2022 Financial Outlook
...that has ultimately been reflected in free cash flow
2011-2021 Average Free Cash Flow Conversion: 118% (2)
Free Cash
Flow ($M)
$2,600
$2,400
$2,200
$2,000
Average FCF as % of
EBITDA (1): 31.1%
$1,800
$1,600
$1,400
$1,200
Average FCF as % of
$1,000
EBITDA (1): 20.4%
$800
$600
$400
$200
$0
($200)
2002 2003
2004
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Durable Free Cash Flow generated throughout the cycle
(1) Free Cash Flow (FCF) and EBITDA are non-GAAP financial measures. See the Appendix for reconciliations to the most comparable GAAP measures for 2008-2021.
Reflects average annual free cash flow, excluding the impact of merger and restructuring payments, relative to reported net income with 2017 net income adjusted to exclude tax reform benefits.
(2)
United Rentals
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United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2022 United Rentals, Inc. All rights reserved.
2018 2019 2020 2021
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