M&A Strategy and Financial Overview
Historical EBITDA and Adjusted EBITDA GAAP Reconciliations
($M) (cont'd)
Net cash provided by operating activities (9)
Adjustments for items included in net cash provided by operating activities but
excluded from the calculation of EBITDA:
Loss from discontinued operation, net of taxes
Amortization of deferred financing costs and original issue discounts
Gain on sales of rental equipment
(Loss) gain on sales of non-rental equipment
Insurance proceeds on damaged equipment (10)
Gain (loss) on sale of software subsidiary (7)
Merger related costs (2)
Restructuring charge (3)
Stock compensation expense, net (8)
Gain (loss) on extinguishment of debt securities, and amendments of debt
facilities
Loss on retirement of subordinated convertible debentures (1)
2009
2010
2011
2012
2013
YTD
2014 2015
2016 2017 2018 2019
2020
2021
2022
2023
$ 1,941 $2,209 $ 2,853 $ 3,024
$ 2,658 $ 3,689
$4,433 $ 3,290
$ 438 $ 452 $ 612 $ 721 $ 1,551 $ 1,801 $1,987
2
4
---
(17) (23)
(22)
(23)
(21)
(17
(10
(9
(9 (12)
(15)
(14)
(13)
(13)
(11)
7
41
66
125
176
229
227
204
220 278
313
332
431
566
567
6
11
8
4
4
6
6
8
10
9
16
8
12
21
22
224
24
40
40
25
32
30
(1)
8མས།
221
། ཤཱ¢
| £༅ |
2
དྱེg॰ |
8
(1)
ུ
(19) (111)
(9)
(11
26
I
(50 (36)
(1)
(3)
(31)
(34) (19)
(99) (12)
1
(6
(14
(50 (31)
(18)
(17)
(2)
(24)
(8)
(12)
(32)
(46)
(74
(49
(45 (87 (102)
(61)
(70)
(119)
(127)
(72)
7
(28)
(3)
(72)
(1)
(80
(123
(101
(54
54
(61) (183)
(30)
(17)
(2
|
|
13
33
ཅས
(2)
Excess tax benefits from share-based payment arrangements (11)
Changes in assets and liabilities
Cash paid for interest, including subordinated convertible debentures (1)
Cash paid (received) for income taxes, net
EBITDA
Add back:
Merger related costs (2)
Restructuring charge (3)
Stock compensation expense, net (8)
Impact of the fair value mark-up of acquired fleet (6)
(Gain) loss on sale of software subsidiary (7)
Adjusted EBITDA
United Rentals®
Work United®
5
58
---
-
(58)
65
49
571
31
182
194
101
129 124
170
241
(328)
(151)
187
234
229
203
371
461
457
447
415
357 455
581
483
391
406
495
3
(49)
24
40
48
100
60
99
589
649
879
1,501
2,181
2,599
2,774
2,665
205
2,895 3,628
71
238
318
202
326
389
4,200
3,796
4,253
5,464
4,867
199
111
9
11
(26)
50
50
36
1
3
31
34
19
99
12
(1)
6
14
50
31
18
17
2
----
24
8
8
12
32
46
74
49
45
87
102
61
70
119
127
72
37
44
35
29
35
82
66
75
49
37
27
85
||
(8)
1
-
----
----
$ 628 $ 691 $ 929 $1,772
$2,293 $2,718 $
2,832 $ 2,759 $ 3,164 $ 3,863 $ 4,355
$ 3,932
$ 4,414
$5,618
$
5,048
| 52View entire presentation