.
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. © 2018 United Rentals, Inc. All rights reserved.
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