Q4 2023 Earnings Report

Free Cash Flow GAAP Reconciliation (In millions, except footnotes) We define "free cash flow" as net cash provided by operating activities less payments for purchases of, and plus proceeds from, equipment and intangible assets. The equipment and intangible asset items are included in cash flows from investing activities. Management believes that free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements. However, free cash flow is not a measure of financial performance or liquidity under GAAP. Accordingly, free cash flow should not be considered an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. The table below provides a reconciliation between net cash provided by operating activities and free cash flow. Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Net cash provided by operating activities $ 1,414 $ 1,251 $ 4,704 $ 4,433 Payments for purchases of rental equipment Proceeds from sales of rental equipment Proceeds from sales of non-rental equipment (636) (980) (3,714) (3,436) Payments for purchases of non-rental equipment and intangible assets (89) (72) (356) (254) 438 409 1,574 965 14 9 60 24 Insurance proceeds from damaged equipment Free cash flow (1) 8 7 38 32 $ 1,149 $ 624 $ 2,306 $ 1,764 1) Free cash flow included aggregate merger and restructuring related payments of $2 million and $1 million for the three months ended December 31, 2023 and 2022, respectively, and $8 million and $4 million for the years ended December 31, 2023 and 2022, respectively. The table below provides a reconciliation between 2024 forecasted net cash provided by operating activities and free cash flow. Net cash provided by operating activities Payments for purchases of rental equipment Proceeds from sales of rental equipment Payments for purchases of non-rental equipment and intangible assets, net of proceeds from sales and insurance proceeds from damaged equipment Free cash flow excluding merger and restructuring related payments United Rentals® Work United® $4,150-$4,750 $(3,300)-$(3,800) $1,400-$1,600 $(250)-$(350) $2,000-$2,200 | 49

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