2022 Financial Outlook
Balance sheet strength has improved
Leverage Ratio (1)
(2)
3.6x
(4)
3.0x
3.0x
(3)
2.9x
2.9x
2.8x
2.7x
2.6x
2.4x
2.2x (5)
2.0x
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Q2 2022
(1)
(2)
(3)
2.0x - 3.0x targeted leverage range across the cycle
Leverage Ratio calculated as net debt divided by LTM adjusted EBITDA.
Pro Forma assumes RSC acquisition occurred on January 1, 2012.
Reflects leverage as reported, which includes borrowings related to the acquisitions of both NES and Neff without full-year benefits of EBITDA contribution.
(4) Reflects leverage as reported, which includes borrowings related to the acquisitions of both Baker and Blue Line without full-year benefits of EBITDA contribution.
(5) Reflects leverage as reported, which includes borrowings related to the acquisition of General Finance without full-year benefits of EBITDA contribution.
United Rentals®
United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2022 United Rentals, Inc. All rights reserved.
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