United Rentals Earnings Reconciliation and Strategic Vision
Q2 2023 Results
Total Revenue
Net Income
Adjusted EBITDA**
Net Rental Capital Expenditures
(Year-to-Date)
Net Cash Provided by Operating Activities
(Year-to-Date)
Free Cash Flow** (Year-to-Date)
•
•
$3.554 billion (+28.3% Y/Y as reported; 18.6% on a
pro forma basis*)
$591 million (16.6% margin; -120 bps Y/Y as
reported; flat Y/Y on a pro forma basis*)
$1.695 billion (47.7% margin; +40 bps Y/Y as
reported; +130 bps Y/Y on a pro forma basis*)
$1.278 billion, after gross purchases of $2.048
billion
$2.228 billion
$823 million
***
Pro forma includes the standalone, pre-acquisition results of Ahern. See the tables provided elsewhere in this presentation for reconciliations of pro forma margins to the most comparable GAAP measures.
Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measures.
*** Excludes aggregate merger and restructuring related payments of $5 million.
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